One of the biggest finance functions that has emerged this decade is finance controllership. Finance control has become an urgent requirement for growing firms. Firms should implement finance controls with clean audit trails that can be tracked, reviewed and acted upon.
For firms, the importance of audit trails for A/R increases manifold with manual processes, lack of collaborations among people and disconnected systems (ERP/CRM/etc.),
The importance gets especially highlighted by a 2023 Grant Thornton Global CFO Survey which reveals that 72% of organizations have suffered financial losses due to invoice processing errors and lack of real-time visibility on invoices in the absence of proper audit trails..
Lack of audit trails isn’t just a minor inconvenience; it’s a silent threat draining your bottom line. From increased errors, reduced accountability, compliance hiccups, and limited visibility the risks are real and often hidden beneath the surface.
Audit trails can be the guardians of your accounts receivables. Here’s why:
- Efficient Dispute Resolution: In the event of issues or disputes, audit trails provide complete history allowing quick identification and resolution of issues.
- Transparency and Traceability: Firms can create a clear record of activity with every documented action, approval, and modification.
- ️Error Detection: Firms can flag discrepancies and anomalies early for swift correction and to minimize financial impact.
- Fraud/Irregularity Prevention: Suspicious activity or irregularities becomes immediately visible, empowering you to take proactive measures and protect your assets.
- Trust and Confidence: Strong audit trails build trust with your customers, vendors, partners and internal teams, potentially leading to stronger relationships and high CSAT scores.
- Operational Efficiency: Streamlined processes and automated workflows reduce manual effort and improve overall invoice management performance.
Here at FinFloh, we equip finance teams with the power of FinFloh’s robust audit trail technology to help transform AR into a secure, efficient, and transparent process.
Audit Trails at FinFloh
Audit trails, powered by FinFloh, track each and every process touchpoint with owner, date, time and complemented with KRAs and performance benchmarks to optimize the process efficiency.
Our end-goal is empower finance controllers during the entire receivables cycle, in other words, Invoice-to-Cash.
Interested to see how they work in a live environment? Book a demo with us.
