Brace yourselves—busy season is coming!
Like an ominous cloud on the horizon, the audit season from January to April looms ahead, threatening statutory deadlines, heavy workloads, and last-minute client requests that inevitably lead to long nights and weekends in front of the computer.
But this year can be different. With the right time-saving techniques and tools, you can batten down the hatches and sail smoothly through the roughest of waters.
Here’s what you can do to prepare yourself:
Communicate early and often
Clear communication with clients at the beginning of an audit will make a huge difference once you get into the weeds. When you proactively set expectations on the documents and data you need, you will prevent delays and save yourself the hassle of having to chase down information at the last minute.
Implement time management strategies
During a season when it seems like there aren’t enough hours in the day, effective time management will make sure every minute is spent wisely.
- Handle high-impact audits first.
- Use time-blocking to protect the sanctity of deep work and avoid distractions.
- Collaborate early and often across teams to solve problems faster.
Adopt cloud-based tools
Antiquated, on-premise accounting solutions are like a leaky boat—that leaks time. Cloud-based audit tools and best-in-breed integrations allow auditors to streamline data collection, automate repetitive tasks, and simplify reporting. These solutions offer real-time access and centralized data to help manage complex audits more effectively.
Automate, automate, automate
Technology is your biggest ally when you want to increase the efficiency and accuracy of audits. Building a cloud-based audit tech stack helps audit firms eliminate manual tasks, improve collaboration, and enhance security.
Trullion’s AI-powered Audit Suite is a great place to start. Here are some of Trullion’s key features for auditors:
- The Financial Statement Validation tool is a game-changer that simplifies the review process by ensuring mathematical accuracy and consistency of financial documents across different versions and against prior-year reports—freeing up time and reducing errors.
- Data Extract effortlessly extracts and converts data from various formats into Excel-ready files instantly.
- Data Match automates vouching and tracing with AI-driven matching to efficiently streamline tests of details and other use cases like accounts payable matching and internal audits.
- Trulli, the GenAI chatbot answers precise questions about complex financial documents with clear, concise answers and actionable insights.
Survival starts now
Ready to get serious about preparing for audit season? Learn more about how Trullion can help.