Rose Report: Issue 15

Audit Ready All Year™

issue15-pic-story2Imagine a business environment where you look forward to your financial statement audits, your DCAA audits, and even your IRS audits. Imagine a business environment where these audits don’t double your workload, stress out your employees, or cost you extra money. This is all possible if you are Audit Ready All Year™.

It may seem far-fetched that you would actually look forward to your audits, but with RFSAuditreadiness, annual audits will no longer have to be a source of concern and stress. Scheduled to be released in the spring of 2014, RFSAuditreadiness is the capstone tool in a suite of products designed by Rose Financial Services to streamline your company’s entire accounting function.

RFSWorkflow is a cloud-based accounting process-management system that sits on top of your current accounting software to streamline, document and implement best practices into your accounting processes. RFSWorkflow’s suite enables your company to eliminate paper records and conduct all accounting processes electronically—from tracking purchases and cash receipts to executing a timely monthly close.

When a company uses RFSWorkflow, all of its accounting transactions throughout the year are captured electronically in one dashboard. Furthermore, RFSAuditreadiness will prepare the schedules requested in a PBC list as standard reports. If an auditor asks to see supporting transactions, clients will be able to click on a link in the report that takes them to the underlying document. The upshot: No more digging through file cabinets searching for—and then later refilling—supporting documents. To simplify the audit process even more, you can even give your auditors direct access to the system, which enables them to log in and pull items themselves.

An audit can cost an organization anywhere from $10,000 to more than $100,000 as well as place considerable stress on your internal accounting department. But with RFSWorkflow, preparing for and executing an audit takes significantly less time and costs less money. Your accounting staff will spend less time managing the audit, and will feel less stressed, allowing them to focus on their core tasks. RFSWorkflow provides a higher level of organization, reducing the amount of overrun costs due to not having information easily accessible. When you bid out your audit in the future, you can maintain lower fees because you’ve demonstrated your efficiency.

When you’re Audit Ready All Year™, your accounting department is always up to date, your records are always accurate and accessible, and your documents are always in the correct format. What a wonderful business environment indeed.

Learn more about the RFSWorkflow Modules:

RFSP2P — Procure-to-Pay:

RFSC2C — Contracts-to-Cash:

RFST2P — Time-to-Payroll: