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Lack of control and a weak audit trail

Lack of control and a weak audit trail

Indicators That you’ve Outgrown QuickBooks: Lack of control and a weak audit trail

When you see that numbers in the books have strangely transformed, it is likely not a glitch, but rather a manual entry that was changed. Numerous fundamental bookkeeping programs, QuickBooks included, permit any client to login and alter information as required, with no restrictions or a review trail. Unless you watch out for your information, these apparently little changes can make a bigger issue – off base numbers and skewed information. Settling on choices in light of off base information can lead you in the wrong bearing and present a radical new level of risk.

Growing Pain: Lack of Financial Controls and Audit Trails are Putting You at Risk

At the point when changes are made in QuickBooks, do you know who rolled out those changes, when they were made, or even why they were made? In the event that the answer is "no" you might be putting your business at risk. You won't generally be always there to make all decisions by yourself, however, it is important for you to know about all the decisions being made on your behalf and to have a centralized system through which decision making privileges can be delegated properly. In addition if you don't have the proper insight as to why a certain decision was made, it will become very difficult, if not impossible, for you to verify the credibility of the reasoning behind the decision and the integrity of the data thus arrived. You know you've outgrown QuickBooks when you can't rely upon your data or give a complete financial audit trail.

Guarding your data and placing the best controls in place is possible, and simple, with a business solution coming from Microsoft. You can limit usage of confidential or delicate portions of your data, such as proprietary information or customer Credit Card details, to directors and manager. You can also define roles within the solution so that the usage of each individual with access rights is limited to their immediate job tasks only. Electronic audit features within Microsoft business solutions will track info changes, and also control all of them. The management can ascertain the integrity of the business data by introducing forms requiring approvals pertaining to certain types of data changes, or by creating alerts to inform professionals and directors with each occurrence. Record for almost all data changes can end up being maintained to protect info integrity, ensure compliance, and minimize the chance for human error.

Connie Silverman, Controller at Kauffman Center for the Performing Arts comments, “By using Microsoft Dynamics GP, we have all the insight and reporting tools that we need to work effectively with outside organizations and give them insight into our financial status. We’ve also streamlined the effort of producing monthly, quarterly, and annual reports. What’s more, the security features of our hosted Microsoft technologies are fantastic. We can easily set the proper controls so that only authorized persons can change certain records and confidential patron or donor information, such as credit card numbers, is safe from unwarranted viewing.

Take control and protect your data with Microsoft business solutions. See how Microsoft can transform the way you work by talking to one of our experts. Schedule a meeting today.

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Anas Bukhari's picture
Content Writer at Systems Limited with over 6 years of experience in Business Development and Marketing, Anas Bukhari is based in Lahore and is a regular contributor of the Systems Limited Blog.

Disclaimer: The views expressed here are solely those of the author in his private capacity and do not in any way represent the views of Systems Limited, or any other entity related to Systems Limited.

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