With the 2019 tax deadline of April 15th well behind us, many accountants now face the tasks of dealing with the next most important issue involving the taxes of your clients, and that is the much-dreaded audit. However, the good news is that technology is making the audit process easier and more efficient than ever.
Today The Rules of Thumb blog from MoneyThumb would like to share with our accountant readers how technology is changing the landscape of auditing. We will refer to the valuable information we found in this great PDF report from the World Bank Group.
Below is an overview of the information the report offers:
"Traditional audit methods served auditors for decades but as technology advances and stakeholders’ expectations evolve, so does the need for auditors to innovate and transform their approaches in order to keep pace with demand. This publication describes some of the opportunities that new technologies, especially the use of audit data analytics, can offer for audits of entities of all sizes. It also provides a
few tips which might be useful for practitioners, Small and Medium-Sized Practices (SMPs) and
Professional Accountancy Organizations (PAOs) as they support their members."
The report is 8-pages long and is one of the best resources around for helping you and your accounting firm understand the technology that is making audits easier and more efficient. We highly suggest you refer each and every one of your accounting staff to this invaluable report and make it required reading.
Another great resource for accountants and your firm concerning audits is an upcoming free webinar presented by CPA Practice Advisor. The webinar takes place this Tuesday, June 4, 2019. It is titled 3 Key Audit Challenges Solved by Technology.
The webinar is presented by industry thought leaders Brad Caruso, of Withum, and Kim Conaway, of Wolters Kluwer, and they will discuss the challenges around accessing data, audit analytics and automation. One big perk of this free webinar is that you will receive 1 CPE credit. Furthering your education as an accountant is always important, so this way you learn about the technology that is making audits easier while you work toward your next accounting education goal.
Follow this link to register for the webinar.
Of course, we would be remiss if we didn't toot our own horn when it comes to technology that makes audits easier and more efficient. MoneyThumb is a pioneer in the technology for accountants realm. Our proprietary software allows you to be proactive with your accounting clients financial information, therefore avoiding audits in the first place. In fact, we would venture to say that the accountants who use our PDF financial file converters to handle their clients' taxes experience far fewer audits than those who don't. The simple reason being that by converting your clients' financial statements using the MoneyThumb software, you will be quickly alerted to anomalies and discrepancies in your clients' financial information.
Technology is our future, whether we like it or not. The best way to get ahead of the accounting game is to always be on the cutting edge of the newest technology that will help you do a better job for your accounting clients and make your job and thus your life easier.
If you know of a new, cutting-edge accounting-related technology that our blog readers should be made aware of, don't hesitate to leave a comment below describing it and let us take a look. We are always eager to share with our readers who are accountants any information or technology that will improve their efficiency.