What is Audit Trail Software?
Published on: 2 February 2022
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Audit trail in accounting software
Audit trail in accounting software serves organizations that want to save time and reduce the risk of fraud.
When external auditors make requests, or when an internal investigation is required, an audit trail provides finance administrators with a time-stamped invoice log. The invoice, purchase order and goods receipt can all be accessed – as well as messages between team members and suppliers.
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Audit trail benefits
Audit trail benefits include:
- Step-by-step documented history of invoice transactions
- Provides basis of objectivity for enquiries or investigations
- Saves time looking for invoices and tracing transaction history
- Reduces risk of fraudulant activity
The advantages of audit trails becomes more evident with software that provides a time-stamped record of all transactions.
Automate purchase orders
The process for a purchase order is usually both long and complex which requires a lot of back-and-forth communication between the buyer and seller, such as renegotiating or other changes to the order. Due to the nature of this type of disorganized communication, information tends to get lost.
Even when everything is in order, due to the large amount of information, it can still be difficult to keep track of everything. Purchase order automation solves these issues.
Automated purchase requisitions drive the purchase order process. With an automated system every request and the resulting PO is tracked. That means more visibility for both external and internal investigations.
Purchase order automation software
Purchase order automation refers to the process of using electronic tools, systems, and PO software to digitize and streamline the entire purchase order process. Instead of having to rely on manual processes prone to human error, you rely on a solid purchase order software system that automates each step, thus speeding up the process as well as increasing accuracy and visibility.
Rillion’s purchase order automaton software gives organizations the ability to regulate indirect spending. Requisitions are created and passed to approvers. Purchase orders are generated in the system. Rillion’s purchase order automation and audit trail benefits include:
- boosts efficiency in your purchasing process and increases cost awareness
- highly flexible, automated PO-approval workflows
- eliminates maverick spending
- ensures purchasing policy compliance
- comes with a complete audit trail
- faster audits and investigations
Purchase Order matching
Using a purchase order management system, all invoices are automatically matched against the corresponding (internal or external) PO at the header or line level according to predefined business rules and tolerances.
Any invoices matching within approved tolerances can be sent directly to the ERP for recording. If any information is missing or incorrect, the PO sends it forward to the proper approver to be corrected and matched manually.
One invoice can contain items from multiple purchase orders, and one purchase order can be matched to multiple invoices, whether they have been delivered in part or in full:
- Match at the header or line level
- Match internal or external purchase orders with hundreds of lines
- Exceptions are sent to approvers to validate with one-click approval on mobile or desktop
- Provides a complete audit trail, including messages
- Having an audit trail in accounting software can make a big difference in any organization that purchases goods and services that are not direct.
For more information about Rillion’s Audit Trail software and Purchase Order Automation, visit Rillion AP Automation
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