While the last decade-plus has seen considerable advancements in technology for audit and accounting workflows, many firms now realise their tech stacks have become fragmented from using many different tools.
Despite the wide adoption of automation-led tools, accounting and audit firms are now busier than ever. Recent research from AccountingWeb reveals that 67% of accountants surveyed cited they were struggling with capacity due to an increased compliance burden, with 35% having more clients than in previous years but the same level of staff.
Many audit firms use a variety of technology solutions to streamline workflows, covering the likes of client collaboration, data analysis and access to transactions. This approach can be inefficient and lead to a slowdown in the completion of jobs, more human interventions and reduced productivity from staff.
Instead, switching to a single tool, such as Circit, to fulfil all audit processes will increase productivity and maximise automation capabilities, with minimal concerns around security and compliance.
The Pain Points of Adopting Multiple Technology Partners
Risk and Compliance
Multiple systems create risk and compliance issues due to firms needing to download, manipulate and update data across their tech stacks. This increases the likelihood of data being tampered with and misappropriated by third parties. Additionally, compliance becomes more of a challenge due to the need to use more resources to due diligence and monitor multiple vendors.
Managing multiple audit tools is inefficient due to processes not being fully automated and still requiring manual intervention from staff. This may include getting data into a format from a different technology partner. For example, auditors may have to download banking transactions in CSV from banks and change the format for data analysis purposes. This is slow, time-consuming and also carries the risk of human-generated errors.
Clients (And Staff) Take Time To Learn New Systems
Staff is a precious resource, as is the time of clients. Working with several technology partners means employees and clients must invest time learning how each tool works. While audits are being completed, clients will still have to tend to business as usual, so they may not have the time to master tools. Similarly, staff training time will be stretched, leading to auditors only gaining a simple grasp of many software solutions rather than being experts in one.
Staff May Be Dissatisfied With Workflows
It’s critical for audit firms to do whatever they can to retain their staff. ICAEW’s Audit and Assurance Faculty conference revealed that 73% of attendees identified attracting and training talent as their biggest challenge. However, the many tools approach can also lead to dissatisfied staff walking out due to inefficiencies, leading them to come to the realisation that there has to be a better way to streamline workflows.
The Benefits of Using Circit As The Single Audit Tool For Your Client Base
One Solution For All Audit Processes
Circit’s platform fulfils the most commonly used audit processes with a single tool.
- Confirmation requests - Automate audit confirmation from banks, law firms and evidence providers.
- Client collaboration - Centralise client communication and move away from messy, siloed email chains.
- Bank data - Access transactions directly from source, with coverage including banks and fintech providers
- Signing documents - Secure and legally binding e-signing for all client documents
- Matching engine - Matching transactional data directly to client data across a variety of audit tests.
Confidence On Integrity and Security of Data
Using Circit will allow auditors to reap the benefits of automation with best-in-class security data integrity. Bank data is accessed directly from the source, meaning additional verification checks aren’t required, giving auditors confidence that transactions are complete and haven’t been tampered with.
Having to monitor security for multiple vendors is time-consuming, and there is the chance technology stacks may be inconsistent across tools. However, Circit fulfils the highest security standards, as demonstrated by the platform’s SOC 2 and ISO 27001 certifications.
Stronger Account Management to Leverage Success for Audit Firms
Working alongside account managers to leverage success for audit firms and their clients becomes easier if a single technology solution such as Circit is used. This is because account managers can work with firms to streamline workflows and automate processes across a technology solution they have deep expertise in. Correspondingly, adopting multiple vendors means account managers won’t have full accountability and may not be able to overcome vendor-related issues other than their own.
Superior Client Experience
Similarly, the customer success team at Circit work closely alongside audit firms to give their clients the best possible experience from the platform. This includes customer success team members devoting regular time via quarterly business reviews and other moments to review with the client how to benefit from Circit’s products.
Additionally, the Circit support team is always on hand to answer any queries firms may have and even help chase evidence providers, leveraging the relationships the Circit team has built directly with them.
If you’re interested and ready to learn more about how moving your audit processes to Circit’s platform can remove a fragmented technology approach, why not check Circit out in a live demonstration, tailored to your needs?