Role of management and internal audit
The management has an essential role in terms of communicating internal control activities and expectations to the company’s employees. On the other hand, the accounting or auditing team is responsible for regularly updating or reporting to the managers regarding the flow of internal procedures or processes within the organization.
Moreover, the internal control audit requires that documentations reflect coordination between auditing and financial statements. In addition, there should be a proper bank reconciliation method to check the consistency and accuracy of financial reports.
The automated internal control system
Automating internal control proves to be effective in many ways. Automation allows the automatic application of relevant operations such as creating automatic reports and performing automated tests.
Automation forms the environment of automatic algorithms which result in enabling technologies such as artificial intelligence (AI) and optical character recognition (OCR) as made possible by computer vision.
Read about Integrating Computer Vision into Accounting
On the other hand, the limitless power of Cloud computing and Robotic Process Automation (RPA) reduces risks and uncertainty due to their ability to integrate a huge amount of data while avoiding human error. Thus, it increases the company’s reliability and compliance with financial standards.
Furthermore, automation provides the ability for 24-hour real-time monitoring and communicating to push collaboration of departments more easily. Therefore, with all other processes automated, managers and auditors can focus more on high-value tasks such as improving the internal control structure and mitigating unnecessary costs. Besides, employees become free from manual, repetitive tasks that often could lead to mistakes.
Standard, automate and optimize using Kwikdroid
Kwikdroid is S.J. Grand’s company and digital accounting solution for establishing an automated internal control system. It runs through the Cloud and possesses machine learning ability to recognize and process massive data. Kwikdroid’s Cloud-based functions can suit business accounting needs, no matter the size of the company. It is a fully integrated management and accounting software which is made with multiple layers of security to ensure data privacy and protection. It also has a built-in internal chat system that allows an uninterrupted flow of communication channels within the organization.
If you want to know more about the benefits of Kwikdroid and how it works, visit our Kwikdroid page and check out a short video introduction of the product.
Our Kwikdroid product is customizable and comes together with our Managed Services including Cloud ERP and Cloud migration. Find out more about the Cloud, IT, and consulting solutions we offer here.