Busy auditing periods with deadlines (End Of The Year) often lead to errors or oversights in audit processes. and it can be a tough hassle for organizations because profit making thrives on accurate reporting, accountability and transparency.

What Is Real Time Auditing?.

Real time auditing helps to reduce the likelihood of errors and the workload that comes with it, detecting errors before they even occur or accumulate is one of the greatest strength of real time auditing.

Real time auditing focuses on frequent reporting that is, most of the work that tend to pile up overtime, over months and years are now spread into weekly or even daily tasks to prevent late hour rush.

Real time auditing software enable the implementation of corrective actions to errors which are flagged or discovered immediately.

by detecting anomalities,outlier,inconsistencies and other factors more quickly, business can efficiently focus on audit resources improve risk and control assurance.

The Hyella ERP module is uniquely designed and programmed to give organizations especially those in the health industry the best of services to help in the smooth running of their establishments.

Hyella ERP solution provides a free opinion to the shareholders on the state of affairs of their business in form of financial statements.

Benefits Of The Hyella Module On Real Time Audit.

The Hyella module solution is tailor-made to capture and harmonize all operational & transactional data generated by your organization.

1. Improved Productivity

This assists to provide organisation with clear accountability and performance measures that are critical to efficient and effective operations.

2. Improved Financial Accountability

There is clear accountability, clear financial trails and a ease of reporting with the hyella module in real time auditing

According to Faster Capital Financial transparency refers to the disclosure of financial information in a clear, accurate, and timely manner. It involves providing stakeholders with access to financial statements, reports, and other relevant information that depict the true financial position and performance of an organization. On the other hand, financial accountability is the obligation of an organization’s management to ensure that financial resources are used effectively, efficiently, and in accordance with applicable laws, regulations, and ethical standards.

3. Ease Of Reconciliation

This helps to look into the various records of an organisation to make sure that all balances are accurate, in other words, balancing the books, so as to spot any discrepancies and to make sure all transactions are accounted for , the hyella module integrate a company’s bank account providing all of the data and records in one place.

4. Compliance With Statutory Regulations And Laws

Real time auditing makes sure your organisation follows all established laws and standards effected by bodies and government, which helps to ensure its safety and legitimacy in other to avoid legal issues.

5. Reduction Of Redundant Tasks

Real time auditing helps reduce stagnant workload that pile up overtime and helps repurpose ineffective staff.

Real time auditing has been designed to help check business processes to avoid financial losses through errors and fraud, it works regardless of the size of an organization and number of clients.

An advantage of Hyella’s module solution is the ability to take effective action immediately loopholes are discovered, the system keeps the record of all financial operations carried out during a patient’s clinical activities in the hospital.

Conclusion

Compliance with auditing standards can help to reduce the risk of fraud and losses. real time auditing conducts audits in accordance with established standards, as it is equipped to help auditors identify potential red flags and areas of concern that may indicate fraudulent activity..

When you think optimizing software solutions, you think Hyella!.

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