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Audit Management Software Buyer's Guide
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Audit management is a crucial part of any business for smooth workplace operations. Audits are necessary for businesses that operate to strict regulations and standards. Whether conducted in-house or by visiting auditors, it requires lots of paperwork and is time-consuming. This is when the audit management software works wonders.
What is Audit Management Software?
Audit Management Software significantly reduces the time and effort needed to pass an audit. The software simplifies the process and integrates the documentation system, ensuring the necessary documentation is found and accessed. The best audit management software provides a complete overview of every step of the audit process, from preparation to completion to ensure compliance.
What are the Features of Audit Management Software?
Regular audits ensure compliance with quality standards, which is important for organizations. Performing regular audits helps businesses to improve, be secure, and maintain a competitive advantage. The internal audit software reduces traditional manual work while centralizing and automating auditing processes. An effective audit management software possesses the following features:
› USER-FRIENDLY INTERFACE: Look for an auditing software that is intuitive and user-friendly, and eliminates the need for training. The software must prevent errors, and allow a smooth and fast transition to using across the business.
› CAPA FEATURES: A software with CAPA features ensures that non-compliances are addressed properly. CAPA features make it easy to initiate and track corrective measures and helps to document proper issue resolution.
› TEMPLATES AND CHECKLISTS: You should be able to create templates from previous audits and use them in the new audits process. The users should be able to create new audit checklists, before and after the auditing process.
› REPORTING: Look for software that offers audit closure and reporting options. Audit reports that are generated should be able to analyze audit results, including CAPA outcomes. The software should make it easier to collect feedback on the audit process.
› PREPARATION TOOLS: To plan and prepare an audit easily and properly, the audit management tool should be handy. The software must be able to identify an audit to be completed only when all relevant criteria are met and all tasks are finished.
› DOCUMENTATION: The software should let you attach supporting documents to audits. Every document related to a particular audit is stored in a central, protected and digital location with the use of audit software.
› SCHEDULING: Sometimes, it is possible to forget about the next audit trail, which can affect your business. A situation like this can be handled easily by an audit software. Go with the software that allows you to schedule one-off and recurring audits, with automatic reminders.
What are the Benefits of Audit Management Software?
You can ensure your workplace complies with regulatory needs with proper audit management process. The software saves your company’s money, time, and most importantly reduces workplace errors and incidents. In essence, you can have all the crucial information ready at one click when your company uses Internal audit software tools. Having auditing software in your company can have various benefits, few among them are:
› REDUCES DUPLICATION: This is the key benefit of audit software, as there will be no more paperwork. You can even generate customized reports for an easy display of data. You can prepare for the audit quickly as non-conformances are highlighted quickly and can be addressed in time.
› MAKES YOUR AUDITING EASY: The software makes your auditing easy, allowing you to focus on other business areas. This is possible as the software comes with an easy-to-understand intuitive user interface, and doesn’t require any technical knowledge to implement the auditing tool.
› AFFORDABILITY: An effective audit management software is available on a subscription basis, at a reasonable cost, so you no need to spend higher amounts to own one. Shop around and compare prices and features, and availability of technical support.
› CAPTURES ACCURATE DATA DURING AUDIT: You can capture evidence in real-time and attach any type of common file. This enables to view the non-conformance the same way by everyone and eliminates lengthy descriptions saving lots of time.
› ELIMINATES UNCERTAINTY IN AUDIT REPORTS: Audit software ensures the evidence is gathered and attached to the audit immediately on site, taking off the confusion and ambiguity. There is no place for bias during the review of the audit.
› ELIMINATES HUMAN ERRORS: Paper-based audits are more prone to human errors, as we are prone to make mistakes without any intention. This can be eliminated with audit software. As the data tracking becomes automatic, the errors are removed completely, ensuring zero error auditing.
› STRENGTHENS DATA SECURITY: As the audit management tools store the data on the cloud, no data on papers can get destroyed or lost, ensuring improved data security to a great extent.
› GENERATES REPORTS AND VISUAL STATISTICS: Highly professional and intuitive audit reports are generated in no time by using the software. A dashboard in the audit software enables you to check the stats of your auditing reports with a visual representation.
What is the Cost of Audit Management Software?
Auditing has always been a pain for organizations, and the scenario is now changed with the help of the audit management system. The software saves you a great amount of auditing time ensuring less or zero manual error while generating highly automatic reports. The audit management software is an effective tool business can adapt without hesitation to improve their quality and productivity. This showcases the importance of installing audit software into your business. Auditing rules vary for different industries, and the cost of the software too, depending on which industry you are in, and what features you are looking for. In general, the starting price of the software starts from $9/month to $50/month per user. Most of the audit management software is available for free trials, with which you can try if they fit with your company needs. However, the free trial is valid for only a limited period with limited access to features.
Questions to ask a vendor when buying best Audit Management Software
1. What level of automation will your audit management software bring to my workflow?
2. How will your system help in planning the audits?
3. Will the software allow me to set up long-term auditing goals?
4. Does your software pack in compliance management capabilities?
5. Is moving between different tasks within the solution simple?
6. Is there a way I can take a quick glance at all the operations - through a single place like a dashboard?
7. How does it help manage issues?
8. Can the solution let me create, store, distribute and organize checklists and forms? Can I personalize those?
9. What level of audit accuracy does your system offer?
10. Does it provide asset tracking functionality?
11. Does the software include risk assessment and management functions?
12. Will the system let me assign tasks and monitor their progress?
13. Will the software enable me to add supporting documentation for the audits?
14. Does the system generate automated reminders for audits?
15. Will the product send notifications and alerts?
16. Can I schedule audits - both one-time and recurring?
17. What kind of reporting options does the software provide?
18. Does the software include features for CAPA (corrective and preventive action)?
19. Does the software offer ready templates?
20. How easy is it to personalize this software?
21. How will you protect my data?
22. Is it possible to integrate this solution with my existing tools?
23. How scalable is the system?
24. What kind of support services am I eligible for?
25. How often do you upgrade your software? Is it included in the package?
26. Is there any downtime or hidden cost?
Conclusion
Choosing the best audit management software for your company helps you plan and schedule regular internal audits easily. The software demonstrates your commitment to regulations and quality standards, The software delivers a complete audit trail for anyone investigating your compliance. Depending on how tight your company’s regulations are, you can choose the right audit software from the pool of options available in the market.