“It’s difficult to adhere to compliance standards and keep our financial reports accurate when using outdated systems. What happens if we get audited?”
Public sector organizations are under a lot of pressure and scrutiny to comply to the laws and regulations of the jurisdiction. Since public sector organizations are funded by taxes, it’s important that all documentation, reports, and records are not only accurate but meet legal standards. This builds public confidence and trust, which in turn encourages constituents to pay taxes and levies on time. Public sector organizations also want to ensure accuracy in case of an audit. Any inconsistencies and inaccuracies found in an audit can hurt the reputation of the organization and lower public trust.
Tips for a successful audit:
- File management – create an auditor file every fiscal year to save all correspondence with regulatory bodies, any lawsuits, debt agreements, complex transactions, technology purchases and more. The key is to be prepared in advanced.
- Give access – when possible, give the auditor access to your accounting software so the audit can go smoothly, and less time is wasted. This also builds transparency and trust with the auditor and frees up your staff for other tasks.
- Reconcile – look over all your accounts (debts, payables, receivables etc.), and reconcile them.
When it comes to point-of-sale software, using outdated and disparate systems can make it difficult to do any of the tips above. When information is scattered and hard to retrieve to check for accuracy, the organization can find itself losing track of data and face a lot of errors in reporting.
A solution for accuracy and tracking
The OnActuate Cashiering Solution leverages the retail functionality of Microsoft Dynamics 365 and is tailored for the public sector. The cloud-hosted solution allows for legal compliance by providing extensive audit trails for every single transaction made. From the frontend, point-of-sale can be tracked, searched, and recorded so your team can have the power to ensure transactions are accurate. From the backend, managers can find transactions and request detail reports to ensure compliance.
The single centralized solution unifies the organization and allows information to be easily accessible and shared. It’s a solution that ensures reports are accurate and that information can be tracked across the whole organization, ensuring documentation is readily available when an audit does happen
Discover more about this powerful solution
Want to learn more about OnActuate’s Cashiering solution? Download the on-demand webinar below and read up on the features of the solution here.
