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4 common auditing mistakes and how to avoid them

4 common auditing mistakes and how to avoid them

To ensure the accuracy and fairness of financial information, it is not enough to simply derive and analyze financial information. This is where auditors come in; they officially scrutinize financial data and ensure that the statements and business processes align with universal accounting standards. However, even seasoned auditors may make common mistakes that should be avoided to increase the credibility of an audit: Spending too much time reviewing the documents Auditing majorly involves checking documents provided by companies. However, sticking to paperwork may be redundant if one does not observe the different processes being carried out practically. So, auditors should strike a balance between checking documents and verifying whether the company undertakes its business in real-world scenarios as per the documented details. Overlooking human errors due to poor use of technology Automating certain business processes and utilizing technology correctly can significantly reduce human errors. As an auditor, it is essential to consider whether employees are leveraging software and technology for key financial processes that are error-prone and time-consuming but don’t require too much thought. These include disabling an employee’s log-in after they have left the organization. Overlooking some ongoing audits Companies undergo different types of audits. While some audits are conducted only once, others are meant to be ongoing and are carried out at regular intervals.
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5 benefits of text messaging as a small business tool

5 benefits of text messaging as a small business tool

Starting a business can be an overwhelming venture for aspiring entrepreneurs. Aspects of the small business, like demand, supply, and customer service, must be constantly improved so it can thrive. However, in the buzz of social media and its avenues, text messaging is often forgotten as a means to communicate. Surveys indicate that SMS marketing has a higher click-through rate and read time. Here is how text messaging can help a small business grow. Real-time communication A business can communicate with its client base in real time through text messaging, which helps improve response times and decision-making. SMS replies are about 60 times faster than emails. For instance, it may take 90 seconds to respond to a text, while an email may take up to 90 minutes. Improved customer service With the help of text messaging services, a business can easily follow up with customers regarding factors like appointments, complaints, promotions, and their quality of service. Through quick responses, a business can identify problems quickly and deal with them immediately. Ultimately, it helps boost the business’ loyalty and Net Promoter Score (NPS). Lead capture with web-to-text A web-to-text widget can help a business maximize conversation traffic in various situations. For example, the tool will let visitors immediately text the business about their queries or purchases instead of waiting for a reply to their email or spending time on hold on call.
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