While most of us are out enjoying what we can of the summer, school boards across Canada have not only been busy working to make sure the upcoming school year is safe for their students, but they have also been working tirelessly with their auditors.
Every year around this time, school board officials scramble to ensure their financial reporting throughout the year has been accurate and that all their financial information is readily available for their auditors. With paper documents still being used, it can be quite daunting to locate and gather files for auditors to go through, all while trying to maintain accuracy and ensuring pristine standards are being met.
Traditionally, school board officials spend copious amounts of time searching for documents and files for their annual audit season. This includes invoices, financial statements, budgeting entries, purchase orders—it can be endless! Plus, it can drive focus away from more pressing issues, decrease productivity and be quite costly.
According to a study by the International Data Corporation (IDC), employees who deal with paper documents can spend as much as five hours a week looking for the right documents and another four hours per week filing and organizing them!
As well, with artificial intelligence (AI) expected to contribute as much as US$15.7 trillion to the world economy by 2030, and automation steadily on its way to raising productivity growth from 0.8 to 1.4 percent annually, businesses are now seeking alternative ways of operating. This will require organizations who are not only fully capable of deploying new technologies, but also well-positioned to understand and work with increasingly automated processes.
Don’t suffer through these pain points
Customary concerns with conventional filing are:
- Using multiple solutions to address accounting needs or using a third-party solution for fixed assets, accounts receivable, budget, etc.,
- Following up with employees over errors
- Finding at-risk transactions
- Working offline through Excel. This creates additional work.
- Using a legacy system. Support is tough, no cloud solution.
- Employing financial solutions that are not developed by financial experts.
Reimagine the possibilities
Edsembli’s Ecosystem can support the filing of digital documents for every step of your business process—providing school boards with complete transparency and ensuring all systems can run smoothly and efficiently.
With our solution, everything is integrated into one system, allowing for major cost savings, continuity and creates a flexible and consistent experience. Plus, through Edsembli’s Ecosystem, manual processes can be automated, and the approval process can be managed all within the system. Users are notified by the system and important data gets seen and interacted with—meaning, nothing will get missed.
Users can also:
- Create a visible audit trail. Users must enter the reason for entering the system, implementing a very granular role-based access control.
- Drill down on transactions to see supporting documentation and details
- Upload and attach supporting documents for business processes that include accounts receivables, budget entries, invoices
- Visualize all aspects of your finance department. Our dashboards adapt to the needs of a user and can apply a micro/macro approach.
- Streamline processes. No need to go outside of the system. Data never gets lost and users will always know where to look.
Reallocate your time to what is important
The COVID-19 pandemic has challenged us all this year. Why endure through more challenges when we can provide solutions? The approach Edsembli has developed to manage digital documents is an auditor’s dream and our goal is to help your school board/division/district uncover efficiencies and reallocate those resources back to student learning.
Speak with an education specialist today and book a demo on how this product can improve transparency, reduce audit fees, and provide your auditors with what they need to manage the auditing process efficiently and effectively.