BEST practices: 5 audit readiness tips for finance teams

Being audit-ready isn’t just about compliance—it’s about operational excellence. Let’s explore what finance teams can do to consistently ensure audit readiness. 

1. Month-end close

Closing accounts on a regular basis is a crucial best practice for finance teams; it helps identify issues early. 

2. Use a closing checklist

Having a closing checklist ensures all month-end tasks are completed and journal entries are posted accurately.

3. Maintain documentation

Consistently using robust logging and filing features makes it easy to document your processes, providing a clear audit trail. 

4. Strengthen internal controls

Ensure that you have established strong internal controls for greater compliance.

5. Address unusual transactions early

This proactive approach allows you to address issues before the audit begins, reducing risks and demonstrating strong financial control.

Benefits of using BEST’s in-SAP modules for maintaining audit readiness

Seamless Integration

Operating within your existing SAP environment, BEST’s in-SAP modules offer seamless integration. This means less disruption to your workflows and more consistent data across systems.

Enhanced accuracy

BEST’s in-SAP modules minimise human errors by reducing manual interventions. This improved accuracy builds confidence in your financial data—both for your team and for auditors.

Time and cost savings

Automation of routine tasks frees up your team to focus on strategic activities. This not only saves time but can also significantly reduce the cost of audit preparation and execution.

Continuous compliance

With BEST’s intelligent flagging and real-time visibility dashboards, finance teams can address discrepancies proactively, maintaining a state of continuous compliance and audit preparedness.

With BEST, audit readiness becomes a natural outcome of efficient, accurate, and transparent financial processes. 

To learn more about how we can BEST help you achieve compliance with confidence, book a demo:  https://bestsapcbi.com/book-demo/