Internal auditors have an important role in helping businesses comply with all regulations pertaining to their industry, as well as tax and employment laws. Many internal auditors today may find it comfortable completing their duties via methods they’ve always used. These are typically paper-based methods. While it may feel comfortable doing things the way they’ve always been done, it’s important to note that trying a new method for conducting internal auditing can provide both time and money savings, while reducing risk and room for error. While this new method for conducting internal audits may seem like a Godsend, it can feel scary or foreign for those who are used to doing things their own way. Throughout the following paragraphs, we’ll explore some pros and cons to both paper-based compliance, and paperless compliance in internal auditing.
Pros and Cons of Paper-Based Compliance
The biggest pro of paper-based compliance is the fact that it’s comfortable. For those who have been using paper-based methods, this way of handling internal audits can feel safe. “If something isn’t broken, then why fix it?” is often the mentality that internal auditors have as it pertains to upgrading their jobs with new technology. The downside to this, which is the biggest con of paper-based compliance is that this method holds greater risk and room for error, costs companies more time and money, and is more harmful for the environment because—let’s face it—using paper kills trees that we need to produce clean air.
Pros and Cons of Paperless Compliance
The pros of paperless compliance are vast, especially when it comes in the form of a mobile wireless app. A mobile app can be downloaded in minutes, and used on any computer, tablet, Android or iOS device. There is even a way to work offline, if your job site is without a Wi-Fi signal. Paperless compliance allows for data to be tracked and uploaded to the cloud in real-time. It also offers the benefit of reduced risk and room for error, and the fact that digitizing compliance is healthier for the environment.
This method saves companies time and money, but as wonderful as this method is, there are a few things that some might consider to be cons to switching over to this solution. The biggest con some auditors report when switching over to a wireless app is the need to learn new technology. Sometimes it can be costly in terms of time and money to implement a new system and way of doing things for a company. Those whose jobs are affected by it will need to invest time, and there will be some upfront costs to implementing a new system. The good news is that once the system is in place, the overall savings make the upfront costs a minor investment compared to the long-term benefits non-paper compliance can bring. The time that’s invested into learning a new program is also minimal in comparison to the time savings using a digitized method can offer for both companies and staff.
If you’d like to learn more about paperless compliance for your internal auditing needs, iComplied offers an easy-to-use mobile platform at a reasonable price so that the upfront time and money needed to switch over to this new and improved method for conducting internal audits is minimal. Take control of your internal auditing by booking a demo, or registering for a free trial. You may also join us on Thursday, August 17th at 2 PM AEST for a live webinar on how to make your compliance a breeze.