How modern systems support audit and governance

As your company grows and deals with an increased volume of transactions, your error rate is bound to increase. This is usually due to an over-dependence on manual data entry and handling. However, you are also at an increased risk of fraud and malicious behaviour, and this can slip through the cracks much more easily without proper auditability processes in place.

Large, complex organisations are at risk of fraud more than ever before. The more that responsibilities separate and the larger the scope of your projects, locations, transactions and more, the more you need to keep appropriate records. 

Understanding the complexity that comes with governance

Audit and governance requirements encompass the policies, procedures, and controls that ensure a business operates legally, ethically, and efficiently. This includes maintaining accurate financial records, complying with regulatory standards, and managing risks.

Robust audit and governance practices are vital for several reasons:

• Ensuring that your organisation is compliant with laws and regulations to avoid penalties and legal issues.
• Identifying and mitigating risks to protect your organisation from potential threats and fraud.
• Maintaining accurate and reliable financial information to support business decisions and report to external stakeholders.

Audit and governance limitations

MYOB Exo is a sophisticated ERP system that can fully integrate your financial and business management data. The software has been deployed in over 3000 mid-tier organisations across Australia and New Zealand. They have benefitted from the typically lower cost to implement compared to other mid-market ERP packages.

MYOB Exo can support the audit and governance requirements of growing businesses with functions like Business Alerts. However, it is less capable of supporting the requirements of larger, more complex organisations. Audit and governance functionality relies on manual processes which puts the user in a situation to balance fast, efficient work with ticking boxes, dotting i’s, and crossing t’s. Human intervention and manual work often lead to errors, something you can ill afford when it comes to these stringent requirements.

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How modern systems support audit and governance

MYOB Acumatica (formerly MYOB Advanced) is a cloud-based business management system that takes the manual focus away from audit and governance. Enhanced automation, configurable workflows, custom reporting, and security features ensure that you can meet compliance requirements, manage risks effectively, and maintain operational integrity. There are a number of key ways that MYOB Acumatica supports your audit and governance requirements:

• Communication – as responsibilities separate and team members specialise in specific roles, it is more important than ever that company data is not siloed and separated. Working in the cloud-based MYOB Acumatica platform means that everyone is always up to date in real time with the same latest information. No more chasing team members for reports and spreadsheets,
• Security – MYOB Acumatica supports sophisticated security protocols to keep your data safe both in transit and at rest. Logins require two-factor authentication (2FA) to further protect your sensitive data. Customise specific permissions and roles based on your individual users, so they only ever see the data they need to see.
• Automation – relieve the burden on manual processes by automating steps involved with maintaining governance and auditability. Customer records, financial reports, notifications, approval pathways, intercompany reconciliations and more can all be automated within the system.
• Compliance – MYOB Acumatica is built to support the compliance and regulatory compliance of different industries, as well as be customised to fit your unique organisation. This can include Single Touch Payroll (STP) submissions to the ATO, reports built to satisfy regulatory submissions, and updates to reflect changing legislation such as TPAR and e-invoicing. The Kilimanjaro Consulting team even built an integration to the NDIS for Living My Way to streamline their payroll compliance reporting.

MYOB Acumatica tracks all account changes so that you have full visibility over everything happening across your system. In many cases, your dashboard screen can display a detailed audit table, showing all recent changes to selected fields. Any unauthorised change can be identified, reversed, and investigated. Enable Row Level Security for even greater security of your data. This limits the visibility for each user down to the specific field.

After the introduction of new and rigorous compliance requirements, the Museum of Technology and Transport (MOTAT) in Auckland upgraded their software to MYOB Acumatica and reaped the benefits of a single integrated system.

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How can software solutions improve real businesses?

The Arcadia Corporation successfully transitioned into the cloud and achieved a single, efficient platform from which they now manage Accounts, Inventory Management and CRM. Moving from MYOB Exo to MYOB Acumatica improved functionality and provided end-to-end management of its products. Additionally, integrations with their core business management system enhanced visibility and simplified reporting for the finance and sales teams.

The Kilimanjaro Consulting team are experts in implementing and customising MYOB Acumatica to fit your organisation. Contact our team to learn more about how MYOB Acumatica can support your changing audit and governance requirements. Email sales@kilimanjaro-consulting.com or call 1300 857 464 (AU) or 0800 436 774 (NZ).