The Challenge in QuickBooks
When changes are made in your legacy system, do you know why they were made? When? And by whom? If the answer to any of these questions is no, you are putting your business at risk because you cannot trust your data to provide a complete financial audit trail.
This issue is exasperated by the fact that because the controls are activity-based, QuickBooks does not enable you to set granular permissions for different types of users. Since the audit trail is transactional only, it will not record login/logoff activity or changes to master records. In certain cases, the transactional audit trail can be circumvented or even completely cleared.
In order to be able to make sound decisions on your financial data, you must be able to inherently trust that the data is 100 percent accurate.
Sage Intacct’s Solution
Sage Intacct offers a comprehensive front-to-back office collaborative audit trail that removes any confusion over when a transaction changed or what it was changed from. The audit trail shows what a field value was before it was changed, what it was changed to, when it was changed, and who changed it.
This even extends to changes in process and master records. If you adjust the approval rules surrounding your Procure-to-Pay workflow, Sage Intacct’s audit trail will document that amendment. If you change a customer’s address information, Sage Intacct’s audit trail will also record that modification. Furthermore, Sage Intacct has an out-of-the-box access log that will show you which users have accessed your environment during a given time and for how long.
We have addressed Sage Intacct’s audit trail in the context of the what, where, when, and how of any action taken in the system. Does Sage Intacct capture why something was done in the system? Fortunately, they provide a collaborative compliance tool, which is a secure social layer embedded into your environment where finance, sales, and services teams can communicate anywhere there’s an issue about specific journal entries, accounts, projects, invoice, and purchase requisitions. This feature will bring the whole team together by facilitating better communication and teamwork on a transaction record.
For more about how Sage Intacct offers your family office the solutions you need, click the image below to download our guidebook Sage Intacct: Solving the Challenges Family Offices Face on QuickBooks