The current confirmation of balance process is very time and material intensive. Balance confirmations are requested by mail, are signed by hand and returned via mail (poastal delivery) to the audit firm. Auditors – who are usually working at the client’s office or work from home – must travel to their office location to pick up the letter.
Who does not know the problem? Depending on the sample size, dozens of letters must send out during an annual audit. After that, several weeks pass by until the client’s business partners respond to the inquiries. This delays the entire process.
With 5FSoftware and the digitalization of the confirmation of balance process, you get a higher level of efficiency, time savings and more sustainability due to less use of natural resources within your business processes.