Audit! Don’t shriek. For many companies, the word “audit” is a word synonymous with headaches, fear, confusion, and a ton of stress. You might ask yourself. What if we’re audited? Is our company keeping up with regulatory changes? What if our new policies don’t cover everything the state just changed? How much is it going to cost to implement any changes we need to make? Are our own in-house audits thorough enough?
In other words…
Why is this so hard?
It doesn’t have to be. Internal audits can be a great way to identify pain points in your business and eliminate unnecessary steps in your company’s operations, all in the name of staying in compliance and streamlining performance. Luckily, there are a few common pain points that you can focus on to keep your company running along smoothly.
The Biggest Challenges With Staying in Compliance
1. Keeping Up With Regulatory Changes
This is one of the most common pain points with businesses across the country. As regulations change, company guidelines must be re-written or amended to stay compliant and keep a good standing with financial institutions and the government as a whole.
2. Properly Training Employees on Policy Updates
Training your employees and keeping them knowledgeable about your policy updates can be time consuming, but is extremely necessary to keep Johnny from getting your business shut down over his rampant spending on tape dispensers. Setting a monthly or quarterly training meeting can help alleviate any potential communication disconnects.
3. Accurately Keeping Track of Records
This can be the make-or-break during an audit, internally and externally. If you can’t accurately show that your policies and expenses have been updated and implemented, your company will be in big trouble.
4. Communication is Critical
Communication is one of the most critical components of any business operation- but is often badly neglected. Keeping in touch with every part of your company, in every department, is vital to reporting and tracking your activities.
Make Audits Easy!
Half of audits are based on thorough reporting and tracking of time, money spent, assets, and effective reporting. Luckily, CMMS software is the perfect solution. CMMS software allows you to quickly build easy-to-read, easy-to-understand, in-depth reports based on expenses across every aspect of your maintenance business.