Lenders love to audit factors, and these audits can take a ton of time and paperwork. Key team members are pulled away from their day-to-day responsibilities to gather hundreds of documents and answer endless questions.
It doesn’t have to be this way. With FactorCloud, you can give the auditor a secure login and they can pull data directly. All transactions are captured on ledgers that the auditors can manipulate to suit their needs. All cash application documents and images, invoices, backup documents and bank reconciliations are available. And auditors actually prefer using FactorCloud!
Previously, our finance team could spend up to a week pulling documents, including hundreds of transaction samples (including the cash/ACH records, remittance, batch information, backup invoice, etc.) and time-matching them to the appropriate line item on a bank statement. The auditors then reviewed all this, and more. With FactorCloud, we gave our auditors a login and they could pull whatever data they wanted, and dig into the details to their heart’s content.
We loved not having to spend a week this way, and the auditors loved having the freedom to analyze anything they wanted, quickly and directly.
Learn more about FactorCloud by scheduling a demo with us. We’d love to talk about how we can save your team time and hassles during audits!
Learn some insights from one of the factoring industry leaders.
