One company saw the audit process speed up significantly after eliminating paper.
In 2011, NewMarket Financial Advisors dove into cloud computing, according to ZDNet. However, it took an audit from the firm's broker-deal in order to recognize the extent of the benefits of going paperless.
With cloud-based document management software, the company notably streamlined the audit process. NewMarket faced a tough one-week window in order to prepare for the audit. However, the burden was lessened by the efficiency of the new document storage solution.
The company's vice president explained that with paper, the process would have been a terrible experience. Since the company switched to the cloud, though, the audit lasted only five hours.
In order to learn more about how to speed up tasks such as audits, check back with Image One.