Effortlessly set up your own departments, sub-departments, employee grades, and designations within the EnKash platform
Have doubts about department management and want to learn more? We have you covered in our FAQ section!
Q. How does department management help in optimizing spends and creating audit trails?
Department management allows you to optimize the hierarchy your team needs to follow to pay various business expenses. It sets in place the checks and approvals required to ensure that all expenses are whetted and approved with a trail to mark these stages. Moreover, the paperwork and approvals are part of the expense record, which shows that someone with the right authority has checked and approved the expense.
Q. Why is it important to be well-prepared for company audits?
Company audits are not only a requirement in statutory terms but also help you establish that all the business transactions your company does are per the government's established norms. Audits also validate the business revenue for external stakeholders like shareholders, vendors, customers, and others
Q. What are the requirements for an effective audit trail?
An effective audit trail will prove that any expense or income your business has incurred is as per business rules. The expense was planned, checked, approved, and has all the necessary paperwork to support it.
Q. Will my business be able to prioritize expenses with department management?
Department management helps you plan expenses and ensures that all expenses are checked, approved, and paid on time. It also ensures that the paperwork related to the expense is filed at the right place for easy access. It provides you insights to help you anticipate cash flow requirements and plan for them.
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