An audit trail is a system of recordkeeping that ensures that all steps of a financial transaction are physically and/or digitally documented, thereby establishing the transaction’s legitimacy. Without an audit trail, a financial transaction is, at best, suspect, and at worst, something that didn’t happen—or that happened fraudulently.
SparcPay’s audit trail software
SparcPay is an integrated, secure, digital solution that allows for the complete review and approval of bill payments via the web and mobile devices—from anywhere. And thanks to our transaction audit trail software, we know who approved every payment, who coded it, who released it and when it was received. SparcPay knows what happened, when it happened and who made it happen. For auditors and clients there’s full visibility every step of the way.
Benefits of SparcPay’s audit trail
SparcPay’s audit trail provides the ultimate in security, transparency and segregation of duties, all of which are vital in financial transactions for three key reasons:
- Prevents conflict: Using property management as an example, SparcPay’s audit trail precludes someone from saying, “I didn’t approve that payment” because the record will clearly indicate that this person did, in fact, approve the payment and state in no uncertain terms the exact time at which they did. The transaction is irrefutable, preventing conflict from arising.
- Prevents fraud: Given that the approval, execution and timing of every step are detailed and completely transparent, SparcPay makes it extremely difficult to commit undetected fraud.
- Builds confidence: When individuals and companies involved in a financial transaction know that every detail of the transaction is being digitally recorded with SparcPay’s audit trail software, they know that their money is secure, inspiring confidence in the business process and reinforcing business relationships.
To learn more about SparcPay’s audit trail software and how you could benefit from implementing SparcPay, click here to contact us.