Softline Pastel has launched Pastel Auditor, designed specifically to save auditors time and money.
“Developing a product for auditors was a natural step in the evolution of our product set and of our strategic determination to go beyond accounting,” says Pastel MD, Steven Cohen. “Having provided accounting solutions for most industries during the past 18 years we were already in possession of the technology tools that auditors would find helpful in extracting and analysing information from a set of financial accounts.
“Specifically, the kinds of automated, integrated processes that our accounting solutions deliver now are ideally-suited to the modern approach to auditing that focuses on analytical review – identifying trends and then auditing by exception.
“So we designed Pastel Auditor to give auditors an immediate overview of the status of the business – enabling them to very quickly get a grip on the underlying issues," Cohen says. "A graphical view of a client’s business allows users to instantly see the wood for the trees. In fact the whole process of drawing up working papers and extracting information from the business is effectively reduced from days or weeks to minutes or hours.
“Auditors can then use very comprehensive report and drill-down capabilities to examine the transactions behind the issues," adds Cohen. "Again, this speeds up the audit process. In fact, we believe that Pastel Auditor saves auditors 15 minutes in every audit hour.”
Cohen says that Auditor intuitively draws information from Pastel Accounting products and journal entries passed in Auditor are automatically and seamlessly updated back into the accounting products. Audit information in Pastel Auditor is displayed in an Excel format that is customisable to suit any auditing firm’s individual needs.
“A particular advantage is that once you have extracted information from a Pastel accounting package into Pastel Auditor, you can work on the spreadsheets without being connected to the source of the information,” Cohen says. “In other words, you have absolute flexibility about where and how you perform the audit. You can even do it from your deck chair on your annual holiday.
Designed in conjunction with a firm of chartered accountants, Pastel Auditor has been kept easy to use and focused on facilitating the activities of auditors of small- and medium-sized enterprises (SMEs).
“In essence, we’ve taken auditing best practices as they apply to SMEs and automated them – allowing auditors to give priority time to thinking about their clients’ businesses rather than collecting their clients’ data,” Cohen says.
Pastel will also establish an Auditor website on which users will be kept up to date on regulatory changes and where templates, updates and other material applicable to specific industries will be made available.