The financial information company Sageworks has introduced two new modules for its Analytical Procedures software that will help accounting firms automate audit work for government entities and financial institutions.

The new modules are an extension to Sageworks’ existing AP modules, which analyze for-profit companies and nonprofit organizations, within the ProfitCents suite from Sageworks.

Analytical Procedures can be used by accountants during the planning and review stages of an audit to
calculate variances between actual and expected financials, document the variances and assumptions for why figures fell outside the expected range and streamline the calculations to improve the efficiency and profitability of an engagement.

The software also includes reporting features that allow accountants to expedite preparation for post-audit client meetings and preparation for peer review.

While ProfitCents has served the accounting industry since 2001, the new AP modules will help automate firms and accounting business units that service banks and credit unions or municipalities, townships, cities, school districts, etc.

“We are excited to expand our Analytical Procedures product to offer more customized solutions that support government and financial institutions audits,” said ProfitCents vice president Michael Sferratore in a statement. “Sageworks continues to introduce customer driven workflow enhancements, which emphasize automation, standardization and simplification and allow our customers to better manage their tasks.”

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