Top 5 Internal Audit Software for Small Businesses

As a small business owner, you know how important it is to meet regulatory compliance to keep your operations running smoothly. Conducting internal audits ensures everything is in order, but it can be a daunting task when done manually.

This is where internal audit software comes in. It is designed to simplify and automate internal audit processes, which can be a game-changer for small businesses.

In today's guide, we'll explore the five best internal audit software options for SMBs. But first, let's discuss the importance of internal audits and the challenges you may face without an internal audit solution in place.

Importance of Internal Audit for Small Businesses

An internal audit is a process of reviewing your business's operational activities and governance processes. It involves checking records, policies, and procedures to ensure everything is running as it should.

For small businesses, this means identifying any gaps or risks and taking corrective actions before they become bigger problems.

This is why the importance of internal audits cannot be overstated. They help in operational risk management by catching errors early, which can save time and money down the line.

Internal audits also ensure that your business complies with regulatory requirements. They help avoid potential fines and legal issues.

Regular audits can even improve your business operations by standardizing processes across the board. They also provide detailed insights into operational inefficiencies and areas for improvement, which can minimize the risk of downtime due to non-compliance.

Common Challenges Faced by Small Businesses in Internal Audits

While internal audits are important, they come with their own set of challenges, especially for small businesses. Let's explore some of the common problems you might face below.

Limited Resources

Many small businesses operate with limited resources because of high turnover and low retention rates. This means fewer employees and less time to dedicate to internal auditing processes.

That's why most SMBs find it difficult to conduct audits. This can lead to overlooked issues and non-compliance with regulatory requirements.

Budget Constraints

Budget constraints are another common issue for small businesses.

Allocating funds for internal audits can be tough when there are so many other pressing financial needs.

However, neglecting audit data can lead to bigger, more costly problems down the line.

Lack of Expertise and Training

Conducting an internal audit requires specific skills and knowledge. Many small businesses struggle because their employees lack the necessary expertise.

Without proper training, audit programs can miss critical issues or be performed incorrectly.

Time-Consuming Processes

Manual internal audits are time-consuming. Gathering data, reviewing records, and compiling audit documentation can take up a lot of valuable time. This is time that could be spent on other important business activities.

Keeping Up with Regulatory Changes

Lastly, small businesses might find it difficult to stay updated on regulatory changes due to their limited resources and budget.

Many regional directors and operations teams are also focused on their tasks. They simply don’t have time to follow recent laws and standards.

Falling out of compliance with these regulations can result in fines and legal problems in the long run.

How Does an Internal Audit Management Software Help Small Businesses

An internal audit software can address the challenges faced by small businesses. It can help you with the following:

Meet Regulatory Compliance

Internal audit software can track regulatory changes and provide real-time updates. It keeps your audits aligned with current laws on the State and Federal level.

This audit solution also provides checklists that meet regulatory standards. It minimizes the risk of non-compliance and potential legal issues.

Simplify Internal Audit Processes

Internal audit software simplifies the audit workflow by automating tasks like data collection, data storage or recall, follow-ups, and report generation.

This automation offers several benefits to your small business. First, aggregated reports allow you to conduct a comprehensive performance audit without dedicating excessive time and resources.

It also reduces human errors associated with manual audit processes. This lets you focus on running your small business, knowing that your audits are accurate and timely.

Plus, most internal audit software platforms have an intuitive interface. This makes it easy for your team to use, even without extensive training.

Reduce Costs

Audit software might seem like another expense for your small business. However, in reality, this external system can help reduce costs in the long run.

Since it automates most audit processes, it prevents the need for extensive manual labor. You don't have to hire additional staff to manage audit planning and conduct compliance checks.

Internal audit management software also helps you avoid costly compliance issues. It automatically notifies you of any regulatory changes and generates reports that meet strict industry standards.

Provide Real-Time Insights and Analytics

Internal audit software provides real-time insights and analytics. These allow you to monitor your small business’s performance continuously. At the same time, they help you identify and address issues promptly for better risk management.

Most internal audit management software systems also have comprehensive dashboards and reports. These help users understand their audit results and take corrective actions quickly.

Achieve Complete Visibility

Internal audit software provides complete visibility into the entire internal audit process.

It combines all your audit data in one location. This centralized system allows you to assign action items and follow-up tasks with team members to solve issues before they become bigger problems.

It also lets your employees upload photos, videos, and worker comments to provide more details about their findings. These things can't be faked, so you can ensure that audits are completed accurately by the right person.

With everything in one place, you can make more informed decisions and ensure all areas of your business are covered.

Top 5 Internal Audit Management Software for Small Business

Finding the right internal audit software can transform how you manage audits in your small business. Below are the top five options you can consider.

1. MyFieldAudits

‍

At MyFieldAudits, they are more than just another 'do-it-yourself' software provider. Instead, they position themselves as a dedicated partner in streamlining on-site inspections and building tailored Quality Assurance programs for enterprise clients.

Their approach ensures compliance, tracks performance, and delivers actionable insights that drive continuous improvement and operational excellence, providing clients with peace of mind knowing that inspections are fully managed.

Features:

• Advanced Platform: Capture photos, videos, and real-time data, schedule audits with ease, assign action items to on-site teams, and visually track compliance and completion.
• Customized Solutions: They work closely with clients to identify critical metrics and KPIs, developing inspection forms tailored to every department.
• Dedicated Support: The team offers comprehensive support, from training to ongoing monitoring, ensuring accurate, consistent, and actionable data.
• Enterprise-Level Focus: Designed for large organizations, not individuals or those seeking off-the-shelf solutions.

MyFieldAudits transforms how enterprise organizations track and manage quality inspections, handling the heavy lifting so clients can focus on capturing the critical data that drives operational excellence.

2. SAP Audit Management

Source: SAP

SAP Audit Management is part of the larger SAP suite of enterprise software. It's a great option for small businesses seeking comprehensive audit solutions.

This software excels at automating audit processes, providing standardized reports, and enhancing team communication. It can also capture audit documentation using drag-and-drop tools. These improve efficiency and compliance.

Features:

• Automated audit processes and issue tracking
• Collaborative tools
• Preestablished templates to standardize reports
• Audit document management
• Integration with other SAP applications

3. MetricStream

Source: MetricStream

MetricStream offers a wide range of governance, risk, and compliance (GRC) solutions, with a strong focus on internal audits.

This internal audit management software provides a central location for risk assessment and documentation. It helps small businesses mitigate risks effectively while staying compliant with industry regulations.

It also uses the power of AI and machine-learning algorithms to identify issues and assign corrective actions. This increases operational efficiency and enhances visibility into issues across your organization.

Features:

• Comprehensive and centralized risk framework
• AI-powered issue management
• Collaboration tools
• Time-tracking
• Offline capability

4. TeamMate

Source: TeamMate

TeamMate by Wolters Kluwer is a leading audit management system known for its flexibility and comprehensive features. It can help small businesses simplify their audit processes, from planning and execution to reporting and follow-up.

TeamMate also offers detailed analytics, risk-based auditing, and integrations with other systems. These make it easier to manage audits efficiently and effectively across different departments.

Features:

• Data-driven reports and analytics
• Integration capabilities
• Real-time risk management
• Stakeholder collaboration
• Compatible with different infrastructures

5. Thoropass

Source: Thoropass

Thoropass, formerly known as Laika, is a compliance management platform that helps small businesses with their internal auditing needs.

The software pairs you with expert auditors to complete audits accurately and timely. This customer-first approach ensures that you get compliance right for the first time.

Thoropass also offers tools for automated evidence collection and task automation to simplify the audit process.

Features:

• Digital and intuitive platform
• Automated compliance management
• Risk analysis and remediation
• Tailored integrations
• Scalable platform

Best Practices for Using Internal Audit Software

Choosing the right internal audit management software is just the first step. To maximize the platform's benefits, you must implement best practices.

Schedule Regular Audits

You must schedule audits consistently to maintain visibility into your business operations. Doing so helps you identify and address issues before they become significant and keeps you compliant with regulations.

You can take advantage of the software’s scheduling features to plan and track your audits. This makes it easier to manage and execute internal audits efficiently.

Customize the Internal Auditing Software

Every business has unique needs. Customizing the internal auditing software to fit your specific requirements is important.

You must adjust templates, checklists, and reports to reflect your business processes. This customization ensures that the software addresses all necessary areas of your organization.

Provide Training to Internal Audit Teams

Even the best software is only as good as its users. You should train your internal audit team to use the software effectively.

Provide training materials, like documentation or videos, to teach them how to conduct thorough audits with the software.

You must also work closely with the vendor to ensure an effective software implementation. Check if they offer real-time customer support through live chat or emails to address difficulties when using the platform.

Fortunately, some internal audit software solutions, like MyFieldAudits, can train your employees for you. Their team of quality assurance (QA) specialists teaches your staff how to use the app and shows them what a successful audit looks like. 

MyFieldAudits also provides guidelines and best practices to accompany audit questions. These make it easier for your team to complete successful audits using the app.

Update and Maintain the System Regularly

You must regularly update the internal audit software to benefit from the latest features and security enhancements.

You should also conduct regular system checks. Make sure the software continues to meet your business needs.

Improve Internal Audit Processes with MyFieldAudits

Are you looking to improve internal audit processes? MyFieldAudits is here to help. 

‍

Their all-in-one platform empowers enterprise clients to conduct thorough internal audits with ease. MyFieldAudits ensures compliance, tracks performance, and delivers actionable insights that drive continuous improvement and operational excellence.

On top of providing access to the audit software, MyFieldAudits handles everything from creating the inspection strategy to configuring the platform.

They can even train users on how to use their software, so enterprise clients don't have to figure out everything on their own.

Schedule a demo today to get started! You can also contact MyFieldAudits by dialing (844) 344-7265.

FAQs About Internal Audit Software for Small Business

What are the benefits of internal audit software for small businesses?

Internal audit software helps small businesses simplify audit processes to meet regulatory compliance. It also provides real-time reports and analytics to identify areas for improvement and resolve issues before they impact operations.

What is the best internal audit software for small businesses?

The best software depends on your specific auditing needs and budget. Some platforms, like MyFieldAudits, specialize in assisted living facility inspections and restaurant audits. Other options like MetricStream and TeamMate are suitable for finance and healthcare businesses.

How much does internal audit software cost?

The cost of internal audit software varies based on the features and support provided. Many options offer scalable pricing plans. It's best to contact the software vendors directly for detailed pricing information tailored to your business needs.

‍