Productivity, efficiency, and effectiveness – these are the lifeblood of a sustained, competitive business. In this increasingly competitive and globalized world, you can’t afford to fall behind in your innovation, your business model, or your company finances. A company can save money with its effective use of various auditing practices. In implementing these four audit practices, a company can improve in areas where efficiency and waste could be affecting their bottom line. Here are some types of audits that could be useful in everyday business.

Operational Audits

This form of audit that can be performed within a department or across the organization. The goal of an operations audit is to measure the efficacy and efficiency of operations. The goal is to pinpoint areas for improvement and discover ways to eliminate unnecessary waste. Auditor’s results are made available to managers upon completion.

Compliance Audits

Compliance with federal and state regulations is hard. Compliance audits are useful for addressing any concerns in the areas where compliance with guidelines can impact the overall health of the organization. The company is subject to a set of best practices and regulations for its respective industry. The goal of this audit is to prepare for re-certification or simply verify that the department isn’t missing the mark in any area. Relying on standards set externally by credentialing bodies improves the company’s ability to stay on top of industry’s best practices.

Financial Audits

Accounting is the language of business. This audit functions to provide peace of mind for stakeholders, investors, and regulators that all financial records are reliable. These audits can also showcase the company’s financial health. The company can even identify areas for potential improvement. A good audit guides decision-making efforts in growth, investment, and expansion.

Technology Audits

Technology can either be a boon to your organization, or it can slow you down. The audit encompasses a thorough review of networks, applications, databases and data management. Identifying weaknesses in any of these areas can point to risk levels for data breaches and business interruption. Print-job auditing is a new cost-cutting mechanism for many organizations. This form of auditing solely exists to measure demand and consumption of resources in one dedicated area. Paying attention to this area allows the company the opportunity to see how resources are being used and determine whether or not they are being used appropriately for business purposes. A sweeping audit can reveal a lot about productivity and waste within a department.

Social Media Audits

Your business social media profile is often the first B2B and customer-facing end of the business. Professionals on LinkedIn and Facebook will judge your brand in just seconds. That’s why it’s so important to take a second look at your business social profiles and make sure your content is professional and adding value.

These audits can undoubtedly bring to light areas of weakness and other vulnerabilities that could cost your organization thousands in any given year. Audits serve as that rubric that determines which areas a business should focus on to realize savings, improve productivity, and cut waste.