Vision checkthe essential tool for auditors founded by two veteran “Big 4” accounting firms, today announced $4M+ in seed funding from Hyde Park Venture Partners to continue to fix the accounting industry’s complex and painful audit process.
“Audit is a painful process. And as more businesses embrace digital transformation to make their work more efficient, accounting has been stuck in the past,” said TC Whittaker, co-founder and CEO of Audit Sight. “Most listeners have a distinct memory of spending our days working in a windowless room, putting numbers in a spreadsheet and thinking, ‘There has to be a better way to do this.’ That’s why co-founder Jonathan Womack and I decided to put our years of experience to work creating the Audit Sight solution.
Auditing of financial statements is necessary for capital markets because audits provide transparency and the confidence of shareholders and creditors. However, with a high volume of transactions and data, auditing can be an unnecessarily large undertaking with overwhelming amounts of work taking months.
Audit Sight’s digital platform eliminates detailed manual testing and saves auditors time using APIs to access client records, verify accounting records against third-party data sources, and produce working papers GAAS compliant. Audit Sight allows auditors to do more value-added work they enjoy by performing detailed testing for them. Additionally, auditors can verify all transactions instead of testing a sample, increasing the simplicity and efficiency of the testing and verification process.
“Our team immediately recognized Audit Sight’s impressive traction with accounting firms and proactively extended additional funding after their first round,” said Ira Weiss, a partner at Hyde Park Venture Partners, a board member at Audit Sight and a former auditor himself. “For those who have worked in the accounting industry, busy seasons drain employee and company resources. Relying on manual processes for transaction testing and verification only hampers growth. Audit Sight’s approach means auditors can spend less time getting to the bottom of things and more time increasing their overall bottom line.
As the number of CPA steadily decreasing With intense work hours leading to fewer early-career audit professionals, Audit Sight offers a way to improve public accounting experiences.
“As an audit service center for accounting firms, we needed a better way to support our clients,” said Chris Vanover, CEO and Chief Auditor of US Auvana. “Our team now uses Audit Sight to perform a wide variety of outsourced audit procedures for accounting firms across the country. We have completely upgraded to a highly automated process that saves time, improves audit quality and just does the job.
Auditing is a $43 billion market in the United States, and automation addresses common accountant issues and oversights, leading to more focused and accurate results. To learn more about how Audit Sight can automate your company’s end-to-end audit workflows, please visit www.auditsight.com.