AuditFile recently raised $3 million in a funding round led by Banneker Ventures, according to a TechCrunch report. AuditFile has cloud-based software that helps CPA firms stay efficient, according to the company website.
The extra funding is expected to help AuditFile expand, as the cloud computing firm hopes to increase its sales force and build out its app so that it can be used for internal corporate audits. Eventually, AuditFile executives want the app to be a necessity for finance teams at Fortune 500 companies.
Most CPAs build their workflow on top of the Microsoft Office suite, explained CEO Steven Bong. They keep track of accounts in massive spreadsheets and audit progress in Word documents. AuditFile will simplify the process.
“A typical audit will have hundreds of steps of verification, and some don’t have to be done depending on the results of other steps,” TechCrunch explained. “But because they’d have to go back and search through Word documents to see those results, huge swaths of time are wasted just figuring out what to work on next. Bong saw this inefficiency as an opportunity, and in 2011 set out to create a service that would put the entire process in a simple web app.”
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