Audit Sight Market Research Report

Company Overview

Name and Mission

Company Name: Audit Sight

Mission Statement: "Our mission is to provide transparency, trust, and truth within the world's economies and capital markets by eliminating manual work for auditors, diligence, and private equity providers through automating financial transaction verification."

Founding Information

Founded by: T.C. Whittaker and Jonathan Womack

Founding Date: No information is available

Key People

T.C. Whittaker: Co-founder & CEO

Jonathan Womack: Co-founder & COO

Eric Kingery: Technical Co-founder & CTO

Headquarters

Location: No information is available

Employees and Revenue

Number of Employees: No information is available

Revenue: No information is available

Recognition and Achievements

Notable for: Streamlining auditing process by automating financial transaction verification.

Awards and Recognitions: Selected for the 2023 AICAP and CPA.com Startup Accelerator.

Products

Overview of Products

Audit Sight offers a comprehensive technology platform designed to automate various aspects of the financial auditing process. Below are the high-level descriptions and key features of the products that Audit Sight provides.

Products Offered

1. External Confirmations

Description: Automates external confirmations using customizable templates.

Key Features:

Streamlined process for external confirmations

Uses authorized electronic signatures

Secure and fast completion

2. Substantive Analytics

Description: Provides detailed analytics over revenue and expenses for audit verification.

Key Features:

In-depth revenue and expense analysis

Utilizes data analytics to enhance accuracy

Helps in fraud detection and data validation

3. Journal Entry Testing

Description: Automated testing of journal entries to ensure compliance and accuracy.

Key Features:

Automated verification of journal entries

Improves efficiency by eliminating manual testing

Ensures GAAS compliance

4. Invoice and Bank Deposit Vouching

Description: Matches invoices to corresponding bank deposits to confirm transactions.

Key Features:

Automatic matching of invoices to bank deposits

Enhances verification speed and accuracy

Reduces manual labor

5. Bank Balance Verification

Description: Verifies bank balances against bank statements without the need for manual confirmations.

Key Features:

Automated bank balance verification

Reduces the need for manual confirmations

Ensures higher accuracy and efficiency

6. PDF Bank Statement Conversions

Description: Converts PDF bank statements into data for seamless integration into the auditing process.

Key Features:

Efficient PDF to data conversion

Helps automate data entry

Streamlines the auditing workflow

Recent Developments

Company Developments

Accelerator Program: Selected for the 2023 AICPA and CPA.com Startup Accelerator.

Funding:

Raised $2.5M in seed funding to streamline auditing processes and improve transaction transparency.

Featured in several news outlets, including TechCrunch, Venture Capital Journal, and Atlanta Business Chronicle.

New Products and Features

New Product Launches: No specific new products are mentioned.

New Features:

Expanded capabilities in substantive analytics

Enhanced features for PDF bank statement conversions

Improved tools for journal entry testing

Partnerships

SOC 2 Compliance: Audit Sight meets SOC 2 compliance standards, ensuring high levels of data security and integrity.

Accelerator Partnership:

Collaboration with AICPA and CPA.com for broader reach and impact in the accounting and auditing space.

Conclusion

Audit Sight stands out as an innovator in the auditing technology space by automating time-consuming processes and enhancing the accuracy of financial transaction verifications. With robust features and continuous improvements, it aims to build greater transparency, truth, and trust in the world's economies and capital markets.

Appendices

Testimonials from Clients:

"Audit Sight was incredibly user friendly for my team and clients, who took only minutes to connect. We were weeks ahead of the prior year after only a single day of field work.”— Audit Manager