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Company |
AuditMyBooks |
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http://auditmybooks.com
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Founded: |
2009 |
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City: |
Atlanta, Georgia |
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Country: |
United States |
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CEO: |
Steve Bachman |
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Founders: |
Steve Bachman, CP Morey, Frank Torre, Greg Edelin |
| Category: |
Web Apps/Tools/Widgets |
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Funding: |
Seed/Friends & Family |
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Employees: |
6-15 |
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What does AuditMyBooks do?
AuditMyBooks is a B2B SaaS solution that automatically analyzes small & medium business accounting records to detect errors & fraud.
How are they different?
AuditMyBooks uses advanced forensic techniques including statistical analysis, user defined thresholds and detection signatures to identify errors and fraud. The proprietary algorithms are created by AuditMyBooks with input from the Forensic Advisory Board. The algorithms leverage 1,000s of hours of experience with accounting systems, business intelligence, financial auditing and information security.
AuditMyBooks is working with the National Science Foundation to advance the use of predictive analysis to reduce accounting errors and financial fraud. This research is also proprietary and will extend the intellectual property of the company.
Why could AuditMyBooks be BIG?
AuditMyBooks is targeted at the nearly 23M businesses in the U.S. with less than 100 employees. These companies routinely receive accounting services like financial compilations or tax preparation, it is rare for them to receive audits due to their cost and complexity. Because no cost effective or easy to use alternatives designed for SMBs have existed in the past, errors and fraud continue to levy a high cost against small businesses.
How they plan to make money:
The 1st version of AuditMyBooks is available in the Intuit App Center & provides direct access to the more then 4M QuickBooks users, 275K accounting professionals & 45K ProAdvisors.
The initial go to market plan will focus on the accountants & ProAdvisors, who are “trusted advisors”. AuditMyBooks is a business development tool for them to deliver additional billable services like internal control reviews and forensic audits.
AuditMyBooks is priced at $19.95 per month or $195 for a prepaid annual subscription per module per company. Thus, a ProAdvisor with 5 clients using QuickBooks will require 5 subscriptions.
Our thoughts:
No thoughts at the moment. Very interesting!
