Jonathan Womack and T.C. Whitaker first made a splash in the auditing industry in 2017.
While working at PricewaterhouseCoopers, one of the “Big Four” accounting firms, they created bookkeeping software for small and mid-sized companies called InsightsOfficer that is still an in-house product today.
One night, the two talked about how companies are adopting cloud-based accounting systems. Then they discussed how much easier their careers would have been if there was a software that helped with test and detail work.
Last year, they left PwC to create a startup with software that takes on some of the time-consuming tasks that an auditor does. They called the new company Audit Sight.
A boost from Hyde Park Venture Partners
The startup’s software can be used by auditors to access a client’s financial records, so auditors don’t have to manually ask for each document. It can also automate other functions to save auditors time on keying in data.
“We’re trying to help auditors get out of the weeds," Womack said.
In October 2021, the startup raised a $2.5 million seed round led by Chicago-based Hyde Park Venture Partners. Since then, the company has grown to a team of 12 full-time employees as it has been refining its product and onboarding customers.
Now, following a $4 million seed round also led by Hyde Park Venture Partners, the company is ready to take its software to market. It will also hire an additional four to six engineers and expand its sales and marketing team by the end of the year.
Audit Sight's new products
The company has also released its first two modules: AR confirmations, which is used to verify who owes the company money, and its revenue module which takes a listing of a company’s invoices and revenue transactions to match with third party banking transactions.
Other tools used by auditors will often include portals where they can log in and download a report from financial requests to manage their projects. Audit Sight eliminates the need for those requests by receiving the reports and does the audit procedures itself.
Auditing can be a cumbersome and time consuming process. When auditing a company, an auditor will perform a series of tests looking at accounting records before verifying them to a third party.
“It creates a crazy client experience where auditors will spend all night going through papers,” Womack said.
The startup is currently 100% remote, although it does look to move to a physical office space in the future. When the company looks for office options, it will look to move to one of Atlanta’s tech hub hotspots, Womack said.
