Financial auditing is important for companies to keep tabs on potential suspicious gaps in their transaction history. With financial audit software, companies can analyze their financial transactions and see how to resolve any gaps and errors in the transaction history. Here are some of the best financial audit software available right now.
21+ Financial Audit Software
1. Hubdoc
2. AdvanceFlow
3. Xelix
4. MindBridge
5. Suralink
6. AppZen
7. AuditFile
8. DataSnipper
9. Smart Audit
10. AuditDashboard
11. Audit Prodigy
12. Tickmark
13. FISCAL Technologies
14. ReKognize
15. AuditDesktop
16. Auditi
17. PRGX
18. FinAlyzer
19. GreenLine
20. PaymentKnox
21. Supervizor
22. WIDI
What Is Financial Audit Software?
Financial audit software is a financial management software that enables companies to review and analyze their financial transaction records. The financial statement audit software is used by companies to comply with regulation laws as well as to eliminate fraud taking place in their transactions.
Benefits
Financial audit software helps companies to comply with financial regulation laws as well as internal company policies that can help address the gaps in the transaction activities that may negatively impact their profitability aspects. The balance software for accounting firms also helps users to identify suspicious transactions that may pose a threat to the company’s financial standards. While the software is used by accountants, it can also be used by procurement employees to monitor the spending auditing in cases such as travel expenses.
Features
Financial audit software should be able to allow users to automate the spend auditing process for all kinds of financial transactions. The financial audit software should also be able to provide risk management tools to help users identify suspicious transactions that may violate the protocols and policies of the company. The software should also be able to allow users to analyze transactions that may have gaps such as duplicates and unauthorized expenses. The software should also be able to provide support for multiple currencies possible to ensure a more accurate analysis of spend auditing. The software should also be able to enable users to report on results such as audit performance and suspicious transactions.
- Automate spend auditing
- Risk management capabilities
- Analyze transactions for discrepancies
- Report on suspicious transactions and other results
- Support for multiple currencies
Top 10 Financial Audit Software
1. FinAlyzer
FinAlyzer’s financial consolidation software is easy to use that can help companies drive their business by converting their financial data into productive business insights. FinAlyzer is powered by Beyond Square Solutions, which the company has 31 employees and earns a revenue of $6 million.
2. AdvanceFlow
AdvanceFlow allows companies to audit their finances in the cloud that making it easier for accountants to perform their tasks wherever they go. AdvanceFlow is owned by Thomson Reuters, which the parent company has 24,000 employees and earns a revenue of $6 billion.
3. AppZen
AppZen allows users to get a free value assessment report with their auditing software that is powered by artificial intelligence. AppZen has 294 employees and earns annual revenue of $38.2 million.
4. MindBridge
MindBridge’s risk discovery software allows companies to give an unfiltered view of their errors including finances that are easy to use with no coding required to find anomalies in their operations including financial transactions. MindBridge has 141 employees and earns annual revenue of $18.3 million.
5. Supervizor
Supervizor’s financial audit software allows for a more digitalized way to do financial audit tasks that can help detect suspicious transactions with high accuracy. Supervizor has 42 employees and earns a revenue of $8 million.
6. PaymentKnox
PaymentKnox’s automated cyberfraud prevention software helps companies to authenticate their transaction activity with the aim of eliminating fraudulent transactions. PaymentKnox is owned and developed by nsKnox, which the parent company has 37 employees and earns annual revenue of $7.5 million.
7. Smart Audit
Smart Audit provides companies with audit workflow software that has risk management capabilities that allow them to analyze their financial risks. Smart Audit has around 25 employees and earns annual revenue of around $5 million.
8. Xelix
Xelix’s invoice intelligence software uses artificial intelligence software that can bring helpful financial insights. Xelix has around 25 employees and earns a revenue of $5 million.
9. DataSnipper
DataSnipper allows companies to transform their financial data into actionable insights with its audit intelligence software.
10. WIDI
WIDI’s audit engagement software is cloud-based that allows companies to perform their work in one place including financial auditing.
FAQ
What other software integrates well with financial audit software?
Financial audit software often integrates well with other financial-powered software such ERP software, accounting software, procurement software as well as travel and expense software.
Is a financial audit a standalone product or a feature of another software?
Financial audit software can be offered as both a standalone product and as part of a product software suite. It’s more common for companies to opt for a product software suite that contains financial audit features, although some companies prefer to use standalone financial audit software for its specific solutions.
How much does financial audit software cost?
Pricing for financial audit software is usually customized, with each software providing subscription tiers that can increase pricing as more features and capabilities are offered. Financial audit software is priced depending on the features available and the intended target company. Small companies can benefit more from low-cost financial audit software, while large companies can benefit more from high-cost financial audit software.
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