AuditFile nets $3 mln

AuditFile has raised $3 million in funding. The investors included Banneker Partners, Tim Draper, Ray Tonsing, Green Visor Capital, Rothenberg Ventures, BoostVC and 500 Startups. Based in San Francisco, AuditFile is a provider of engagement solutions for CPA firms.

PRESS RELEASE

San Francisco, CA – August 20, 2014 – Brothers Steven and Kevin Bong have combined their accounting and programming skills to transform the audit industry with AuditFile, a secure, cloud-based solution that helps CPA firms perform dramatically more efficient engagements.

Watching their father, a seasoned CPA, struggle with cumbersome software, they seized an opportunity to create a better solution by utilizing cloud-based technology to simplify and elevate the entire process.

Enlisting the help of over a dozen CPA firms to create a simple and logical workflow, the duo launched AuditFile in 2011. The San Francisco-based company recently raised an impressive $3 million in a round led by Banneker Partners to increase sales efforts. “No company has a solution like this,” stated Stephen Davis, a partner at Banneker. “They saw a real problem experienced by their father and have solved it in a very unique way.”

The brothers will use their investment to continue refining and enhancing the app, paving a new path for auditors in the 21st century. “It’s time we streamline the audit process with today’s technology” said Steven Bong. “AuditFile is not just another audit software, it’s a game changer.”

The company now employs 15 individuals, including their father Gary Bong, who serves as CFO. As part of its new sales efforts, the firm is creating national awareness about their dynamic solution. “We have garnered the support of many investors who want to help improve the audit process. We’re excited to help CPAs with a great solution.” added COO Kevin Bong. Other investors include Banneker Partners, Tim Draper, Ray Tonsing, Greenvisor Capital, Rothenberg Ventures, BoostVC, 500 Startups, and more than two dozen individuals.

About AuditFile
A secure, cloud-based solution, AuditFile specializes in helping CPA firms perform dramatically more efficient engagements. Created for CPAs by CPAs, AuditFile solves real-world challenges faced every day with technology that meets the highest standards for security and accuracy.
Based in San Francisco, California, AuditFile serves CPA firms across the country. Learn more at www.auditfile.com

 

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