21st November 2024: Inflo, a leading digital audit platform, today reported significant momentum in the U.S. market, as audit firms of all sizes increasingly turn to its advanced platform to leave behind the limitations of legacy desktop software and unlock significant efficiencies.
Reporting a 254% year-on-year increase in revenue in the U.S., Inflo has secured several major deals this year with Top 100 firms, including GBQ, Horne, KSM, and YHB. Inflo’s platform is supporting over 430,000 users, with many firms implementing quickly on their December 2024 audits, reviews, and other engagements. Inflo says that smaller firms have appreciated the ease and speed of onboarding the platform off-the-shelf, while larger firms value the flexibility to tailor features and methodologies to create competitive advantage.
Despite multiple new audit tools being promised to the market, release delays have created demand among firms who are ready to embrace technology to deliver a better service to their clients. Two of Inflo’s core solutions - Digital Audit, a comprehensive suite of methodology content, and Inflo Workpapers, a data-driven engagement management solution - are both attracting significant interest.
Mark Edmondson, co-founder and CEO at Inflo, said: “We have listened to the demand among U.S. firms crying out for digital capabilities after a frustrating period of delays in the market, and we have delivered. As ex-auditors, we know the challenges public accounting firms face in serving clients effectively. Talent shortages and private equity investment in CPA firms are increasing demand for more powerful methodologies and platforms. By focusing on a new Digital Audit methodology suite and progressive engagement management platform, we are now giving firms a simple pathway to access other technologies such as client collaboration, data ingestion, data analytics, and quality management. All these capabilities are readily available in the Inflo platform for firms seeking flexibility across their clients, a simpler technology stack, and fewer vendor dependencies.”
Inflo continues to evolve its platform to meet the needs of U.S. firms. This includes its new InfloLink tool, which directly connects Excel to the Inflo platform, enabling auditors to source information stored within the Inflo platform when updating their working papers and financial statements without the need for manual, error-prone reconciliations. Additionally, Inflo’s new PCAOB capabilities enable firms to conduct the most complex audits of U.S. public companies, keeping pace with evolving PCAOB standards and SEC regulations.
Justin Hayes, a Partner in KSM’s Audit & Assurance Services Group, commented: “KSM conducted an extensive market evaluation to replace our desktop audit software, considering major technology vendors and a cohort of three specialized providers. Throughout our selection process, Inflo listened and demonstrated real care in understanding our desires and concerns. We look forward to adopting Inflo and are confident that the platform will significantly benefit our clients and the continued growth of our firm.”
Matthew Smith, Leader of YHB's Assurance Team and Principal, added: “YHB is thrilled to partner with Inflo as our audit technology and transformation partner - a decision made after an intensive five-month evaluation. During this process, Inflo not only met but exceeded key milestones, demonstrating an exceptional commitment to understanding our needs and delivering tailored solutions. Their responsiveness, innovation, and adaptability have been instrumental in building our confidence. We look forward to collaborating with Inflo as they continue their impressive growth and momentum in the U.S. market.”
Inflo says that central to rapid adoption and onboarding among firms has been how readily available its platform is for firms to move across to, and the fact that its core content is QCM reviewed, giving firms the confidence it will pass peer review.
Edmondson continued: “Having conducted extensive research with leading senior executives at top audit firms, we expect most firms to change their audit platform in the next one to two years based on the pent-up demand and positive attitude to change we’re seeing. It’s a proud moment to be playing a role in so many CPA firms embracing digital audits. The growing momentum around Inflo has set a high benchmark, encouraging other vendors to elevate their offerings. We’re looking forward to welcoming many more progressive firms to our platform and community.”
-ends-
About Inflo
Inflo is committed to elevating the audit experience and making auditing more attractive for the accountants of today, and the future. We do this through providing a cloud-based, data-driven digital audit platform, including workpapers, audit methodology content, data analytics, data ingestion, client collaboration, and quality management solutions. We also make available a team of experienced auditors to help accounting firms realize the gains possible from modern technology. Learn more at https://www.inflosoftware.com/.