The auditing sector is coming under historic pressure. Regulation and scrutiny of audit have deepened following high-profile accounting scandals, leading to calls for greater competition in the sector. Meanwhile, companies are producing exponentially more data.
Together, these trends have created pain and bottlenecks as auditors struggle to comb through documents and reconcile endless streams of information manually.
The result is that auditors are churning out of the profession in record numbers:
- Around 1 in 5 auditors quits their job every year.
- 80 percent of auditors will leave their company within 5 years.
- As many as 82 percent of auditors with 6 or more years of experience will leave the profession within a year.
DataSnipper's AI-powered platform addresses the root causes of auditor burnout by bringing efficiency and delight to the audit process.
The platform embeds automation directly into Excel, eliminating crushing manual work by letting auditors simply ‘snip’ numbers from any file, such as an invoice, bank statement or inventory document.
These ‘snips’ automatically reconcile against transactions, creating airtight audit trails with a click. What was once the work of hours is now a matter of seconds, freeing auditors from drudgery to focus on strategic insights.
Using DataSnipper’s tool, auditors can automate away up to 90% of menial tasks and boost business growth by cutting costs in half.
Founded six years ago, DataSnipper has more than doubled its revenue several years in a row. It serves over 400,000 auditors across 125 countries – including leading brands such as Deloitte, KPMG, Ernst & Young and PwC.
According to DataSnipper CEO Vidya Peters:
“DataSnipper is on a mission to change the audit culture and unlock auditors and finance professionals to do their best work – applying specialised skills rather than scouring files to verify data.
Our customers tell us we’ve made their job fun for the first time. By automating repetitive tasks, DataSnipper redefines the ground rules through technology.
Audits are faster and higher quality, and challenger firms can take on more complex and strategic assignments.
DataSnipper lets auditors focus their expertise on assessments of risk and strategy and play that essential advisory role that no algorithm can.”
Hannah Seal, partner at Index Ventures, who led the round and will join the board, shared:
“‘DataSnipper is not a technology searching for a use-case – it’s a profound unmet need among auditors and finance teams.
DataSnipper’s growth into new sectors comes directly from user demand, as professionals keep asking for the product once they experience how fast and delightful it is.
By starting from auditors' Excel workflows rather than forcing them to migrate to a new platform, adoption is rapid, and loyalty is fanatical. We’re thrilled to be backing Vidya and the whole team as they scale globally.’
The new funding will help DataSnipper expand across new verticals, including internal auditors, tax advisors, forensic accountants, and other sectors involving data reconciliation. DataSnipper already counts Hilton, Siemens, Frontier Airlines and the Government of Queensland as customers in these segments, and the company is also expanding rapidly across the Asia-Pacific and Latin American markets.
Lead image: DataSnipper. Photo: uncredited.