Inflo: How a UK Startup is Disrupting Audit Technology for Accounting Firms
The audit industry in the UK is facing a technology revolution. Inflo is a digital audit platform founded in 2016 by former PwC accountants Mark Edmondson and Graham Clark. It is changing how accounting firms approach audits. It makes advanced technology accessible beyond the Big Four. Regulators demand higher audit quality. Meanwhile, firms wrestle with increasing data complexity. Inflo provides a modern solution built for today’s challenges.
Modular Cloud-Based Platform for All Firm Sizes
Inflo offers a cloud-based platform designed to streamline the audit process for firms of all sizes. Its modular design lets firms choose from data ingestion, analytics, digital workpapers, collaboration tools, and reporting features. This flexibility allows small and mid-sized practices to compete on quality. They can achieve efficiency comparable with larger firms that have long relied on proprietary audit technology.
Data Integration and Full-Population Testing
A standout feature of Inflo is its ability to integrate data from a wide variety of accounting systems securely. The platform extracts entire datasets, eliminating manual entry and reliance on sampling. Full-population testing allows auditors to examine all relevant transactions. This increases audit accuracy. It also reduces the risk of missed errors or fraud.
Advanced Analytics and Artificial Intelligence
The platform’s advanced analytics use automation and artificial intelligence to flag unusual transactions and highlight anomalies that require attention. These data-driven insights empower auditors to focus their professional judgment where it matters most. Inflo’s intuitive dashboards also help auditors present complex data clearly to clients and stakeholders.
Digital Workpapers and Workflow Management
Inflo replaces traditional paper-based workpapers with digital equivalents directly connected to audit data and findings. Workflow management tools track progress, deadlines, and task assignments, improving team coordination and reducing administrative overhead. Secure collaboration channels improve communication with clients, speeding issue resolution and boosting satisfaction.
Security and Compliance
Security and compliance are priorities for Inflo. The platform is hosted on Microsoft Azure. It meets ISO 27001 and SOC 2 Type II standards. This offers robust data protection with end-to-end encryption. It also provides real-time monitoring. For UK firms, this means confidence that sensitive financial information remains safe.
Market Adoption and Industry Recognition
Since its launch, Inflo has gained traction globally. Over 180,000 accountants across 100 countries use the platform. They deliver more than 130,000 audits. In the UK, it has become a popular choice among mid-tier firms. These firms want to modernise audit practices without the expense and complexity of building in-house solutions. Inflo earned the Product Innovation of the Year award at the 2021 Accounting Excellence Awards. This achievement reflects its impact on the audit profession.
Benefits for UK Accounting Firms
For UK accounting firms, Inflo offers multiple benefits. Automation of data extraction and analysis saves time, allowing auditors to focus on deeper financial insights and risk assessment. Full-population testing enhances audit quality and regulatory compliance. The modular approach ensures firms can adopt the platform gradually, adapting to evolving client demands.
Key Takeaways
Audit data is becoming increasingly complex. Regulators are raising standards. To remain competitive, firms will find platforms like Inflo essential. By combining data analytics, workflow automation, and collaboration tools, Inflo aligns with the UK’s focus on audit quality and transparency. It empowers accounting firms of all sizes to deliver more efficient, insightful, and client-focused audits.
