Revolutionizing 401k Audits: How Softedge Built an AI-Powered Solution for Audit Hero
About the Company
Audit Hero is an innovative fintech startup based in New York, dedicated to optimizing the 401k audit process for CPAs (Certified Public Accountants) and TPAs (Third-Party Administrators). By automating labor-intensive tasks prone to human error, Audit Hero drastically reduces the time required for 401k audits, enhancing both accuracy and operational efficiency.
The Challenge
The 401k audit process involves managing vast amounts of data from multiple sources. Traditionally, auditors spend 30-40 hours manually gathering, processing, and analyzing this data. Audit Hero's challenge was to leverage technology to transform this laborious process into a seamless, one-click task that could be executed in seconds.
Although Audit Hero had a clear vision of their desired outcome, they needed expertise in product development to bring it to fruition. Their requirements included an automated system capable of extracting data from large, complex financial reports, seamless integration with third-party payroll systems to gather necessary audit information, and a PCI DSS-compliant solution to ensure data security and compliance.
Results
Softedge partnered with Audit Hero to design and build a Minimum Viable Product (MVP) that met all regulatory and business requirements. With extensive fintech expertise, Softedge crafted a solution that enabled the automatic processing of large financial reports, integrating AI-powered data extraction through LangChain and OpenAI.
By incorporating the Finch API, a leading U.S. payroll data provider, payroll information seamlessly flowed into the platform, eliminating manual data entry. The platform's anomaly-detection module continuously surfaces audit risks — flagging missing documents, miscategorized line items, and calculation errors so auditors can resolve them before sign-off.
Softedge's UI/UX experts designed an intuitive interface, ensuring a seamless user experience. By automating time-consuming tasks and ensuring compliance, Audit Hero now provides CPAs and TPAs with a streamlined, AI-driven audit process that significantly enhances efficiency and accuracy.
Technologies & Integrations
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