I attended the IAFA 2022 Awards and Conference in London as both a presenter and nominee. I really enjoyed the buzz of presenting in person again! After a long day, it was good to see the audience engaging and sharing some great questions.
In November 2021, we celebrated winning Accountancy Software of the Year for the 3rd time in 5 years. Following that event, I posted on LinkedIn that I felt having only 1 award covering all the efforts of accounting and audit technology providers could be expanded to recognize the value the fintech community is bringing to the audit and accountancy profession.
I was delighted that this year IAFA Awards 2022 expanded the technology vendor categories to also include:
- Cloud Initiative of the Year
- User Experience of the Year
I was ecstatic that Inflo won both these categories and came second in the Accountancy Software of the Year category.
This is fantastic recognition for the effort of our team. I wanted to share a deeper overview of our team’s efforts, recognised by the judges.
The Cloud Initiative of the Year recognises the most innovative and compelling products and services from cloud vendors. This award considers initiatives where the cloud has enabled organisations to quickly respond to changing market conditions and to experiment with new ideas, products, and tools.
Inflo Treasury was designed to provide a secure, effective, and cost-efficient cloud-based method for auditors to complete the bank confirmation process while also providing valuable data analytics on banking transactions.
Inflo Treasury uses an open banking integration to securely extract client bank account information, point-in-time balances, and transactional detail directly from the client’s banking platform into Inflo.
Key benefits to accounting firms:
- A more efficient and effective alternative to traditional audit bank confirmations,
- Enables substantive audit data analytics of cash transactions based on third-party data,
- Improves fraud identification through unusual transaction testing,
- Requires lower support from the client, and
- Automates several manual audit tests.
Inflo Treasury provides auditors with a new, streamlined approach to obtaining external confirmation of bank accounts and loan facilities held by an entity. The process is quicker, involves fewer steps, and reduces risk of human error. Open Banking confirmations provide a comparable quality of evidence to traditional confirmations obtained via letter, email, or confirmation platform.
To find out more about Open Banking read our Free Guide.
The User Experience of the Year Award recognises the most ground-breaking UX offerings from organisations that take pride in creating the best possible online or multi-channel experiences. This award considers services where advanced UX has enabled organisations to deliver seamless online experiences for their customers.
Inflo’s mission is to transform the accounting profession by making leading-edge technologies accessible to all. We do this by providing flexible digital solutions and knowledge, to enhance the experience of auditors working with their clients.
Our advanced, intuitive user experience supports change management at the firm and user level as follows:
1) Inflo Academy – an online e-learning platform which supports new users embracing key skills,
2) Inflo Know – an in-built FAQs system to allow users to self-serve queries,
3) Customer Success – proactive support from a dedicated team tasked with supporting firm adoption,
4) Expert Services - a team of experienced auditors on-hand to provide more advanced, technical support on audit products and methodology,
5) Data transformation – when extracting and transforming data gets complex, our ex-Big 4 data scientists are on-hand to tackle any data problems,
6) Live chat – instant support direct to clients requiring assistance, and
7) In-platform ticketing – an in-built support tool allowing any user to access support at any time.
To support continuous improvement, we have also hosted a series of Customer Intensive webinars and Townhall events to introduce new features and to gather information on the challenges the audit profession faces. This fuels a relentless focus on improving the user experience of our customer firms, their staff, and their clients.
The winning accounting practice software product will showcase great levels of user satisfaction and industry leading product features. Nominations will be accepted from companies showcasing a new product or a successful addition of features to existing software.
The IAASB’s new International Standards on Quality Management introduce a new auditing standards and requirements. These come at a time where there is already significant pressure in the audit profession.
The Quality Management Standards are designed to create a culture and higher-level oversight of audit practices. We determined this could be embedded real time in the work of the auditors, thus avoiding quality failures. Rather than through retrospective reviews identifying failures too late.
To find out more about the new standards read our Free Guide.
Inflo have taken a technology driven approach to implementing the new Quality Management Standards. While other methodology, training and technology providers are providing Excel and PDF resources to firms, we wanted to address the severe limitations of this approach.
Inflo QMS builds on Inflo’s other multi-award-winning products, including digital collaboration, data ingestion, data analytics, and a ground-breaking digital audit platform. To find out more about Inflo QMS read our Free Guide.
Congratulations to Ignition for winning Accountancy Software of the Year 2022!
In a digital world, macro level issues such as trust, privacy and the availability of data are challenging the fundamentals of established professions. The biggest issue for the accounting software market is how technology can augment the accounting profession of today, to become the accounting profession of tomorrow.
Inflo helps the profession overcome these challenges through development of the latest and greatest technologies and embedding these technologies into the education of future accountants joining the profession.
Inflo will continue to push, to never stop innovating. We appreciate the recognition from IAFA Awards 2022, and I would like to thank everyone at Inflo for their continuous hard work and thanks to all our customers and the broader community we work with for their support.