Soraban: Helping CPAs give companies financial reviews faster | Wefunder

A single business’s financial data is incredibly immense, complex, and often very diverse. In our own experience working with accountants, we realized 90% of their work, whether it’s tax preparation, CFO services, or assurance services (e.g. audit), is just understanding and standardizing the business’s financial data. Only 10% of their efforts actually involves analyzing the data and delivering the service. This and many other reasons make accounting services like financial Statement Reviews and Audits expensive and slow

A financial statement review, or simply review, is an assurance service that is like a mini-audit and is well known in the accounting industry to be full of painful and manual work, which are currently done by expensive CPAs. Our tool aims to automate that menial work and provide an effective way of communication, providing a better review service at a competitive price

Our product extracts data from company documents, Quickbooks, Stripe, and various financial institutions and uses templates to quickly draft financial statements along with a dashboard with various information about the company. Once that's done, CPA makes the final checks and adjustments, and adds the footnotes based on the information we provide them

Financial statement reviews are required for many equity crowdfunding offerings and equity crowdfunding has been growing fast. Since its introduction in 2016, it saw an over 600% increase in total investment raised and gave rise to many new funding platforms

The SEC recently proposed to raise the ceiling on how much companies can raise through equity crowdfunding per year from $1,070,000 to $5,000,000, making this market much more attractive for startups and small businesses looking to raise capital. A comparable amendment to Regulation A, a similar structure to equity crowdfunding, has increased its number of filings by 10 times and the amount sought by 70 times in 4 years!

Meanwhile, traditional seed deals have been decreasing over the years, but alongside COVID19, seed deals saw a decrease of 43% from 2019. This will push companies to look for alternative funding such as equity crowdfunding

Recently, we completed our paid pilot with Wefunder, the Internet’s largest equity crowdfunding platform that you’re on right now. We generated $3,000 in revenue from this massively successful paid pilot. With the existing services we provide for businesses, that's about $7,000 in revenue just this month

In the short-term, we want to make our product as efficient as possible while doing several reviews per month for Wefunder. Next, we plan to scale up gradually to over 40 reviews a month

In the long-term, we plan to branch out into other assurance services like audit, to make them efficient and affordable. Also, because our product focuses on automatic data extraction and organization, we plan to sell our product to accounting firms as well

Prior to this product, Enoch and Jaemin built a bookkeeping tool that automated the documentation and reporting process. The tool helped over 30 businesses and generated $2,000 in monthly revenue. Enoch also has extensive first-hand accounting knowledge – he has assisted in preparing over 50 tax returns, helping businesses obtain PPP loans, as well as EIDL loans. Our senior advisor Jun spent over 20 years working in various accounting fields and have worked at two of the biggest accounting firms

Our ultimate mission is to make business accounting services faster and more affordable by empowering CPAs to focus on higher-value, analytical work rather than manual data entry. Invest as little as $100 today

Wefunder means Wefunder Inc and its wholly owned subsidiaries: Wefunder Advisors LLC and Wefunder Portal LLC. This page is hosted by Wefunder Portal LLC

Wefunder Portal LLC is a member of the . Wefunder is risky. Don’t invest more than you can afford to lose. Financial Industry Regulatory Authority (FINRA) Investing on