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BRENTWOOD, Tenn., June 6, 2013 /PRNewswire via COMTEX/ -- At the 2013 Tax & Accounting Innovation Awards ceremony, Confirmation.com, the creator and world's leading provider of secure audit confirmation services, received an honorable mention for its new AR/AP Confirmation service.
Up until now, auditors created accounts receivable (AR) and accounts payable (AP) confirmation requests using some type of mail merge functionality and sent those out to responding entities by mail, email or some other delivery method with little or no ability to track responses or monitor for fraud. The AR/AP Confirmation service, the first of its kind, allows auditors to use one online tool to send and receive both electronic and mailed audit confirmations.
"This new service allows auditors to send AR/AP confirmations to more than 1,000 validated companies, and a majority of these are Fortune 1,000 companies," said Clark Hudgins, vice president of Confirmation.com. "The biggest time-saving feature is the ability to easily upload thousands of company addresses and invoice data from a spreadsheet. Our service then identifies which of the companies are validated responders in our system and allows the auditor to send audit confirmations electronically to the responding entities. Additionally, companies that are not validated in our system, the auditor can use our Out-of-Network service to send requests electronically or mail them using our Paper Fulfillment service."
"Given the difficulties auditors experience trying to get AR/AP confirmation responses, this new product offering was created specifically to transform the outdated mail-merge process into a much more efficient one," said Chris Schellhorn, CEO of Confirmation.com. "We are extremely honored to be recognized for our contribution in developing an innovative service for the accounting profession."
The Innovation Awards are sponsored by CPA Practice Advisor and honor new or recently enhanced technologies that benefit tax and accounting professionals and their clients through improved workflow, increased accessibility, enhanced collaboration or other means.
"Confirmation.com revolutionized and streamlined the confirmation process when it comes to secure and reliable financial account verification," said Isaac M. O'Bannon, editor of CPA Practice Advisor. "We have recognized the addition of AR and AP confirmations during the 2013 Innovation Awards because this feature has greatly added to Confirmation.com's value to auditors and investors, providing greater assurance in the validity of receivables and payables, while also dramatically increasing the speed with which audits can be completed."
Award winners are selected by CPA Practice Advisor's editorial board and awards committee, which include thought leaders and professionals from across the country. The publication, along with its digital content and interactive media, is the leading independent source of practice management resources and technology information for tax and accounting professionals in public practice.
About Confirmation.comConfirmation.com is the creator and world's leading provider of secure electronic audit confirmation services. It processes over $1 trillion in confirmation information annually for a majority of public companies, as well as private companies, non-profits and government agencies. In addition to its bank confirmation solution, the company provides solutions for more than 30 different types of audit confirmations including accounts receivable confirmations. Confirmation.com is the Preferred Provider of Electronic Confirmations for the AICPA Trusted Business Advisor(TM) Solutions Program and is endorsed by the American Bankers Association. Confirmation.com has also received numerous awards including being a multi-year alumnus on the Inc. 500 list for 2010 and 2011. Several hundred In-Network responding companies including all of the Top 10 banks in the U.S. and over 11,000 accounting firms in more than 100 countries trust Confirmation.com for their audit confirmation needs. For more information, visit Confirmation.com.