A
AuditMiner
👤 Kelly Mann (CPA who audited 401k plans for 15 years, including as a sole proprietor. She sold to the auditors she had sat beside.)🌐 siteLinkedIn
ERISA makes the audit mandatory. Kelly Mann sells the software for it to the firms she used to work beside.
Will it work? · our read
Forced demand. The law orders the audit every year, and she knows it cold. But the buyer list is finite, and a 2023 DOL change let about 18,699 plans file small and skip it.
01How the money moves
ERISA makes a 401k plan with 100+ participants file an audited report
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A CPA firm pulls recordkeeper and payroll data into AuditMiner workpapers
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The firm spends 14 credits per workpaper, at $62-75 a credit
02The numbers
About $1M ARRStatedARR (2022, last stated)
2022
Plans processed is cumulative since the 2021 launch, not annual. auditminer about
Grew from $38K ARR in 2021; no figure stated since.
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Practical Founders #62 (Sep 2023) — show notes for Kelly Mann's interview state growth from $38K ARR in 2021 to almost $1M ARR in 2022.AuditMiner - About — incorporated Oct 2019; launched Apr 2021 with one recordkeeper; 3,500+ plans processed; clients in 40+ states; 2 to 19 staff; AICPA panel and Council roles.AuditMiner - Pricing — credit pricing from $75/credit (1-49) to $62 (200-449), custom above 450; recordkeeper workpapers and payroll reports cost 14 credits per use.DOL, Annual Reporting and Disclosure, final rule (24 Feb 2023) — participant-count change; an estimated 18,699 DC plans may file as small plans and seek exemption from the IQPA audit.WOWT (6 Feb 2023) — AuditMiner is based in downtown Omaha, then 13 employees; Mann received a Nebraska Business Innovation Act grant.
Revenue is STATED and it is old. "Almost $1M ARR in 2022" comes from the host's show notes for Practical Founders #62 (Sep 2023), summarising Kelly Mann's own interview. I opened and read that page; I did not hear the audio, so verified is false. AuditMiner has published no figure since, and headcount went from 2 to 19 (13 as of Feb 2023), so revenue today is very likely higher — but we will not sharpen a number nobody at the company has stated. Plans processed (3,500+) is cumulative since the 2021 launch, not annual. Pricing, states, staff, dates and the AICPA roles are first-party from auditminer.com, read directly. The 18,699-plan figure is the DOL's own estimate in the Federal Register rule text, and it describes plans that may claim exemption from the audit, not plans that certainly dropped one. "Bootstrapped" needs an asterisk: she took a Nebraska state innovation grant, and said on camera she probably would not have started without it. Bar weights in section 08, and the counter to the key move, are [our read]. We never score you.