- SafetyCulture
- Apps
- SOX Compliance Software
Published 10 Oct 2023
The Best SOX Compliance Software of 2023
Free version: Available for teams of up to 10
Pricing: Premium plan $24/month (with a free 30-day trial period)
Platforms supported: Available on mobile app (iOS and Android) or a web-based software
iAuditor
Audit app
Available on iOS, Android and Web
Why use SafetyCulture?
SafetyCulture is a simple yet powerful tool to comply with SOX in your organization. With the platform’s industry-standard checklists, it’s much easier to conduct audits and make sure that you have all the necessary documents and reports to meet SOX requirements. On top of that, the tool allows you to build workflows to streamline and simplify your compliance processes, saving you time, resources, and effort. And the best part? It does all of that while improving data accuracy.
Features:
- Evaluate compliance of financial reporting practices with a SOX compliance checklist
- Generate compliance reports in PDF, Excel, and Web formats and instantly share them with the auditing team
- Ensure comprehensive documentation and accurate collection of financial data in a secure cloud-based repository
- Gather data and analytics about non-compliant practices and other information necessary for financial reports
- Establish an organized reporting system across teams in the organization by building workflows for SOX compliance
Why use Onspring?
Onspring allows you to digitize your SOX compliance process, which boosts efficiency and productivity. With this automated tool, you can say goodbye to manual spreadsheets and use its features to conduct the necessary audits for SOX compliance.
Features:
- Performance dashboard
- Automated workflows
- Data references to manage and mitigate risks
Free version: None
Pricing: Custom Quote
Platforms supported: Web
Why use AuditBoard?
Audits are a key aspect of the SOX compliance process, and AuditBoard is specifically designed to streamline this. That way, it’s easier to get a clear view of your finances and maintain transparency, which is one of the key goals of SOX.
Features:
- Audit management
- Reporting
- Document management
Free version: None
Pricing: Custom pricing
Platforms supported: Web
Why use ROAR Platform?
The ROAR Platform is designed to help companies conduct internal audits. The platform offers useful tools in auditing your company’s finances. And with various collaboration tools, it’s much easier to get teams on the same page when following SOX requirements.
Features:
- Customizable workflows
- Internal audits
- Real-time reports
Free version: None
Pricing: Custom pricing (available upon request)
Platforms supported: Web, PC
Why use Diligent HighBond?
This cloud-based software is a comprehensive GRC tool that simplifies various processes that are necessary for maintaining SOX compliance. With the tool, you can conduct audits, manage requests, and ensure that your organization complies with SOX regulations.
Features:
- Analytics
- Reporting
- Audit management
Free version: None
Pricing: Custom pricing (available upon request)
Platforms supported: Web, PC, iOS, Android
Why use MetricStream Platform?
The MetricStream Platform is specifically designed to help companies uphold SOX compliance. It features comprehensive compliance management features and allows you to conduct audits, archive documents, and ensure you have all the requirements to prove SOX compliance.
Features:
- Customizable workflows
- Collaborations
- Auditing
Free version: None
Pricing: Not available on the website
Platforms supported: Web-based software and mobile app
Why use Resolver?
Resolver gathers huge scores of data to help companies analyze risk. This data can also be used for maintaining SOX compliance and creating an audit trail for financial transparency. Currently, it’s one of the strongest platforms available for SOX compliance.
Features:
- Real-time reports
- Risk management
- Compliance management
Free version: None
Pricing: Custom
Platforms supported: Web
What is SOX Compliance Software Used For?
The Sarbanes-Oxley Act, or SOX, established standards for companies that trade in the US regarding financial reporting and transparency. And in the modern business world, SOX compliance is a must for any business that transacts in the US. That said, adhering to this law is a very complex task that usually requires large teams and a lot of resources. But with SOX compliance software, you can streamline your organization’s processes and ensure compliance at all times.
Importance
Ensuring SOX compliance is essential for all organizations. To start, it standardizes financial reporting schemes for publicly-listed companies and provides safeguards for electronic records. This makes it easier to promote financial transparency, establish trust, and prevent fraud within the organization.
In addition, it saves businesses from incurring penalties due to noncompliance. This is because the consequences of maintaining SOX compliance can reach millions of dollars in fines. And for most companies, this causes a lot of damage.
This is why it’s very important to try and maintain SOX compliance at all times. And since this process can get quite complex, modern companies need SOX compliance software specifically designed to streamline documentation processes and gather the requirements for SOX audits.
Key Features
While many SOX compliance software options are available today, it’s important to choose the best fit for your organization. And while every company has its own needs, here are a few key features you’ll need from SOX compliance software to ensure that you reap as many benefits as possible:
- Audit management
- Reports
- Data gathering and archiving
- Collaborations
- Integrations
- Mobile access
Choosing the Right Software
We made sure that all the options mentioned above are great choices for any organization. So, it’s all a matter of choosing the best fit for your needs. To make it easier for you, here’s a quick comparison of the different software featured above:
| SOX Compliance Software | Free Version | Paid Plan | Mobile App |
| SafetyCulture | Yes | $24/user/month* | Yes |
| Onspring | No | Custom | No |
| AuditBoard | No | Custom | No |
| ROAR Platform | No | Custom | No |
| Diligent HighBond | No | Custom | Yes |
| MetricStream Platform | No | Not available | Yes |
| Resolver | No | Custom | No |
* billed annually
