Yes, FreshBooks maintains SOC 1 (SSAE 18) compliance by undergoing rigorous audits and implementing robust internal controls to protect financial data.

SOC 1, also known as SSAE 18, focuses on how a service organization controls its financial reporting processes. This means FreshBooks has been evaluated to ensure that its systems and processes meet strict standards for handling and processing financial information. The audit examines internal controls such as security measures, access controls, and transaction monitoring, which help maintain accuracy and reliability in financial reporting.

• Understanding SOC 1 (SSAE 18): This standard is designed to give assurance that a company’s controls over financial processes are sound. It involves a detailed assessment by independent auditors to confirm that the internal procedures and safeguards are effective.

• What It Means for Users: For businesses relying on FreshBooks, SOC 1 compliance provides confidence that financial data is managed according to industry best practices. It minimizes risks related to financial misreporting and fraud, ensuring that data integrity and confidentiality are preserved.

• The Role of Audits: Auditors conduct thorough reviews of FreshBooks’ systems and documentation to verify compliance. This process includes testing controls, evaluating documentation, and identifying any potential gaps in security or accuracy.

• Consulting and Readiness Assessments: If you are preparing for a compliance evaluation or need help interpreting audit outcomes, we recommend reaching out to experienced consultants like OCD Tech who specialize in readiness assessments and can guide you through the process.

• Ongoing Compliance: Compliance is not a one-time achievement, so FreshBooks must continually update and monitor its controls to adapt to emerging risks and regulatory changes. This ongoing process ensures that customers always benefit from high standards of data security and integrity.