Accounting automation startup Trullion lands $15M investment

News Summary

  • Managers can generate revenue forecasts or a full audit log and deliver ad hoc portal access to auditors.“Trullion ingests structured and unstructured data and automates corporate accounting workflows based on generally accepted accounting principles and international financial reporting standards rules,” Heller went on to explain.
  • The platform also connects and manages customer relationship management software and billing and contract data, providing a dashboard with data sources in one place.Beyond this, Trullion lets customers set product and pricing accounting strategies with automated workflows, which include preset revenue recognition rules.
  • There’s also Roger, a well-funded accounting automation module used to automate financial processes such as paying bills, doing approvals, scanning receipts, ensuring compliance and bookkeeping.But to its credit, Trullion has substantial venture backing behind it, having raised $15 million from its initial Series A round led by Third Point.
  • And for a sizable minority (11%), manual tasks take up more than half of their team’s time.Trullion — which offers an array of lease accounting, “revenue recognition,” and audit automation tools — can extract data from lease contracts algorithmically, generating “audit-ready” reports for financial stakeholders.
  • That’s up for debate.Rivals in the AI-powered accounting software space include Docyt, which has raised $1.5 million for its platform focused on collecting financial data, digitizing receipts, and performing categorization and reconciliation.
  • Today, the company secured an additional $15 million in a round led by StepStone Group with participation from Aleph, Third Point and Greycroft.In a press release, aStepStone group partner said: “It’s a great company at a critical time in the accounting world.
Isaac Heller and Amir Boldo spent over ten years in finance across private equitybacked and preIPO companies. At these firms, they dealt with CFOs who wanted to save money by consolidating manual p [+4877 chars]