Co-founded by Isaac Heller and Amir Boldo, both seasoned finance professionals, Trullion is an innovative accounting software platform that aims to modernize the industry by connecting corporate controllers, CFOs, and external auditors on a single, unified platform. As a result, the company offers a streamlined source of truth for financial leaders.
Trullion leverages open source AI libraries and builds proprietary processing to unlock accounting data sets and libraries, presenting an application layer SaaS platform. The platform enables CFOs to save money through consolidating manual processes, reducing the cost of audits, and providing auditors with a modernized toolset that minimizes labor costs and errors.
According to an IBM poll, manual tasks comprise a significant portion of employees' time in finance teams. Trullion’s platform offers tools for lease accounting, revenue recognition, and audit automation, which algorithmically extracts data from lease contracts and generates audit-ready reports for financial stakeholders. The system also connects and manages CRM software and billing and contract data, providing an all-inclusive dashboard to users.
The platform allows managers to set product and pricing accounting strategies with automated workflows, including preset revenue recognition rules. It also enables users to generate revenue forecasts, full audit logs, and grant ad hoc portal access to auditors.
Although Trullion faces competition from other AI-powered accounting software platforms such as Roger, Docyt, and Vic.ai, it has garnered substantial venture backing. The company has raised $15 million in its initial Series A round, led by Third Point. Today, Trullion secured an additional $15 million in funding, led by StepStone Group, and participated by Aleph, Third Point, and Greycroft.
As noted by a StepStone group partner in a press release, "The financial industry needs powerful, cost-effective technology that can automate critical processes and minimize risk. Companies are also discovering that AI and accounting automation [are] essential to keeping up with financial standards."
Trullion's momentum aligns with industry trends. A recent survey by Intuit showed that 48% of accountants planned to invest in automation tools and AI over the next 12 months. Another report revealed that 59% of small businesses anticipate that automation advances will make accountants unnecessary within ten years.
Accounting automation startups have attracted significant venture capital in recent years. AI-powered accounting software companies secured $233.3 million between January 2022 and March 2022, outpacing the $210.2 million in funding throughout 2021.
Trullion claims to have over 1,000 customers and 5,000 users. The company, founded in 2020 and based in New York, has raised a total of $33.5 million to date. CEO Isaac Heller revealed plans to expand Trullion's workforce from around 50 employees to over 80 by the end of this year.
No-code platforms such as AppMaster.io are rising in popularity and enabling businesses to accelerate digital transformation. Low-code and no-code development platforms empower businesses to build reliable, scalable software solutions more efficiently and cost-effectively. As accounting continues to modernize and embrace digitization, technologies like Trullion and AppMaster will play an essential role in streamlining business operations.
