Accounting automation startup Trullion lands $15M investment
Isaac Heller and Amir Boldo spent over ten years in finance across private equity-backed and pre-IPO companies. At these firms, they dealt with CFOs who wanted to save money by consolidating manual processes and reducing the cost of audits — in part by modernizing their sprawling software tooling.
It’s their experiences with CFOs that led Heller and Boldo to co-found Trullion, an accounting software platform that connects corporate controllers, CFOs and external auditors on a single platform, offering a unified source of truth for financial leaders — if the sales pitch is to be believed, at least.
“Trullion is and always has been an application layer software-as-a-service platform, leveraging open source AI libraries while building proprietary processing to unlock these accounting data sets and libraries,” Heller, Trullion’s CEO, told TechCrunch in an email interview. “CFOs can save significant money by consolidating manual processes and reducing cost of audit. Auditors, meanwhile, can modernize their toolset and reduce significant labor costs and error rate.”
There’s a strong desire to modernize in accounting, it seems. An IBM poll names accounts payable as one of the most automatable business processes, but a whopping 38% of those responding say that their teams spend more than 25% of their total time on manual tasks. In large finance teams — for example, those with more than 25 members — the number is even higher, at 44%. 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. 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. 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 current ecosystem is static enterprise resource platform databases (e.g., Oracle, SAP) and service-oriented auditors. Trullion is a pioneer in the early wave of AI-powered accounting platforms.”