US-based accounting automation company Rillet has secured $13.5m financing, led by venture capital companies First Round Capital Creandum, and Susa Ventures.
Other participants include Kevin Hartz, the founder of Eventbrite, Xoom and investor in SpaceX, Airbnb, Palantir, and the former chief accounting officer of Facebook and Stripe.
Rillet said that it aims to make a zero-day close reality for everyone, allowing companies to make decisions based on drillable, real-time financial information.
The company is currently working with more than 70 customers across SaaS and usage-based revenue businesses, to automate the accounting workflows.
Rillet intends to use the new funding to further grow its team and expand its product build to support customers in new verticals from e-commerce to fintech.
Rillet, in its statement, said: “Today, high-growth companies face a catch-22 when it comes to accounting: use 25-year-old software built for small businesses that don’t meet their needs (QuickBooks) or 25-year-old software built for large corporations that don’t either (NetSuite).
“Either way, finance teams are stuck doing tons of manual work in spreadsheets to reconcile and report their financials. To exacerbate the issue, there are fewer accountants to do this work: 300,000 accountants left the profession in the last two years alone (17% of the total).
“With the advancement of software in the last decade and AI more recently, a lot of this manual work can be automated away, freeing up finance teams to do more strategic and insightful analysis.”
Rillet claims that it is the first accounting platform that can automate almost all processes for high-growth companies and is the first modern ERP that automates accounting.
It integrates with the client’s payment processor and CRM to address the complexities associated with startup accounting, which is predominantly on the revenue side.
The company said it can run all types of workflow automation for finance teams, from invoicing to closing the books and running investor reporting.
Also, it can enable automation across multiple entities, geographies, and currencies, as companies scale globally, said the accounting solutions provider.
