Accounting automation platform Trullion has introduced artificial intelligence (AI) powered revenue recognition and audit modules to drive new levels of accounting transparency.
The two new modules, dubbed Revenue by Trullion and Audit by Trullion, are available for early adopter companies.
Their launch is followed by the adoption of Trullion’s lease accounting module, which is said to be an AI-driven tool for ASC 842 and IFRS 16 compliance.
Through the synchronisation of customer relationship management (CRM), billing, and contract data into a unified platform for internal and external stakeholders, Revenue by Trullion offers a new way to expedite the adoption process of ASC 606 and IFRS 15.
The workflow generates enterprise resource planning (ERP) entries, disclosure reports, and advanced reporting with the help of AI.
The revenue module is now accessible for companies utilising Netsuite ERP and Salesforce CRM and is available in certain verticals, such as software.
Audit by Trullion, on the other hand, has added a new workflow to expedite the test of details, within its larger suite of audit automation solutions available on the market.
With the help of AI, Trullion’s Test of Details functionality enables auditors to extract ERP/general ledger (GL) files and immediately validate against their source data, including invoices, PDFs, and other client sources.
Trullion CEO Isaac Heller said: “The accounting world has incredible opportunities for innovation, and the current trends in AI and automation are making it increasingly accessible in 2023.
“The 300+ companies and firms who adopted Trullion last year were not just looking for lease accounting – they were looking for an accounting technology partner.
“We’re excited to get Revenue by Trullion in the hands of our early CFO and controller adopters, and at the same time provide a valuable new test of details workflow for our audit clients.”