Product Overview of Trullion
Trullion is an innovative, AI-powered accounting platform designed to revolutionize the way accounting, audit, and financial reporting are conducted. Established in 2019 and headquartered in New York with offices in Tel Aviv, Trullion aims to make accounting tasks faster, smoother, and more accurate.
What Trullion Does
Trullion automates various financial workflows, leveraging advanced data capabilities and General AI (GenAI) to streamline processes such as lease accounting, revenue recognition, audits, and compliance management. The platform is tailored to assist CFOs, accountants, and auditors in increasing efficiency, preventing costly oversights, and enhancing collaboration.
Key Features and Functionality
Automated Workflows
- Lease Accounting: Trullion is recognized as the world’s first AI-powered lease accounting platform. It automates lease abstraction, classification, and compliance under ASC 842, IFRS 16, and GASB 87, generating critical financial data such as Right-of-Use Assets and Liabilities with a one-click workflow.
AI-Powered Data Management
- Data Extraction: The platform can automatically extract data from contracts, PDFs, and Excel files, integrating this data seamlessly into ERP systems.
- Data Validation: Trullion performs instant calculations, checks for discrepancies, and ensures consistency across financial documents, boosting reporting accuracy.
- Data Reconciliation: It verifies inner consistency between different parts of financial statements and compares different iterations and annual changes.
Compliance and Reporting
- Compliance Management: Trullion ensures compliance with various financial standards, including ASC 606, IFRS 15, ASC 842, IFRS 16, and GASB 87. It generates ERP entries, Disclosure Reports, and advanced reporting.
- Financial Reporting: The platform provides customizable dashboards, multi-currency support, and real-time collaboration tools to enhance financial reporting and analytics.
Audit and Revenue Recognition
- Audit Automation: Trullion’s Audit module accelerates the test of details process by validating ERP/General Ledger files against source data such as invoices and PDFs. This module is part of the broader suite of audit automation solutions.
- Revenue Recognition: The Revenue by Trullion module synchronizes CRM, billing, and contract data to accelerate the adoption of ASC 606 and IFRS 15, generating advanced reporting and ERP entries.
Integration and Security
- System Integrations: Trullion integrates with various systems, including CRM, billing, ERP (such as Salesforce and NetSuite), and unstructured data sources like spreadsheets and PDF contracts.
- Data Security: The platform ensures robust data security measures to protect sensitive financial information.
User Experience
- Customizable Dashboards: Users can create personalized dashboards to see what is most relevant to them at a glance.
- Alerts and Notifications: Automated alerts notify users when something needs attention, ensuring timely action.
- User Access Controls: The platform offers robust user access controls to manage who can view and edit financial data.
Benefits
Trullion’s AI-powered platform offers several key benefits, including:
- Time Savings: Automates complex tasks, reducing the time spent on manual calculations and reporting.
- Enhanced Accuracy: Ensures accurate and compliant financial reporting by automatically verifying numbers against reporting and compliance requirements.
- Improved Collaboration: Facilitates real-time collaboration among accounting and audit teams.
- Compliance Assurance: Maintains compliance with regulatory standards effortlessly.
Overall, Trullion is a comprehensive accounting solution that leverages AI to transform accounting workflows, making them more efficient, accurate, and compliant.