founder and ceo isaac heller seeks to be “single source of truth” for lenders.
with rick telberg
for 卡塔尔世界杯常规比赛时间
on the even of trullion breaking out of stealth mode, ceo and co-founder isaac heller tells 卡塔尔世界杯常规比赛时间 in this video interview how the new fintech company can automate the process of lease accounting to establish a cost-effective, functional view of contract data for auditors accounting firms and cfos alike.
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formerly known as smrt, the trullion platform automates unstructured data such as pdfs and translates them into real-time financial reports, including lease accounting and revenue recognition.
the company, with joint headquarters in tel aviv and new york, has raised a first round of financing co-led by greycroft and aleph. additional strategic investors participating in the round include verissimo ventures and industry leaders like bob mylod, artie minson, jody padar, and zac bookman. with operations in new york and israel, the new funding will allow trullion to invest in world-class talent and new financial workflows.
trullion translates vast data sets from pdf contracts, excel, and other sources into a single system for accounting teams. the platform creates real-time visibility into company financials by using ai to review items such as leases and revenue agreements and translating them into a live data image, with 360° transparency to the source data. through automated data entry, the company prevents costly errors, saves time, and streamlines the often complicated process required of accounting stakeholders.
“trullion is creating a single source of truth for financial leaders,” says heller. “by utilizing artificial intelligence and automation, we are creating new levels of transparency, saving time, and augmenting how accountants can access vast amounts of data.”
trullion brings new visibility and process efficiencies to controllers, audit teams, and cfos alike. it can take up to three hours to properly review and extract one lease contract for accurate compliance under the new asc 842, ifrs 16, and gasb 87 lease accounting standard, creating a huge financial and time burden for internal accounting and audit teams. trullion’s ai-powered accounting software automatically translates agreements into accounting workflows for real-time collaboration and is able to convert project-based compliance into an ongoing partnership.
“the financial management industry has been stagnant for many years as industry pain points, including maintaining efficiency, accuracy, and transparency, restrict executives’ time and collaboration,” says brentt baltimore, principal at greycroft.
trullion’s founding team has spent decades in growing organizations across corporate accounting and finance, product development, and strategy teams. co-founder and ceo isaac heller spent nearly a decade managing accounting projects and product teams at sabre corp. and visual lease. heller is joined by co-founder and cto amir boldo, who previously served as svp of r&d at silverfort, vp innovation at drivenets, and other r&d leadership roles at zerto and the elite technology unit in the israeli army 8200.
transcript
rick telberg, 卡塔尔世界杯常规比赛时间, interviews isaac heller, ceo, trullion
rick telberg, 卡塔尔世界杯常规比赛时间
hi, this is rick telberg for 卡塔尔世界杯常规比赛时间. today i have with me isaac keller from trulia. isaac, what does trillian solve for?
isaac heller, trullion
hey, rick, thanks for having us. trullion is creating a single source of truth for the accounting world. we’re taking very, very complex accounting workflows and creating a real-time live data image of those workflows. we take unstructured data like pdfs and excel, and we move them into financial reports so that accountants, cfos, and their auditors can have one real-time image of their data. one of the unique things about trillion is that it’s attractive to both auditors and controllers. why is that isaac?
isaac heller, trullion
well, we don’t know. it was an accident. we originally built this for corporate controllers. my background is in corporate finance and accounting. and we built that workflow focused around emerging standards, like revenue recognition and lease accounting, which were new. they were painful. they were complex. we built the workflow for corporate controllers. what was unique is we did two things. first, we extracted the data with machine learning, taking the pdf and identifying the transactions in the document’s data. the second thing we did is we actually did the workflows after that. so once we did that for controllers, we started to get a lot of interest from audit firms and advisory firms because they realized when you connect the unstructured data, like the documents and the excel, into the entire workflow all the way down to the journal entries and disclosure, you’ve connected the workflow in a streamlined way. and so that presented an opportunity to work with both sides of the ecosystem and bring them together into a single source of truth and one unified workflow.
rick telberg, 卡塔尔世界杯常规比赛时间
what is it about lease accounting and rev rec that drives people so crazy that they need trullion?
isaac heller, trullion
well, first of all, it’s more difficult than the previous standard, right? so you have to identify more data from more sources, and you have to do more complex accounting. for example, moving data onto the balance sheet created a lot more work. building a disclosure creates a lot more work. we’re living in an era where it’s sometimes hard to justify incremental work and incremental headcount for compliance exercises on the audit side. you know auditors already have so much to do and are starting to innovate and move away from sampling. but with new regulations, that’s additional work they have to do and either pass off the cost to the client or figure out ways to innovate internally. so for us, by helping automate these lease accounting and revenue recognition workflows, it not only saves time and costs, but it even improves the accuracy.
rick telberg, 卡塔尔世界杯常规比赛时间
how much time and cost does it save?
isaac heller, trullion
it depends on the portfolio size. as you could imagine, revenue recognition is easy for some, hard for others. leases might be hard for an asset-heavy company, easy for an asset-light company. in the end, we estimate it saves about 70% of the cost for an accounting team based on the amount of time that they spend on an ongoing basis staying compliant with these workflows.
rick telberg, 卡塔尔世界杯常规比赛时间
seventy percent of the entire audit or just that facet of the audit?
isaac heller, trullion
well, that’s the calculation we’ve done for a corporate controller, so a corporate accounting team. i think that with the audit, it’s yet to be determined. what’s happening right now is the private companies are just now adopting the standards of revenue recognition and don’t have to adopt it for future years with lease accounting, so we’re just starting to see some of the benchmarks on the audit side. the other challenge is that every auditor does it differently. so if you sample, that may be a smaller exercise they have to do. but if you start to, you know, if you start to increase the population and do 100% coverage, you’re not just looking at time savings; you’re looking at a more complete audit as well.
and you’re coming into the spotlight just as revenue rec and the new lease accounting standards are starting to take full effect. how many companies will be affected by these new accounting standards?
isaac heller, trullion
in the u.s., more than 100,000 private companies will be affected. some of them are small and can become compliant in spreadsheets. others will be heavily impacted and will need to think about automating the process or even purchasing modern automated software to complete the workflow on an ongoing basis.