New company aims to take the frustration out of accrual accounting by automating processes.
Accrualify officially launched the Accrualify Purchaser Platform to simplify accrual accounting requests and put a handle on vendor management.
SAN MATEO, CA April 15, 2016 – Accrualify, Inc. officially launched the Accrualify Purchaser Platform, which aims to simplify and automate the accrual accounting process to help enterprise accounting departments save time and speed up end-of-month close times.
Accrualify co-founder, seasoned FinTech executive Benjamin Portusach, noticed that most ERP systems have not addressed a fundamental close process: accruals. The current method used by organizations is cumbersome and riddled with errors. After identifying the need for an automated accrual process and tracking of vendor estimates, Accrualify was developed.
“In this new economy, enterprise level businesses are using more service and SaaS vendors than they ever have in the past,” said Portusach. “It’s become a real challenge for accounting departments to manage and keep track of all accrual estimates from various vendors, especially as they scale. Because of that need, we created Accrualify. Feedback from potential customers who reach out to us on a daily basis has consistently been that this platform will help their teams close much faster and with less issues than ever before.”
Key features of the platform include Accrual Blast and Invoice Blast. Both “Blasts” allow a single requestor to message every vendor in the platform—requesting submission of accrual estimates or invoices for a specific time period. Vendors then simply click on a tokened link in the email, fill out a form that is tied to an open purchase order, and hit submit. All submissions are automatically logged and deducted from the corresponding purchase order. Automated accrual rollforward and integration with major ERP systems are additional benefits of using Accrualify’s platform.
“We are very excited to deploy Accrualify with all of our business segments,” said Steve Heinrich, Corporate Controller at BitTorrent. “We’re expecting the platform to speed up close times and reduce accounting redundancies. It will be interesting to see the full benefits of adding this to our system architecture. The implementation process was smooth and the Accrualify team was with us the whole way.”
Accrualify has big plans to make the platform even more robust with soon-to-be-released features that include a purchase order manager, payments, and an add-on for vendors called Vendor Pro.
About Accrualify, Inc.
Accrualify is a robust platform developed for enterprise-level accounting teams that function on the accrual method of accounting. Accrualify Purchaser saves accounting departments time and frustration by automating month and quarter-end accrual processes. Automatically tie in vendors to specific purchase orders, mass request accrual estimates and invoices, manage purchase orders and send invoice payments all through a single platform.