Accrualify
By Accrualify Spend Management Platform
Accrualify is a cloud-based software company that offers automation solutions for Procure-to-Pay and accounts payable processes. Founded in 2015 and based in San Mateo, California, Accrualify focuses on leveraging AI and machine learning to address pain points in corporate finance organizations. The company aims to simplify and automate accounting processes, particularly month-end accruals, for mid- and enterprise-level companies.
Accrualify was co-founded by Benjamin Portusach, a seasoned FinTech executive, in 2015. The company was created in response to the need for an automated accrual process and vendor estimate tracking system, which was not adequately addressed by existing ERP systems. Since its founding, Accrualify has experienced significant growth, expanding its product offerings and client base.
Accrualify raised a total of $4.05 million in funding. The company's last funding round raised $3.2 million. In August 2022, Accrualify was acquired by FLEETCOR Technologies, Inc., a leading global business payments company.
Accrualify's platform offers a range of features designed to streamline financial processes:
Automated management of purchase orders, accruals, invoices, and payments
Vendor management and budgeting tools
Accrual Blast and Invoice Blast for mass communication with vendors
Automated accrual rollforward
Integration with major ERP systems
Purchase order management
Payment processing
In August 2022, Accrualify was acquired by FLEETCOR Technologies, Inc. This acquisition strengthened FLEETCOR's portfolio of payment solutions and expanded its corporate payments platform capabilities. The acquisition is expected to increase demand and revenue per client for FLEETCOR's corporate payments product line.
Accrualify continuously develops new features to enhance its platform. Some of the planned additions include:
Enhanced purchase order manager
Expanded payment capabilities
Accrualify emphasizes several key values:
Leveraging emerging technologies to improve spend management processes
Valuing human creativity and enabling accounting personnel to focus on complex planning and financial problems
Maintaining a user-focused approach to product development
Continuous improvement and willingness to change product features to better serve users
Accrualify serves mid- and enterprise-level companies across various industries. While specific user numbers are not provided, the company has attracted notable clients such as BitTorrent. The platform is designed for remote and office teams, catering to the evolving needs of modern businesses. Accrualify's focus on user experience and continuous improvement suggests an engaged user community
