Rillet is a startup that has redefined general ledger systems by utilizing machine learning and AI to automate financial reporting processes. The company simplifies the cleaning and summarizing of financial data, allowing companies to close their financial records significantly faster than traditional methods, which often took weeks. It has rapidly expanded since its inception, attracting almost 200 customers, including high-profile companies. The growing demand signifies a shift away from older solutions such as NetSuite, highlighting the evolving landscape in financial technology for medium-sized businesses.
"The general ledger is the beating heart of the finance function, and so asking a company to remove it is a kind of open-heart surgery."
"Thanks to machine learning and AI, Rillet's software enables accounting and finance teams at medium-sized companies to close their monthly or quarterly books in hours, a process that previously took weeks."
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