Rillet Cracks 5th Spot in Finance and Ops Tech Stack Report 2024
Rillet is a new generation of ERP that seeks to turn data warehouses into workflow management and decision making tools. Rillet is purposely built for fast-growing SaaS & AI companies that are either needing to upgrade from QuickBooks or Xero or are considering NetSuite as the next system.
According to the Finance and Ops Tech Stack Report 2024, Rillet is #5 with 5% market share in the general ledger solution category, just after household names like NetSuite, QuickBooks, Sage Intacct and Xero. Given Rillet has only launched its product 2 years ago, this is incredible momentum and proof of the vision of re-bundling points solutions into one ERP system as the source of truth.
While Rillet is a general ledger at its core, it has robust revenue recognition, invoicing, SaaS metrics and reporting all embedded in one platform.
What makes Rillet such a success with quick adoption to the market is that workflow automation is at the center of the software design. Because Rillet caters to SaaS & AI companies only, it is able to automate both the subscription and usage revenue contract model into its revenue recognition module so that users can eliminate hundreds of thousands manual journal entries. Rillet uses the latest advances in AI to help automate the bank reconciliation process with up to 90% transactions auto-matched leaving users with only a tenth of the work they would otherwise have to complete manually.
Another key to Rillet’s success is the focus on engineering excellence. They build all integrations natively, which means they pull the right and relevant data at the most granular level from systems they integrate with. This is different to a public API where the fields are fixed and generic, but rather think of this as tailored suits and gowns instead of off-the-rack pieces you buy. No one looks or does their best in an off-the-rack piece going to the Oscars.
For those that are believers of point solutions vs ERP, it makes some sense to do so at an early stage of the company, say $1m-10m ARR, because this sort of does the job of managing your finance stack as long as you have a super well-run spreadsheet or an outsourced fracCFO to help with reconciling the numbers across different systems. A single workflow management and reporting ERP would be a better solution for any stage of the company, but as you scale >$10m ARR, it does not make sense to create the manual overhead of reconciliation each month and the delay in getting your metrics on the 1st of every month, or at any time you want.
For the full report, contact Ben Murray at @theSaaSCFO.
