Benjamin Portusach, CEO and Co-Founder
After selling his first fintech startup, Benjamin Portusach came up with his second venture in the fintech space. Being a certified public accountant and having started his career in one of the big four accounting firms, he had experiential learning in the finance industry, which proved monumental in his latest startup. He recognized that finance organizations were struggling to manage manual processes related to vendor payments, vendor communications, obtaining banking information, and other key details. Having identified these holes in the procure-to-pay process, Portusach decided to create a solution that facilitated effective communication between vendors and purchasers.
Portusach consequently co-founded Accrualify and initially came up with the Accrual Module that allowed companies to communicate with their vendors and manage the expenses incurred. The module could automate accruals and, therefore, was well received by customers. However, their customers wanted more; they needed automated solutions to manage their purchase orders, onboarding vendors, and processing invoices for both domestic and international payments. “We noted that there were different solutions available for purchase orders, invoice automation, and payments, but there was no comprehensive solution that covered procurement all the way to payment,” mentions Portusach. After connecting the dots, Accrualify started providing an all-in-one tool that allows customers to complete the entire procurement process in an automated fashion. Accrualify’s procure-to-pay management tool automates purchase orders, vendor management and onboarding, accruals, invoicing, and payment processes utilizing machine learning and artificial intelligence.
“We don’t really have competitors in this whole procurement space that have accrual solutions. The few that do offer accrual management do not offer tools to manage purchase orders and payments the way we do,” states Portusach.
Additionally, the Vendor Portal of Accrualify’s one-stop solution boosts the communication between vendors and buyers, increases efficiencies, and allows customers to free up their bandwidth that can be utilized for other operational aspects of their business.
Accrualify’s procure-to-pay management tool automates purchase orders, vendor management and onboarding, accruals, invoicing, and payment processes
Accrualify’s invoice automation module extracts vendors’ billing data from invoices in any format and pre-populates customers’ ERP system with that data with an accuracy of 90 percent. The company also uses the same technologies for reviewing the data that allows chief financial officers (CFOs) and controllers to see patterns in the data and make significant decisions.
As a disruptor in the payment space, Accrualify connects customers with its banking partners without any involvement of third parties. This allows the vendors to receive payments directly from their customers making the process quicker, increasing the transparency between the vendors and purchaser. In addition, the firm has partnered with some international payment remittance companies, allowing their customers to make payments in most countries around the world.
Accrualify’s customers appreciate the ability to make international and domestic payments easily and cost-effectively through the Accrualify Platform. This feature combined with the Invoice Automation Module provides customers with a seamless and efficient method of managing vendor bills.
Accrualify’s customer ThoughtSpot was managing all of its accounts payable processes manually prior to implementing the Accrualify Spend Management Platform. The company’s accountants opened any bills sent to ThoughtSpot via email and traditional mail. However, as they grew, invoice processing was taking a full week. Due to increasing errors and decreasing efficiency, the company deployed the Accrualify solution, which automated the data entry in ThoughtSpot’s processes, thereby improving their efficiencies significantly. Accrualify introduced its workflow engine, which eliminated the requirement to get email approvals and automated the approval process. ThoughtSpot’s payments were facilitated via the Automated Clearing House (ACH) network, and their entire invoice processing was also automated.
Accrualify has started expanding into Europe, abiding by its rigorous expansion plans. Additionally, Accrualify is expanding on its AI and machine learning capabilities that would increase analytics and allow its customers to make more informed decisions around their company spend.