Trullion is a software platform that utilizes AI and ML technologies to analyze lease contracts, extract relevant data, and convert it into actionable workflows. Leveraging the power of AI technology, Trullion’s platform seamlessly extracts data from various source documents, including Excel files and PDFs. It performs comprehensive lease analysis, simplifies journal entries, and establishes a transparent audit trail accessible to both internal teams and external auditors.
In this article you know how with the help of advanced AI capabilities, streamline your lease accounting process and effortlessly generate audit-ready reports.
Article structure:
What is Trullion software
Trullion is a powerful platform that harnesses the power of AI to automate and streamline lease accounting workflows, ensuring accuracy and transparency while expediting ASC 842 and IFRS 16 compliance. With its tried and trusted technology, Trullion can be deployed swiftly, allowing you to focus on what truly matters.
By seamlessly connecting structured and unstructured data in a single platform, Trullion enables the extraction and tagging of key data from lease contracts, regardless of their format. You can effortlessly add PDF or Excel files with a simple click and modify lease data at scale, all without burdening your team with additional work.
Furthermore, Trullion keeps you up to date with the latest regulatory updates, so you can confidently embark on audits with clarity and peace of mind.
Good to know: Uizard auto designer review: Powerful prototyping tool for designers
Key features of Trullion software
AI-Powered Data Extraction.
Harness the power of artificial intelligence to extract essential data directly from PDF contracts and Excel files, eliminating the need for manual entry and ensuring accuracy.
Automated Bulk Upload.
Effortlessly upload large volumes of contracts, payment streams, payments, and currencies in a matter of seconds, saving valuable time and streamlining the process.
Unlimited Modifications Support.
Make unlimited modifications to each contract with ease. Trullion automatically detects and re-analyzes the contract and associated payments, ensuring accurate and up-to-date information.
ERP Entries & Dynamic Reporting.
Seamlessly generate ERP-ready journal entries, comprehensive disclosure reports, and other financial reports. Trullion provides a dynamic reporting system that delivers valuable insights and meets your reporting needs.
Intuitive, Easy to Use UI.
Navigate through Trullion’s modern, clean, and user-friendly interface designed specifically for financial leaders. Enjoy a smooth and intuitive user experience while performing lease accounting tasks.
SOC 1 & SOC 2 Audited.
Rest assured that Trullion’s platform meets the highest security standards. With SOC reports from leading audit firms, your data is safeguarded in a secure cloud environment, ensuring confidentiality and compliance.
Use Cases for Trullion
Here are some use cases for Trullion’s AI-powered lease accounting software:
Achieve Compliance: Ensure seamless compliance with ASC 842 and IFRS 16 lease accounting standards, eliminating the risk of non-compliance and associated penalties.
Accelerate Adoption: Speed up your adoption timeline by leveraging Trullion’s automated workflows, reducing manual efforts and streamlining the implementation process.
Generate Accurate Reports: Produce comprehensive lease analysis reports with 100% accuracy in a matter of minutes, enabling better decision-making and financial planning.
Trace Audit Trails: Effortlessly trace your audit trail back to the source data, providing transparency and accountability throughout the lease accounting process.
Access Clear Financial Obligation Schedules: Gain access to simple reports and clear financial obligation schedules, allowing you to effectively track and manage your lease-related financial commitments.
How it works
The Trullion interface is familiar layout, resembling many other lease accounting tools. The standard list format displays all uploaded lease contracts, accompanied by essential details such as contract name, upload date, contract type (modifiable by the user), and last modification date.
To upload contracts, simply click the blue button at the top of the screen, triggering a menu where contracts can be uploaded in PDF, Excel, or Word format. Trullion utilizes optical character recognition (OCR) to extract the relevant information from the uploaded contracts, ensuring a comprehensive breakdown.
The OCR breakdown is remarkably detailed. Trullion goes beyond the typical components like lease duration and interest rates, employing a sophisticated approach. Trullion color-codes the extracted components into subgroups: green for dates, purple for financials, blue for locations, and orange for organization names, for example.
Trullion’s reporting feature automatically converts each data point into its corresponding reporting entry. Users can conveniently view their usage of right assets, liabilities, and other entries within a unified interface. The entries are categorized into journal entries, granting users the ability to access journal entries for any desired report or period. For accountants grappling with the new lease accounting standards, Trullion simplifies disclosures by separating them into financial and operating components.
To ensure accuracy, every data point can be verified in Excel. Clicking on the individual spreadsheet cells redirects you to their original location within the source document (PDF, Excel, or Word). This back-and-forth tracking capability proves particularly helpful when reviewing someone else’s work or managing multiple contracts simultaneously, where the multitude of details can become overwhelming (a common occurrence in lease accounting).
Trullion: Pros and Cons
Pros:
- Intuitive for Finance Professionals: Finance professionals experienced in lease accounting will find Trullion’s interface relatively intuitive, making the learning curve manageable.
- AI-powered Efficiency: Trullion’s AI component delivers speedy operations, accelerating processes and saving valuable time, particularly for companies with multiple leases.
- Cost Savings: Trullion can result in cost savings for accounting firms. However, it’s essential to utilize the platform regularly to maximize its value.
Cons:
- Pricing Structure: Trullion charges per lease contract, which means the cost can accumulate quickly, especially for organizations with numerous leases. Consider the pricing carefully to ensure it aligns with your budget and usage requirements.
- Double-checking Necessary: While Trullion utilizes AI, it’s important to acknowledge that no software can be infallible. Regular double-checking is still essential to ensure accuracy and mitigate potential errors.
Trullion’s AI-powered lease contract data extraction offers a powerful solution for accounting professionals. By seamlessly extracting key data from lease contracts, regardless of the format, Trullion saves valuable time and effort. The platform streamlines the lease accounting process, ensuring accuracy and effortlessly generating audit-ready reports. With Trullion, revenue recognition is automated through the integration and management of CRM, billing, and contract data, resulting in improved accuracy and accelerated deal closure. Furthermore, Trullion facilitates efficient audits by centralizing all data sources in one place, allowing for easy comparison of transactions and supporting documents anytime and anywhere.
