Accrualify

Accrualify offers a cloud-based, AI-enabled accounts payable (AP) automation and business expense reimbursement platform. The AP automation platform covers the entire payout process, from purchase order management to vendor onboarding, invoice automation, and making payments. The platform uses OCR to automate data entry and lets users across departments request purchase orders, thereby breaking organizational silos.

Corporate finance teams can use Accrualify to budget procurement expenses and derive insights (such as pending payments and accrual estimates). Payments can be made domestically and internationally (in over 35 currencies) through several means (including ACH, wire transfer, Swift, checks, and payments cards). For business payouts and subscriptions, users can also issue physical and virtual business expense cards to its purchasing teams, which include custom spend limits, expense control policies, and real-time spend tracking.

The reimbursement platform lets users leverage the Accrualify mobile app to upload receipts of expenses to be reimbursed, which can then be approved. The platforms can be integrated with several ERPs including SAP, Sage Intacct, and Microsoft BC and accounting platforms such as QuickBooks and Xero.

Accrualify had over 170,000 active vendors as of May 2022, at which point it processed over USD 6 billion in annualized payments.

Key customers and partnerships

The company primarily caters to medium-sized and large enterprises and included Miro, Canva, Nurx, and Leafly, as of May 2022. As of September 2018, the company had around 10,000 users, which had reportedly grown by over 100% since the beginning of the year, while its revenue doubled.

The company has several payment partners to process domestic and international payments, including Silicon Valley bank Wise and Payoneer. Accrualify is also a part of Visa’s “FinTech Fast Track” program, which was designed to help FinTechs better integrate with Visa to deliver payment solutions. It leveraged this partnership when launching its business expense card solution in July 2020.