Accounting platforms are one of the most important pieces of business software because they act as the system of record for how businesses track financial data, including bank transactions, vendor payments, revenue, expenses, payroll, and more. Consolidating and organizing this information is critical to ensure a business consistently maintains strong financial performance and operates successfully.
However, most of these workflows, typically done by a finance team, require hours of painstaking work to manually categorize transactions, upload CSVs, input data, and reconcile payments. This problem is becoming even worse with the increase in B2B fintech solutions, leading to more disparate data sources that adds accounting complexity.
"At Rutter, we believe that accounting automation is table stakes for best-in-class business financial software, enabling simplified processes for end users, fewer accounting errors, and millions of hours of time back to accounting teams and business owners. Leading fintechs like Ramp and Airwallex have already started setting the standard for integrations and workflows that automate business finances." - Peter Zhou, Rutter CEO
That’s why today, we’re excited to launch Rutter Write Accounting. With Write Accounting, you can leverage Rutter’s unified Accounting API data model, but now with the added ability to push data back into any accounting system, enabling you to build accounting automation into your product. Spend less time on building integrations and more on creating amazing customer experiences.
Building write integrations is challenging
Unlike read-only for accounting data, the stakes for writing is much higher and there’s no room for errors. Ensuring that information is pushed accurately into accounting systems is critical for reducing manual data entry and truly automating these workflows.
But building integrations is challenging because of the domain knowledge required to ensure that the right endpoints and fields are supported. For example, a product that handles B2B payments might require not only functionality to push transactions but also more specifically, support for specific types of payment methods, reading vendor or account level data, and making granular journal entry changes.
This complexity exponentially increases when building integrations for multiple accounting systems (ex. QBO, Xero, Netsuite, and Sage) because it requires understanding the nuances of individual platforms, which all have different ways of categorizing and storing data.
Rutter Write Accounting: Embed accounting automation into your product
Companies that are building amazing financial software experiences for businesses want a simple, easy-to-use API that enables them to integrate accounting automation once and serve their customers long-term.
With Rutter Write Accounting, we abstract away the challenges of building integrations and understanding accounting 101. Our universal API standardizes the accounting data types and business logic across any platform, making it easy to programmatically push data to a customer’s system.
For example, take a B2B payment company that makes it easy for businesses to manage accounts payables. Without connectivity to a business’s accounting system, someone on the finance team would have to manually add the bills (and all of the line items, vendor details, etc.) and payment information from the software platform to an accounting system. Not only does this take time, but could easily result in errors that can impact financial reporting.
Instead with Rutter, when a business makes a payment, it can be automatically logged into their accounting system and reconciled with the corresponding bill without any manual intervention. Importantly, the B2B payment company can go live with this feature in days, saving hours of engineering time building and maintaining multiple internal integrations.
We’ve worked with a number of early customers across use cases, ranging from B2B payments, AR/AP automation, financing, and expense management to help them power accounting automation and build seamless product experiences for their customers. We see a world where every workflow that interacts with business financial data embeds Write Accounting functionality as a core feature and Rutter is excited to continue partnering with more companies to make this a reality!
Get started today
We’ve been working with dozens of companies in the last few months to build this out, and are excited to share what we’ve built with you.
Ready to learn more? Get in touch or read more details in our public documentation.
