Found became audit ready with Continuous Close

The Company

Found is an online banking platform for entrepreneurs and small businesses. Found enables its customers to automate their bookkeeping and taxes, which has allowed hundreds of thousands of small business owners to gain financial clarity. Their customers can see their cash balance in real time.

The challenge

A 12-day close, an approaching audit, and no transaction-level history to show for it.

Found is an online banking platform for entrepreneurs and small businesses. Found enables its customers to automate their bookkeeping and taxes, which has allowed hundreds of thousands of small business owners to gain financial clarity. Their customers can see their cash balance in real time. Found's own finance team could not within QuickBooks.

Tens of thousands of fee transactions post to Found's corporate accounts every month. All of it was reconciled manually: export to Sheets, collapse into one journal entry, upload to QuickBooks. A 5–6 day process just to get to a starting line, producing a single opaque number with no transaction-level history behind it.

Two things made the status quo untenable. First, a first external audit was approaching. QuickBooks couldn't provide the transaction-level audit trail given the high transaction volume, and the team didn't have capacity to build it manually on top of an already strained close process.

Second, a 12–14 day close left no room for anything else. The team needed a platform built for where the business was going: audit-ready, and able to match the real-time visibility their own product already promised their customers.

“We were doing one manual journal entry a month after reconciling everything in a spreadsheet. If I look back at these journal entries months later, it becomes difficult to recall the full context without going back to the spreadsheet..”
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- Anupam, Senior Accounting Manager at Found

The solution

Transaction-level visibility, rule-based matching, and an audit trail that actually holds up.

Rillet gives finance teams the same real-time view of cash that their banking infrastructure already has. For Found, that meant moving from a monthly black box of manual journal entries to transaction-level visibility inside the ERP, with auto-matching thousands of invoices each month and rule-based matching that routes and recognizes other transactions automatically using string patterns from bank descriptions.

Cash reconciliation dropped from 5–6 days to one. The close moved from 12–14 days toward 6. On the audit side, two things gave Found’s team and their auditors confidence: Rillet’s SOC 1 and SOC 2 compliance, and the fact that Rillet’s AI generates human-readable rationale from a controlled, visible input. Configurable checkpoints tied to materiality thresholds are documented, tested, and version-controlled.

“The fact that the AI is using data that’s already in the platform gives auditors comfort. We’re not feeding it something they can’t see.”
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- Anupam, Senior Accounting Manager at Found

What they did with the time back

Closing faster wasn’t the end goal. It was what it made possible.

With close time recovered, Found’s two-person finance team redirected toward work that actually moves the business.

• Partner payout reporting, automated. A cumbersome monthly process — pulling data from BigQuery, transferring the data to a separate template, and manually generating 15-20 emails and partner excel reports — is now automated. Reports that were previously sent out on day 10 are now able to be sent on day 3.
• Manual journal entries, automated. Continuing to leverage AI and automation to further contract the close timeline and allow more time for value-add activities. For example, benefits vendor data from multiple vendor portals, previously reformatted manually in Sheets, is now being built in Aura Flow.

“The time we’re getting back, we’re putting toward the stuff that actually matters for the business.”

‍- Anupam, Senior Accounting Manager at Found

The results

By the numbers