Case Study

Simplifying Rain’s On-chain Payments, Receivables and Expense Accounting

$25M+

Value Automated

12K+

Transaction Volume

2 Weeks

Implementation Speed

Intro

Rain: A spend management platform designed for Web3 teams, Rain innovatively facilitates interoperability between digital and fiat assets with the use of corporate cards. Despite their advanced infrastructure, Rain faced significant challenges with their previous accounting system.

Challenges

Rain's accounting firm, committed to managing the platform's high crypto transaction volume, found themselves dedicating an arduous 20 hours per month on average using a competitor's solution. This system lacked the necessary sophistication for Rain's unique requirements, such as tracking on-chain customer payments, clearing accounts, double entry journals, multi-entity accounting, and essential third-party integrations.

Solution

Entendre emerged as the solution, adeptly addressing Rain's intricate needs. Its advanced capabilities and integrations significantly lessened the duration spent on accounting tasks.

By using Entendre's multi-entity features, Rain could integrate data into different general ledgers, automate intercompany flows, and segregate balances between entities. Notably, the time needed to manage financials dropped by a substantial 95%, reducing accounting labor. Furthermore, the integration between Rain and Entendre streamlined accounting for over 3000 corporate card transactions.

Results

By switching from legacy provider Bitwave, Rain was able to see a huge impact in a short amount of time. Entendre’s implementation was seamless and able to put their financial operations on rails:

$25M+

Value Automated

12K+

Transaction Volume

2 Weeks

Implementation Speed

Testimonial

“Using Entendre for our on-chain accounting has been a game-changer for our month end close process. We've gained a much clearer understanding of our transactions and how each one will impact our overall financials. Additionally, the automation features along with multiple third-party integrations have significantly reduced the time required for our monthly close.This has freed up our team to focus on more strategic tasks. The Entendre team has been great to work with, providing both speedy implementation and unique solutions to some of our complex transactions.”

- Chris Lee, Head of Operations at Rain

Conclusion

Entendre's implementation and AI accounting not only streamlined Rain's financial processes but also led to a strategic partnership. Rain's accounting firm, previously aligned with a competitor, recognized the efficacy of Entendre and decided to transition their clients to scale efficiently. Furthermore, the integration with Rain’s API is now available to all Rain card customers, facilitating the seamless automation of expense accounting into various general ledgers, including Xero, Netsuite, Workday, and QBO.

Automating Blockchain Financials – Hedgey Finance's Success Story

How Entendre helped Exponential.fi simplify DeFi accounting