Simplifying Rain’s On-chain Payments, Receivables and Expense Accounting
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.
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.
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.
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:
- Chris Lee, Head of Operations at Rain
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.