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Rillet Challenges NetSuite with AI Accounting Software Platform

NetSuite

Business Honor
30 May, 2025

AI-driven startup Rillet challenges NetSuite by offering faster, smarter general ledger solutions for mid-sized businesses.

Rillet, a three-year-old company that is utilizing machine learning and generative artificial intelligence, is proving to be a heavy hitter in the competition against NetSuite, the widely used general ledger software utilized by numerous mid-sized businesses. Though NetSuite, built in the late 1990s, is still heavily used, it is criticized as slow and clunky. Rillet is looking to upend this legacy platform with an advanced, AI-driven alternative that considerably speeds up the accounting process.

Sequoia Capital partner Julien Bek points out that previously, venture capitalists were reluctant to invest in new general ledger software because it was hard to persuade companies to make the transition from deeply rooted platforms such as NetSuite. But Rillet's unique strategy broke this model. Through its direct connectivity with customers' banks and platforms such as Salesforce, Stripe, Ramp, Brex, and Rippling, Rillet automates the creation of key financial statements like balance sheets and income statements.

Rillet's software allows accounting staff to close books monthly or quarterly in hours versus weeks—a task historically taking huge amounts of manual labor in software such as NetSuite. This speed has fueled explosive growth for Rillet, whose revenue has quintupled since going live a year ago and gained almost 200 customers, some of whom are replacing NetSuite or other similar legacy applications.

Bek points out that approximately one-third of Rillet's transactions are switch-outs from NetSuite, pointing to the upstart's potential to win a large percentage of NetSuite's mid-market client base. The switch was a significant reason why Sequoia Capital led Rillet's latest $25 million Series A funding round, after previous investments of $13.5 million.

Rillet also simplifies the arduous data migration process, cutting it from months—common during NetSuite conversions—to only four to six weeks. Until all of the data has been securely transferred, customers can continue to use the general ledger systems that are currently in use.
Rillet's artificial intelligence-based approach suggests growing competition in the accounting software market, especially among mid-sized businesses seeking faster, more sophisticated financial tools, even though NetSuite remains the industry leader.