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Translucent

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Company Research Report: Translucent



Company Overview



Name: Translucent

Mission: Translucent aims to solve the everyday problems of multi-entity finance teams by integrating existing accounting solutions into a single financial system of record.

Founded By: Michael Wood
Michael Wood is the founder and CEO of Translucent. He previously co-founded Dext (formerly Receipt Bank), a company that specialized in automatically extracting data from receipts and invoices.

Headquarters: No information is available.

Number of Employees: No information is available.

Revenue: No information is available.

Notable For: Translucent is renowned for being the CFO super-app, offering a systemic solution for multi-entity finance issues. It is significant for its integrated platform that provides real-time, accurate consolidated financial reporting and management.

Products



Translucent offers various applications, primarily designed to enhance the management of multi-entity financial operations. Below is a high-level overview of the key offerings:

1. Translucent Platform



  • Description: A single system that integrates various accounting software solutions for multi-entity financial management.

  • Key Features:

  • Consolidated reporting and real-time data availability.

  • Support for custom KPIs and various reporting dimensions.


2. Search



  • Description: Fast and comprehensive search across all accounting data.

  • Key Features:

  • Allows transaction finding across multiple entities.

  • Provides flexibility with customizable data retrieval.


3. Consolidation



  • Description: Offers real-time consolidated reporting.

  • Key Features:

  • Automated and customizable consolidated reporting.

  • Provides a consolidated view of Accounts Payable (AP) and Accounts Receivable (AR).


4. Live Sheets



  • Description: Syncs accounting data with Google Sheets.

  • Key Features:

  • Seamless integration and real-time data updating in spreadsheets.

  • Supports live financial dashboard creation.


5. Intercompany



  • Description: Automates intercompany transactions and reconciliations.

  • Key Features:

  • Intercompany matrix for discrepancy identification.

  • Automated journal posting and loan reconciliation.


6. Treasury



  • Description: Centralized view and management of cash across multiple entities and banks.

  • Key Features:

  • Real-time group-level cash position.

  • Enhanced efficiency with entity and group-level toggling.


7. Bookkeeping Audit



  • Description: Identifies and resolves bookkeeping issues.

  • Key Features:

  • Provides group-level bookkeeping metrics.

  • Offers data health scores for error identification.


8. Financial Close



  • Description: Streamlines month-end financial closing processes.

  • Key Features:

  • Consolidates accounting data for quick and accurate closing.

  • Workflow designed for team collaboration and process oversight.


Recent Developments



New Products and Features Launched



1. Group Reporting (Beta)
  • A feature for producing consolidated reports for multiple entities.


2. Intercompany Auto-Reconciliation (October 2024)
  • Automates the reconciliation of intercompany transactions, simplifying and expediting the process.


3. QuickBooks Integration for Intercompany Matrix (October 2024)
  • Supports QuickBooks entities, enhancing the intercompany matrix by allowing balance and discrepancy monitoring across diverse accounting systems.


4. Sync Indicator (October 2024)
  • A real-time feature to monitor data synchronization status across entities.


5. Customizable Reports and Detailed Financial Insights
  • Offering new features like date picker for AP/AR reports, custom KPIs like EBITDA, and consolidated headers for enhanced financial reporting.


Financial Investments and Partnerships



  • Seed Round Funding: Raised £5M in August 2024 to support platform growth, following a £2.7M pre-seed round in March 2024.


Other Developments



  • Updates focusing on efficiency, accuracy, and user experience improvements, such as multi-entity search customization and the introduction of various automation features in intercompany transactions and treasury management.


This detailed overview reflects Translucent's commitment to innovating the field of multi-entity financial management with its comprehensive suite of applications designed to streamline and consolidate accounting processes.