TripleZip: Automating CRE accounting with AI
Summary
CRE firms pay $$$ for lawyers to manually extract data from their leases Then they pay $$$ for accountants to reconcile tenant accounts The whole process takes 3+ months & often has costly errors.We learned about the problem from our parents, who own commercial real estate in San Antonio, TX. After trying existing CRE accounting software, we found that the entire process relied on error-prone manual entry and expensive consulting services. TripleZip extracts data from leases with AI (more accurately than humans) TripleZip feeds that data into an accounting engine which reconciles accounts instantly Done in <1 day, 10X cheaper than hiring a consultant or service firmWeve started by automating the most complex part of CRE accounting: Triple-net (NNN) reconciliation. This process accounts for up to 1/3 of the accounting effort for a large CRE firm and often results in expensive human errors and audits.By reducing the overhead costs of accounting and avoiding costly audits related to NNN reconciliations, we aim to improve our customers margins by as much as 25% percent.Grayson and Yash are close friends who have collaborated on software projects since they met in middle school. Since then, they have worked together as consultants at McKinsey & Company in New York.Most recently, Grayson was a back-end tech lead at a hedge fund and Yash was a security engineer at Slack while helping with his familys commercial real estate business.Yash earned a B.S.