You could say there's been some gerrymandering.
The borders of the finance technology map are changing.
The categories we've spent years organizing this report around? They're getting weird.
Not bad weird. Interesting weird.
Like my friend Fred… a medieval studies major, fluent in Japanese… who made a bag off the yen carry trade unwind of 2024 from his Brooklyn apartment.
We’re witnessing…
Expense management platforms eating into travel and now even procurement
Travel platforms doing expense management (pretty well)
Close management tools evolving from a checklist to the orchestration layer for the entire accounting tool stack.
Procurement platforms giving away valuable data for free, while replacing human services with agentic services
And a new class of tools (Numos AI, Concourse, Maxima, Maximor) doesn't fit into any box we've built. They're making Mark McGwire's and Sammy Sosa's out of our financial analysts. Juiced to the gills. Smashing ding dongs.
While I still don’t really get what a “cracked” engineer is, I think you can finally have a 10xer with the technology you can give them. (I saw an accounting manager using Workato to streamline rev rec schedules the other day… wuuuut?)
We’re well into the age of agentic accounting automation. As Drake and Future said in 2015, what a time to be alive.
An album about the erp wars
We launched the tech stack survey a few weeks ago. So far we’ve collected more than 600 responses from finance leaders. We are trending to once again break 1,000 submissions for when we drop the entire report on March 17th.
So please…
To get you hyped, here’s a sneak peakaroo of what we’re seeing so far across two categories: Core Accounting Software and Close Management.
Preliminary data snapshot
Quickbooks is dominating until companies eclipse $25M in revenue, where NetSuite kicks in. NS holds the #1 spot all the way through +$500M in revenue, going a further distance than we saw in last year’s report
New entrant to the accounting game, Rillet shows the most YoY share growth from <5M through $25M. Campfire shows an increase in share for companies $50M to $100M.
Xero is v much alive
There are apparently a handful companies still on Quickbooks post $100M (don’t hurt yourself!).
Preliminary data snapshot
FloQast appears to have supplanted Blackline as the midmarket and enterprise favorite in close management
However, Numeric is clipping at its heals and gaining markets share from $10M onward.
Campfire and Rillet are increasingly leveraged as close management (and rev rec) solutions as a part of their core accounting modules.
Maxima and Maximor are new kids on the block, making waves and extending past traditional close management capabilities to serve as an accounting orchestration layer. I mean, are these guys just gonna become an ERP someday? Idk.
And I honestly can’t keep track of all the new names in this space… I think the vocab word is “proliferation”
Yea so we’re planning on releasing the entire report in two weeks. But the cool thing is you don’t actually have to wait that long to see how your team’s tech stack compares. Neato!!!!!
Seriously. You hit the multiple choice buttons and you get back the results for companies in your revenue cohort.
Wishing you modular and flexible financial technology,
CJ
