Campfire Accounting

About Campfire

Campfire is a new accounting and ERP software vendor that offers two main products: core accounting and revenue management. They can be purchased individually or together as an integrated system with an AI assistant built in. The company is a Y-Combinator startup that has grown from a $3.5 million seed round back in May 2024 to over $100 million in total funding backed by Accel and Ribbit.

Its goal is to be a modern competitor to accounting systems like QuickBooks Online and Xero, as well as traditional ERPs like NetSuite and SAP.

Core Accounting Key Features

• General Ledger: Customizable chart of accounts with journal entries and AR/AP sub-ledgers to keep books GAAP-compliant.
• Multi-Entity and Multi-Currency Consolidation: Consolidates every entity and currency into one real-time view, without logging between separate instances.
• Account Reconciliation: Connects bank and card accounts to reconcile continuously throughout the close period instead of at month-end.
• Close Management: Automated close checklists assign tasks to finance teams and AI-agents that can track progress to ensure a faster period-end.
• Financial Reporting: Build custom reports and drill from any metric to the source transaction.
• Compliance: Audit trails, approval workflows, and SOC 1 and 2 compliance keep you audit-ready.
• Integrations and API: 100+ native integrations plus a flexible API sync with your existing tech stack.

Revenue Automation Key Features

• Revenue Recognition: Automates allocations and journal entries against your policy and is ASC 606 compliant.
• Any Billing Model: Handles nearly any revenue model supporting subscription, usage, milestone, and transaction billing, with metering-engine support.
• Invoicing and Collections: Sends invoices, syncs Stripe payments, and automates dunning to keep AR current.
• Deferred Revenue Tracking: Tracks deferred revenue by customer, contract, and product.
• Revenue Reporting: Monitor GAAP and non-GAAP metrics, ARR waterfalls, and churn in real time.

AI Key Features

• Accounting Intelligence: Proprietary AI accounting model (LAM) trained on real accounting data, with a reported 95%+ accuracy on tasks like categorization.
• Ember AI Assistant: Answers finance questions and runs AI agents that handle manual accounting tasks for your review.
• Transaction Matching and Categorization: Reconciles bank transactions against the GL, proposes coding for anything uncategorized, and flags duplicates for review.
• Flux and Accrual Automation: Drafts flux commentary on material variances and keeps a running accruals subledger, cutting the time to close.
• Human-in-the-Loop Controls: Confidence thresholds let you approve what AI handles versus what posts on its own, so you scale automation at your own pace.