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The Finder Innovation Awards is all about recognising companies that create new and better solutions to difficult problems. This year, Finder recognised Trace as one of the finalists in the Best B2B Innovation category at the 2023 Finder Innovation Awards.
Trace's carbon accounting API lets businesses track their carbon footprint through accounting software platform Xero. Trace's customers can now account for their emissions while tracking their expenses all in one place. It's a genuine innovation that lets Trace's customers do more with less effort.
Many of the best innovations have a simple premise with a simple outcome: make life easier for the people you're trying to help. A true innovation results in one of those "it just works" moments for the end user.
But getting there requires an enormous amount of work. Getting enormous data sets to talk to each other and make sense within a software platform is no easy task.
It's clear that Trace has done this work. Trace has built a library of emissions categories that it can map to business expenses. And it has built an AI-driven smart-mapping engine to make those data connections faster and more accurate. And then the API allows Trace to integrate directly with Xero.
Businesses that use Xero to handle their accounting can now understand and manage their carbon emissions. Trace can onboard businesses faster. And these businesses now have an easier time accounting for their carbon emissions through software and processes they are already familiar with.
Trace brings a business's employees along for the journey too. This is partly why the easy-to-use nature of the carbon accounting API is so important. It's much harder for an organisation to inspire its employees to care about reducing emissions if the tools you give them are complex and hard to use.
The results speak for themselves: Trace has received uniformly positive, 5-star reviews from its customers. And it has reduced onboarding time by more than a quarter.
This is where innovation really comes into play. Trace's carbon accounting API lets businesses do more with less effort. And this is particularly important in the carbon tracking space. Tracking emissions is complex, difficult work. It's also extremely important work, given the urgent problem of climate change.
Once partners start using Trace it's really just the beginning. Being able to measure a carbon footprint is the first step on a business's journey to decarbonise. Trace helps businesses identify ways to reduce their emissions through its useful tools and guidance from its climate experts.
Making this work easier is core to Trace's mission. And it's clear that its carbon accounting API is a genuine innovation that does just that.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and finance for over 6 years. He has written for Yahoo Finance, Money Magazine and Homely, and has appeared on radio shows nationwide.
London - Sydney
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