Tech news: CohnReznick launches digital advisory practice

Published April 12, 2024 9:56 AM

Updated April 12, 2024 11:02 AM

1 Min Read

CohnReznick launches digital advisory practice; DataSnipper releases new suites for cloud collaboration, data extraction; and other accounting tech updates.

CohnReznick launches digital advisory practice

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Top 25 firm CohnReznick has established a new digital advisory practice that will help businesses navigate technology and data-related opportunities and leverage digital innovation to streamline operations, manage cost and risk, and accelerate growth. The practice is being led by Principal Shawn Gilronan, who joined the firm in late 2023. Key digital service offerings include AI and automation consulting, cloud application solutions, data and analytics, and digital strategy and transformation advisory. The team will closely collaborate with CohnReznick's CFO advisory, client advisory services, cybersecurity, technology risk and privacy practices to deliver solutions in areas such as finance automation, integrated business planning and outsourced accounting. The practice has also established partnerships with technology providers including Microsoft, Workday, Oracle NetSuite, DOMO, Prevedere, MRI and Yardi.

DataSnipper releases new suites for cloud collaboration, data extraction

Accounting automation platform DataSnipper unveiled two new product suites, the Advanced Extraction Suite and Cloud Collaboration Suite, for audit and finance professionals. The Advanced Extraction suite enables large-scale data extraction from unstructured documents. Using AI, this suite offers the ability to detect, extract and cross-reference data from different document formats. The suite includes three key features: Invoice extraction automates bulk invoice data extraction such as invoice ID and total amount. Receipt extraction captures key details from receipts, like merchant name and transaction date. Contract extraction retrieves key data from contracts, such as the effective date, execution date, parties and jurisdiction. Meanwhile, the Cloud Collaboration Suite enables document collaboration with online access to workpapers. Featuring DataSnipper for Excel Online, the suite enables team collaboration through any web browser, including on Mac devices. Workpapers and cross-referenced documents are saved to SharePoint. The WebSnip Extension allows users to "snip" data straight from web pages into Excel, capturing the URLs and time stamps. A new add-on module offers automatic document cross-referencing capabilities to create documentation trails for review and verification.

Auditoria.AI launches finance-centered "small language model"

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Fintech company Auditoria.AI added a domain-specific "small language model" to its ERP-centric cognitive automation platform. A small language model is similar to large language model generative AI, but it's trained with a smaller, more finely tuned set of data, in this case financial, to avoid irrelevant information. The platform utilizes both types of generative AI models for finance processes and encourage coordination via a collaborative mode for AP and AR Helpdesk. The collaborative mode allows finance teams to review, reset and reprocess responses generated by SmartBots, the application agents that execute tasks. The company also announced it has set up data centers based in Calgary and Montreal, Canada through a partnership with Amazon Web Services to service Canadian customers that require local data residency options. This move expands Auditoria's service operations to cover all of North America.

Budget Planner released by insightsoftware

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Corporate finance solutions provider insightsoftware has launched Power On's Budget Planner, a budgeting and planning solution that helps organizations create unified and structured budgets within Microsoft Power BI. It integrates the budgeting and planning processes within an organization's Power BI environment and facilitates collaboration by allowing for insights from a broader audience. The software allows users to perform analysis by inputting budget figures, making changes to existing budget versions, and utilizing shortcuts to copy and manipulate data. Budget Planner also navigates multiple currencies and exchange rates within budgets across regions.

New partnerships and integrations

IT services provider Kyndryl has renewed a five-year agreement with Ernst & Young LLP to continue managing its SAP environment, as well as provide modernization and security services for the mission-critical systems that support its auditing and consulting operations. Additionally, Kyndryl Consult will enhance the cyber resiliency of EY's IT operations with further security for mission-critical workloads. Specifically, Kyndryl is incorporating new technology to enhance security vulnerability scanning, as well as integrating and running new malware and identity verification systems. … Top 50 firm Mazars announced a three-year global framework agreement with small business platform Xero. Xero will now be made available for all member firms that choose to adopt a cloud accounting solution, with the aim of empowering Mazars' advisors with real-time financial data and greater opportunity for collaboration.

Other news

Automated risk and compliance platform Sprinto received a $20 million funding round. Accel led the series B funding round with participation from existing investors Elevation Capital and Blume Ventures. Including this round, Sprinto has raised $31.8 million to date. Sprinto will use the fresh funding for R&D, with a focus on intelligent automation and AI, and expand into new markets. … Finance solutions provider OneStream Software announced its annual recurring revenue is over $450 million, up 34% year-over-year, as of the quarter ended March 31, 2024. During this period, OneStream grew its customer base to over 1,400 customers globally, a 20% increase year-over-year. Notable new customers signed in this period include Enerpac Tool Group, Fidelity & Guaranty Life, Healthpeak Properties and Mazda Motor Logistics Europe. … Top 100 firm SAX LLP announced that Rob Owen has joined the company as its first chief information officer and practice leader of SAX Technology Advisors. The creation of the CIO position and appointment of Owen aligns with SAX's initiative to integrate technology and innovation to serve clients.