Tech news: CPACharge rolls out Next Day Payments

Published March 8, 2024 10:41 AM

Updated March 8, 2024 11:48 AM

1 Min Read

CPACharge rolls out Next Day Payments feature; Baker Tilly solution helps find clean energy credits; and other updates from the accounting tech world.

CPACharge rolls out Next Day Payments feature

Accounting-specialized payment solutions provider CPACharge announced the availability of a new Next Day Payments feature. The company said accounting firms often face the challenge of a 30-60 day delay between completing tasks and receiving payments. With the new feature, firms can now have access to their money on the following business day from when the payment was sent. As with normal funding, the same batching rules apply. For the typical customer, payments processed up until 11 p.m. CT will be funded the following afternoon. Payments processed after 11 p.m. will be included with the following day's batch of payments. Only licensed CPAs are eligible for this next-business-day funding feature. Tax preparers or other forms of accountants will not be eligible. Accounting firms in Puerto Rico or Canada are also not eligible for Next Day Payments. Furthermore, Next Day Payments is subject to eligibility based on a variety of factors, including but not limited to: transaction history, business type, risk profile, etc. Next Day Payments may also not be available through all banking institutions. Next Day Payments works with the most popular payment types including debit, credit and eCheck payments. For 2024, the Next Day Payments feature is available at no extra cost.

Baker Tilly solution helps find clean energy credits

Baker Tilly

Top 10 firm Baker Tilly announced the launch of an end-to-end compliance solution to help clean energy projects earn enhanced credits under the Inflation Reduction Act by meeting prevailing wage and apprenticeship requirements. The new compliance portal leverages cloud-based prevailing wage management system LCPtracker to electronically capture and track payroll information. After a series of validation and mathematical checks to review the data, the system certifies the payroll. Baker Tilly then uses its proprietary application to conduct all compliance testing, recordkeeping, reviews and communications through an analytic interface. The platform includes project-specific dashboards, summarizing weekly contractor prevailing wage and apprenticeship performance, which update tax credit seekers on project compliance and projected penalties. Monthly reports on prevailing wage and apprenticeship compliance are generated for each project and retained for reporting and filing purposes. Additionally, documentation is created when contractors cure noncompliance events, which serves as substantiation of the credit filing.

Harness launches Harness Wealth for individuals with complex tax needs

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Financial advisory solutions provider Harness introduced its Harness Wealth platform for individuals with complex tax needs. CEO David Snider said more than two-thirds of the prospective clients that come to Harness do not currently have a tax advisor, but see the need for personalized guidance to reach their financial goals. The platform aims to facilitate collaboration between tax advisors and their clients by connecting individuals facing financial complexities —such as equity-based income, crypto investments and state-to-state moves — with personalized expert tax and financial advice. The new platform has three components: an end-to-end tax experience for tax advisors and their clients with a full vertical SaaS offering; a marketplace for discovery of advisors and services; and personal balance sheet and DIY financial tools. The company also announced $17 million in funding, bringing its total capital raised to $37 million.

Wolters Kluwer debuts CCH iFirm tax and accounting cloud platform in the U.K.

Wolters Kluwer HQ

Wolters Kluwer announced, as part of its ongoing global rollout, the availability of CCH iFirm practice management and compliance software platform in the U.K. The U.K. launch of CCH iFirm is the first in Europe. Existing users of Wolters Kluwer CCH Central, the on-premise accounting system in the U.K., can choose to make a one-off switch or a phased transition to the new platform. The functionality of the CCH iFirm platform will expand in stages in the U.K. market, with several modules in the pipeline for rollout in the months ahead, including CCH iFirm AML (Anti-Money Laundering); CCH iFirm Accounts Production; CCH iFirm Personal Tax; and CCH iFirm Validate.

Symphony launches workflow automation tool and LLM assistant

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British accounting solutions company Symphony released its Elevate suite of accounting solutions. Tools include a workflow-driven ETL solution for acquisitive firms to accelerate their system aggregations; an autobot data-cleansing engine, checking a firm's databases of people, contacts and company data against publicly available data sets. It also includes routines for AI-based evaluation and scoring of audit files to highlight areas for attention. Data aggregation, analysis, re-format and presentation routines offer drag-and-drop AI-powered workflows to avoid the risks of "spreadsheet hell." Widgets automatically extract transactions from external systems and insert them into legacy PMs for billing, and more. The company also released Private LLM, a generative AI assistant. This new addition offers accounting firms an AI-powered virtual assistant, trained on the firm's own data.

Other news

Procurement and spend management solutions company Airbase announced a strategic collaboration with Sardine, a behavior-based fraud management company, amid a backdrop of soaring vendor and payment fraud. … Deel, a payroll company specializing in international teams, is acquiring African-based payroll and HR company PaySpace for an undisclosed amount. By acquiring PaySpace, Deel will become a global payroll and employer of record with its own full-stack payroll engine localized in 50 countries and integrated into its offering. Deel also announced that it has achieved over $500 million in annual recurring revenue organically, outside of this acquisition. … Propense.ai, a SaaS platform using AI technology to improve client service and drive cross-selling revenue for professional services firms, has raised $3 million in its first round of seed funding led by Harlem Capital. Participating investors include Operator Collective, New Enterprise Associates (NEA Angel Fund), Florida Opportunity Fund, Glass Family Office and angel investors.