Tech news: Drake Software releases DrakePay for accounting pros

January 26, 2024 11:39 AM

Drake Software releases DrakePay for accounting pros; Prismatic launches multi-entity business solution with blockchain-like technology; and other accounting technology updates.

Drake Software releases DrakePay for accounting pros

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Drake Software released its DrakePay solution, a payment acceptance system made for accounting professionals. DrakePay integrates with Drake Software, allowing for streamlined invoicing and export data to create custom reports. Users can invoice customers immediately after services are completed, directly from within Drake Software workflows; and accept credit card, debit card and contactless remittances in-person or online, typically received within about two days. The new solution uses Launchpay technology that is certified to meet the PCI Secure Software Standard.

Prismatic launches multi-entity business solution with blockchain-like technology

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Financial accounting solutions provider Prismatic Software debuted a platform for multi-entity businesses. Features include an intelligent general ledger; custom report writing wizard; dashboards and business intelligence; multi-entity and multi-currency support; intercompany automation module; banking and cash management; accounts payable and receivable support; dimensions; property management; project management; vendor management; customer management; and expense tracking. The solution is intended to fit the midpoint between very expensive enterprise solutions for large companies and small business-oriented solutions with limited functionality. A spokesperson said it is the world's first accounting and financial management vertical SaaS platform built with cryptographic hashing techniques, similar to blockchains. Unlike public blockchains, though, Prismatic is a closed system, where customers operate as their own central trusted authority to verify transactions under complete privacy. However, like a blockchain, all transactions are stored in an immutable ledger.

Deloitte releases gen-AI solution for document management

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Deloitte

, in partnership with data solutions provider Relativity, has released a generative AI solution called NavigAite, focused on document management. NavigAite works with large language models that have an application program interface. It can be configured to work with organizations' existing in-house LLMs or a Deloitte-provided model. NavigAite can help users securely automate document review across as many as 95 languages. Integration with Relativity allows NavigAite users to leverage Deloitte's modules via direct configuration and deployment on RelativityOne and Relativity Server. It also offers document summarization; responsiveness, privilege and personally identifiable information calls; and initial contract review.

HubSync releases R&D tax credit processor

Accounting technology platform HubSync introduced an R&D tax credit processing solution, developed in collaboration with Top 20 firm Plante Moran. The solution uses HubSync's Data Management tools to organize and maintain their client, project and qualified expense data for multiple clients within a single module, eliminating the need to manage numerous spreadsheets locally. It also creates, distributes and collects client R&D questionnaires, provides a holistic view of all surveys (organized by client) and the ability to view their completion and approval status, as well as automatic reminder functionalities, should the need arise to resend a survey to a client. The solution also sports a Deliverable Wizard, a document generator that can build IRS R&D tax credit claim submissions for each client. With scalable templates and in-app integration, users like Plante Moran can automatically import data and information from the R&D Tax Credit product's data management and survey tools into pre-made templates with the ability to edit or modify any portion of the document. R&D Tax Credit Calculations are included in the product roadmap and are expected to be delivered in the second half of 2024.

Audora launches web platform for audit teams

Audit solutions provider Audora announced a web platform for audit process automation. The software automates task management, uses AICPA-backed guided workflows to outline a clear, repeatable journey for all users, and works behind the scenes to consolidate engagement information into one audit report with the click of a button. The new automation platform is backed by experts who have completed thousands of cybersecurity and compliance engagements, including Hive Systems, a leading consulting firm specializing in risk reduction strategies. It was made for auditors working with clients who want to maximize the value of audit frameworks like SOC 2.

Sage unveils Sage Field Operations upgrade

Sage added new capabilities to Sage Field Operations, a cloud platform for service contractors. The software now enables contractors to present upfront cost options to their customers, such as tiered pricing structures to reduce billing complexity. Users will be able to accept payments on-site, processing them directly through their smartphone or tablet. Payment processing is integrated into the accounting system, so payments go straight to accounts receivable. Further, the software now includes a business intelligence solution that allows users to gauge performance at every level, from the entire company to individual technicians; unlock revenue opportunities; reduce risk with an up-to-date picture of metrics such as profit per hour, revenue vs. costs incurred, and percentage of hours billed; forecast revenue and labor requirements months in advance based on data and historical trends; access granular analysis of performance across equipment class, job type, total sales, gross profit by call date and more; and maximize billable hours.

Fowardly adds instant bill pay feature

Forwardly, a payments solutions provider, advanced its Bill Payments system. The new accounts payable automation will allow small businesses in the U.S. to pay bills with 24/7/365 processing while providing multi-level approval features and flexibility to send partial and scheduled payments. The new feature offers automatic import of bills, payment authorization and real-time payment status tracking; the ability to pay bills in one go, with vendor payments settled with just one click through Instant payments; a secure system for vendors to add their business and payment details without sharing them directly; integration with platforms like QuickBooks Online and Xero for auto reconciliation; and real-time alerts and notifications. It also integrates with Forwardly's accounts receivable solution.

Intuit shareholders vote down climate proposal

A majority of Intuit shareholders rejected a resolution brought forward by advocacy group As You Sow, which would have required the company to issue a report describing how it is protecting employees from climate risks embedded in its retirement plan investment options. The vote took place at the annual stockholders' meeting Thursday, with the rejection being announced around the eight-minute mark. As You Sow, a shareholder advocacy nonprofit, said that over three-fourths of the company's 401(k) savings are invested in its default target date option, which the group said is highly exposed to high-carbon and deforestation-intensive industries. The groups said the climate change impact of these industries can present systemic portfolio risks, especially for younger beneficiaries whose retirement benefits are more likely to be affected by climate-related financial losses. However shareholders rejected the resolution without comment.

Partnerships and integrations

Wolters Kluwer announced that multinational companies that use the SAP Document and Reporting Compliance solution can now manage their U.S. local and state indirect tax filing obligations within SAP S/4HANA. This new functionality is made possible thanks to a new, native integration between the SAP Document and Reporting Compliance solution and the Wolters Kluwer CCH SureTax solution. Previously, users of SAP Document and Reporting Compliance have needed to utilize a separate solution, outside of SAP S/4HANA, to automate the way they visualize, report on and comply with constantly changing U.S. indirect tax rules, which vary at the state, local municipality and county levels. This new, native integration will change that, by incorporating the features and functionality of the Wolters Kluwer CCH SureTax solution into the SAP Document and Reporting Compliance solution. … Crypto accounting solution TaxBit has been selected by Gemini, a prominent cryptocurrency exchange, as its CESOP reporting solution. The collaboration aims to streamline Gemini's reporting obligations across the EU to ensure adherence to Central Electronic System of Payment guidance and local jurisdiction intricacies. … Big Four firm E&Y and ServiceNow, a digital workflow solutions company, expanded their strategic alliance to provide solutions for generative artificial intelligence compliance, governance and risk management. The EY organization will also use ServiceNow's Now Assist GenAI capabilities to bring enhanced experiences to EY professionals and clients.

Awards and honors

Small business funding company Biz2Credit earned multiple recognitions for 2023, including Inc.'s "Best in Business Awards," The Financial Technology Report's "Top 25 Women Leaders in Financial Technology of 2023," and Deloitte's "Technology Fast 500 Awards." … Tax solutions company Vertex said it ranked as No. 19 in Built In's 2024 Best Places to Work Awards list for large remote companies. The annual awards program recognizes the best organizations for tech professionals, including remote-first employers and companies of various sizes in the tech market across the U.S.

Other news

Big Four firm Deloitte has acquired substantially all of the assets of Giant Machines, a digital product company based in New York City. The Giant Machines business focuses on strategizing, designing and engineering innovative digital products and will bolster the capabilities of Deloitte Digital and Deloitte Engineering to offer clients a suite of services to deliver strategic, scaled engineering solutions. … Embroker, a digital insurance company, released its newest professional vertical program developed for financial services professionals such as accountants, bookkeepers and tax preparers, built to handle specific risks around professional liability, cyber liability and business owners' insurance coverage. The Financial Services Program is available on Embroker's ONE platform. … Revenue lifecycle management solutions provider BillingPlatform announced a $90 million growth equity investment from FTV Capital. … Tax compliance solutions provider Exactera announced that CFO Michael Hickman has been named CEO, effective immediately. Hickman will also retain his previous responsibilities as CFO. He replaces Walter Scott, who has served as CEO since last July. Scott, who led Exactera through major leadership transitions, new product launches and partnerships, has been named chairman and CEO of Devo, a security technology provider.