Tech News: FinQuery releases contract management solution

Published March 1, 2024 11:28 AM

Updated March 1, 2024 12:13 PM

1 Min Read

FinQuery, formerly LeaseQuery, releases contract management solution; Vic.ai announces fee transition; and other updates from the accounting tech arena.

FinQuery, formerly LeaseQuery, releases contract management solution

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FinQuery, the company formerly known as LeaseQuery, further expanded its product offerings through the release of the AI-enabled FinQuery Contract Management. The software allows users to load contracts directly into an AI-enabled interface, leverage data in those contracts to forecast cash flow and improve budgeting, receive automated alerts on upcoming deadlines, store all contracts in one central secure location and access them through either the dashboard or through search, as well as track contract changes and contracts with a detailed audit trail.

Vic.ai announces fee and discount transitions

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Payments automation solutions provider Vic.ai announced its latest release. Among the changes is dispensing with any fees at all when paying within the U.S. The company also said the software's AI can now identify and surface vendor-specific early payment discounts so customers can identify potential savings and capitalize on these opportunities. When creating a payment batch, payors can now proactively schedule those payments in advance to take advantage of early payment discounts and be mindful of payment due dates. Another new feature allows international payments from the U.S. to now be sent using local currency. New communication features include email notifications to inform teams about approved payment batches, and summaries of outstanding invoices. Users can view bill payment history, transaction status monitoring, vendor reception confirmation, payment audit logs and more. Payment approvers can also monitor their progress with all discount opportunities directly within the payments batch approvals page.

Intapp announces AI-powered solutions for deals, data

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Business software provider Intapp announced, as part of its new "Intelligence Applied"
philosophy and branding, the general availability of Intapp Assist for DealCloud, a generative AI solution. The software provides actionable reminders and insights to help professionals manage their networks via "nudges" that help dealmakers create personalized outreach. It also autogenerates summaries of unstructured data — such as meeting transcripts — into an editable format. Narrative generation helps users generate description and commentary content throughout DealCloud. It also offers contextual email outreach content informed by a firm's history with a contact, relationship intelligence and relevant news. The company also launched its Intapp Data solution, an data set of more than 85 million companies and 200 million contacts, now available for all Intapp DealCloud clients. This allows users to learn about the people and companies in their markets as well as gain more connectivity with third-party data from Intapp's partner ecosystem. The push toward AI has led Intapp to announce a plan to acquire AI software company delphai, which applies AI across public data sources. The company also announced the release of Intapp Walls for Copilot, which identifies the data sources to which Microsoft Copilot is connected and provides a layer of control over what it should and should not surface for each user based on their authorizations. It processes complex overlapping rules and translates firm policies into native security controls for each system that may contain sensitive information.

Vigilant AI releases AI audit platform Vizschön

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Canadian financial data solutions provider Vigilant AI released a new AI-enabled audit platform called Vizschön. The platform is designed to create a secure cloud-based environment for auditors to load, tag and search all the key terms from business process documents and link them to the transactions selected for testing. This allows the platform to be used for a wide variety of audit tests, including the test of details, control testing and cut off testing. Vizschön was also designed to be the data management architecture underlying the shift to continuous audit and the future application of large language models in accounting. To this end, the platform allows the audit firm to build a contextualized data lake for each audit engagement, and to support a wide variety of additional analysis services, such as cost recovery audits, compliance audits and forensic audits.

TaxBit adds support for ASU 2023-08

Crypto tax and accounting solutions provider TaxBit has introduced a FASB reporting feature in its Accounting Suite. This reporting module supports the latest Accounting Standard Update (ASU) 2023-08 that was issued by the Financial Accounting Standards Board and is available for early adoption. The standard, passed last year, aims to improve the accounting treatment of in-scope crypto assets to measure and report these assets at fair value in each reporting period. TaxBit's FASB reporting feature is designed to automate the new required disclosure reporting associated with this recently issued guidance. The update also allows users to run disclosure reports across all cost basis methodologies, including retroactive cost basis methodology. The company said it soon plans to introduce the ability to export or directly post FASB fair value adjustments into their ERP systems.

Partnerships and integrations

Top Five firm RSM is partnering with cybersecurity company Stellar Cyber, the force behind the Open XDR Platform. RSM is now using the Stellar Cyber Open XDR platform to unify, expand and control the cybersecurity defenses across its Global MSSP Client Network. … Business software provider Intapp announced a further partnership with DCM Insights to release a new solution called the Activator Experience, which provides a view of current pipeline and business development tasks, origination fees by practice area, progress against billable fee goals, and other relevant information pertaining to clients. It then uses AI-powered signals, alerts and support to help professionals incorporate Activator behaviors as they manage their books of business and engage clients. … Insurance solutions provider Cytora has been engaged by insurance company Chubb to automate claims document processing. … Investment management solutions company Clearwater Analytics announced its Clearwater for Stable Value solution has been selected by T. Rowe Price to support its stable value fund business. The solution is built for stable value funds, including the creation of custom trade tickets for investment contract issuers and other third-parties. … Business solutions firm Xero announced a strategic partnership with Bill (formerly Bill.com) to extend accounts payable capabilities to Xero's U.S. customers. Xero will embed a bill pay solution from Bill into the Xero platform. Once available, the solution will integrate Bill's payment options, allowing customers to use them without leaving the Xero platform.

Other news

Law firm BakerHostetler announced the release of a new fintech product, FinClar, a solution meant for managing the finances of "highly successful families." Through FinClar, a family can develop targeted objectives for benchmarking, locate cash for investments in suitable trusts, identify the tax sensitivity of each family trust and view liquidity relative to their transfer-tax exposure. It also provides projections. … The Internal Revenue Service announced the appointment of Sulolit "Raj" Mukherjee and Seth Wilks as executive advisors to the agency who will assist on matters related to cryptocurrency and blockchain. … Government accounting solutions provider Black Mountain Software acquired Cascade Software Systems, a provider of integrated cost and project accounting solutions. Ayren Spinner, chief operating officer of Cascade Software Systems, will join Black Mountain Software as president of Cascade. Black Mountain partnered with private equity firm Peterson Partners in 2022 to accelerate product expansion and innovation, as well as growth beyond current geographies… Top 25 firm Eisner Amper published its Cybersecurity eBook. Created by the firm's team of cybersecurity professionals, the guide offers best practices to help create an updated cybersecurity plan. The Cybersecurity eBook features sections on types of cybersecurity, origins of threats, proactive strategies and incident response plans. The eBook is available for free here.