Tech news: FloQast automates with AI

March 29, 2024 9:00 AM

FloQast debuts AI-driven automation features; Settle adds three-way matching for purchase orders; Modern Treasury introduces Professional Services offering; and other accounting tech news.

FloQast launches new AI-driven automation features

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Accounting and finance operations platform FloQast added several new capabilities, including AI-enhanced automation and additional API integrations for FloQast Reconciliation Management. New features include automated bank integrated cash reconciliations, which bring cash account transaction details into FloQast. Real-time subledger integration automates data feeds that connect ERP and third-party solutions and uses AutoRec Matching to provide balance tie-outs for transaction matching. Automated rules-based sign-offs allow FloQast to sign off on the user's behalf when subledger balances tie out within set thresholds. Automation for fixed assets and amortizable assets includes the ability to add new assets, manage schedules, automate roll-forward schedules for reporting purposes and push journal entries to ERP. Customizable dashboards integrate with business intelligence solutions.

Settle adds three-way matching for purchase orders

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Cash flow management and finance solutions company Settle added automatic three-way matching for purchase orders. The feature can dynamically validate purchase orders, goods received notes and bills by automatically flagging inconsistencies down to the line item. The new feature links POs to bills while allowing for many-to-many bills and PO matching. For more information, visit settle.com/purchasing.

Modern Treasury launches Professional Services offering

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Payment solutions provider Modern Treasury debuted its Professional Services offering for enterprises. The offering provides guidance and best practices to help enterprise customers implement the Modern Treasury platform, including custom integrations of Modern Treasury with IT systems, including banks, card processors, internal systems and ERP. The offering also includes a custom solutions advisory focused on payment and ledgering strategy. Professional Services also helps customers implement payments and reconciliation technology through strategic advisory, solutions architecture, and managed and custom integrations.

Mindee adds OCR capacities

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Mindee, an AI-driven document management solutions provider, released docTI ("document tailored intelligence"), an AI-powered optical character recognition tool that can process various document types without the need for data model training. This expands on Mindee's initial offering of an API catalog for processing common documents like invoices, identity documents and more. Users can create a custom API for the exact type of documents their product needs to handle, whether handwritten or printed, in different languages. Users set up their custom document type, create the fields they want extracted, upload a document into the live interface with text extraction capabilities and get an API response.

Partnerships and integrations

Accounting solutions provider SoftLedger has jointly developed a solution with digital asset reporting and analysis company Node40 that lets users integrate digital asset data within the accounting services and offerings of SoftLedger… Approveit, an invoice approval and management automation platform, announced its software now sports optical character recognition technology for documents in Xero workflows. Users upload the invoice in PDF format; the software then captures all the data from the PDF and routes them for approval to responsible team members, with approved invoices getting automatically transferred to Xero.

Other news

EisnerAmper announced the appointment of R. Brooks Malone as national software sector leader. Malone, a 35-year public accounting veteran, is a partner specializing in financial reporting, business consulting and financial planning who works with high-growth and investor-backed technology companies. … Abrigo, a risk and analytics platform, has acquired accounting and management solutions provider TPG Software. The acquisition marks the latest in a series of strategic investments by Abrigo to bolster its accounting and risk management capabilities. Abrigo's software will be bolstered with TPG's stress testing, income recognition, asset and liability management, and credit-monitoring solutions.