Tech News: OpenEnvoy promises perfect data extraction

August 18, 2023 9:00 AM

OpenEnvoy guarantees 100% accuracy in data extraction; Boast AI unveils universal data ingestion feature; CountingWorks Pro releases a new client intake platform; and other news and updates from the accounting technology arena.

OpenEnvoy guarantees 100% accuracy in data extraction

Payment and cash flow management solutions company OpenEnvoy announced a major revamp to artificial intelligence capacities in its AP automation platform. With these new capacities, OpenEnvoy is now guaranteeing its customers 100% accurate data extraction. This eliminates the need for vendor setup and customer input. Furthermore, the system automatically recognizes changes to a supplier's format without human input, eliminating the legacy experience of vendor portals and onboarding. In addition to drastically reducing document processing costs, OpenEnvoy's solution immediately satisfies international compliance requirements by removing human error from the e-invoicing process.

Boast AI unveils universal data ingestion

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R&D tax credit intelligence solutions provider BoastAI announced the release of an AI-enabled universal data ingestion feature. By automatically classifying relevant projects, this new feature helps small and midsized enterprises access more of the estimated billions in R&D tax credits that go unclaimed each year across North America. The new feature allows clients to connect system-specific project data through the Boast AI customer platform. The AI classifier utilizes an advanced algorithm to accurately map each task to its respective R&D project, assigning a confidence score that represents the accuracy level of the mapping. The system also automatically filters non-R&D projects based on the information provided. The technical analysis from the AI classifier allows Boast AI's experts to create comprehensive reports and summaries to further strengthen and streamline the R&D claim process.

CountingWorks Pro releases client intake platform

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CountingWorks Pro, touted as a virtual front office for tax and accounting firms, announced the release of its client intake platform, which it calls ClientHub. The new platform provides tools for pros to create client proposals, accept payments, eSign engagement letters, and automate intake forms, questionnaires, to-do lists, and partner workflows. Users can choose from a library of pre-written templates or create their own. Additionally, ClientHub eliminates the need for multiple software programs and digitizes every step of the client journey.

Thinkific launches automates sales tax solution aimed at creators

Cash receipt illustrating the spent money

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Thinkific, which allows people to create and sell online courses, announced the launch of an automated sales tax solution, powered by payments company Stripe, facilitating tax compliance on transactions across the United States and Canada processed through Thinkific Payments, which handles tax calculations, collections, and remittances for all sales. Thinkific also announced the introduction of advanced customer analytics. Thinkific's advanced analytics provide creators with deeper insights into their enrollments, orders, student and course engagement, revenue and bottom line business performance, so they and their teams can track ROI.

Partnerships and integrations

Tax compliance platform Avalara announced expanded collaboration with Oracle to build its capacities into Oracle Fusion Cloud Enterprise Resource Planning. Customers will also have access to additional compliance solutions, including exemption certificate management, business licensing, cross-border compliance, e-invoicing, and more. … Accounting software provider Xero today announced the PKF U.S. firm — PKF Mueller and Mueller dotKonnect, a separate yet related firm — have signed up to the Xero and PKF Global partnership, first announced last year. This means Xero becomes the preferred accounting solution for PKF Mueller and MdK and their small-to-midsized business clients. Both PKF Mueller and MdK have initated the Xero certification process for more than 30 team members. … Compliance solutions provider Sovos announced a collaboration agreement with Big Four firm KPMG in Canada, an extension of Sovos' Strategic Alliance with KPMG in the US, which was established in 2022. Collaboration with KPMG in Canada will provide Sovos clients with access to a comprehensive suite of tax compliance solutions, including tax determination, reporting and exemption certificate management. Additionally, KPMG in Canada will leverage Sovos' expertise in tax technology and provide their clients with enhanced tax compliance services.

Awards and honors

Taxfyle, an on-demand accounting services platform, ranked among Inc. Magazine's Inc. 5000 for the third time, coming in at No. 1,881 on this year's list, while lease accounting solutions provider LeaseQuery also made the list, for the fourth year in a row. … Advisory firm Boomer Consulting announced it has honored two individuals for its "Bridging the Gap" awards. These awards honor firms and individuals within the accounting profession that excel in aligning technology and firm management. Those recognized were Kamran Faruqi, MBA, chief information officer at Adams Brown, who was presented with the 2023 Bridging the Outstanding Technology Leader award; and Greg Davis, principle of Pinion, who was presented with the 2023 Innovation Leader award. … Wolters Kluwer Finance, Risk and Regulatory Reporting announced it has secured Category Leader positions in all four categories of the recently published ALM Market Update and Vendor Landscape report published by Chartis Research. The company has captured category leadership status in the RiskTech Quadrant for ALM Technology Solutions and the RiskTech Quadrant for FTP Technology Solutions. It has also secured the status in the RiskTech Quadrant for LRM Solutions and the RiskTech Quadrant for Capital and Balance Sheet Optimization Solutions.

Other news

Midtown Beer Garden in Portland - Portland

Nina Johnson

Financial management app Expensify announced that the grand opening party for its Midtown Beer Garden in Portland will be on Sunday, August 20th from 3pm-8pm. The outdoor venue, located on Southwest Fifth Avenue at Harvey Milk Street, just across from Expensify's headquarters, will seek to revive the midtown Portland community after years of challenges. Headline artist The Last Artful, Dodgr will be making her first Portland appearance at the grand opening party since 2019. Joining her will be The Shivas and Boka Marimba.