Tech News: Thomson Reuters rolls out OneSource E-Invoicing

October 13, 2023 9:00 AM

Thomson Reuters rolls out ONESOURCE E-Invoicing; Corvee adds AI to Instead and Instead Pro solutions; and other news and updates from the accounting technology arena.

Thomson Reuters rolls out OneSource E-Invoicing

Thomson Reuters launched OneSource E-Invoicing, a centralized platform designed to streamline electronic invoicing management for multinational businesses that are being mandated to comply with e-invoicing regulations around the world. Today, more than 80 countries have mandated e-invoicing or continuous transaction control requirements, and this figure could potentially surge by 2025 as governments prioritize tax reform and real-time reporting. The new solution gives customers a single access point to manage e-invoicing compliance. It offers pre-built integrations connecting financial systems, including common enterprise resource planning systems. Additionally, a collaboration with Pagero supports customers in achieving comprehensive e-invoicing compliance that minimizes the cost and effort to comply.

Corvee adds AI to Instead and Instead Pro solutions

Tax software solutions company Corvee enhanced Instead and Instead Pro — products launched in June of this year — with the Instead AI Tax Assistant, which can field tax-related questions. With the addition of Instead AI Tax Assistant, accounting professionals have access to responses to any tax-related queries they come across. The AI tool can help people do things like find answers to specific tax questions, gain clarification on navigating the IRS four-part test for R&D eligibility, search through the knowledgebase of articles to get the appropriate resource, craft client communication related to covered tax positions, find guidance drawn from recent IRS releases and publications as well as guidance on navigating the Instead dashboard and how to use the product, and, finally, get access to a human being if the Instead AI Tax Assistant doesn't have the answer.

Xero adds AI to Xero Central

Small business platform Xero has implemented a Generative AI solution in Xero Central to help deliver accurate support answers faster for its millions of customers and users. In partnership with Coveo and powered by GenAI, generated answers are available in Xero Central, Xero's customer support and learning site. The use of GenAI-driven search in Xero Central leverages Coveo's platform and works by integrating generative answers so when customers enter a search term or question, they will receive an answer as well as a list of other relevant content articles. The answers are generated from Xero's extensive support content articles, written by the Xero team.

EY releases Workforce solution

Big Four firm EY released EY.ai Workforce in collaboration with IBM. The solution merges IBM Watsonx Orchestrate and automation capabilities with EY's knowledge of HR transformation to allow employees to optimize their workflow with AI assistance to perform tasks like drafting job descriptions and extracting payroll reports. The natural language interface enables users, regardless of their technical expertise, to access the AI automation.

Insightsoftware adds capabilities for Logi Symphony software suite

Reporting, analytics, and performance management solutions provider insightsoftware released new capabilities in its Logi Symphony software suite. Logi Symphony now allows users to embed self-service, business intelligence and analytics fused with artificial intelligence within web-based applications. This evolution marks the integration of acquired embedded analytics solutions at insightsoftware with the best features of previously acquired products combined within the company's single self-service BI solution.

TaxBit rolls out DAC7 compliance solution

TaxBit booth at the Bitcoin 2022 conference in Miami, Florida

Eva Marie Uzcategui/Bloomberg

Tax and compliance solutions provider TaxBit announced its DAC7 compliance solution, designed to automate tax compliance for online marketplaces based in the EU or paying sellers in the EU. TaxBit DAC7 Compliance Solution establishes a data collection workflow for new and existing customers, streamlining the collection, storage, remediation of issues, and information verification, and then generating the end-of-year report to EU member states. Aligned with the DAC7 regulatory framework, which mandates reporting from January 1 to December 31, TaxBit's DAC7 compliance solution addresses reporting obligations due by January 31 of the subsequent year. With the initial requirement centered on 2023 data collection and the next generation of the 2024 report, this regulatory framework applies to all digital platforms with sellers in the EU.

Avii adds new e-signature capacities

Accounting software provider Avii added Avii E-Sign to its platform for accounting firms. Avii E-Sign is integrated throughout Avii Workspace, offering accounting professionals a digital signature solution. Accounting professionals can leverage Avii E-Sign across a wide range of scenarios, including signatures on engagement letters, audit documentation, certain tax documentation, client accounting services and other accounting-related processes. Existing Avii customers with licenses for Avii Enhanced Core + Automation and those who sign a new contract for those platform modules during Q4 will receive Avii E-Sign free for three years.

Fortanix introduces new data sovereignty solutions

Fortanix Inc., a data security company, added new capabilities to Fortanix Data Security Manager to help organizations address data sovereignty requirements globally. The product includes support for sovereign cloud, storing keys in sovereign boundaries, anonymization of private data, centralized control to manage access and enforce consistent policies across hybrid and multicloud environments, and more. Fortanix has also added support for client-side encryption of Gmail messages. Fortanix now offers key management for all Google Workspace applications that use client-side encryption, including Docs, Sheets, Calendar and now Gmail. This enables Fortanix customers who use Google Workspace to create, store and manage encryption keys themselves, and not through Google.

Partnerships and integrations

Global regulatory compliance solutions provider iDenfy, which offers automated identity verification and fraud prevent tools, has entered a partnership with Lithuania-based fintech NomadRem, which offers quick money transfers, bill payments, and a other financial solutions. iDenfy's newly integrated ID verification and AML screening tools will be built into NomanRem's software to bolster fraud protections. … Blockchain-enabled b2b payments platform Paystand announced a new integrated solution for the Microsoft Dynamics 365 Business Central portfolio of intelligent business applications. Users on the platform can now incentivize their customers to pay sooner using automated Paystand features such as the embedded "pay now" buttons. … Translucent, the accounting platform focused on the problems of multientity and multinational businesses, has launched a QuickBooks Online integration, enabling customers to consolidate and store multiple QBO files in one location. With this latest integration, QBO customers in the United States, Canada, the United Kingdom and the Asia-Pacific region are able to use Translucent to centralize multiple QBO files. They can utilize Translucent apps including Search, which enables searches across multi-entity data; and Group Reporting to create automated reports. Live Sheets, which will launch soon, will enable customers to live connect QBO data to Google Sheets, and Intercompany will automate intercompany journal posting. Further apps will be announced and launched in the coming months.