Tech news: Workiva launches ESG solution

Published June 21, 2024 11:01 AM

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Updated June 21, 2024 3:04 PM

1 Min Read

Workiva launches Workiva Carbon for ESG; TaxDome adds AI reporting feature; Protiviti uses new "ProtivitiGPT" to enhance internal ops; and other accounting tech news.

Workiva launches Workiva Carbon for ESG

Workiva released its Workiva Carbon solution for managing net zero targets. The ESG financial reporting solution provider's software lets users collect real-time data from their ERP platforms, accounting systems and utility providers, and track greenhouse gas emissions across facilities and locations using thousands of externally validated emissions factors that cover 240+ countries and territories, enabling companies to calculate carbon emissions across Scope 1, 2 and 3. Users can create supplier engagement surveys with forms that capture and connect data to reports and dashboards, enabling them to set science-based targets and reduction pathways, assess ESG risk, and take steps to decarbonize the supply chain. They can gather, share and link the same set of data to deliverables across business functions — including sustainability, accounting, finance, audit, risk, legal and more. Users can align emissions data to voluntary and mandated frameworks created within the Workiva platform and access the data lineage and history, attached evidence and granular permissions. Workiva Carbon combines technology from the company's recent Sustain.Life acquisition with the Workiva platform. Sustain.Life has been helping companies with their carbon accounting and emissions reporting across industries worldwide.

TaxDome adds AI reporting feature

Practice management solutions provider TaxDome announced a new AI-powered reporting feature to provide firms with advanced analytics, actionable insights and customizable reports. Firms can identify areas to streamline workflows and address pressing needs. The solution allows users to build personalized reports tailored to their firm's needs or leverage pre-built options for quick insights. TaxDome's AI-powered search can generate reports by asking specific questions (e.g., average time entry rate, average invoice amount from last year) to receive relevant data in visual formats such as graphs, charts and pivot tables. It also allows users to access dozens of graphs, charts, pivot tables and other tools as well as export reports in various formats including CSV, XLS and PDF, and share them with third parties. Users can gain real-time insights into cash flows, monitor outstanding invoices, track payment statuses, capture billable hours, track project timelines, and ensure projects stay on schedule using AI-generated alerts and real-time analytics. They can identify high-value clients to allocate resources effectively, plan workloads by identifying peak periods and potential bottlenecks, and access metrics to evaluate individual and team performance. The AI-powered reporting feature is now available to all TaxDome users at no additional cost.

Accounting Seed introduces multi-book accounting

Salesforce accounting platform Accounting Seed unveiled its latest offering, Multi-book Accounting, enabling businesses to automate the tracking of cash and accrual transactions for financial visibility across the organization. Multi-book Accounting gives users the ability to enter source documents once and automatically create, track and report on transactions in both cash- and accrual-basis accounting for a view of the business in real-time. It can also generate comprehensive reports tailored to meet the needs of regulatory bodies, internal management and investors by switching between accrual- and cash-based methods.

Protiviti uses "ProtivitiGPT" to enhance internal ops

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Consulting firm Protiviti is now using a new generative AI tool, dubbed "ProtivitiGPT," for internal operations. The application has been made operationally available to all Protiviti employees after the company established internal governance and guiding principles. Training programs will upskill employees' understanding and usage of artificial intelligence to enhance the value of client engagements, drive operational efficiencies, and connect information and insights to serve clients. This is the latest AI creation from the company, which has leaned hard into the new tech. For instance, Protiviti recently introduced an AI-ML based solution with a global manufacturer to improve its financial and operational processes in responding to pricing spikes, increased scheduling lead-time and port backups.

Wolters Kluwer announces virtual agency chatbot for customer service

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Wolters Kluwer Tax and Accounting released new GenAI capabilities within its proprietary advanced virtual agent chatbot serving customers globally. The virtual agent understands questions asked and written in everyday language, narrowing the gap between query and solution. The technological enhancements also extend to support service agents by aiding in the creation of case summaries and knowledge-based articles, so agents can focus on complex inquiries. TAA's virtual agent operates in 10 countries, speaks six languages, and is integrated into 29 tax and accounting solutions. The new enhancements will be introduced first in the U.S.

Schellman achieves B-corp status

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Top 50 firm Schellman announced its certification as a B Corporation (or B-Corp). To become B-Corp certified, Schellman provided comprehensive evidence of responsible practices in areas such as energy usage, waste management, worker compensation, diversity and corporate transparency as part of a rigorous assessment process that evaluated the firm's impact on various stakeholders, including governance, workers, community, environment and clients. B-Corp companies are required to amend their legal governing documents to ensure their board of directors considers the impact of decisions on all stakeholders. Having scored above the benchmark of 80 to achieve certification, Schellman now joins a group of over 8,800 companies leading a global movement to redefine success in business. Together with brands such as Patagonia, Ben & Jerry's and The Body Shop, Schellman is now holding itself accountable for its impact on all stakeholders — not just shareholders.

SmartVault buys SmartPath

Document management and file sharing solutions provider SmartVault has acquired SmartPath, a pricing intelligence and revenue optimization platform for the accounting industry. The acquisition, completed on April 4, accelerates SmartVault's offering in client advisory services. SmartPath allows firms to optimize their client billings and scale their delivery of Advisory services based on learnings from working with over 1,500 firms. SmartPath founder William Hamilton joined SmartVault as vice president of SmartPath, responsible for the overall growth and adoption of the product through the development of new product features, as well as continuing to educate firms on how to shift to a profitability mindset. SmartPath will continue to operate independently and maintain its current business operations. The acquisition enables SmartVault's product team to collaborate with SmartPath and enhance SmartPath's offering with new features and capabilities.

Boomer Knowledge Network to provide resources, training, tools for practitioners

Gary Boomer

CPA training and consulting firm Boomer Consulting launched the Boomer Knowledge Network, a subscription-based platform to provide training and other resources for practitioners and firms of all sizes. The Boomer Knowledge Network offers an extensive library of resources developed by Boomer Consulting's team that cover important topics in the accounting profession. Features include access to a wide range of training modules users can complete at any time, allowing firms to upskill their teams on their own schedule; practical tools and templates to assist firms in strategic planning, process improvement and other critical business functions. The library also includes videos, articles, white papers and guides created by industry experts, plus regular updates with new content.

Results Software recognizes "Founding Master Partners

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Results Software

, a CRM, project, business and field service management solutions provider, announced its Founding Master Partners, a group of partners who will drive the program's growth and deliver value to clients. The list of Founding Master Partners includes Mendelson Consulting, VARC Solutions, Siegel Solutions and Barons, Inc. The Results Software Partner Program is now open for enrollment. Interested solution consultants can learn more and apply by visiting the Results Software website.

Baker Tilly announces Oracle Cloud implementation solution

Baker Tilly

Top 10 firm Baker Tilly introduced Prescribed, an accelerated implementation methodology for Oracle Cloud HCM and Oracle Cloud ERP modules and functionality to support Oracle's expedited implementation models. Designed to streamline the deployment of enterprise resource planning and human capital management solutions, Prescribed supports midsized businesses leveraging advanced Oracle Cloud functionalities. By selecting the Prescribed implementation approach, an organization enables Baker Tilly's process and technology specialists to independently deploy best-in-product and industry solutions. This in turn minimizes efforts from both the Baker Tilly team and the client's specialists throughout the design phases of the project. As a result, the project timeline is condensed and overall efforts to deliver their final Oracle Cloud solutions are reduced.

LeaseCrunch appoints new CEO, CFO, CPO

Lease accounting solutions provider LeaseCrunch LLC appointed Mark Weidick, Jessica Hamilton and Miguel Perez to its executive leadership team. Weidick joins LeaseCrunch as chief executive officer, bringing with him more than 20 years of experience in the technology industry as a business operator and entrepreneur. Most recently, Weidick served as president of the Commercial Division at Onit, a provider of AI-enabled legal and business workflow solutions, where he quadrupled the division's growth during his tenure. Jessica Hamilton joins as chief financial officer, bringing a background in financial strategy and operations. With experience in scaling financial and operational teams for venture and growth equity-backed companies, Hamilton will play a pivotal role in collaborating with the leadership team to drive LeaseCrunch's financial health and growth. Miguel Perez, the new chief product officer, will lead the development and execution of LeaseCrunch's product strategy. As a veteran in the technology industry, Perez is known for his customer-centric approach and ability to drive product innovation.

Digits acquires Basis Finance

Zoran Mircetic

Accounting automation solutions provider Digits has acquired budgeting and forecasting platform Basis Finance. Through this acquisition Digits will accelerate its FP&A roadmap and extend its dashboard and reporting capabilities into financial planning. Basis Finance facilitates the creation and maintenance of budgets and forecasts through integrations with hundreds of financial systems and advanced scenario comparison tools. Both Basis co-founders, along with their entire team, are continuing their work at Digits following the acquisition. Bebe Kim will leverage her experience in finance and legal products to lead marketing, and Carlos Gil will bring his product and engineering experience to lead the Digits FP&A team to a launch later this year.

New funding

Fintech platform Prosperr.io has secured a $1.55 million pre-seed funding round. The round was led by Gokul Rajaram, a board member at Pinterest and Coinbase, and investor known for backing companies like Faire, Figma and Airtable. The round also saw participation from angel investors including Vinodh Bhat (co-founder of JioSaavn), Ramakant Sharma (founder of Livspace), Kunal Shah (of QED Ventures) and Saurabh Jain (CEO of Livspace), among several others. Prosperr.io offers a subscription-based product designed to manage individual income taxes for tax savings and compliance. By using products powered by AI, the company aims to create a digitally intelligent solution. The capital raised will be used primarily to launch the product in the U.S. market. … Crux, a sustainable finance technology company, has added strategic new investors as part of an $18.2 million Series A round led by Andreessen Horowitz, announced in January. Crux has now raised over $27 million in strategic and venture capital. The additional capital is being invested by a cohort of some of clean energy developers, including: Clearway Energy Group, EDF Renewables, Intersect Power and Pattern Energy. These new investors join existing strategic investors Orsted, LS Power and Hartree.

Other news

Revenue and financial management platform Bookkeep announced plans to open a new office in Victoria, British Columbia, Canada led by vice president of marketing and communications Alison Ball. The office will focus on expanding access to automated ecommerce solutions for Canadian businesses, their bookkeepers and accountants. Bookkeep will hire local talent for several new roles in the coming year. … Crypto accounting and web3 treasury solutions provider TRES Finance announced an integration with Fireblocks to bring 1,800+ customers the ability to leverage on-chain or centralized finance data sources to compile accounting, auditing and tax reports for assets across 150+ networks. Fireblocks' global customer base of institutions and companies building onchain will be able to use TRES to automate the consolidation of digital assets and financial activity across wallets and exchanges.