Tech news: AI explained

TaxBit launches crypto tool for tax pros

Eugene Aono, a spokesperson for BMEX bitcoin exchange, demonstrates usage of the company's Robocoin-branded automated teller machine (ATM) at The Pink Cow restaurant and bar in Tokyo, Japan, on Wednesday, June 18, 2014.

Yuriko Nakao/Photographer: Yuriko Nakao/Bloom

Cryptocurrency tax automation software provider TaxBit has launched TaxBit Accountant, a suite of tools for tax professionals with clients who trade in virtual currencies. Tax pros will get their own individual portal where they can keep track of all of their clients who are using TaxBit (they can also get a referral fee for bringing on new clients), and view an audit trail of each client's crypto transactions.

ACCA calls for 'Explainable AI'

The Association of Chartered Certified Accountants has issed a new report, "Explainable AI," that highlights one of the key issues with artificial intelligence: the fact that most of us don't know how it works, and how the algorithms reach the conclusions that drive their outputs. This kind of "black-box" decision-making disempowers human users, and diminishes AI's ability to fulfill its most natural role in accounting (as well as everywhere else): augmenting accountants, rather than replacing them.

Canopy upgrades practice management software

Canopy announced a number of updatest to its cloud-based practice management platform:
· A Canopy Desktop Assistant “Scan To” that lets users print or scan documents directly to Canopy.
· A global client request feature.
· Updates to the mobile app, including the ability to scan documents directly to the client portal from the user's phone.
· A new projects dashboard.
· The ability to save transcripts to contact files.

Centage names new VP of customer success

Nicole Connolly/Photo by NicoleConnolly.com

Cloud-based forecasting and analysis software developer Centage Corp. has promoted Nate Burns to the newly created role of vice president of customer success, with responsibility for customer experience and boosting customer value. He had previously served as director of product management.

Study: Emerging tech boosts bottom line

A new study from Oracle and Enterprise Strategy Group reports that organizations that implement artificial intelligence and other emerging technologies grow their annual profits 80 percent faster,

According to Emerging Technologies: The competitive edge for finance and operations, technologies like AI, digital assistants, the internet of Things, and blockchain are making finance departments more accurate and efficient, creating more responsive supply chains, and overall providing a competitive advantage.

FreshBooks launches in the U.K.

The dome of St. Paul's Cathedral, left, and skyscrapers in the City of London, including 20 Fenchurch Street, also known as the "Walkie-Talkie," 22 Bishopsgate office tower, the Leadenhall building, also known as the "Cheesegrater", and The Scalpel stand beside the River Thames in London, U.K., on Wednesday, Nov. 14, 2018. The City of London averted one disaster with the draft Brexit deal announced Wednesday, but the bottom line is that banks, brokers and asset managers will continue to prepare for the talks going off the rails. Photographer: Bryn Colton/Bloomberg

Bryn Colton/Bloomberg

Cloud-based small-business accounting software provider FreshBooks announced its official launch in the United Kingdom. The company has had clients there for a decade, but recently increased its focus and investment in the country, with new updates including a VAT return report, the ability to connect to accounts with the U.K.'s biggest banks, and expanded support hours for U.K.-based customers.