Tech News: Avalara releases E-Invoicing and Live Reporting

May 26, 2023 9:00 AM

Avalara releases E-Invoicing and Live Reporting; AuditClub Compass aims at AICPA quality control standards; FloQast releases Compliance Management tool; and other accounting tech news.

Avalara releases E-Invoicing and Live Reporting

Avalara, a provider of cloud-based tax compliance automation, launched Avalara E-Invoicing and Live Reporting. This new compliance application programming interface has been developed to help multinational businesses align with e-invoicing mandates worldwide. With over 60 countries having announced or implemented e-invoicing mandates — a number expected to double by 2030 — the complexity and cost of global compliance are increasing. Avalara's new solution provides a single API that can be integrated into various systems for the simultaneous deployment of e-invoicing in multiple countries. This enables businesses to set up global e-invoicing capabilities, access e-invoice exchange networks and government platforms, support e-invoicing models by country, monitor e-invoice status and set up archiving.

AuditClub Compass aimed at AICPA quality control standards

AuditClub, the creator of the auditors-as-a-service model, has unveiled AuditClub Compass, a subscription service designed to guide accounting firms through compliance with new quality control standards issued by the AICPA. The suite of standards, launched in 2022, requires firms to transform their existing quality control systems to comply with the more robust standards by Dec. 15, 2025. AuditClub Compass, led by AuditClub's chief auditors, offers firms a customized, risk-based approach through a three-phase subscription process. The service provides firms with fractional access to AuditClub's chief auditors and audit quality experts. The new service allows accounting and auditing firms to establish quality objectives, identify and assess quality risks, design and implement responses, and adapt their procedures as new regulations emerge.

FloQast releases Compliance Management tool

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FloQast, an accounting workflow automation software provider, has launched FloQast Compliance Management. The new workflow tool is designed to help finance, accounting and internal audit teams manage and integrate compliance into business processes for continuous audit readiness and integrity. The solution reduces the cost and effort of implementing and maintaining new compliance and controls programs by streamlining end-to-end compliance management. It also integrates with other tools that control managers use to manage their compliance program. FloQast Compliance Management allows for real-time control monitoring and provides visibility into ownership and accountability. Specifically, it features continuous control capture; a synchronized risk control matrix, process narratives and flowcharts; PBC automation for simplified collaboration; and embedded testing for audit efficiency.

SBA loans now available via CPA Business Funding Portal

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Small business financing company Biz2Credit and CPA.com have teamed up to create a new Small Business Administration 7(a) lending option available via the CPA Business Funding Portal. The cloud-based platform supports accounting firms in securing business financing for their clients. The portal provides an online financing application process, a consolidated dashboard for client management, firm-wide collaboration with user role management, integrations with client payroll and bank accounts, and application preview and modification features. The SBA 7(a) loan option is intended for small businesses due to its lower down payments, competitive interest rates, and longer-term financing, and is available in amounts up to $5 million. CPA firms and accounting professionals can access the SBA lending program for their clients through a portal subscription.

Partnerships and integrations

Esker, a global cloud platform specializing in AI-driven process finance automation solutions, announced the integration of ChatGPT into its Customer Inquiry Management solution. By integrating with the Esker Synergy AI technology, ChatGPT assists customer service professionals in handling inquiries such as order status, availability, pricing requests and product information questions. The AI support aims to speed up customer response times, improve customer satisfaction and allow teams to concentrate on proactive outbound efforts. The tool is not intended to replace customer service representatives but to facilitate better customer service workflows. … The Internal Revenue Service has awarded Accenture Federal Services, a U.S. federal services company and subsidiary of Accenture LLP, a position on an IRS systems modernization blanket purchase agreement. The award has a ceiling value of $2.6 billion. Under the terms of the Enterprise Development, Operations Services blanket purchase agreement, Accenture Federal Services will compete for future task orders to support the IRS applications development office with creating new ways for taxpayers and tax professionals to interact with the agency. The EDOS contract vehicle brings all 400-plus systems in the IRS's applications development portfolio under one contract vehicle to modernize existing systems, build out analytics, and improve cybersecurity. … ESG, audit and risk platform Workiva was selected as the Institute of Internal Auditors' exclusive ESG Alliance Partner. The partnership is the first in the IIA's new Alliance Partnership Program, which pairs the IIA with industry leaders across emerging areas that are impacting the internal audit profession. … Crypto accounting and tax platform Ledgible announced a partnership with crypto asset custodian Finoa. Investors can now manage their digital assets on both platforms without friction. They can view their holdings, track their transactions, and generate tax reports from a single interface.

Other news

Stampli, a provider of AP automation solutions, has been named a "recommended solution" by Sage, a provider of accounting, financial, HR and payroll technology for SMBs. This endorsement follows Stampli's recognition as a "Sage Tech Partner – Plus," solidifying its status as a go-to solution for Sage customers seeking to automate their AP processes for enhanced efficiency and control. The partnership reflects a mutual goal to help businesses navigate intricate AP tasks more effectively. … ArcherPoint, a Microsoft Dynamics ERP Solutions Partner and Cloud Solution Provider, has been named a Versapay Premier Partner. This distinction is part of VersaPay's VersaPartner program aimed at value-added resellers, offering them access to products, resources and support to drive digital payment adoption and accounts receivable team transformation. … Cloud-based audit platform AuditBoard appointed Roxanne Oulman, former CFO of Medallia and CallidusCloud (SAP), to its board of directors. She brings deep experience in leading finance organizations at high-growth SaaS companies through IPO and beyond and serves on both the board of directors and audit committees for public and private companies. … KYND, a U.K.-based provider of cyber risk management technology and services, announced its expansion into the U.S. insurance market. With this expansion, following success partnering with global specialist insurers across the U.K., KYND will bring its approach to cyber risk management to insurance carriers, brokers and policyholders across the United States.