Tech News: Better pricing through AI, and more

December 13, 2021 10:34 AM

Bookgel, a new prospect closing and pricing tool, walks accountants through the vexed and vexing process of completing sales and pricing engagements, while a new partner program from Landmark Studio helps accountants find rental property owners who need their help, and a new offering, FlyFin, represents even more competition on the tax prep front.

Also in this update: Somerset CPAs expands its cloud technology solution; a host of new surveys and reports; a couple of fundraising rounds; and more.

New pricing and closing app

Marc Howard

Accountants famously dislike the selling process, which is why tools like the newly launched Bookgel are particularly useful: With a strong foundation in artificial intelligence, the app guides them through a structured process to hook and land new clients, including prompts of what to ask and when, and even generates engagement letters. What's more, its proprietary algorithm produces an optimal fee to charge for each engagement, to avoid underpricing (it can also be applied to current engagements).

“Too many accountants are giving away their services and selling from the hip and this has got to stop. There should not be any guesswork in this crucial phase of the practice,” said Bookgel co-founder Marc Howard, in a statement.

More tax help for the self-employed

Africa Studio - Fotolia

That subhead could also have read, "More competition for you:" FlyFin, a newly launched tax engine that combines artificial intelligence with the expertise of live CPAs, aims to help freelancers, gig workers, and other self-employed taxpayers with complex tax situations get a better handle on their tax prep and filing. Among the features included in its plans are a comprehensive tax report generated with the help of AI and reviewed by CPAs that examines the taxpayer's expenses to maximize their tax savings, and full audit insurance, where the company's CPA team will handle any state or IRS tax notice. Pricing starts at $7, $16 and $29, respectively, for the basic, standard and premium plans.

A new partner program

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Landlord Studio, which develops property management software for Schedule E rental property owners, has launched Landlord Studio for Partners, a partner program that aims to connect those property owners with accountants and tax professionals. Accountants and tax pros who sign up for the free program get a listing on the partner page, and can offer clients exclusive discounts.

DIY R&D Credits

Tax consulting firm Source Advisors has launched GOAT Tax, an automated research & development tax credit SaaS platform that offers a self-guided process for maximizing a company's tax benefit.

Somerset expands cloud tech practice

Indianapois-based Regional Leader Somerset CPA and Advisors has expanded its cloud technology practice, Somerset Technology Solutions, by combining Dataquest Solution's Acumatica practice. The new practice will be run by Debbie Mazzullo and David Gelula, both formerly of Dataquest Solutions, and Jason Leveson of Somerset.

SurePrep, Verady partner with Thomson Reuters

SurePrep has entered into a mutual integration agreement with Thomson Reuters, in which the two will provide open and royalty-free access to each other's APIs. Meanwhile, firms using Thomson Reuters can now add Verady's Ledgible Crypto Tax when working on client taxes that involve cryptocurrency.

Sovos to monitor 1099-NEC reporting rules

Tax compliance solution provider Sovos announced that it will be providing ongoing updates of state reporting rules related to Form 1099-NEC reporting. The company noted that many small and midsized businesses either aren't aware of the 1099-NEC direct state reporting requirements, or weren't in compliance; they can find the latest updates on Sovos’ 1099-NEC blog.

New reports and studies

Ackert Inc. released a white paper, "2021 State of CRM in Professional Services," that noted that just 12% of firms use client relationship management software, with more than half relying on Excel spreadsheets and Word documents to manage their sales pipeline. ... Intuit released its QuickBooks Commerce Small Business Shopping Report, as well as its first-ever Small Business Holiday Shopping Guide. ... Invoiced released the results of its State of BRB Payment Acceptance survey; among the highlights: Over three-quarters of respondents still accept paper checks, but over two-thirds are already accepting virtual card payments. ... A new survey from IRIS Innervision found that more than a third (38%) of private companies haven't even begun implementing the new leasing standards, ASC 842.

Funding rounds

Automated billing platform Anchor Anchor raised $15 million in funding in a round led by Rapyd Ventures, Entree Capital and Tal Ventures. The company plans to use the money to expand its team, and to extend its partnership and marketing efforts. Its platform connects businesses and their clients through a "live online agreement," with an end-to-end billing and payments solution to cover the entire invoicing and payment cycle. ... Supply chain pauments company Tradeshift secured $200 million in funding and debt from a combination of new and existing investors. The new investors included Koch Industries. The money will be used to optimize the company's growth and balance sheet to allow future scaling.

More tools and news

Greatland has added Workday API integration to its Yearli filing platform, so users can now pull W-2 data from Workday's enterprise management platform. ... Corporate management performance software provider Prophix Software called the third quarter of 2021 its stronger ever, with cloud billings increasing 76% over the previous 12 months, and double-digit revenue growth in the construction industry vertical. ... Xero rolled out a new AI-driven bank reconciliation tools. (See the full story.) ... Intuit released a number of updates for its ProConnect Tax Online, ProSeries and Lacerte tax prep products. (See the full story.) ... Payables automation provider Tipalti announced that it will be opening a sixth location in Toronto on Jan. 1, 2022, and its actively recruiting staff to fill it. ... Financial close automation provider BlackLine Inc. announced that it has has achieved ISO/IEC 27018:2019 and ISO/IEC 27701:2019 certifications. ... Top Eight Firm RSM US has joined the KnowledgeLake Partner Program. KnowledgeLake provides intelligent document processing solutions. The two will collaborate on developing new solutions.