Tech news: Bloomberg launches corporate tax suite

April 5, 2024 10:11 AM

Bloomberg Tax and Accounting launches suite of integrated solutions; Nominal launches generative AI ERP; and other accounting technology news and updates.

Bloomberg launches suite of integrated solutions

Bloomberg Tax and Accounting announced the launch of its next generation suite of integrated solutions for the corporate tax process, from data collection to tax calculations that power key deliverables. The suite includes Bloomberg Tax Provision and Bloomberg Tax Fixed Assets, linked together via the recently launched Bloomberg Tax Workpapers. Data from multiple business systems is prepped automatically and feeds into users' tax calculations, including those for provision, fixed asset depreciation and more. The suite is intended to address tax professionals' day-to-day workflow issues.

Nominal launches generative AI ERP

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Accounting solutions provider Nominal announced the launch of its new generative AI-driven ERP system. At the heart of the platform is its generative subledgers that transform free text, documents and spreadsheets into automated workflows. The generative subledgers include an intercompany ledger for multi-entity consolidation and management of cross-company transactions, a lease subledger to facilitate ASC 842/IFRS 16 compliance, as well as accruals and revenue recognition subledgers. The platform also offers custom workflows, and the generative workflows can operate in auto-pilot mode or under human supervision. Meanwhile, Nominal's Financial Data Lake aggregates data from diverse sources, enabling advanced reporting for strategic decision-making and operational efficiency.

The company's emergence from stealth mode comes with $9.2 million in seed funding from Bling Capital and Hyperwise Ventures, with participation from Vela Partners, Incubate Fund and executives from Bill.com, Salesforce, Justworks, ServiceNow and Intel. The company plans to use the funds to accelerate its product offering, expand its market reach and increase sales and support resources in the U.S. The company primarily focuses on mid-market, multi-entity companies such as holding companies, real estate, energy and multinational technology companies in its initial go-to-market plans.

Prophix launches financial automation platform

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Financial performance management solutions provider Prophix announced the debut of Prophix One, a financial performance platform whose features include in-memory cube technology for advanced data processing, a single point of user authentication and centralized user management, advanced tools for monthly reconciliation and validation, and advanced modeling capacities.

Docyt rolls out voice command feature for AI workflows

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Accounting solutions provider Docyt announced plans to roll out voice notes on its mobile app that allow users to follow their workflow just by speaking into their device. If Docyt's software flags an unusual transaction for review, the user can tap the microphone button to leave a voice note. The program's AI then transcribes the voice note and, using its ability to understand plain language, applies it to the transaction record to complete the categorization process.

Partnerships and integrations

Accounting software company LeaseCrunch LLC announced it has joined the Aprio Firm Alliance Affiliate Relationship Program and will be a key sponsor at the annual conference. … Top 50 Firm Sikich announced that it has partnered with Symphony Talent to assist implementation and support services for the company's software-as-a-service product, SFX. … Accounting software integration solutions provider Weintegrate announced its new Shopify Payouts integration, now in beta. The integration allows sales data to flow from Shopify into QuickBooks Online, by leveraging proprietary robotic process automation. WeIntegrate's Shopify Payouts integration with QuickBooks Online is scheduled for general availability in May. … AuditBoard, a cloud-based audit platform, announced a partnership with climate management and accounting solution platform Persefoni to help organizations integrate carbon accounting into their broader ESG program management. The two companies will provide joint customers with a single source of truth for ESG data to drive consistent, audit-ready ESG reporting.

New hires and appointments

Neel Lee Chauhan, former Google and ADP product executive, was appointed chief product officer of IRIS Software Group. In previous roles, Neel served as chief product officer at ADP's Small Business Solutions business unit and held leadership positions at Google, where he helped scale Google AdWords' online services platforms to more than 1 million advertisers. … Valid8 Financial, a verified financial intelligence solutions provider, hired two new strategic executives: Christina Mautz joins as executive vice president for marketing, and Brett Suchor takes on an expanded role as executive vice president for strategic partnerships. … Tax and accounting software provider TaxBit announced that Dr. Max Bernt, an expert on European tax policy for digital assets, has joined TaxBit as the managing director of Europe. … Business solutions provider Acumatica announced the addition of two ERP industry veterans to its board of directors: Zach Nelson and Nancy Harris. Nelson, among other things, served as NetSuite's CEO for 15 years; Harris, prior to her retirement, served as executive vice president and managing director of Sage North America and managing director of Sage Canada.

Other news

Accounting solutions provider Netgain announced a $35 million minority investment led by global growth investor Summit Partners. The funding will be used to fuel product development, team expansion and helping accountants automate routine tasks. ... FinQuery, formerly LeaseQuery, announced that their product, FinQuery Software Management, was named a 2024 SIIA CODiE Award Finalist in the Best Emerging Technology category. … Accel-KKR, a global technology-focused investment firm, announced a majority equity investment in Aico Group, an end-to-end financial close software platform for large enterprises. With this investment, Aico will seek to bolster its market expansion across Europe, and continue to develop and strengthen its financial close platform. … Tax and accounting software provider TaxBit announced its strategic expansion into Europe in response to recent regulatory developments, with the recent European launch of its DAC7 and CESOP tax offerings and IFRS-compliant accounting solution.