Tech news: EY unveils GenAI insights platform

November 1, 2024 11:41 AM

EY unveils GenAI insights platform 'EY Competitive Edge'; Withum rolls out cloud-based audit platform; SafeSend's new Client Portal uses PIN instead of password; and other accounting tech news and updates.

EY unveils GenAI insights platform ‘EY Competitive Edge’

Ernst & Young offices in Melbourne, Australia

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Big Four firm Ernst and Young launched EY Competitive Edge, a proprietary intelligence cloud-based platform that generates real-time tailored insights on markets, companies and sectors at pace. EY Competitive Edge integrates EY proprietary intellectual property with an array of external data sources—including credible external databases, company reports and publicly available information—in real-time. The platform's database encompasses more than 26 million company profiles, 2.1 million transactions and more than 325,000 company reports. It also keeps a pulse on the market by monitoring 677 million news articles. EY Competitive Edge includes EY proprietary thought leadership, surveys and interviews from across 140 countries. An AI-driven engine integrates Microsoft's GenAI technologies augmented by their exclusive algorithms. Leveraging Microsoft's Azure OpenAI, AI Search and Azure Cosmos DB, the platform powers sector-specific data querying. It leverages the EY.ai unifying platform, which includes Microsoft's suite of tools in its technology stack. EY.ai powers strategic applications such as target screening, company and customer insights, competitor analysis and market/sector assessments.

Withum rolls out cloud-based audit platform

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Top 25 firm Withum announced the successful implementation of its integrated cloud-based digital audit platform. By integrating this platform with the firm's other cloud-based solutions, Withum has created automated workflows. Withum's audit platform also offers a guided audit methodology and data-driven approach to continuous auditing. The firm utilizes a standardized taxonomy, similar to the SEC XBLR tags, to categorize data consistently. Withum also stressed the collaborative capacities of its new platform: Team members can work together on the same audit documents simultaneously, eliminating the need for check-out and synchronization processes common in desktop solutions. Furthermore, Withum prioritizes data security with single sign-on, dual authentication and access restrictions based on project assignments.

SafeSend's new Client Portal uses PIN instead of password

Tax and accounting automation solutions provider SafeSend announced Client Portal, a new feature within its flagship product, SafeSend One. In a major departure from other portals, SafeSend's product does not employ the familiar username/password format but instead relies on a combination of device-specific ID codes and 6-digit PINs. Users receive their access code as part of the two-factor authentication process. Once entered on their device, it's saved, and they only have to enter the access code again if they go to a new machine. The user can then log in using their PIN. SafeSend designed the portal this way in response to the common problem of people forgetting their usernames and passwords. Features and capacities in the portal itself include task lists from the firm to clients sent through SafeSend; a downloadable document repository with all files exchanged between the client and the firm; a unified K-1 distribution page; and a tax payment page where clients can manage estimated and actual tax payment vouchers for all returns and extensions from a centralized location.

Puzzle launches automated cash and accrual solution

AI-driven accounting platform Puzzle announced an automated cash and accrual accounting solution. It automates up to 90% of the routine tasks in accrual accounting using programmable accounting policies, machine learning models and large language models. This includes ingestion, data validation, reconciliations, drafting financial statements, drafting metrics, and first review. Users can create and customize GAAP-compliant policies that Puzzle executes, cutting the risk of outdated spreadsheet errors with audit-level precision. The software also applies proprietary data-checks across the 35 most common inconsistencies and errors, uses a vector database and machine learning rules engine that learns from an account, assigns a transaction to the spender who can reply back in email or Slack in human language, and the LLM will match the category and notify the accountant, and allows users to learn more about vendors and transactions. Further, its dashboard, enhanced with integrations with Runway and Causal, provides clarity on key financial metrics.

Metronome launches 2.0 version of billing platform

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Billing solutions provider Metronome announced its 2.0 platform with enhanced capabilities. The new platform supports self-serve models; complex, custom-negotiated enterprise contracts; the ability to design flexible, SQL-based billable metrics without pre-aggregation; the ability to differentiate pricing using a dimensional structure; the ability to customize in-product billing dashboards to provide real-time clarity on usage and spend; custom alerts and configurable limits; full API support so companies can automate the entire purchase and billing process and streamline pricing management as they scale; granular billing data; the ability to filter and export data to monitor usage; the ability to analyze margins, track daily revenue, and more; native Salesforce integration; and the ability to maintain a single source of truth for pricing through centralized rate cards, while allowing fully customized contracts with flexible discounts and overrides to list pricing.

Zone & Co. announces Zone Data Platform

ERP provider Zone & Co. launched the Zone Data Platform, a set of solutions designed to give accountants in industry more control over data from their ERP, CRM and other sources to combine and visualize insights. It features business intelligence dashboards that offer over 100 industry-specific business intelligence reports. These best practice reports can be fully customized by Zone & Co's professional services team to meet the specific needs of each business. Beginning in 2025, customers will also have the ability to modify and build their reports on their own. The platform also features a data warehouse solution that offers a managed service that transforms raw ERP and CRM data into ready-to-analyze data sets. These data sets can be delivered as replicated SQL tables, allowing customers to use them in their environments. This solution is currently available in early access, with general availability and more robust functionality planned for mid-2025. Meanwhile, the new platform also sports a Tactical Connect self-service solution that delivers raw, extracted data in a CSV format, allowing businesses to work with their data in the way that best suits them. Finally, there is Solution 7, a financial reporting solution that brings ERP data into Excel for effortless FP&A budgeting, forecasting, and reporting. Solution 7 was acquired by Zone & Co in May 2024.

Thomson Reuters unveils CoCounsel integration in ONESOURCE corporate tax solutions

The offices of Thomson Reuters in Stamford, Connecticut

Chris Ware/Bloomberg

Thomson Reuters is launching ONESOURCE with CoCounsel to customers globally. These enhanced solutions combine a new AI Product Support skill with CoCounsel, Thomson Reuters' professional-grade generative AI assistant. The Product Support skill offers customers "how to" guidance, delivering assistance on complex compliance tasks by offering access to instant, relevant answers. The AI skill utilizes large language models to offer an intuitive interface for natural language queries, delivering immediate answers to questions, drawn from Thomson Reuters proprietary content. This solution is now generally available to customers in North America, Europe, the Middle East and Africa. After this launch, CoCounsel capabilities will be incorporated into ONESOURCE Direct Tax solutions in November 2024, with further tax and trade solutions arriving in early 2025. Expansion to regions including Australia is planned for next year.

FinQuery rolls out prepaid and accrual accounting capacities

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Spend management platform FinQuery launched FinQuery Contract Management (FCM) with Prepaids and Accruals. Its features include AI-assisted Contract Entry that simplifies the process, including payment flows and critical dates; Renewal Alerts for timely contract management; and the ability to generate reports based on committed spend for any period. At close, liability roll-forward reports power the reconciliation process. A searchable central repository provides access to contract data. Prepaid and accrual accounting capacities automate amortization schedules and journal entries to accelerate month-end, quarter-end, and year-end close processes while also dealing with manual errors. FCM with Prepaids and Accruals is available now with flexible pricing tiers to suit businesses of all sizes.

Extend announced bill pay features

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Virtual card and spend management platform Extend announced the launch of Bill Pay, a new feature that lets businesses streamline invoice payments using virtual cards. Extend customers can create and send a virtual card specifically for invoice payments through the Extend app. They can also view invoice payments and vendors in the new Bill Pay section of the platform, offering greater visibility into transactions, as well as pay multiple vendor invoices in bulk with virtual cards. Vendors, meanwhile, can receive a remittance email containing a secure link to the virtual card details as well as charge the virtual card for the amount of the invoice, like any other card transaction.

Lili offers ability to embed its tools in small biz platforms

Financial solutions provider Lili announced the availability of Lili Connect, an embedded finance integration that allows partners to offer Lili's financial management tools directly through their platform, covering small business banking, accounting and tax processes. Partners will be able to offer on their own platforms Lili tools like a business checking account, automatic transaction categorization, smarter invoicing and bill pay solutions, automated financial reports, and tax-saving tools like the Tax Bucket.

LogicGate announces new AI features

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LogicGate, a risk, governance and compliance solutions provider, launched two new AI features in its Spark AI lineup, AI Text Assistant and Record Linking Recommendations. The AI Text Assistant natively provides guidance and recommendations for writing effective control test plans, risk remediation, policy statements, issues, emails drafts and more. Risk Cloud users can leverage this tool in numerous ways, including prompting AI Text Assistant for guidance on how to mitigate incidents or help generate predictive strategies when anticipating possible disruptions; leveraging AI Text Assistant to produce step-by-step form instructions for risk assessment, where initial output can be further refined using pre-built functions; and utilizing AI Text Assistant for suggested email copy. Meanwhile, Record Linking Recommendations (RLR) replaces manual work historically required to manage GRC data connections with AI-automated and generated insights. The AI streamlines the process of identifying control mapping. But the AI's RLR goes beyond control-to-control mappings and enables holistic integration of records across workflows and applications, linking risks to controls, controls to policies, risks to issues and any other connected modules available in a user's Risk Cloud GRC program. Whether users ask Spark AI to suggest controls to mitigate a risk record or identify policies that serve as evidence for a control or any other recommended connection, throughout the process Spark AI provides visibility into multifaceted risks, reveals redundant controls or duplicative work, and prioritizes mitigations.

Baseware now provides gen AI insights

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AP automation solutions provider Baseware has upgraded its analytics platform with GenAI to deliver Basware Insights. The Basware Insights platform, which enables AP leaders to ask questions in natural language and receive tailored insights in return, also provides a customizable dashboard with AI-driven insights. It also provides data-driven benchmarking for industry-specific insights and specialized reporting capabilities. The GenAI model will constantly learn and improve the underlying data over time. Overall, the platform is meant to be used like a "CFO Cockpit" to monitor key metrics such as touchless invoice rate, providing visibility over manual or human intervention throughout the invoice process, and retrospective purchase orders created after the invoice is sent.

Financial Cents announces free community-driven template library

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Accounting practice management solutions provider Financial Cents launched its Community-Driven Template Library. In this collaborative space, accounting professionals can share, discover and adopt workflow templates designed to increase efficiency and simplify firm operations. The library offers access to a diverse range of templates curated by industry experts and tailored to the needs of accounting and bookkeeping professionals. Those who share the most and provide the highest-quality templates are recognized as top Workflow Champions and celebrated as the industry's most helpful experts. Current top Workflow Champions include: Jenny Rost of Construct Bookkeeping; Taylor Ammons of Accounting Therapy; Tonya Schulte of The Profit Constructors; Greg Scholten of On Track Accounting Solutions; Shannon Theis of Payroll Restoration; Chris Potter of Tall Oak Advisors; and Kellie Parks of Calmwaters Cloud Accounting.

Partnerships and integrations

insightsoftware [sic], a corporate finance solutions provider, launched insightsoftware Reporting for Workday. Establishing a live connection with Workday enables finance teams to speed up report production so they can spend more time on strategic analysis. CFOs, controllers, financial analysts, accountants, operations and IT managers can report financial data in near real time. insightsoftware Reporting for Workday is available across North America, EMEA and APAC regions. Visit the insightsoftware website to learn more … Big Four firm KPMG has joined the Chicago Quantum Exchange, described as "an intellectual hub" devoted to advancing the science and engineering of quantum information, training the future quantum workforce, and driving the quantum economy by connecting leading universities, national labs and industry partners. KPMG will work with the CQE to develop relationships and trainings that will support its work in the space. The firm's practice, led by its Chicago-based enterprise innovation and market intelligence team, focuses on helping clients leverage quantum technology advantages such as improved processes in finance, supply chain, and portfolio management while mitigating potential disruptions as quantum computing reaches practical application. … Real estate solutions provider Point of Rental Software announced a new integration between Syrinx and AccountsIQ, providing businesses with a cloud-based financial management solution. Designed for companies outgrowing their entry-level systems, AccountsIQ offers advanced financial capabilities. … Tax solutions provider Avalara announced that its Avalara E-Invoicing and Live Reporting solution (Avalara ELR) is available for Workday customers via Workday Marketplace. Leveraging Built on Workday, a program that empowers Workday partners to create and market pre-built apps to solve customers' business and industry challenges, the Avalara ELR solution gives customers a tax automation tool to help them remain compliant with e-invoicing regulations globally.

Other news

Accounting and business platform Sage announced the launch of Sage Intacct Accountants in Canada. This program provides accounting practices with cloud-based financial management tools designed to help them expand their service offerings, efficiently manage outsourced mid-market clients, and drive business growth. … Tax compliance solutions provider Avalara announced the company is the recipient of a 2025 Buyer's Choice Award from TrustRadius. The TrustRadius 2025 Buyer's Choice Awards recognize products that excel in customer satisfaction, with 75% of reviewers during the evaluation period rating them as having the best capabilities, value for price, and customer relationships. To qualify, products must receive at least 10 reviews within the specified timeframe and undergo further vetting through textual review analysis conducted by the TrustRadius research team to ensure the integrity of the award process. … Tola, an all-in-one AP and AR platform with built-in financing, empowering SMBs to streamline cash flow management, has raised $10.2 million in seed funding. The round was led by Sequoia Capital, with participation from Cherry Ventures, Creandum, RTP Global, Founders, Y Combinator, Zinal Growth and Pathlight VC, along with support from several notable fintech founders and operators… 2024) … CrossCountry Consulting, a business advisory firm, has acquired SCS Cloud, which implements, supports and enhances NetSuite for organizations in diverse industries. This strategic move expands CrossCountry's technology and ERP solutions and strengthens how it serves its CFO and private equity clients. … Melio, an accounts payable and receivable platform for small and medium businesses, has raised an additional $150 million in a strategic funding round led by Fiserv, Inc., a global provider of payments and financial services technology solutions. Shopify Ventures and Capital One Ventures also participated in the funding round, which will help fuel the company's growth through partnerships.