Tech News: FinancialForce rolls out latest release

Business fintech provider FinancialForce announced the rollout of its Winter 2023 release, which includes several new features. The release includes enhancements to Services CPQ, allowing service teams to now identify specific rates, roles and skills. Services CPQ also offers a stronger connection to Salesforce CPQ, allowing for a combined solution. FinancialForce's latest release also features enhancements to PS Cloud Analytics, allowing for the ability to measure utilization capacity by hovering over a heat map, as well new forecasting capabilities for viewing all records. There will also be work planners and intelligent time tracking.

The winter release also features improvements to its ERP cloud system: There is an updated Bank Reconciliation Automation feature with automated transaction creation capabilities and matching rules. It also offers new Year-End Close Enhancements for Multi-X, improvements to Financial Report Builder, and the ability for financial planning and analysis teams to perform headcount planning by role and add salary increments when doing headcount planning, as well as a Deferred Income Waterfall and Procurement Workspace Enhancements. 

Vic.ai, an accounting automation solutions provider, announced an injection of $52 million led by longtime investors ICONIQ Growth and GGV Capital with participation from Cowboy Ventures and Costanoa Ventures. The company plans to use the money to expand its AI solution to automate and analyze purchase orders, effectively execute bill pay, and issue corporate credit cards. The company believes the purchase will promote a near future when AI technology will handle over 90% of cost transaction processing on behalf of finance teams, and facilitate autonomous purchasing.

Kyriba, a cloud IT and financial solutions firm, announced the launch of its new Kyriba Receivables Finance. Through the use of APIs, the new solution can connect to the seller's ERP to upload documents like invoices and credit notes, as well as update status and accounting in real time. Further, it allows for eligibility and limit checks before processing documents or receivable sales to banks, and then completes the workflow by connecting to funders and retrieving the status of drawdown requests. It also offers, once reconciliation is complete, the ability to automatically settle repayments of financed and collected invoices to the funder on the due date. The software, natively integrated with other modules of Kyriba's Liquidity Management Platform, also offers a homepage widget that makes visible things like prepayment statuses, collections, limits, DSO and other KPIs. The finance solution is available for corporates, large and midsized companies, as well as financial institutions in white-label solution.