Tech news: Jirav rolls out Jirav Intelligent Forecasting

October 4, 2024 11:33 AM

Jirav rolls out Jirav Intelligent Forecasting; Sovos launches Indirect Tax Suite for SAP; Avalara launches AI-based tariff classification code solution; and other accounting tech news.

Jirav rolls out Jirav Intelligent Forecasting

Financial planning and analysis solutions provider Jirav announced the official release of its Jirav Intelligent Forecasting solution, following a soft launch earlier this year. JIF leverages artificial intelligence and machine learning to automate the forecasting process, helping firms quickly develop forward-looking financial plans based on historical data. Among other things, users can assess their company's progress on a monthly basis and make necessary adjustments to meet their annual targets. While JIF can instantly generate forecasts with a single toggle, a driver-based model built by skilled FP&A staff is still appropriate for some clients. Firms have the option to customize forecast methodologies for different departments or ledger accounts in a business. Meanwhile, collaboration and Sharing features allow users to equip the team with these targets as well. The tool can also generate a P&L, balance sheet, and cash flow financial statements within seconds. The tool also sports reporting and dashboarding capabilities to reveal insights and answer critical questions, as well as a library of ready-to-use and customizable reports. Users can also access risk-based scenario planning and financial modeling capacities as well as rolling forecasts, cash flow forecasting, and workforce planning tools.

Sovos launches Indirect Tax Suite for SAP

Tax compliance solutions provider Sovos announced the launch of its Indirect Tax Suite for SAP, an end-to-end solution for indirect tax determination, e-invoicing, filing, and reporting. The release makes Sovos the first ever and only provider offering a full suite of indirect tax solutions for SAP customers that cover everything from tax determination (for VAT, SUT, GST across the globe) to e-invoicing for meeting the requirements of continuous transaction controls (CTCs). The indirect tax solutions work with any kind of SA environment – ECC and S/4HANA (on-premise, private/public cloud). The Indirect Tax Suite is also fully aligned with SAP's clean core strategy, ensuring businesses can maintain complete and continuous compliance across all tax and regulatory processes without compromising the integrity of their ERP systems. Coverage: The Sovos platform addresses tax determination, e-invoicing, and e- reporting, offering a complete tax compliance solution in almost 200 countries. With certifications across key markets, including US, Canada, Brazil, India, and the EU, Sovos' solutions are designed to support multinational corporations navigating diverse tax regulations.

Avalara launches AI-based tariff classification code solution

Scott McFarlane, chief executive officer of Avalara Inc., center, points to a monitor during the company's initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, June 15, 2018. U.S. stocks fell and bonds surged as President Donald Trump moved the country closer to a trade war with China, while investors weighed diverging monetary policies from the Federal Reserve and European Central Bank. Photographer: Michael Nagle/Bloomberg

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Tax compliance and automation solutions provider Avalara announced the launch of its Automated Tariff Code Classification solution. The solution uses AI and machine learning algorithms to analyze product descriptions, attributes, and other relevant information to determine Harmonized System (HS) or Tariff Codes. The system scans the World Customs Organization and individual country websites and automatically extracts updates to the HS Code and tariff schedules. It also features an extensive global database of HS Codes and product descriptions to help ensure appropriate HS classification; the system uses the latest HS Code information to classify goods. It also has a continuous feedback loop, meaning that as an HS Code gets validated or verified, the product and corresponding HS Code is added to the system database and the AI system learns from it. The solution also integrates with other Avalara solutions, providing a comprehensive end-to-end tax automation platform.

AuditBoard announces new extensions

Cloud-based risk management platform AuditBoard announced new extensions for analytics, risk, company structure and aggregate scoring. AuditBoard Analytics Enhancements includes nine new out-of-the-box workflows to automate testing and analysis to help Audit and Internal Controls teams uncover risks faster, minimize routine tasks, and enable focus on higher-value initiatives. Risk Appetite provides risk management teams with precise analysis against set thresholds to inform day-to-day decision-making and help organizations use risk-taking as a strategic advantage to achieve business goals. Organizational Hierarchy enables risk management teams to centralize and roll up risk information by company structure (e.g., country, region, business unit), pinpoint specific locations, and identify risk concentrations, providing front-line teams with targeted insights to strengthen risk mitigation efforts. Aggregate Scoring enables third-party risk teams to apply a structured approach to automatically calculating residual risk (or other aggregate score) across multiple risk domains to determine more effective, targeted strategies for managing vendor and product risks.

Eide Bailly becomes Authorized CMMC Third Party Assessment Organization

Top 20 firm Eide Bailly announced it has achieved all requirements of the Cybersecurity Maturity Model Certification (CMMC) program to be an Authorized CMMC Third Party Assessment Organization (C3PAO). This milestone enables Eide Bailly to offer clients consulting and official CMMC certification services, ensuring their compliance with the Department of Defense's (DoD) new and stringent cybersecurity standards. The CMMC certification process is vital to verifying that defense contractors meet the necessary cybersecurity requirements to protect Controlled Unclassified Information (CUI). Eide Bailly's achievement of this designation highlights its own cybersecurity capabilities and readiness to guide clients in achieving their own CMMC certifications. With this designation, the firm can now offer full-spectrum support for businesses within the Defense Industrial Base (DIB), from consulting on compliance preparation to conducting official CMMC assessments.

Zone&Co rolls out AI billing assistant

a robot in the form of a cyborg scatters banknotes. Artificial intelligence brings income, good earnings in the technology system. Generated AI

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ERP solutions provider Zone&Co announced its new ZoneBilling AI Assistant, a tool designed to provide instant, contextual answers to user queries without leaving the workspace. The AI Assistant, now integrated into ZoneBilling, allows users to ask real-time questions and receive tailored responses by drawing from the ZoneBilling Knowledge Base plus other external resources. Zone & Co ensures that no customer data is used to train AI models, in line with ZoneBilling's SOC 1, SOC 2 and ISO 27001 accreditations. The ZoneBilling AI Assistant is available to select early-access customers as of September 19, with a broader general release planned for later this fall. Zone & Co encourages all customers to update to the latest version of ZoneBilling to begin leveraging this tool.

Solver touts industry-specific solutions for construction, SaaS, senior living

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Corporate performance management solutions provider Solver announced three industry solutions designed to improve productivity in construction, software-as-a-service (SaaS), and senior living companies. All three offer reporting, analysis, planning and consolidation capacities, though each one is customized for its particular industry. The construction industry solution accounts for things like multi-entity structures, regulations, labor shortages, economic fluctuations, cost management, safety concerns, and digital transformation. The SaaS solution is meant to address the unique challenges with subscription-based pricing models and recurring revenue streams by leveraging data analytics to meet challenges like churn, scalability, pricing, and customer acquisition costs. The senior living solution helps streamline data to provide patient-centered care and vet a full view of costs that takes into account things like cost, staffing, and quality-of-care concerns, as well as government regulations.

Validis introduces data upload capacity

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Accounting software company Validis said it has built a tool that can ingest data from any system, standardize it instantly, and streamline the entire accounting data collection process. The new upload function empowers auditors to access standardized financial data from any accounting system, with an expected standardization rate of 85% to 95% of shared data. The solution also integrates with industry leaders such as Suralink, Trullion, DataSnipper, and Thomson Reuters to ensure seamless data flow throughout the audit journey. While Validis already supports data extraction from 27 major accounting packages, thousands of other systems exist. The new Upload functionality now makes Validis accessible to all businesses, regardless of their accounting package.

Netgain launches fixed asset accounting solution

Accounting automation solutions provider Netgain announced its new fixed asset management solution, NetAsset. Key features include the ability to create and import assets with the help of AI; instant support with Netgain's Copilot; the ability to automatically generate CIP reports, apply custom and alternative tax depreciation schedules, and produce detailed, audit-ready reports; access a comprehensive view of your company's fixed asset portfolio at any time; and QuickBooks integration and connectivity into any ERP. NetAsset provides a cloud-based platform that helps with the management of fixed assets, from acquisition to disposal, while ensuring compliance with both financial and tax regulations. With AI-powered automation, dynamic reporting, and seamless ERP integrations, NetAsset helps eliminate manual errors, reduce repetitive tasks and ensure a clear audit trail.

Project Equity launches Certified Employee Ownership Advisor (CEOA) training series

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Project Equity, an employee ownership support organization, announced the launch of its Certified Employee Ownership Advisor (CEOA) training series, an educational offering designed specifically for exit planners, financial advisors, attorneys and other advisors to small- and mid-sized businesses. This 8-module program, accredited by the National Association of State Boards of Accountancy (NASBA), offers participants 8 hours of continuing professional education (CPE) credit. The 8-module series covers a range of topics essential to understanding and advising on employee ownership, including the benefits and challenges of transitioning to employee ownership, the different models of employee ownership, and the financial and legal considerations involved in these transitions. With this launch, Project Equity now offers 10 hours of CPE from on-demand, self-guided content for financial advisors nationwide. Earlier this year, Project Equity introduced EO ExitPro 101, an online, on-demand course that explores how employee ownership can increase practice revenue and client retention. ExitPro 101 is accredited for 2 CPE hours.

Partnerships and integrations and acquisitions

American Express announced the availability of commercial virtual Card processing services to U.S. merchants who accept American Express via a partnership with Boost Payment Solutions. Qualified American Express merchants will now have access to Boost Intercept®, Boost's patented Straight-Through Processing (STP) solution, at no additional cost. This collaboration will enable suppliers to streamline acceptance of American Express virtual Cards and minimize the challenges associated with manual processing of virtual Cards. The process is entirely automated, versus the previously necessary email-based processing before, from receiving, parsing and processing. Further, as virtual Cards are generated with unique details for a specific transaction, merchants do not have to worry about handling sensitive payment and Card data from buyers. This capacity is provided at no additional cost to qualified American Express merchants. … Pramata, an end-to-end contract management platform, announced a new strategic alliance with Big Four firm Deloitte. The organizations' mutual clients can leverage Pramata's generative AI-powered contract management and analytics solution with Deloitte's corporate Risk, Regulatory, and Forensic advisory services to increase visibility into contract data and hierarchies that can span multiple systems and business units. … Accounting platform Sage announced it has acquired Anvyl, a supply chain management solutions provider. With this acquisition, Anvyl's end-to-end supply chain software will allow Sage to deliver a Supply Chain Execution solution that provides SMBs with complete visibility across their entire supply chains, from purchase order creation to warehouse delivery. The software combines intelligent purchase order management with a broad supplier network, delivered through the Sage Network, the company's platform of products and services that connect business ecosystems.

Other news

Wolters Kluwer announced that Richard Pulliam has been named Senior Vice President and General Manager of Wolters Kluwer Corporate Performance & ESG (CP & ESG) division's EHS & ESG unit, (formerly named EHS/ORM), known for its product, Enablon. Pulliam, who joined the Wolters Kluwer CP & ESG division in early 2024 as Vice President of Product Management for ESG solutions, has more than 20 years of experience in driving the success of high-growth B2B software platforms. Prior to joining Wolters Kluwer, Pulliam served as the Chief Product & Strategy Officer of Arvest Bank Group. He has a proven track record for leveraging Application Programming Interface (API) platforms and ecosystems to build and scale transformational businesses and products in a broad range of industries, including financial services, telecommunications, travel, human resources and media. … Identity verification startup Vouched announced the appointment of healthcare IT sales executive David McGrath as its new VP of Sales. McGrath will lead sales and go-to-market strategy across all verticals, with a particular focus on driving growth in the healthcare sector to significantly contribute to the company's ambitious revenue growth goals. … Sage announced Cinzia Bazzo as it Managing Director for Canada. In her new role, Bazzo will oversee Sage's Canadian business, a critical region for growth. Bazzo will play a key role in enhancing the customer experience, advancing Sage's position as the most trusted and thriving network for SMBs and accelerating sales and revenue by attracting new customers and strengthening relationships with existing ones. She will also lead the implementation of global and local colleague programs, including engagement, performance management, DEI, and talent development, while fostering Sage's culture and values. ... Forvis Mazars, LLP, ranked among the largest public accounting and consulting firms in the United States, has been selected for the Business Applications 2024-2025 Microsoft Inner Circle. Participation within Inner Circle is based on sales achievements that rank Forvis Mazars in the top echelon of Microsoft's Business Applications global network of partners. 2024-2025 Inner Circle members are invited to the Inner Circle Summit in Spring 2025 as well as virtual meetings between August 2024 and June 2025, where they will have a unique opportunity to discuss strategy with Microsoft senior leaders and fellow Inner Circle partners while learning more about the company's road maps and future plans, establish strong executive connections, and collaborate on best practices.