Tech news: QuickBooks launches tool for sole proprietors

February 23, 2024 11:36 AM

QuickBooks launches Solopreneur for sole proprietors; Sovos debuts Compliance Cloud for tax compliance and regulatory reporting; and other accounting tech news.

QuickBooks launches "Solopreneur" for sole proprietors

Intuit's Ariege Misherghi speaking at QuickBooks Connect

Intuit, the company behind QuickBooks, introduced QuickBooks Solopreneur, specifically for one-person businesses. Users can access transaction management tools that separate business and personal transactions into categories for review, as well as connect bank accounts and import spreadsheet data for a full view of operations. Customers can track mileage, create and send customized invoices and estimates, view reports and more. Other features allow users to view income, expenses and profits with reports and dashboards. Customers can also set up trackable goals, view insights and see recommended actions. Other tools auto-track miles on-the-go through the QuickBooks mobile app, and categorize business trips for tax deductions for business expenses. Customers can also move from books to taxes to prepare and file tax year returns directly in QuickBooks, and access help through QuickBooks Live Assisted Tax, powered by TurboTax.

Sovos Compliance Cloud combines tax compliance and regulatory reporting

Accounting solutions provider Sovos debuted its Sovos Compliance Cloud solution, which unifies tax compliance and regulatory reporting software in one platform. Users will be able to connect to internal and external data and systems, including government tax authorities via the Sovos Compliance Network; identify each party to a transaction or obligation and verify they are who they purport to be via the Sovos Identity solution; determine whether transactions are accurate and compliant via Sovos Tax Determination for VAT & SUT, Sovos Tax Withholding and Sovos eInvoice; report transactions and tax obligations and file them via Sovos Tax Information Reporting and Sovos Filing; and analyze and derive data from all transactions and taxes via Sovos Intelligence solutions.

Valid8 Stories allows grouping of transactions into collections for further insights

Forensic accounting and financial intelligence solutions provider Valid8 added a new Stories feature to its software that allows users to group transactions into various collections to better understand how financial activities unfold over time and across locations. The new feature builds on Valid8's existing AI Categorization capabilities but adds new ways to identify questionable transactions, including checks, deposits, transfers and payments, and mark them for further evaluation. It also offers a means to collaborate with other investigators and develop case narratives. In this way, the platform provides forensic accounting, legal and government professionals with courtroom evidence for a variety of financial investigations and disputes, including Medicaid fraud, partnership disputes, asset division, high-net-worth divorces and Chapter 11 bankruptcies. Stories is the first of several new capabilities planned for 2024, following Valid8's $8.5 million Series A financing last November.

KPMG patents AI-powered transfer pricing tool

The offices of KPMG in Chicago

Tannen Maury/Bloomberg News

Big Four firm KPMG is using its newly awarded U.S. Patent No. 11,720,842, "System and Method for Identifying Comparables," together with artificial intelligence, to protect clients from potential tax audits. The technology leverages AI to automate and mine data, reducing the number of discrepancies, tax authority audits, controversies and potential fines. The patented technology will also help companies with tax planning related to Pillar Two, allowing them to identify areas where changes can be made to optimize their tax strategy. The patented technology reviews hundreds of business descriptions and financial statements; leverages machine learning to identify comparable companies for transfer pricing-related applications, including compliance, planning and value chain analysis; uses proprietary AI models to rank the likelihood of possible matches and generate a similarity score of potential comparable entities; and provides strategic insights, including recommendations to accept or reject the potential comparable entity along with a justification to substantiate the analysis. The patent is a component of the firm's cloud-based AI-backed KPMG tpEngine – Comparables Insights tool, which sits on KPMG Digital Gateway, a Microsoft Azure-powered platform.

ADP Marketplace now offers AI-powered solutions

An ADP sign at the TechFair LA job fair in Los Angeles.

Patrick T. Fallon/Bloomberg

ADP has announced the availability of AI-enabled integrated partner solutions on ADP Marketplace, which now uses machine learning to surface applications to meet clients' HR needs. The capabilities are part of an initiative at ADP to bring AI to HR practitioners, managers and employees. Partners offering AI features as part of their solution must agree to comply with the ADP Marketplace's AI principles regarding human oversight, monitoring, explainability and mitigating bias. These principles are based on the same AI principles followed by ADP when developing its own products. This, in turn, is part of a larger comprehensive security assessment that every ADP Marketplace partner integration must go through to safeguard the confidentiality and integrity of their employee data.

Docyt launches "Docyt University"

Accounting automation solutions provider Docyt added a new resource, Docyt University, which provides educational materials to allow accountants and other financial personnel to train and become certified on advanced AI accounting tools. The free online curriculum centers on AI-driven accounting automation techniques. Docyt University provides a catalog of more than 400 training modules, including self-paced video tutorials, live webinars and step-by-step guides that teach best practices, industry-specific knowledge in finance and accounting, as well as tools for accountants. Courses are taught by a team of CPAs, accountants, financial professionals, industry specialists and Docyt AI experts. Upon completion of the course, Docyt University members receive CPE credits, as well as badges they can use to showcase their achievements on LinkedIn. Members also become part of Docyt University's community of accountants, CPAs, business owners, finance executives and professionals. Graduates will be included in Docyt's talent pool for future employment and other networking opportunities. Content is available on the Docyt University website and via Docyt's mobile app.

Danielle S. Cheek named as new head of analytics and AI for Caseware

Accounting solutions provider Caseware International announced the appointment of Danielle Supkis Cheek as Vice President, Head of Analytics and AI. Supkis Cheek joins Caseware from MindBridge where she was Vice President of Strategy and Industry Relations. Her career, spanning over 15 years in public accounting, includes senior leadership roles within various small and medium sized firms, as well as several years spent running her own practice. In her new role, she will be responsible for continuing to develop and drive Caseware's analytics, data, and artificial intelligence strategies with a focus on the delivery of innovative solutions that delight the company's global client base.

Partnerships and integrations

AML/KYC solutions company iDenfy, which specializes in identity verification and fraud protection, announced a strategic partnership with e-commerce platform Bestshopping.com, which focuses on cashback experiences. The company now uses iDenfy's KYC verification to identify potentially illegitimate customers and accept a wider range of documentation. … Business solutions provider Xero partnered with Sumday, an advisor-first carbon accounting platform, to help accountants and bookkeepers globally to manage their own and their clients' carbon accounting. Sumday's integration with Xero means transaction data can be coded to the relevant emissions source in Sumday, which is added to a carbon general ledger report, also prepared in Sumday, for audit readiness and reconciliation with financials. Xero also announced it will use Sumday for its own carbon accounting, enhancing Xero's in-house carbon accounting expertise in line with global carbon accounting standards and Xero's own net-zero commitments. … Insurtech firm Mylo has been selected by 1-800Accountant, a virtual accounting firm for small businesses, to provide a guided digital business insurance shopping experience to its network of over 200,000 businesses across real estate, e-commerce and other industries. By embedding Mylo's insurance intelligence platform, 1-800Accountant will now give customers one single place to set up their business, arrange tax and accounting services, and find customized business insurance for their needs.

Other news

Finance automation solutions provider DocuPhase received a majority investment from Aquiline Capital Partners LP, a private investment specialist in financial services and related technologies, and Level Equity, a private investment firm focused on high growth software businesses. The announcement did not include specific transaction amounts. … Accounting and business software providers Patriot Software and Vestwell have teamed up to host a free webinar to learn about key tax benefits available to small businesses that start a company retirement plan, 2024 changes, and which plans may be right for clients. It will discuss topics such as why 401(k) plans matter, the impact of SECURE 2.0, how the companies sponsoring the webinar can help, current state mandates, how to get started and a Q&A session at the end. Participants can earn one CPE credit for live attendance at the webinar. … Icertis, a provider of AI-powered contract intelligence solutions, said its Icertis Copilots products have driven the company above $250 million in annual recurring revenue.