Tech news: Wolters Kluwer debuts AI-driven CPM

May 17, 2024 10:03 AM

Wolters Kluwer announced a CPM platform driven by artificial intelligence; Lettuce launched an AI-powered tax tool for sole proprietors; Lili touted its "Accountant AI" bot; and other accounting technology news and updates.

Wolters Kluwer announces AI-driven CPM

Wolters Kluwer announced the release of its AI-powered CCH Tagetik Intelligent Platform for corporate performance management. The platform features a host of different solutions, including Ask AI, touted as a new "GenAI ally" that enables users to receive real-time, visual responses to text- and voice-based natural language queries. The platform also enables self-service reporting, analytics, dashboarding and visualization, as well as the ability to rapidly search through organized information sets to quickly uncover answers to everyday business questions. It also reports AI Automapping, which accelerates data collection and facilitates data governance, as well as new AI Anomaly Detection, which encourages data integrity by automatically identifying outliers and flagging unusual or abnormal data patterns. The platform can also dynamically integrate financial, non-financial, and ESG consolidated numbers with narratives into data-linked reports. Finally, AI Driver-Based Analysis helps users analyze large swaths of data more quickly to identify key business drivers and exponential growth areas. For more, visit Wolters Kluwer's AI Center.

TaxDome adds client-facing status feature

Tax solutions provider TaxDome announced the launch of its new Client-Facing Status feature, which provides clients with real-time updates on their projects. It is aimed at reducing the number of times accountants must answer clients' questions about the status of their work. Firms can define their own set of statuses and provide optional descriptions for clarity, while clients can view the progress of their projects in real-time, directly within the TaxDome client portal on web or mobile apps for iOS and Android. The feature is now available to all TaxDome users at no extra charge.

Lili touts "Accountant AI" bot

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Small-business solutions provider Lili announced the launch of a new generative AI tool — Accountant AI — which leverages a business's financial data as well as current industry information to provide users with personalized, instant recommendations about their business's finances. It is the next generation of Lili AI, which had launched in August. Lili also partnered with Amazon Bedrock to ensure Accountant AI has privacy and security measures to keep businesses' data safe.

Expensify launches unlimited virtual corporate cards

Spend management solutions provider Expensify announced that members can now issue an unlimited number of virtual cards. This unlimited availability also comes with tighter controls: Customers can now set fixed or monthly spend limits for each card, as well as name their virtual cards, which makes it easier to assign them to specific accounts on creation. All Expensify customers can start using unlimited virtual cards immediately. Admins can initiate the process by opening Expensify, navigating to the Home page, and locating the new task to issue virtual cards.

Lettuce launches AI-powered tax tool for sole proprietors

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Fintech firm Lettuce announced the launch of its new LettuceHead AI solution, an AI-powered knowledge base and tax hub made specifically for solo entrepreneurs. Users can query the bot on tax and accounting matters and get immediate answers drawn from thousands of documents from sources like the IRS, other official tax sources, and insights from tax and accounting experts. LettuceHead AI is entirely free and is available around the clock. At launch, it will provide answers to common but impactful tax questions for solo entrepreneurs. Lettuce said that, in the coming months, customers will be able to get personalized tax advice tailored to their specific circumstances based on data within its system, which Lettuce will automatically analyze.

Modern Treasury adds AI to reconciliation

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Payments infrastructure solutions provider Modern Treasury announced new innovations to its Reconciliation product and AI tools designed to facilitate automation of the reconciliation process. Key features include AI-powered data ingestion that allows users to configure data pipelines for seamless data mapping and normalization, accessible via CSV upload for manual workloads and API for automation; AI-powered match and rule suggestions, which is meant to increase reconciliation speeds; rule customization that lets companies can configure reconciliation rules based on specific parameters; and account reconciliation, which enables teams to identify and remediate variances between their accounts and their ledger.

Io.finnet announces digital asset custody solution

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Fintech firm io.finnet announced the launch of its new "io.vault" solution, designed to work with OTCs, DeFi platforms, cryptocurrency exchanges, active trading funds, and more through empowering clients to securely hold and transact digital assets. The solutions works on the company's proprietary "Trustless Multi-Party-Computation," which distributes weighted signing authority among multiple participants. Additionally, configurable signing requirements enable customization to fit specific organizational needs while maintaining user autonomy over assets. Unlike custodial services that hold private keys, io.vault ensures companies maintain direct control of their assets. It also provides a fully customizable solution for transaction validation.

Partnerships and integrations

Tax solutions provider Avalara has joined the Shopify Tax Platform. Through the expanded partnership, Avalara can now assist all Shopify customers with their global tax compliance requirements, including sales tax, value-added tax, exemption certificate management, 1099 and W-9, property tax, and more. … Financial planning platform Vena announced the launch of Vena for Microsoft PowerPoint, a native integration with Microsoft 365 lets users dynamically connect charts, tables, textual narratives and dashboards from a built-in library of their existing financial and operational reports to any slide while maintaining their calculations, corporate branding, data visualizations and standard financial formatting; and interact with financial and operational data in real time and instantly refresh presentations with the latest results and Microsoft Excel formatting through a live integration with their Vena data model and reports. … Business management solutions provider Diligent announced that its recently released Board Reporting for Enterprise Risk Management has been further enhanced with data from analytics firm Moody's.

New hires and appointments

Accounting firm management solutions provider Ignition announced the appointment of Greg Strickland as its global president. In his new role, Strickland will be based in San Francisco and will oversee all operational aspects of the business globally with the Ignition executive team reporting to him, and partnering closely with CEO and founder, Guy Pearson.