Keeping abreast of what’s happening in the fast moving accounting technology space is like drinking from a fire hose. My co-host Tyler Caskey and I have sifted through all recent updates that have slowed the flow down, so you can drink from the accounting technology water bubbler.
You can tune into the latest Accountants Daily podcast, and read the highlights of the episode below.
Let’s get into it!
Cin7 the inventory and order management software provider has acquired Inventoro, the AI-driven sales forecasting and replenishment optimisation solution. There’s a big gap in the market, and if they integrate effectively, it means growing customers can delay an expensive ERP move.
Zoho has recently established its first Australian headquarters in Adelaide. Founded in India in 1996, Zoho is a billion-dollar company with 100 million users globally. Rather than a GL with an array of Apps around it, think of it as a self contained hive structure of 55 integrated business apps. It shall be interesting to monitor the impact of this commitment to the Australian market.
Dext have announced they are upgrading their core Dext Prepare product and combining it with features from Dext Precision and Dext Commerce to create a seamless experience. Alongside this, they are releasing features to give you integrated approvals, mileage tracking and supplier statement extraction and verification capability.
Tyler lamented that the magic feature we want in this space is automated live receipt capture triggered after using a credit card. Surely we can not be far off this?
The client engagement, billing and payment collection tool, Ignition has four updates; ‘Proposal add-ons’, Discounts, a new billing hub, and Instant Billing. The proposal add-ons’ gives clients the option to easily purchase additional services. The discounts feature highlights discounts available on the services menu page, and Instant Billing helps you bill for ad hoc or out of scope work. Many in our industry find themselves underbilling for out of scope work, and tech combined with mindset, can help streamline the billing process, ensuring all work is accurately captured and charged.
Apple is boosting its Siri voice assistant and operating systems by bringing Chat GPT to iPhones in an AI overhaul. They're calling it Apple intelligence.
LightYear, the automated accounts payable solution, has introduced Biometrics ID sign in on their mobile app. This will offer improved fraud control over a high risk area.
Translucent, the multi-entity solution, has released new features; the intercompany loan matrix instantly shows you if your loan accounts are in-balance and allows you to make adjustments back to all your Xero entities. They’ve introduced a new group Accounts Payable / Accounts Receivable report so you have visibility of all group outstandings in one place. They’ve also released a snippet of their next app: Treasury. The first release allows you to consolidate all bank balances in one place - so you can get an instant cash position.
Employment Hero has rolled out some significant features. Smart Match (think Seek or LinkedIn Recruiting) will check interest levels across their entire database of available candidates for your new job listing and auto-shortlist those interested. The Swag app now offers internal job posting. Shift Bidding, allows employees to bid for open shifts.
The US based payroll and HR solution, Gusto, has launched Gusto Global, powered by Remote, an all-in-one platform for global hires in Australia. It has built in compliance management, set and forget autorun payroll and localised support.
The workflow software solution Process Street’s update is the one I’m most excited about. Once you have Process Street set up, you can design a workflow diagram, and upload the image and the Ai will convert it into a workflow within Process Street, in moments. I’ve tested this with Patti Scarf, a Process Street expert and she agreed it was a significant time saver. This is a great use of Ai.
XBert the Ai powered data quality and workflow solution has introduced customisable XBerts, or as we like to call them Berties. It uses natural language to build the alerts.
Netgain has released a solution called NetCash, which helps NetSuite users with easier bank feeds to speed up the bank reconciliation process.
That’s the last of our app news. Moving into the GL world…
Intuit have introduced QuickBooks Ledger: low cost solution for simple clients. LodgeiT have added legal documents to QuickBooks Tax to support the general legal requirements of your clients. You can choose from their template library or customise your own documents, with client data automatically prefilling into the associated documents to help you streamline your workflow and save you time. It is good to see more functionality roll out in the AU market.
MYOB Advanced, MYOB’s cloud ERP solution, is being rebranded as MYOB Acumatica. MYOB has a lot of products/product names, and hopefully this change offers some clarity to their product range.
There are more updates from Xero about New Invoicing. They’re extending the availability of classic invoicing until 20 Nov 24, however all invoicing users will automatically default to the new version on every login in Xero. The app Jobber helps service businesses manage their operations efficiently. Jobber customers can now connect their account to their Xero organisation to sync contact and invoice information into Xero.
As you read this, I shall be heading to the USA to speak at Xerocon Nashville, on global trends in the accounting industry, then on to SuiteWorld 2024 in Las Vegas. Meanwhile Tyler Caskey, who’s currently rolling out a global payroll solution, and swimming in the Mediterranean Sea, off the coast of Croatia, where he is temporarily based, will be travelling to London to speak at Stacked 24. Yes, it’s kind of bizarre that we’re here commenting on the Australian accounting technology landscape, yet we are both frequently overseas. We are fortunate that accounting is a global language, and modern accounting tools give us the flexibility and freedom to work across borders.
I encourage you to subscribe, download and listen to the Accountants Daily podcast for valuable insight and lively commentary on these stories from the accounting technology world.
By Heather Smith, Anise Consulting.
Celebrating 20 years in business, Heather Smith FCCA, FCA, is an Accountant and Storyteller. Named by USA's Accounting Today as one of 21 influential figures shaping the future of the accounting industry, Heather educates the community about accounting technology through her Accounting Apps podcast, newsletter, and community. She’s authored ten business books about modern accounting practices. She’s obsessed with how effective automation and integration can produce timely clean data, to surface information for brave, fast data-informed decision making. Heather fell in love with accounting when she realised it was a profession she could travel the world with. She believes advisors can work from anywhere and support clients anywhere by honing their ability to offer services online. Heather is based in Meanjin (Brisbane) and does her best work with a hot pot of tea and Chester the Border Collie lazing at her feet.
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