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Corporations are predicted to bump their spending on SaaS apps to $50.8 And that’s just a slice of the B2B subscriptions sphere, said Tyler Eyamie, CEO of subscription billing solutions provider Fusebill , in a recent chat with PYMNTS. billion by 2018, a 13 percent jump from 2013 levels, while 27.8
With market volatility and economic pressure higher than it has been in more than a decade, the ways businesses manage and account for their money is inevitably included in that wave of operational change. That means significant implications for the ways accountants and auditors operate both within an enterprise and externally from it.
A research firm has discovered that the number of material accounting mistakes made by U.S. For many, the mistakes were discovered when corporatefinance teams were changing accounting paperwork to comply with the new U.S. tax law and revenue accounting rules. public companies has gone up this year.
Steady digitization in stale B2B payments and the open banking movement are two closely related and increasingly exuberant expressions of money’s digital makeover. Impacts expected from open banking on the laggard B2B payments space are hard to understate. It’s worth the effort, as the growing number of B2B payments use cases prove.
Gappify is the latest company to roll out business accounting-related chatbot technology. 20) that it has launched Alan, chatbot technology designed to assist business accountants. Using robotics process automation technology, Alan automates tasks to help corporateaccountants focus on more strategic and value-add processes.
IKB Deutsche Industriebank AG , which works in lending and public loans, will work with Hypoport subsidiary and corporatefinance platform fundingport on corporatefinance improvements, according to a press release. Corporatefinance has shifted during the pandemic.
Now, analysts at the International Federation of Accountants (IFAC) are urging ERM to move beyond the c-suite. Professional accountants are well-positioned to better serve the organizations they work for by enabling effective enterprise risk management that identifies both risks and opportunities for the business,” the CEO noted.
Preparations for corporate banking disruption and PSD2 are stirring the innovation pot, it seems. We break down all the B2B FinTech funding rounds below. Corporate Banking. CorporateAccounting. though, is a particularly bright star this week, as more than 60 percent of that funding went to London startups.
In the accounting space, that means integrations with enterprise resource planning (ERP), accounts receivable, accounts payable, procurement, banking and other portals. This is one reason why companies may choose to work with a firm like Codence to custom build accounting software into their firms.
The big B2B venture capital news of the week was Augmentum Fintech’s trio of investments, signaling the company’s focus on the B2B FinTech market — but it wasn’t the only firm targeting this startup space. Augmentum Fintech announced its investment in Tide at the same time it revealed two other B2B FinTech targets.
This week's B2B Digest looks at how corporatefinance scams come in all shapes and sizes, from employee expense fraud to invoice falsification. Researchers discovered a "spillover effect," in which reports of corporate fraud were linked to an increase in local theft and robbery reports. "It
Corporateaccounting standards are changing, with the Financial Accounting Standards Board adopting new standards in ways companies report on leases, hedging and other financial activity. A recent report from CFO.com shed light on another factor driving accounting and financial transparency within corporate America.
Financial technology innovation has opened the doors to massive transformation of corporatefinance departments. While flashy corporate FinTech is exciting, innovation efforts have rarely focused on a mainstay of corporatefinance teams: the financial close process, a crucial, but continually outdated function.
In corporatefinance, automation changed the game. Accountants and other financial professionals once tasked with manual processes and number-crunching were freed up to focus on more strategic initiatives. Robotics process automation (RPA) is a recent favorite among some B2B FinTechs.
The trade finance industry encompasses a range of financial products all with a single goal in mind: Promote global trade and the financial well-being of traders. But there are multiple products available, and some have multiple names, leading to some confusion for both corporate traders and financiers. The 2018 collapse of U.K.
Corporate treasurers are exploring AI for their own cash management and forecasting needs, while AI is also being explored among both traditional and alternative finance players for risk mitigation and underwriting purposes. ” Even so, only 11 percent of companies surveyed have integrated AI within their finance functions. .”
One certified professional accountant, Evan Hutcheson, has launched his own company, Foundation to Cloud , to address some of the largest accounting and cash management problems faced by construction firms and contractors. “Construction accounting is a little more complex,” he recently told PYMNTS.
With the new funding, Finexio is looking at continuing to streamline and optimize the last mile of the corporateaccounts payable process. That enables finance teams to work faster and remove clunky manual processes.
Corporateaccounting platform ScaleFactor is rolling out its Android app for business professionals to gain real-time visibility into company finances. Small businesses historically don’t have the ability to access accounting, finance and back-office operations from smartphones and tablets,” Rathmann said.
Once again, alternative finance generated the most backing from investors this week — though not from venture capitalists (VCs). Instead, VCs leaned conservatively toward a mix of B2B FinTechs operating in the financial management space for small businesses (SMBs) and in the treasury management market for mid-level and larger enterprises.
Finance-as-a-Service startup Consero Global secured $50 million in funding for its solution, with reports in AustinInno calling it one of the largest investment rounds for a mid-market financial services startup. The company was one of several B2B FinTech startups this week to secure new funding.
This challenge exists for professionals across the back office, but in business accounting, the lack of data integration and accuracy mean finance experts are spending valuable time correcting information and moving numbers from one platform to another. ” Supporting an Accounting Shift.
Trade finance is a critical part of cross-border trade, particularly for small businesses. The explosion of different kinds of trade finance enables businesses to address multiple areas of cash flow gaps for both buyers and suppliers, all with the same goal: keep the global trade gears turning. Defunct U.K. Defunct U.K.
The future of the corporateaccountant is in flux. FinTechs are developing ways to automate accounting tasks, forcing human accountants to provide more strategic, value-added services. That doesn’t mean corporateaccountants are jumping ship, however.
The International Accounting Standards Board introduced a significant overhaul to lease accounting standards , and while the changes went into effect at the start of 2019, corporates continue to face challenges to adhere to the standards and remain compliant. In the U.S.,
The movement to speed commerce comes alongside the movement to open up trade finance, the funding of international trade through various agreements between sellers and buyers. But when late payments become part of the tapestry, financing options and inventiveness suffer. One notable user of such financing: Carillion, the U.K.
There is also the chance (please no, not this time) of some hassle with payments, such as the corporateaccount or card not going through, or maybe, on the travel agency side, a software glitch or another problem that adds friction and frustration to an already long travel day. Innovation Challenges. Large Firm Advantage.
It’s common sense that a corporation would want its C-Suite to have some knowledge of accounting practices, and one could assume that a lack of understanding of corporateaccounting may heighten the risk for misstatements on financial reports.
. “We started with a retail current account and then we launched business accounts, first for limited companies with a single director and now for sole traders as well, and soon for multi-director limited companies,” she said. More recently, the challenger bank rolled out account services for 17- and 18-year olds.
Corporate fraud continues to plague businesses large and small, and in this week’s B2B fraud tracker, many of the latest cases of nefarious activity within the enterprise can be traced back to the continued use of paper and legacy systems. The biggest story this past week, of course, was the revelation that as much as $2.1
challenger bank Starling Bank has introduced a new feature to let multiple business owners access a single account. Starling noted that the feature is rolling out 16 months after it first launched its bank account for single-person businesses. Today, that service is nearing 60,000 users, the bank said.
The company said this week that its new enterprise accounting solution, Dynamics AX, will run entirely on the Azure cloud infrastructure. According to reports on Wednesday (March 9), other accounting solutions from Microsoft only ran partially on the cloud; with Dynamics AX, Fortune reports, Microsoft is going “all in” on cloud technology.
Like an aftereffect of a sci-fi film, the rise in automation within corporate financial teams has led to fears and anxiety: Will humans no longer be needed in the accounting department? Are the CFO and corporate treasurer becoming extinct? Automation and accounting software may be to blame, the publication said.
That’s especially true in corporateaccounting, says Beanworks CEO Catherine Dahl. It’s an interesting time in accounting, and there’s a huge change coming,” she recently told PYMNTS, adding that digitization will become the norm, empowering humans to take on more strategic tasks while technology handles the repetitive stuff.
The largest round of the week went to OakNorth , but other significant investments landed at supply chain management, corporateaccounting and small business finance players, totaling more than $821 million in total VC funding. PYMNTS breaks down all the latest B2B funding rounds below. Chainalysis.
Financial Reporting Council’s Financial Reporting Lab has released a new report on the potential applications of blockchain in the corporateaccounting space. But the group also acknowledges that blockchain technology is not yet sufficiently developed to actualize its effect in the corporatefinance space.
corporatefinances following a series of scandals. Separate reports on Thursday in AccountingToday said the nation’s top auditors, including KPMG and PwC, have been urged to improve their corporateaccounting processes, with the U.K.’s
Bots are marching steadily into the corporateaccounting department as professionals feel more comfortable handing tasks to a machine. The more bots make their way into the accounting department, the more concerns arise about jobs, compliance, trust and other industry-unknowns. “This is such new territory for everyone.”
In a statement, SAP Concur Managing Director of Australia and New Zealand Matthew Goss said the collaboration will “provide travelers with easy-to-file expense claims and for finance managers [will provide] visibility into these expenses for compliance and control purposes.” ” In the U.S. ” In the U.S.
Nucleus Software on Thursday (March 12) announced the launch of expansions to its FinnAxia services to open virtual bank accounts for customers. Nucleus, which works in the field of lending and transaction banking, introduced the new service to help banks open virtual accounts for corporate customers. FinnAxia 7.0, FinnAxia 7.0,
On-the-go payments seem to be climbing the ranks among corporate priorities. New research from Kaspersky Lab and B2B International says corporates are increasingly using mobile devices for accounting and payments. About half of top corporate executives put money into corporateaccounts with a mobile device, reports added.
17), Paychex said its General Ledger Service (GLS) now integrates into QuickBooks Online for faster access to key data for both small businesses and their accountants. Last month, payroll firm ADP enhanced its Accountant Connect functionality to strengthen its existing integration with QuickBooks. In a press release issued Monday (Dec.
Two accounts receivable companies, REPAY Realtime Electronic Payments and InterProse, are integrating their perspective technologies to enhance accounts receivable (AR) services for joint customers. Last year, REPAY enhanced its accounts receivable offering through the acquisition of PaidSuite, another payments player in AR management.
Chief financial officers are changing their views on how they assess corporate performance in light of changes to lease accounting rules coming into play. Companies including Orange, Deutsche Telekom and Air France have already notified investors that they are amending or changing performance metrics.
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