Tech News: FinancialForce rolls out latest release

December 16, 2022 9:26 AM

FinancialForce rolls out its Winter 2023 release; Vic.ai raises seed funding that will go towards developing further enhancements; Kyriba launches new receivables finance solution; and other updates from the accounting technology world.

FinancialForce rolls out Winter 2023 release

Cohn, Michael

Business fintech provider FinancialForce announced the rollout of its Winter 2023 release, which includes several new features. The release includes enhancements to Services CPQ, allowing service teams to now identify specific rates, roles and skills. Services CPQ also offers a stronger connection to Salesforce CPQ, allowing for a combined solution. FinancialForce's latest release also features enhancements to PS Cloud Analytics, allowing for the ability to measure utilization capacity by hovering over a heat map, as well new forecasting capabilities for viewing all records. There will also be work planners and intelligent time tracking.

The winter release also features improvements to its ERP cloud system: There is an updated Bank Reconciliation Automation feature with automated transaction creation capabilities and matching rules. It also offers new Year-End Close Enhancements for Multi-X, improvements to Financial Report Builder, and the ability for financial planning and analysis teams to perform headcount planning by role and add salary increments when doing headcount planning, as well as a Deferred Income Waterfall and Procurement Workspace Enhancements.

Vic.ai raises seed funding

Vic.ai, an accounting automation solutions provider, announced an injection of $52 million led by longtime investors ICONIQ Growth and GGV Capital with participation from Cowboy Ventures and Costanoa Ventures. The company plans to use the money to expand its AI solution to automate and analyze purchase orders, effectively execute bill pay, and issue corporate credit cards. The company believes the purchase will promote a near future when AI technology will handle over 90% of cost transaction processing on behalf of finance teams, and facilitate autonomous purchasing.

Kyriba launches new receivables finance solution

Kyriba, a cloud IT and financial solutions firm, announced the launch of its new Kyriba Receivables Finance. Through the use of APIs, the new solution can connect to the seller's ERP to upload documents like invoices and credit notes, as well as update status and accounting in real time. Further, it allows for eligibility and limit checks before processing documents or receivable sales to banks, and then completes the workflow by connecting to funders and retrieving the status of drawdown requests. It also offers, once reconciliation is complete, the ability to automatically settle repayments of financed and collected invoices to the funder on the due date. The software, natively integrated with other modules of Kyriba's Liquidity Management Platform, also offers a homepage widget that makes visible things like prepayment statuses, collections, limits, DSO and other KPIs. The finance solution is available for corporates, large and midsized companies, as well as financial institutions in white-label solution.

K1x highlights new funding from Edison Partners

K1x, which makes automated solutions for the Form K-1, received a $15.5 million investment from growth equity investment firm Edison Partners. The new funding will be used to scale the company's commercial operations and product roadmap. It will also be used to accelerate the use of its machine learning technology into more industry segments and to grow in sectors that provide more solutions to clients. Further, K1x aims to be able to support its channel partners with complementary product portfolios, as well as increased marketing and sales support.

Partnerships and integrations

Quadient, a business solutions provider, announced its accounts payable automation solution recently gained enhancements to its existing integration with NetSuite, allowing NetSuite users to make payments within Quadient Accounts Payable by Beanworks using any bank account or payment method, including ACH, EFT, check, virtual credit card and wire transfer. Further, Quadient now integrates three-way matching within the purchase order function. … Lease accounting software provider LeaseQuery announced a partnership with accounting workflow automation company FloQast, which will allow both companies to offer clients solutions for both lease accounting and revenue reconciliation. ... Cash management solutions provider Trovata announced its partnership with JP Morgan Asset Management, where Trovata will host the Morgan Money corporate investing and trading solution as the first third-party app on its platform. … KPMG Germany announced it has established a strategic partnership with tax compliance solutions provider BlueDot. The firm can now offer the BlueDot Taxable Employee Benefits solution directly to clients, with KPMG supporting clients on implementation, configuration options and professional support.

Awards and honors

Forvis received a Microsoft Business Applications 2022/2023 Inner Circle Award, which is based on sales achievements. … Wolters Kluwer announced that members of the executive management team of Wolters Kluwer Finance, Risk & Regulatory Reporting won several awards: Claudio Salinardi was named the 2022 Risk Technology Executive of the Year, according to CEO Monthly magazine; Kris Van Bavel was named Risk Executive of the Year by EU Business News; and Jeroen Van Doorsselaere was named the EU Business News Global Risk Technology Executive of the Year. … Bloomberg Tax and Accounting named Shirley Sicilian of KPMG the winner of its Franklin C. Latcham Award for Distinguished Service in State and Local Tax. Sicilian leads the KPMG SALT controversy practice as national director.