august2021 - 15

HIGHLIGHT TOP TECHNOLOGIES
INFLO INGEST - BY INFLO
https://inflosoftware.com/en-us/
Access to data has become even more challenging for firms during Covid-19 as
firms and business work remotely. Inflo Ingest is part of an innovative suite of cloud
solutions from Inflo. The Inflo suite is opening never-before-seen opportunities
for firms to instantly blend advanced technologies into their accounting and tax
services, applying progressive new technologies to drive greater value for their
clients. Traditionally, the biggest impediments to firms effectively applying data
analytics throughout their client services were the complications and headaches
of simply obtaining and cleansing the data. Inflo Ingest completely solves these
challenges by taking the burden of data acquisition completely off the engagement
team. And it can ingest data from 100% of accounting systems.
With Inflo Ingest, clients share financial and transactional data directly from
their system to Inflo via secure connectors interfacing directly with their accounting
system. The product carries out automated validation checks, and Inflo's highly
skilled data team on hand to support. Once ingested, the financial and transactional
data feeds into other Inflo modules which automate data analytics and AI-driven
processes. You never have to re-key data, saving significant time and driving
automation throughout the engagement.
TRANSCRIPTS TOOL - BY CANOPY
https://www.getcanopy.com/transcripts-tool
Many tax professionals got a surprise in May 2021, as the IRS stopped using many
transcript-pulling tools in an effort to improve the security of the process. This
left many pros without an easy way to get their clients' transripts. The good news
is that Canopy was selected as an official IRS partner in the new, secure API that
allows the safe retrieval of transcript data.
After working with the IRS and tax pros, Canopy implemented the API within
its cloud-based Practice Management suite to ensure firms using Canopy had
continued access to their clients' transcript data. The Transcript Tool was then
publicly launched to new users in June 2021. This new and secure API allows
users to instantly pull transcripts in a clean, easy-to-read format, complete with
actionable recommendations and the highest level of security.
Canopy users successfully pulled 16,360 return transcripts in just the first 15
days after Canopy released the tool. Once accountants have established access to
client records via a Form 8821 or Power of Attorney, they can work with transcripts
entirely electronically with Canopy, from pulling transcripts to submission with
Canopy's e-sign capabilities. With this IRS-approved tool, Canopy
eliminates the pain point of pulling transcripts and accountants
experience benefits including:
A one-time setup process that makes pulling transcripts easier,
instead of having to log in and authenticate every time
* Highest possible security for transcript data
* Improved reliability of data
* Increased tool stability
* Canopy saves previous versions of transcripts that were pulled for each
client, which allows the accountant to compare the past to present.
* Access to entire transcripts plus a summarized version that is easily
digestible and actionable
VIC.AI - BY VIC.AI
https://www.vic.ai
Vic.ai is an AI platform for accounting productivity. Vic.ai's machine learning
technology has been trained on more than 200 million live accounting
documents and transactions. Already surpassing human-level accuracy
for many tasks, Vic.ai helps accountants, CFOs, and accounts payable (AP)
teams become more efficient and reduce errors on routine accounting tasks.
Vic.ai saves companies, on average, 82% of their time on accounting tasks
and between $40,000-150,000/year in cost savings.
Vic.ai is an intelligent cloud platform that continually learns from
the actions of accountants and gets progressively smarter, removing the
more manual tasks from an accountant's plate. With the release of Vic.ai's
groundbreaking Autopilot feature in 2020, the platform is capable of making
accounting decisions without any human review. Normal automation can
perform specific tasks based on rules that humans have to constantly
create and edit. But Vic.ai proactively advises you on the right decision or
actions to take in an environment free of rules.
In 2021, Vic.ai added the Autonomous Approval Flows feature, which
determines the correct number of steps in the invoice approval process
and who needs to review each step automatically. Now Vic.ai manages
and autonomously automates all accounting decisions and approvals,
creating a centralized workplace for team efficiency. Vic.ai partners
with 100+ accounting firms worldwide, including four of the top
10 firms. Vic.ai was recently honored as one of the 2021 top new
products by Accounting Today.
2021 INNOVATION AWARD FINALISTS
AUDITFILE AI - BY AUDITFILE
https://auditfile.com/ai.html
AuditFile AI is a new product from AuditFile that incorporates artificial intelligence
and machine learning algorithms to help auditors complete audits faster and with
less risk. The system enables auditors to roll forward audits seamlessly from year
to year, while gracefully handling updates to pronouncements and professional
standards. It also enables auditors to classify a trial balance and build financial
statements with just a click of a button, saving weeks of time.
BPM LINK - BY BPM LLP
https://bpmcpa.com/BPM-Link
Intuitive and simple-to-use, BPM Link supports nimble communication among
employees, facilitates an agile and efficient work environment and fills the gaps
between employee perceptions and organizational objectives.
Encouraged for any business, including tax and accounting
firms, BPM Link simplifies collaboration by connecting team
members, clarifying expectations, aligning goals and
strategic initiatives, and guiding communication between
teams - thus driving overall workplace morale. BPM
Link offers employee-driven goal setting and tracking,
regular feedback and real-time insights on the status
of organization's initiatives. Additionally, the tool
engages employees in a clear understanding
and appreciation of the organization's vision,
purpose and values, leaving them feeling a
sense of belonging and connectedness.
AUGUST 2021 ■ www.CPAPracticeAdvisor.com
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https://www.inflosoftware.com/en-us/ http://www.VIC.AI http://www.VIC.AI https://www.vic.ai http://www.Vic.ai http://www.Vic.ai http://www.Vic.ai http://www.Vic.ai https://www.getcanopy.com/transcripts-tool http://www.Vic.ai http://www.Vic.ai http://www.Vic.ai http://www.Vic.ai http://www.Vic.ai https://www.auditfile.com/ai.html https://www.bpmcpa.com/BPM-Link http://www.CPAPracticeAdvisor.com
august2021

Table of Contents for the Digital Edition of august2021
