Infographic: How life insurers are using or plan to use big data and predictive analytics

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Life insurers in North America are preparing for a dramatic shift in their use of big data and predictive analytics, according to a Willis Towers Watson survey. While many are just getting started, life insurers expect their use of big data and predictive analytics for decision making to soar dramatically within the next two years.

Spotlight

Auto Trakk, LLC

Auto Trakk is the leading automobile leasing company specializing in providing lease options to individuals with moderate to severe credit issues through franchised and independent automobile dealers in Delaware, Florida, Indiana, Kentucky, Maryland, Michigan, New York, North Carolina, Ohio, Pennsylvania, South Carolina and Virginia. Auto Trakk is a member of the following organizations. Better Business Bureau (BBB) - American Financial Services Association (AFSA) - National Independent Automobile Dealers Association (NIADA).

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4 Ways CFOs Can Prepare for a Dynamic New Normal

Article | May 26, 2022

Before the pandemic, CFOs associated resilience and organizational agility with the ability to anticipate and adapt to changing consumer demands and experiences. However, the pandemic completely overhauled corporate dynamics by disrupting supply chains, changing consumer patterns, and encouraging a remote way of working. The WNS Global CFO Survey 2020 showed that many CFOs are looking for strategic ways to get ahead of these challenges. Here are four ways that CFOs can refocus to respond to the new dynamic normal. Reinforce the Supply Chain Global supply networks have been impacted by COVID-19, prompting many firms to rethink their procurement practices. The WNSsurvey indicates that over 32% of CFOs rank the continuity of theirsupply chain as one of their three most significantchallenges. The primary difficulty facing the manufacturing and consumer packaged goods (CPG) industries is maintaining supply chain stability. CFOs can engage with procurement teams to review the supplier base in order to increase supplier resilience, as well as lead their organizations in implementing new supply chain models and processes. Digital technology enables the ability to make orders automatically and spot deficiencies more rapidly. It can also enable supply chains to become more flexible. Advanced analytics-based dynamic forecasting provides data in real-time so that inventory systems can be quicker and more reactive to demands. Drive Digital-powered Decision Making The WNS survey shows thatincreasing visibility is among the toppriorities for46% of CFOs. When aggregated financials are compared with overall performance, things are different. These comparisons also don't provide the organization with an adequate picture of the organization’s action steps. In such a scenario, data analytics, artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) offer a clear representation of information and key metrics. These cutting-edge solutions have empowered decision makers to pinpoint profitable products and services and mobilize investments into some products on the basis of solid data. Through close collaboration with data teams, CFOs may be able to achieve success in establishing and managing performance insightsfor sales, investments, marketing expenditures, and other areas of activity. Capital Management While customer demands are dipping across many industries, CFO's have a new capital challenge at hand. Theymust make sure their companies are adequately equippedto deal with the impact on income and itsimplications on investment and capital spending. Using a financial and governance framework, the information concerning receivables, payables, inventory, taxes, risks, and cash flow may all be integrated into a unified view of liquidity for CFOs. Gear Up for Disruption CFOs must help ensure their companies are adaptable enough to handle unforeseen turmoilas well as general political and economic unpredictability. Blockchain and other digital technologies establish a distributed system for frictionless departmental collaboration. Hence,the CFO and the widerorganization can build predictions and forecasts based on a single source of data. Parting Thoughts Rebuild but reimagine is what organizations and CFOs must do in order to thrive in the new dynamic normal. A stable supply chain, data-based decision-making, smart capital management, and gearing up for any future disruption is the way to go.

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A Guide to Banking in the Metaverse: Part 2

Article | May 19, 2022

In the first part of this article, we took a dive into what the metaverse is in the context of banking, what its benefits are and how it is affecting bank and consumer relationships now and in the future. Metaverse banking is undoubtedly the next phase of banking, but is it really a new concept? While the component technologies of the metaverse have been around for a while, their convergence has ushered in a new period of innovation for the banking industry. According to Accenture’s Technology Vision 2022 survey, 67% of banking executives worldwide believe that the metaverse will impact their organization positively, while 38% state it will be a transformational technology. Here are some organizations that are at the frontline of the metaverse banking revolution. KB Kookmin Bank: One of South Korea’ s most prominent financial institutions, KB Kookmin Bank, has a virtual bank that allows customers to access their financial information as well as get professional advice from a financial advisor through a VR-based interaction. BNP Paribas: The global banking group has a VR alternative for their retail banking customers. It offers a virtual reality app that enables users to access their account activity and transactions in a VR environment. Bank of America: Going one step ahead with its workforce management and training, Bank of America uses VR to train staff at its 4,300 financial centers across the country. VR environment training lets bank employees do complicated tasks in a simulated environment where they learn how to interact with customers and make sales. J.P. Morgan: J.P Morgan launched an Onyx lounge, a virtual lounge in the metaverse of Decentraland, which is itself a blockchain-based VR system. The bank enables cross-border payments, trading, foreign exchange, and financial asset creation, while Onyx facilitates blockchain wholesale transactions. HSBC: HSBC has gone ahead and bought a plot of land in the metaverse called The Sandbox, aimed at engaging sports and gaming fans. The Challenges Ahead and the Takeaway: As in social media or interactions in the real world, banks and other brands may be exposed to a variety of legal issues by using metaverses. Similar to how many didn't anticipate the potential adverse effects of personal abuse and the dissemination of "fake news," the extent of the risks may be difficult to predict at this stage. Despite the challenges, the metaverse offers an exciting possibility for banks. It could reduce the friction between modern digital platforms and offer a seamless consumer experience and a new way to move data without hindering security and data privacy. It’s a radical new technology, and financial institutions who are still considering its impact must start planning to enter the metaverse in the next couple of years.

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CORE BANKING

4 Trends Powering the Digital Banking Revolution

Article | July 14, 2022

Fueled by the emergence of new technologies and an ever-shifting workplace landscape, banking is powering a transition into a digital future for finance. The disruption in how we receive, save, and spend money is also enabling customers to expect and demand more from their banking. Service providers must now provide cutting-edge solutions to meet these demands in the era of open banking. The pursuit of innovation is producing a multitude of new trends in banking and finance. Here are five trends that are at the forefront of the banking story. 1 #1 APIs Application programming interfaces, or APIs are helping mobilize digital applications in banking like never before. Financial institutions are now able to offer swift yet secure digital banking services with a host of cutting-edge solutions through the use of APIs, all without incurring heavy costs to implement proprietary applications. 2 #2 Frictionless Transactions Being able to send and receive money seamlessly and in real-time has to be one of the most significant achievements of the digitalization of banking. It has not only upended traditional banking by reducing bottlenecks and delays, but also given a much needed thrust to the overall customer experience. The flexibility, ease, and promptness with which customers can now conduct transactions has singlehandedly given the digital banking economy a boost and laid the foundation for the creation of virtual versions of physical assets like credit cards and wallets. 3 #3 AI-powered Chatbots Artificial intelligence and machine learning in banking and finance are creating next-generation customer service solutions. The automation capabilities offered by AI chatbots and virtual assistants are helping financial institutions deliver faster and better banking experiences at a fraction of the cost. They are more capable of optimizing workforces to meet customer support demands, freeing up more resources. 4 #4 Multichannel Services Now that banking institutions are able to simplify consumer experiences, meeting customer needs across all channels has become a lot easier. Many organizations are developing an omnichannel banking experience that enables them to cater to complex demands and connect with customers at different touchpoints and stages of their consumer journeys. This enables banks to not only deliver better services but also customize their products and services, and provide a seamless, well-integrated experience. 5 To Conclude The digital wave is in full force, and banks and other financial institutions must take steps to integrate the above trends in their digitalization journey. They will need to on board a combination of automation, cloud banking, and analytics to unleash the full potential in order to keep customers coming back.

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CORE BANKING

A Guide to Banking in the Metaverse: Part 1

Article | July 13, 2022

The next generation of banking technology is here, and it’s in the metaverse. The metaverse is a virtual space that allows users to go beyond the web browser to engage in or even share experiences. The metaverse is built using technologies like virtual reality (VR), augmented reality (AR), blockchain and more. Consider being able to shop at a store, or play a game, or interact with friends, or meet with your bank representative, all in the 3D and without leaving your home. Now that the future is here, financial institutions will need to prepare to enter the metaverse and reimagine how they cater to their customers online. According to the Financial Brand, more than 47% of bankers believe that by 2030, many customers will use AR/VR as a channel for transactions. The opportunity is now. 1 Benefits of Banking in the Metaverse The most significant opportunity for banks is to capitalize on AR/VR to develop seamless consumer and employee experiences in the real-world. Some of the benefits include: 1.1 For Consumers Providing consumers with the ability to check balances, pay bills, transfer money, and do business utilizing AR and VR channels is known as metaverse banking Personalizing the banking experience by offering white glove service, tailored financial recommendations, investment planning and much more. 1.2 For Employees Providing immersive learning opportunities in the secure, replicated settings of customers or integrating their remote staff in ways that foster engagement, learning, and a sense of belonging. Equipping employees with the ability to underwrite loans using digital twins of a property instead of 2D photos and videos of the building. 2 How the Metaverse Will Impact Consumer Relationships? Banks shouldn't think ofjust enteringthe metaverse, determiningthe conditions of interaction, and capitalizing onit in order to increase trust and foster engagement. Innovative financial institutions will need to establish open communication with their consumers so that they are aware of the goals and intents of the organizational brand. The value transfers between institutions and consumers are no longer viable since the dynamic is one of collaboration and not just a vendor buyer relationship. Banks will need to reorganize how they create value if they want to build and maintain trust. 3 Moving Forward Many prominent financial institutions are riding the wave of metaverse banking. In the next part of this article, we will discuss organizations that are moving fast when it comes to adopting banking on the metaverse and how they are monetizing it.

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Spotlight

Auto Trakk, LLC

Auto Trakk is the leading automobile leasing company specializing in providing lease options to individuals with moderate to severe credit issues through franchised and independent automobile dealers in Delaware, Florida, Indiana, Kentucky, Maryland, Michigan, New York, North Carolina, Ohio, Pennsylvania, South Carolina and Virginia. Auto Trakk is a member of the following organizations. Better Business Bureau (BBB) - American Financial Services Association (AFSA) - National Independent Automobile Dealers Association (NIADA).

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Airbase Announces Integration with QuickBooks Desktop

Airbase | August 11, 2021

Airbase, the leading spend management platform for companies from founding to IPO, today announces a native integration with Intuit QuickBooks Desktop. The combination delivers a seamless, automated connection between company spend and the general ledger. This announcement adds to the expanding list of popular GL integrations available with Airbase, including QuickBooks Online and Xero, plus NetSuite and Sage Intacct ERPs. Airbase’s integrations are native, rather than “indirect” integrations that require a CSV download and upload tool that lengthens the time-to-close and introduces manual processes that can lead to error. This makes Airbase the only spend management company to integrate deeply with all five of the most popular general ledgers. “Developing deep and fully automated integrations with accounting and workplace software is one of the many things that differentiates Airbase from its competitors. QuickBooks Desktop is one more example of our commitment to creating an excellent user experience for all small to mid-market companies,” said Airbase Founder and CEO, Thejo Kote. Spend management provides the visibility and control needed to efficiently and safely empower employees to grow their companies. Airbase is the only platform that combines three products — comprehensive bill payments, software-enabled corporate cards, and employee expense reimbursements — and supports them with advanced approval workflows, robust accounting automation, and real-time reporting. This means that with Airbase, every dollar a company spends is captured, accounted for, and managed. With this new integration, QuickBooks Desktop customers using Airbase can: Shorten their month-end close by handling all AP from one platform with automatic transaction syncing to the GL in real time, including refunds from vendors and cash back generated from virtual cards. Boost efficiency by using reports built on real-time data and optionally generating amortization schedules. Save time and minimize errors by reducing the need for manual data entry, spreadsheets, expense reports, reconciliations, and multiple AP tools. “Allowing our users to fully and easily customize QuickBooks Desktop with Airbase gives them a superior spend management solution and lets them focus on growing their business instead of chasing transaction details and approvals,” said Kote. “We know that few vendors have integrated with QuickBooks Desktop, which has left QuickBooks Desktop customers having to make do with workarounds, homegrown solutions, and import/export headaches. We think it's time that changed — at Airbase we’re not going to leave QuickBooks Desktop users behind.” About Airbase Airbase is the only comprehensive spend management platform for growing and mid-market companies. It combines all-inclusive accounts payable automation, software-enabled corporate cards, and simplified employee expense reimbursements. Airbase applies consistent approval workflows across all areas, automates accounting, and provides real-time reporting for all non-payroll spend. Innovative accounting automation results in a faster close, better visibility, and true control. Most companies rely on a combination of siloed software products, spreadsheets, and manual workarounds to pay vendors and reimburse employees. Airbase eliminates the resulting messy tech-stack and inefficient processes by replacing products like Expensify and Bill.com. Airbase empowers employees with a uniform approach to spending money, whether that involves corporate card spend, raising a PO, or requesting reimbursement.

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FINANCIAL MANAGEMENT

Bookkeeper360 Introduces QuickBooks Online and Pay-as-you-Go Accounting Integration

Bookkeeper360, Intuit QuickBooks | May 31, 2021

The ability to handle a company's accounting and back-office in a straightforward, headache-free manner can free up a lot of time and energy for a small and medium-sized business. Bookeeper360, which has had five-star ratings for over a decade, certainly fits the description. The firm recently announced that the Bookkeeper360 App now connects with QuickBooks Online (QBO), increasing its possibilities to millions of small companies who use QBO to handle their accounts. Bookkeeper360 has also been recognized as an approved integration in the Intuit QuickBooks App Store, joining hundreds of technological solutions that assist small companies worldwide. Users of the app have reacted positively to the improved integration and access to real-time information. These insights and company performance dashboards include cash flow analytics, payroll data with Gusto integration, and the opportunity to contact accounting professionals all from within the Bookkeeper360 App. The Founder and CEO of Bookkeeper360, Nick Pasquarosa comments while announcing, "We are quite excited about being integrated with QuickBooks Online, which joins Xero and Gusto, as leading online accounting and payroll solutions Bookkeeper360 directly integrates with. The Bookkeeper360 App is actively being used by hundreds of small businesses who rely on the App to make business decisions daily.” Bookkeeper360 is also introducing a new Pay-as-you-go accounting service. Starting at $99 per hour, small companies may join up online and be linked with an accountant to handle all aspects of bookkeeping, back-office, consulting, and tax support. Pay-as-you-go accounting allows small companies to request services, manage projects in progress, and view their account balance within the App. "Finding expert accounting advice has always been a challenge for business owners, and here at Bookkeeper360, our mission is to change that. Pay-as-you-go accounting is designed to be similar to popular apps such as Uber and Starbucks, where a user has end-to-end transparency of what is being requested, the costs, and expected time of delivery" Explains Nick Pasquarosa, Founder and CEO of Bookkeeper360. Since the beginning of 2021, the Bookkeeper360 App has received weekly product updates that include file management, an onboarding wizard to assist clients in starting up with Bookkeeper360 services, task management, as well as a "Unreconciled Transactions" feature to hopefully prevent common bookkeeping errors. The Bookkeeper360 App was recently utilised to determine if customers were qualified for the Small Business Administration's second batch of Paycheck Protection Program loans. The development plan is vast, with additional features and integrations set to be released soon. About Bookkeeper360 Bookkeeper360 is a fintech accounting solution for small businesses. Bookkeeper360's product offerings include SaaS business intelligence tools and tech-enabled accounting, advisory, back-office, payroll, and tax services provided by its 100% U.S. Based team of CPAs and accounting experts.

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FINANCIAL MANAGEMENT

KPMG In Canada Launches Book Keeping And Financial Reporting Platform ‘Finance Plus’

KPMG | May 18, 2021

KPMG Canada is introducing Finance Plus, a modern cloud accounting system for small to medium-sized business owners who lack the expertise or in-house experience to handle their bookkeeping and financial statements. KPMG Finance Plus blends industry-leading financial resources with the tailored assistance of a KPMG accountant. Finance Plus is an accessible and cost-effective way for entrepreneurs, franchisees, and multi-site company owners to outsource bookkeeping and financial management, all while being supervised by a live KPMG specialist. Clients can provide visibility and access to a range of digital applications that provide end-to-end financial resources such as accounting, bookkeeping, budgeting, everyday transactions, payroll, and tax services through the modern technology portal. Finance Plus, as one centralised web hub, streamlines bookkeeping records and financial statistics, with timely monitoring that assists in tracking and evaluating a company's financial results. QuickBooks Online, Xero, Hubdoc, Dext, ADP, and Wagepoint are among the tech resources accessible through the easy, single sign-on portal. "We created Finance Plus for entrepreneurs who want to focus on running their growing business, and don't have the time or in-house expertise to manage their bookkeeping," explains Mary Jo Fedy, National Leader, KPMG Enterprise. He also adds, "Finance Plus features all the advantages of managing your finances securely in the cloud, with the accuracy and reliability of a KPMG professional. Each Finance Plus customer is assigned a highly trained and experienced KPMG virtual accountant, backed by KPMG's professional network of trusted business advisors." According to a new KPMG poll, the majority of Canadians (88%) believe small and medium-sized companies in Canada have become economic casualties of the pandemic, and many are now struggling as a result of lockdowns. A further 91% of respondents believe the pandemic has shown a real need for Canadian companies to improve their web visibility and technical skills. "Over the past year, few business owners have been able to escape the economic stresses of the pandemic, and those who have accelerated the shift to digital are better positioned to succeed. Whether a business is currently thriving, secure or challenged, owners need an affordable technology solution that provides an accurate picture of the health of their business in real time. Finance Plus gives clients immediate access to data and insights which can drive efficiencies and potential cost savings," concludes Ms. Fedy. Finance Plus has the following services: • Transactions on a regular basis • Bookkeeping that has been digitised • Accounts payable/receivable (AP/AR) • Payroll administration • Planning a budget • Reporting to management • GST/HST as well as federal income tax • Reconciliation of bank accounts and credit cards "Finance Plus provides a customized digital bookkeeping service with all the benefits of the cloud. When a business outsources its accounting function to KPMG, we put our people and technology-enabled services to work, freeing up business owners so they can stay laser focused on their business and make more informed financial decisions. That's critical in the current economic climate," According to Peter Gribilas, National Leader, Finance Plus, KPMG Canada. Finance Plus is designed for founders and small business owners who: • Lack a dedicated bookkeeper, controller, or accountant on-board. • Will benefit from routine reporting and analytics • Need assistance in financial systems such as bookkeeping or payroll. • Still working on paper-based financials. • Want a safe cloud-based system backed by KPMG experts with years of experience. • Want to get more insights and KPIs from their financials. • Are now using existing bookkeeping tools, but are thinking about outsourcing Fairly priced and personalised Pricing is customised to a client's budget and specific business demands, with the option to scale up as the business expands. For fast on-boarding, the Finance Plus app can also easily integrate with a client's current cloud applications. Taking the stress out of tax calculation To review year-end financial statements and full tax returns, the Finance Plus team will work closely with a client's local KPMG office. The app organises all year-end documents and safely sends it to a KPMG tax specialist. The consolidated centre removes the need to communicate with different individuals and places while still tracking financial data from various sources. About KPMG In Canada KPMG LLP, a limited liability partnership, is a full-service Audit, Tax and Advisory firm owned and operated by Canadians. For over 150 years, our professionals have provided consulting, accounting, auditing, and tax services to Canadians, inspiring confidence, empowering change, and driving innovation. Guided by our core values of Integrity, Excellence, Courage, Together, For Better, KPMG employs nearly 8,000 people in over 40 locations across Canada, serving private- and public-sector clients. KPMG is consistently ranked one of Canada's top employers and one of the best places to work in the country. The firm is established under the laws of Ontario and is a member of KPMG's global organization of independent member firms affiliated with KPMG International, a private English company limited by guarantee. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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Airbase Announces Integration with QuickBooks Desktop

Airbase | August 11, 2021

Airbase, the leading spend management platform for companies from founding to IPO, today announces a native integration with Intuit QuickBooks Desktop. The combination delivers a seamless, automated connection between company spend and the general ledger. This announcement adds to the expanding list of popular GL integrations available with Airbase, including QuickBooks Online and Xero, plus NetSuite and Sage Intacct ERPs. Airbase’s integrations are native, rather than “indirect” integrations that require a CSV download and upload tool that lengthens the time-to-close and introduces manual processes that can lead to error. This makes Airbase the only spend management company to integrate deeply with all five of the most popular general ledgers. “Developing deep and fully automated integrations with accounting and workplace software is one of the many things that differentiates Airbase from its competitors. QuickBooks Desktop is one more example of our commitment to creating an excellent user experience for all small to mid-market companies,” said Airbase Founder and CEO, Thejo Kote. Spend management provides the visibility and control needed to efficiently and safely empower employees to grow their companies. Airbase is the only platform that combines three products — comprehensive bill payments, software-enabled corporate cards, and employee expense reimbursements — and supports them with advanced approval workflows, robust accounting automation, and real-time reporting. This means that with Airbase, every dollar a company spends is captured, accounted for, and managed. With this new integration, QuickBooks Desktop customers using Airbase can: Shorten their month-end close by handling all AP from one platform with automatic transaction syncing to the GL in real time, including refunds from vendors and cash back generated from virtual cards. Boost efficiency by using reports built on real-time data and optionally generating amortization schedules. Save time and minimize errors by reducing the need for manual data entry, spreadsheets, expense reports, reconciliations, and multiple AP tools. “Allowing our users to fully and easily customize QuickBooks Desktop with Airbase gives them a superior spend management solution and lets them focus on growing their business instead of chasing transaction details and approvals,” said Kote. “We know that few vendors have integrated with QuickBooks Desktop, which has left QuickBooks Desktop customers having to make do with workarounds, homegrown solutions, and import/export headaches. We think it's time that changed — at Airbase we’re not going to leave QuickBooks Desktop users behind.” About Airbase Airbase is the only comprehensive spend management platform for growing and mid-market companies. It combines all-inclusive accounts payable automation, software-enabled corporate cards, and simplified employee expense reimbursements. Airbase applies consistent approval workflows across all areas, automates accounting, and provides real-time reporting for all non-payroll spend. Innovative accounting automation results in a faster close, better visibility, and true control. Most companies rely on a combination of siloed software products, spreadsheets, and manual workarounds to pay vendors and reimburse employees. Airbase eliminates the resulting messy tech-stack and inefficient processes by replacing products like Expensify and Bill.com. Airbase empowers employees with a uniform approach to spending money, whether that involves corporate card spend, raising a PO, or requesting reimbursement.

Read More

FINANCIAL MANAGEMENT

Bookkeeper360 Introduces QuickBooks Online and Pay-as-you-Go Accounting Integration

Bookkeeper360, Intuit QuickBooks | May 31, 2021

The ability to handle a company's accounting and back-office in a straightforward, headache-free manner can free up a lot of time and energy for a small and medium-sized business. Bookeeper360, which has had five-star ratings for over a decade, certainly fits the description. The firm recently announced that the Bookkeeper360 App now connects with QuickBooks Online (QBO), increasing its possibilities to millions of small companies who use QBO to handle their accounts. Bookkeeper360 has also been recognized as an approved integration in the Intuit QuickBooks App Store, joining hundreds of technological solutions that assist small companies worldwide. Users of the app have reacted positively to the improved integration and access to real-time information. These insights and company performance dashboards include cash flow analytics, payroll data with Gusto integration, and the opportunity to contact accounting professionals all from within the Bookkeeper360 App. The Founder and CEO of Bookkeeper360, Nick Pasquarosa comments while announcing, "We are quite excited about being integrated with QuickBooks Online, which joins Xero and Gusto, as leading online accounting and payroll solutions Bookkeeper360 directly integrates with. The Bookkeeper360 App is actively being used by hundreds of small businesses who rely on the App to make business decisions daily.” Bookkeeper360 is also introducing a new Pay-as-you-go accounting service. Starting at $99 per hour, small companies may join up online and be linked with an accountant to handle all aspects of bookkeeping, back-office, consulting, and tax support. Pay-as-you-go accounting allows small companies to request services, manage projects in progress, and view their account balance within the App. "Finding expert accounting advice has always been a challenge for business owners, and here at Bookkeeper360, our mission is to change that. Pay-as-you-go accounting is designed to be similar to popular apps such as Uber and Starbucks, where a user has end-to-end transparency of what is being requested, the costs, and expected time of delivery" Explains Nick Pasquarosa, Founder and CEO of Bookkeeper360. Since the beginning of 2021, the Bookkeeper360 App has received weekly product updates that include file management, an onboarding wizard to assist clients in starting up with Bookkeeper360 services, task management, as well as a "Unreconciled Transactions" feature to hopefully prevent common bookkeeping errors. The Bookkeeper360 App was recently utilised to determine if customers were qualified for the Small Business Administration's second batch of Paycheck Protection Program loans. The development plan is vast, with additional features and integrations set to be released soon. About Bookkeeper360 Bookkeeper360 is a fintech accounting solution for small businesses. Bookkeeper360's product offerings include SaaS business intelligence tools and tech-enabled accounting, advisory, back-office, payroll, and tax services provided by its 100% U.S. Based team of CPAs and accounting experts.

Read More

FINANCIAL MANAGEMENT

KPMG In Canada Launches Book Keeping And Financial Reporting Platform ‘Finance Plus’

KPMG | May 18, 2021

KPMG Canada is introducing Finance Plus, a modern cloud accounting system for small to medium-sized business owners who lack the expertise or in-house experience to handle their bookkeeping and financial statements. KPMG Finance Plus blends industry-leading financial resources with the tailored assistance of a KPMG accountant. Finance Plus is an accessible and cost-effective way for entrepreneurs, franchisees, and multi-site company owners to outsource bookkeeping and financial management, all while being supervised by a live KPMG specialist. Clients can provide visibility and access to a range of digital applications that provide end-to-end financial resources such as accounting, bookkeeping, budgeting, everyday transactions, payroll, and tax services through the modern technology portal. Finance Plus, as one centralised web hub, streamlines bookkeeping records and financial statistics, with timely monitoring that assists in tracking and evaluating a company's financial results. QuickBooks Online, Xero, Hubdoc, Dext, ADP, and Wagepoint are among the tech resources accessible through the easy, single sign-on portal. "We created Finance Plus for entrepreneurs who want to focus on running their growing business, and don't have the time or in-house expertise to manage their bookkeeping," explains Mary Jo Fedy, National Leader, KPMG Enterprise. He also adds, "Finance Plus features all the advantages of managing your finances securely in the cloud, with the accuracy and reliability of a KPMG professional. Each Finance Plus customer is assigned a highly trained and experienced KPMG virtual accountant, backed by KPMG's professional network of trusted business advisors." According to a new KPMG poll, the majority of Canadians (88%) believe small and medium-sized companies in Canada have become economic casualties of the pandemic, and many are now struggling as a result of lockdowns. A further 91% of respondents believe the pandemic has shown a real need for Canadian companies to improve their web visibility and technical skills. "Over the past year, few business owners have been able to escape the economic stresses of the pandemic, and those who have accelerated the shift to digital are better positioned to succeed. Whether a business is currently thriving, secure or challenged, owners need an affordable technology solution that provides an accurate picture of the health of their business in real time. Finance Plus gives clients immediate access to data and insights which can drive efficiencies and potential cost savings," concludes Ms. Fedy. Finance Plus has the following services: • Transactions on a regular basis • Bookkeeping that has been digitised • Accounts payable/receivable (AP/AR) • Payroll administration • Planning a budget • Reporting to management • GST/HST as well as federal income tax • Reconciliation of bank accounts and credit cards "Finance Plus provides a customized digital bookkeeping service with all the benefits of the cloud. When a business outsources its accounting function to KPMG, we put our people and technology-enabled services to work, freeing up business owners so they can stay laser focused on their business and make more informed financial decisions. That's critical in the current economic climate," According to Peter Gribilas, National Leader, Finance Plus, KPMG Canada. Finance Plus is designed for founders and small business owners who: • Lack a dedicated bookkeeper, controller, or accountant on-board. • Will benefit from routine reporting and analytics • Need assistance in financial systems such as bookkeeping or payroll. • Still working on paper-based financials. • Want a safe cloud-based system backed by KPMG experts with years of experience. • Want to get more insights and KPIs from their financials. • Are now using existing bookkeeping tools, but are thinking about outsourcing Fairly priced and personalised Pricing is customised to a client's budget and specific business demands, with the option to scale up as the business expands. For fast on-boarding, the Finance Plus app can also easily integrate with a client's current cloud applications. Taking the stress out of tax calculation To review year-end financial statements and full tax returns, the Finance Plus team will work closely with a client's local KPMG office. The app organises all year-end documents and safely sends it to a KPMG tax specialist. The consolidated centre removes the need to communicate with different individuals and places while still tracking financial data from various sources. About KPMG In Canada KPMG LLP, a limited liability partnership, is a full-service Audit, Tax and Advisory firm owned and operated by Canadians. For over 150 years, our professionals have provided consulting, accounting, auditing, and tax services to Canadians, inspiring confidence, empowering change, and driving innovation. Guided by our core values of Integrity, Excellence, Courage, Together, For Better, KPMG employs nearly 8,000 people in over 40 locations across Canada, serving private- and public-sector clients. KPMG is consistently ranked one of Canada's top employers and one of the best places to work in the country. The firm is established under the laws of Ontario and is a member of KPMG's global organization of independent member firms affiliated with KPMG International, a private English company limited by guarantee. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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