The Downside of the Fed's Reversal

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Martin Currie Portfolio Manager Mark Whithead: The Fed's reversal of course on rate hikes, combined with worries about Brexit and the EU, has recently sapped investor confidence, notes Martin Currie's Mark Whithead. But in his view, that may encourage central banks to remain accommodative -- a plus for the markets.

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At a bird’s eye view, Bankers Life focuses on the insurance needs of the middle-income retirement market from more than 300 offices across the country. But we are so much more than just an insurance company.

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Machine Learning Application in Finance

Article | July 21, 2022

Machine learning (ML) is a facet of data science that uses experience instead of programming to learn patterns and improve performance. There is no doubt that it offers an exciting opportunity for the financial industry, where data rules the roost. Machine learning, like artificial intelligence, is designed with automation as the end goal. Ideally, machine learning will enable computer systems to access data and improve experiences based on them. All of this happens in the background. As such, there is no room for human intervention and, thus, no human errors or bias. Subsequently, this brings precision and accuracy in data insights, even when the volume of data is tremendous. With the inexplicable power that machine learning brings to finance, many fintech and financial institutions are implementing it in a multitude of ways. From an economic point of view, it is very premature to predict what we have for the next months and years, but within all the effects that this pandemic brought, it is notable that people have increased the desire to have their own companies and go digital.” Oscar Jofre Jr., Co-Founder, President/CEO at KoreConX Here are some of the applications that are currently in use. 1 Trading based on Algorithms Traditionally, traders rely on mathematical models that are based on constant monitoring of trade news and real-time market activity. These models use some predetermined criteria like timing, quantity, pricing, and other such factors to make automated trades. Algorithmic trading involves the use of trained algorithms to make informed and precise trading decisions. However, it takes the analysis and monitoring aspects to the next level. It is able to process enormous amounts of data and make near-instantaneous decisions, which gives traders an edge over the market. It also eliminates emotion-based decisions, making the process truly revolutionary. 2 Detecting and Preventing Fraud A fortified digital infrastructure is a must for banking and financial institutions to operate in the modern world. However, fraud and cybersecurity threats continue to grow in significance. Traditional fraud systems are susceptible to modern fraudsters. However, with machine learning at the helm, organizations can sift through a massive amount of data in less time to identify anomalies or unusual activities. This way, security teams can be instantly alerted to act. 3 Computed Portfolio Management Machine learning is taking portfolio management by storm with the introduction of robo-advisors. Robo-advisors are online applications that use machine learning to deliver financial insights to investors. They use algorithms that assess the investor’s goals and risks and provide a financial custom financial portfolio tailored to their risk tolerance. Not only are robo-advisors cheaper, but they also require low account minimums. 4 What’s the Writing on the Wall for Financial Services? AI, machine learning, and deep learning are the heart of the technology-driven innovation in finance and banking. Fintech applications like Signifyd, that uses ML to spot fraud transactions during checkout stages on eCommerce sites are paving the way for multi-industry digital security. Another ML startup called Zest is empowering lenders with credit scoring solutions that help in risk management. These examples only illustrate the many innovations that are driving the exponential growth and use of machine learning in trading, investments, and finance.

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CORE BANKING

3 Reasons CFOs Should Care About Investing in Cloud Based Banking

Article | July 13, 2022

Consumers today want fast, seamless, and effective services at their fingertips. In a world of virtualization, these demands keep bank C-levels on their feet. What better than cloud technology to address these demands? Cloud computing uses the internet to access data stored on external servers. Traditionally, banks have been slow adopters of technology and for good reasons. The risks involved in becoming a heavily cloud-dependent organization aren’t few. And banking institutions too, take their own time to assess risks. Despite this, cloud computing in banking presents a glowing opportunity for financial institutions to transform their operations. On-premise banking infrastructure no longer cuts it. It cannot meet modern challenges that require banks to access applications via the internet. Moving to the cloud isn’t a not an easy bargain, but one with many paybacks that bank CFOs must take note of. In this article we talk about the intricacies of switching from on-premise to the cloud in a modern context. We also talk about how CFOs can regulate costs and drive long-term financial strategies using the cloud. Ironclad Security Security is a serious concern for banks when moving to the cloud. Although 90% of banks use cloud computing for non-core processes, core services remain on the premise and off the cloud. This leaves a huge opportunity unused. With the unique security challenges so common to banking institutions, CFOs can advocate for specialized security enforcement solutions inside and outside the cloud that can meet rigorous security parameters. Fraud detection- It is important to mention here that public clouds are known to be more secure than on-premise infrastructure. This is thanks to the layers of protection that the cloud can be equipped with. Cloud-based banking also offers seamless fraud detection and protection by assessing large amounts of data from a variety of sources. It empowers banking institutions to stay ahead of the curve when anticipating discrepancies beforehand. Blockchain integration- Blockchain is the latest in technological innovation to provide ground-breaking use cases. In cloud banking services, blockchain is outgrowing its cryptocurrency ecosystem. It can be used to add a layer of security to data and cloud architecture. Richer Analytical Insights, Better Financial Reporting Cloud services for banks arm banking and financial institutions with the ability to breakdown data silos across the organization. This leads to centralizing data and generating 360-degree insight for analytics. Data insights have been proven to transform decision-making, operational efficiencies, and organizational processes. The most significant advantage, however, is product and consumer analytics. Product analytics- A reduction in product deployment cycles is just one of the many advantages that cloud computing in banking has to offer. It simplifies product testing in a way that enables organizations to test new solutions and to meet market demands and challenges while thinking on their feet. One of the most significant advantages is the easy facilitation of cloud banking possibilities that can empower customers of both traditional and non-traditional financial services. Consumer analytics- The cloud offers a hyper-flexible platform that is ideal for processing tremendous amounts of real-time data. For instance, when the cloud replaced an investment bank’s legacy banking infrastructure, it yielded an enormous boost in analytics. The transformation enabled trading teams to explore new strategies, execute experiments, and adopt analysis of data points they did not have before. Barclays, a premier banking institution, was able to free up resources for its risk analysis team by implementing a cloud-based automation process. This is further helping banks and financial firms tailor products that align with consumer demand while also balancing financial risks in a volatile market. Companies that do not make customer experience a priority will struggle and quickly fall behind.” Jeff Pedowitz, President and CEO at The Pedowitz Group Agility in Developing and Scaling New Product Offerings Agility is not just a buzzword in business. Today’s processes need to be lean and simplified to support growth in a fast-changing market. Cloud computing empowers organizations to be nimble in reacting to competitive market landscapes. In addition, accompanied by the power of data, modern financial institutions can go further than they would have anticipated in designing solutions. The wide-berth of opportunities posed by cloud computing for financial services can help create a highly competitive, agile, and scalable financial organization. Constraints to Look Out for When Switching to Cloud Computing for Banks While cloud banking services provide a new vista for banking and financial services, the transition to cloud banking may not be simple. The banking sector is evolving, and the demonstrated capabilities of the cloud come with a significant challenge that senior leaders must take into account. Migration Costs- The upfront cost of using cloud computing in banking is high. This may keep many banking and financial services’ organizations, especially smaller ones, from truly leveraging the cloud for open banking. A thorough financial analysis and planning is required to attain an equilibrium in cost through cloud banking services. Skill Shortage in Cloud- According to an Accenture study, 41% of organizations rank a shortage of cloud skills as one of the top three barriers to adopting the cloud. Achieving a balance of in-house and third party cloud talent is key. A great example of this was demonstrated by the banking industry itself when it transitioned from brick-and-mortar operations to digital and from websites to mobile. Compliance Concerns- Meeting security regulations and banking compliance codes is another significant challenge for cloud banking. Although regulatory authorities are increasingly supporting the cloud transformation, many banking institutions are cautious when it comes to exposing critical moving parts to regulation and the risk of non-compliance. To Round Off The cloud offers modern technology that is ready to scale at a day’s notice. With agility on offer, cloud computing in finance is much more than just an on-demand access to computing resources. Banking technology services are poised for a revolution, and cloud banking will play a major role in it. The points covered in this article discuss the immediate benefits that the cloud can offer. But as consumer demands and expectations undergo a whirlwind of activity, banking and financial services must join the bandwagon. They will need to assess how to leverage the cloud for their specific needs in a way that increases ROI and creates a sustainable, thriving organization. Frequently Asked Questions What are some storage options for cloud computing in finance? Public cloud storage is easily scalable as well as economical while private cloud storage offers complete control and greater scalability. Hybrid cloud storage offers the best of both worlds with significant user control and simplified customizations. Banks can explore a combination of cloud storage solutions that align with their security needs. What are the types of cloud banking services used by banking institutions? The types of cloud banking services that banks can opt for include: Software-as-a-Service (SaaS) Infrastructure-as-a-Service (IaaS) Platform-as-a-Service (PaaS) How many banks are now using the cloud? An IBM banking multicloud survey revealed that over 91% of banking and financial institutions were already actively using cloud technology.

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CORE BANKING

How Open Banking is Uncovering the Shroud of Consumer Experience

Article | July 14, 2022

The future of financial services is here, and transparency is at the core of the evolution. While technology, as with other industries, is at the center of the transformation, the unfolding face of finance is fueled by more than just innovation in technology. Putting the Consumer at the Heart of Banking Open banking is the latest advancement to come out of the crucible of technology and growing consumer demands. Open banking is the practice of enabling third-party financial solutions providers complete access to the consumer financial data stored by banks and non-banking financial institutions. This is executed with the help of application programming interfaces, or APIs. The concept of open APIs has been around in the form of standard web APIs that provide limited access to consumer data to IT departments of financial institutions (FIs). How Open Banking Aims to Raise the Bar? Currently, several process challenges are hampering customers’ banking experiences across the board. Some of these include lack of proactive customer service, lengthy resolutions, and delayed support. Open banking will get the ball rolling for new and small banks to compete with larger, established banking institutions. The increase in competition, transparency, freedom, and clarity is aimed at empowering consumers to seek out comparisons and customizations in financial services. For instance, through open banking solutions, consumers can easily access details on interest rates, banking fees, and other costs associated with a financial product or service. What’s in it for Financial Institutions? Any new financial and banking concept must be lucrative for it to be sustainable. So, it wouldn’t be unwise to ask how it benefits financial institutions of all shapes and sizes. While the open banking practice is customer-centric at heart, it has several benefits for everyone, from large corporations to small banks. Increasing Traction for a Wider Range of Products and Services Open banking will offer next-generation analytics capabilities that will set the ball rolling for banking institutions to cross-sell their products. By storing and managing all banking data on one platform, organizations will be able to optimize business resources while personalizing cross-selling and upselling offers to customers. Garnering Clear Insights to Inform New and Better Business Decisions Consumer research will no longer be needed for rolling out new products and services. With a holistic view of the banking customers’ data at hand, FIs can drum up their investments and make better business decisions. Gaining an Edge Over Competitors with Much Lesser Market Research Open banking allows fintech companies and other financial institutions access to data. But in addition, it also allows institutions to communicate with each other, which means being able to diversify and offer financial products that are a departure from the usual offering. Even then, FIs will be able to mold their solutions to meet the most urgent challenges of customers. Preparing for the Inevitable Disruption Whether or not you’re looking to adopt the open banking system, it is on a path towards disruption in financial services. Where FIs have been traditionally closed in order to maintain security, open banking is delivering iron clad security and privacy without the restrictions. Getting a peek into a rich set of consumer data is the best way to create valuable offering that uplifts traditionally banking service to be innovative and customer-centric and thus sustainable and effective.

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Blockchain and Its Most Useful Applications in Finance

Article | May 19, 2022

Blockchain technology is notable for its transparent database, safe data, decentralized network, and cryptographic transactions. By incorporating blockchain into existing banking procedures, FinTech firms have advanced even further. The powerful blockchain technology notably stores and records information on identities, assets, transactions, money and asset swaps in a secured network. Interestingly, the data is stored in blocks, each with a storage capacity of 1 MB. Having said that, Blockchain capabilities have contributed a new dimension to the Fintech scene, evolved as a technological revolution, provided enormous potential, and resulted in substantial changes to business structures and operations. Furthermore, they have piqued the interest of both start-ups and financial application development firms in investigating the demand for blockchain. Principles of Blockchain Blockchain, aside from being safe, gives true democracy and equality to financial institutions overseas. Blockchain has grown as a tremendous possibility for banking services to give billions of people the best and most convenient financial operations worldwide. Behind the successful virtue of blockchain, what are the core principles based on which blockchain is in demand nowadays? Find out the core in the following: Peer-based communication Computational logic A distributed database Permanent records Consensus protocol Distributed ledger All of the above principles of blockchain are successfully catering to the financial industry. Useful Blockchain Applications in Finance Blockchain applications gained popularity after the digital transformation of the finance industry. Some of the applications have assisted finance in shifting its operations to a more efficient and effective path. Based on these blockchain applications, Accenture predicts that embracing blockchain will save banks $8 billion in costs by 2025, a 27 percent decrease from 2019. Reduced costs of transactions Secured digital identity management A global network having no geographic limitations Crypto lending Regulatory compliance New crowdfunding models KYC Verification Maximizing Benefits and Minimizing Dilemmas Blockchain technology applications in finance have shown maximum benefit and have minimized a lot of financial glitches that existed before. To stay abreast, the legacy system of financial deeds is becoming increasingly rare, as most financial institutes and banks implement the technology globally. According to a Deloitte analysis, revenue from business blockchain applications is expected to reach $19.9 billion by 2025, giving considerable prospects for growth in blockchain FinTech. While talking about the transformation to the blockchain, automation played a crucial role in reshaping critical financial, operational risk and finance systems on a cloud platform. Most financial organizations now store their data on the blockchain, eliminating inefficiencies such as input failures, duplication, fraud, and other issues. The combination of automation and data empowers faster financial services that is likely to enable more effective financial services and client experiences in the future.

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Bankers Life

At a bird’s eye view, Bankers Life focuses on the insurance needs of the middle-income retirement market from more than 300 offices across the country. But we are so much more than just an insurance company.

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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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PAYMENTS

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.

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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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