Archive for Accounting

Robotic Acccounting startup raises USD30 million investment

UiPath, a New York-based company that uses computer-vision to automate repetitive business processes involving software, has raised $30 million to help expand globally, according to DigitalCommerce360.

The move comes as companies increasingly look to artificial intelligence to solve the sorts of routine tasks, such as checking invoices and inputting data from human resource forms into databases, that they once outsourced to low-cost human contractors.

UiPath’s software, unlike most macros, can carry out tasks across any software the business is using. In addition, users can train the tool with a set of rules or steps for analyzing the data it is handling. For instance, it could look up data from an SAP system, check if it meets certain conditions, and then input it into a Salesforce database.

UiPath says that it has 200 customers, including Lufthansa, Generali, Telenor and Dong Energy. It also has partnerships with consulting firms Deloitte and Capgemini, which often recommend its products to their clients.

The market for what is known as robotic process automation software is expected to reach $8.75 billion annually by 2024, up from about $125 million in 2015, tech research firm Grand View Research wrote in an October 2016 report. Grand View estimated that these software solutions are, on average, 60 percent cheaper than using humans to perform the same tasks and cost 30 percent less than using contractors in low-paid countries, such as India.

With the $30 million new investment, UiPath said it will be adding more “cognitive capabilities” to its product, such as natural-language processing and document sorting, so that it can handle both structured and unstructured data.

Mandatory e-invoicing for Vietnamese companies as from 2018

The Vietnamese General Department of Taxation has ruled that from 2018, firms with chartered capital of more than VND15 billion (>USD 659,000) must issue e-invoices and periodically send tax offices data on the issued invoices.

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Introducing S4FN – Solutions for Finance in SAP

S4FN - Solutions for Finance in SAP. S4FN is all about e-transformation services to create SAP add-ons on ERP systems for financial solutions. Their main consideration is at SAP financial applications, adaptation of process and compatible integration.

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Mexico announces first resolution under new e-Audit Mediation Process

See how electronic reporting by Invoicewarer International allows multinationals to improve accuracy and efficiently defend against audits within your existing ERP system

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Two major SAF-T changes in Portugal come into force as from July 1, 2017

February 28, 2017  |  Accounting, Compliance, Electronic Invoicing

First, it modifies the SAF-T file for invoices and delivery notes. Second, a number of codes (taxonomies) for the accounting files are added. This evolution of the file is designed to improve the quality of billing information.

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8 questions on the Spanish SII system, mandatory as from July 2017 [SAP addon]

SII - Immediate Information Sharing system will be mandatory as of July 2017 in Spain involving more than 62,000 companies.

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EDICOM offers SAF-T services for companies in Norway (mandated as from 2017)

February 17, 2017  |  Accounting, Compliance, Europe

As of 1-1-2017, companies either resident or with physical presence in Norway are required to provide their accounting transactional data based on SAF-T

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A common Franco-German e-invoice format is becoming a reality

A common Franco-German e-invoice format is becoming a reality

Stefan Engel-Flechsig wrote a post announcing that France and Germany are working on a common e-invoicing format. The co-operation mainly focuses on two areas: first, the question of a common Franco-German accounting form, which can be used in the same way in both countries and takes into account the requirements of the future EU accounting form. On the other hand, both forums have dealt with the legal requirements of electronic invoices and the audit by the auditors in the two countries.

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Turkey covers a substantial distance in the e-Transformation process

Turkey covers a substantial distance in the e-Transformation process

FIT Solutions, Turkey’s leading e-Transformation enterprise, analyses the conversion created by e-Transformation as follows....

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TrueCommerce Launches Sage 50 Accounts and Sage 200 EDI Integration in Europe

Sage is seamlessly connected to the TrueCommerce global trading platform with over 23,000 retailers, distributors and logistic service providers.

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