App Watch on CaseWare Analytics, Avalara, and Abacusby
Welcome once again to our weekly accounting-related application roundup. This week, CaseWare is here with a new compliance solution, Avalara has added a global commerce taxes and duties cost tool, and Abacus introduced an automatic accrual accounting feature.
For those who don't yet know, this is a weekly column whereby we're not out to break news in the technology world â as it relates to you â but rather keep you informed and, where applicable, offer our take.
News: New Version of CaseWare Offers Anti-Money Laundering Compliance
CaseWare Analytics, a risk and controls manager for audit and finance professionals, has released version 5 of its CaseWare AML Compliance tool, which is designed to reduce compliance workloads and safeguard against hefty fines and penalties for noncompliance. This includes auto-generated customer risk scores and regulatory reports, sanctions list screening, and 100 percent monitoring of transactions from any data source so unusual activities are discovered more quickly.
Views: So basically outside of internal controls departments, any CPA assisting on risk controls should probably kick the tires on this tool. While there is still not 100 percent prevention against money laundering, any tool that is going to offer alerts and controls around this issue is going to be an asset.
News: Avalara Rolls Out LandedCost Service
The cloud tax and compliance service provider is at it again, this time with an offering called LandedCost, a product designed to enable small and mid-market e-commerce merchants to determine in real time the duties, taxes, cost of goods sold, and shipping costs for all global commerce transactions. Avalara's LandedCost calculates the taxes, tariffs, custom duties, and transportation fees associated with international shipping and delivery of products.
Views: Being an e-merchant is growing increasingly difficult in what taxes they are being asked to calculate and account for. And if you are an accountant working with a retailer that buys and resells products from other countries, or to them, you likely know the headache of having to account for all of the additional duties, taxes, shipping costs, and the like placed on those products. Here's a tool, and service, really, that promises to have all of that automatically calculated.
News: Abacus Introduces Accrual Accounting Sync for Employee Expense Reporting
Expense management provider Abacus now has an automatic accrual accounting feature that ensures expenses are recorded in the month incurred or earliest open month, regardless of when they are filed. The new feature is designed to provide insight into cash flow and profitability, and will be able to make more informed decisions about future spending. Abacus now automatically ensures each expense is recorded when incurred, regardless of when it is submitted or processed. It is also able to record each individual expense on exactly the right date, referencing the vendor, client, class, or any other custom field that is important for a particular company to track.
Views: As I mentioned in my predictions for 2016, expense management tools are about to take off in a big way. Yes, many have been around for a while, but with the growing need to simplify the most cumbersome, and potentially fraud-inducing processes, tools like these are going to be in higher demand. If for no other reason than to gain control over yet another daunting back-office process, Abacus is walking in the right direction here.