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“At the center of any successful business is an accountingsystem fueled by data,” said Tom Hammond, Paychex vice president of corporate strategy and product management, in a statement. In October, supplier payments automation firm Tipalti also announced its QuickBooks Online integration.
AP automation is stepping into the void this has created with configurable, secure systems. American Express recently launched one such ready-to-fold-in AP solution, which is designed to work with the accountingsystems that businesses already have in place. And while Amex is a big fish, the AP automation pool is getting bigger.
Corporateaccounting software is now a continually evolving space, but progress doesn’t occur in a vacuum: External forces and trends, from changing regulations to increased adoption of FinTech by the enterprise, force businesses to adjust how they record and report financial data. Open Banking initiatives in the EU, U.K.,
So, why, then, would a corporateaccounting and consultancy firm want to introduce its own, sophisticated cloud-based accounting tool for its SME clients? That’s what accounting, consulting and advisory firm BDO is doing. .
According to researchers, “providing information only in financial, and not operational, terms is a common failure of accountingsystems, resulting in non-actionable information and missed opportunities to generate needed conversations.”
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