It has been one of those weeks in which a lot of news has broken on both the US and international fronts. Here is an update of some things you definitely should be aware of.
ERP Demand Projected to Grow
A recent Research Nester report states, "The global ERP software market size is predicted to expand at ~10% GAGR between 2023 and 2035. Revenues are projected to be $131 billion (USD) by the end of 2035, up from 2022 revenues of $38 billion (USD).
One of the major factors cited for such an increase is the growth in automobile production. Worldwide, vehicle production grew by ~4% in 2022 over 2021, representing approximately $84 million ((USD) in additional revenues.
Because of the intricacy of automobiles, ERP software is expected to lead the way in their manufacture.
In addition, mobile ERP software is used on smartphones and cellular-based tablets. This use can only grow with the continuing expansion of cellular devices worldwide.
The Asian-Pacific region will experience notable growth and demand for ERP systems over the period, even though the North American region will have the highest market share during the same time frame. ERP makers will earn the highest revenues by offering cloud-based products freely accessible via smartphones or cellular tablets.
Key players in the ERP software industry are IBM Corporation, Microsoft Corp., Oracle Corp., NetSuite Inc., Sage Group plc and SAP SE.
Interested parties can request a free copy of the Research Nester report HERE.
Oracle Acquires Verenia
Verenia NetSuite CPQ, which is responsible for adding configure, price and quote features introduced by NetSuite during "SuiteWorld 2022," has been purchased by Oracle Corp. and will now join the Oracle NetSuite Global Business Unit.
Google Cloud and SAP SE have announced an expansion of their partnership in the introduction of comprehensive open data services. The new offering combines Google Cloud's data and analytics with SAP technologies to provide greater accessibility to a company's data and enhance enterprise AI development.
Davis-Bacon Act Expanded
This past August, the Department of Labor published final rules updating the Davis-Bacon Act, setting new wage standards for construction projects funded in whole or in part by the US Government. The revisions take effect Oct. 23, 2023.
Some of the key provisions of the Davis-Bacon rule-related updates include:
- Davis-Bacon requirements apply to all contracts subject to Davis-Bacon as a matter of law, regardless of whether Davis-Bacon provisions were included in such contracts.
- Reinstating the 30% rule for prevailing wages.
- When there is inadequate data to determine the prevailing wage in an area, Department of Labor data from the adjacent or surrounding metro area will be used to determine the prevailing wage applicable to Davis-Bacon subject projects.
- Requires annualization of Fringe Benefits; costs must be spread across all hours a worker puts in for both projects subject to Davis-Bacon and not subject to Davis-Bacon.
- Records related to Davis-Bacon compliance shall be strictly kept and maintained for a minimum period of three years following the completion of any project subject to Davis-Bacon compliance.
Source: U.S. Dept. of Labor Website (adapted by Insightful Accountant)
All of the new provisions, compared with their older versions, are best reviewed in the DOL Comparison Charts (example shown above) found HERE.
Qvinci's Newest Beta
Qvinci® Software has just released the Beta version of its much-anticipated P&L General Ledger Weekly Reporting functionality, with its breakthrough non-Sunday aligned weekly reporting and customizable accounting calendar technologies.
Source: Qvinci media source content.
You now can align your financial and business intelligence reporting with any day of the week, customize your annual accounting calendar and reporting periods, and report from data synced directly from the general ledger.
- If Saturdays and Sundays are your busiest days of the week, your financial, analytics and business intelligence reporting must no longer be split into two separate weeks.
- Customize your accounting calendar and reporting period structure to your specific needs, such as 4-4-5, 5-4-4, or 4-4-4 (or any combination), by entity or consolidated.
- You can even report by week per period, quarter, or year. For example, you can run reports over the last 13 weeks, by week, if that suits your needs.
The possibilities are virtually endless.
Final public release is anticipated in the fourth quarter of 2023. If you would like early access, contact Qvinci to get you set up on its Beta Program.
Translucent Launches QBO Integration
Translucent, a London-based accountancy platform for multi-entity and multinational businesses, has launched a QuickBooks Online (QBO) integration, enabling customers to consolidate and store multiple QBO files in a single location.
With this latest integration, QBO customers in the US, Canada, the UK and the Asia-Pacific region can use Translucent to centralize multiple QBO files.
Source: Translucent media source content.
These users can utilize Translucent apps, including Search, which enables searches across multi-entity data, Group Reporting to create automated, accurate reports, Live Sheets, which will launch soon, will enable customers to connect live with QBO data to Google Sheets and Intercompany, which will automate intercompany journal posting.
Further apps will be announced and launched in the coming months.
Translucent enables businesses to unify its financial data so it can be seen, used and searched in its entirety. It is being used by businesses worldwide, from software companies to restaurant groups to property developers.
MineralTree issues 2023 State of AP Report
MineralTree, a Global Payments (NYSE: GPN) company and accounts payable (AP) and payment automation solution provider, released its eighth annual "State of AP Report."
This year's survey examines progress in modernizing back-office finance processes for businesses amid the impact of multiple macroeconomic factors.
The 2023 report includes responses from buyers and their vendors, presenting a complete view of the AP and payment automation landscape.
MineralTree's "2023 State of AP Report" explores these trends and their significant impact on finance teams. It also offers practical guidance to help businesses optimize their AP and payment operations.
Some key themes highlighted in the report include:
- Recessionary headwinds, rising costs and hybrid workplaces pressure AP teams to do more with less.
- With increasing corporate belt-tightening, finance leaders are focused on boosting the productivity of lean AP teams and taking measures to cut costs.
- Vendor relationships play a growing role in the adoption of AP automation.
- The pandemic focused on the importance of strategic vendor relationships, and that sentiment continues to grow.
- Only 20% of businesses have fully automated their AP processes, creating ample opportunity for businesses to evolve their processes to remain competitive.
The full report delves into these topics and more in greater detail and is available for download HERE.
Aprio Acquires Antares Group
Aprio LLP, a leading business advisory and accounting firm, has announced the acquisition of Antares Group. This merger doubles the size of Aprio's restaurant franchise and hospitality segment and further solidifies Aprio's growing presence in the Southeast.
This move will enable Aprio to offer cost accounting services to its existing customers and expand its full offerings to new clients.
Recognized as a nationwide leader in the restaurant franchise industry, including 1,600-plus owner-operated McDonald's restaurants and other quick service and fast-casual dining clients in more than 40 states, Antares Group has successfully helped clients navigate obscure accounting and tax regulations with an innovative team for nearly four decades.
The strategic combination will propel Aprio's ranking even higher among national accounting firms, while doubling the size of its restaurant, franchise and hospitality industry team.
For more, CLICK HERE.
Disclosures
This feature was adapted from multiple media sources and press release content. Source materials were adapted by Insightful Accountant solely for educational purposes.
All trade names used herein, including vendor (app/software) products discussed, may be registered, trademarked, or otherwise held by their respective owners and are hereby acknowledged accordingly. They have been referenced for informational and educational purposes only.
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