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Thomson Reuters expands SAP partnership
Thomson Reuters, a global content and technology company, has announced an expansion of its partnership with SAP as it integrates ONESOURCE Sales & Use Tax Compliance with SAP Document and Reporting Compliance for SAP S/4HANA. The new integration supports businesses using SAP technologies with automating and filing sales and use tax returns in the United States directly from SAP via a unified user experience, helping to streamline processes, save time, and support accuracy in tax reporting to minimize risk.
Ray Grove, Head of Corporate Tax and Trade at Thomson Reuters said: “By deepening our ONESOURCE integrations with SAP S/4HANA, we are delivering superior tax compliance solutions directly to customers where they are working – within their ERP system." Grove went on to say, "Our work with SAP underscores our commitment to equipping customers with best-in-class tax compliance technology through our long-standing partnership.”
ONESOURCE Sales & Use Tax Compliance facilitates a standardized and repeatable process for preparing and filing statutory reports within SAP Document and Reporting Compliance. It automates the preparation process across every US geography encompassing over 850 state, county, and city, signature-ready official return forms.
“Continued collaboration between SAP and Thomson Reuters helps us address the complex tax compliance needs of our customers in the United States..." said Elvira Wallis, SVP and Global Head of SAP Globalization. "This can make it easier to trace transactions to the source within SAP S/4HANA, ultimately helping to solve key business compliance challenges.”
This new integration with SAP Document and Reporting Compliance offers improved efficiency, accuracy, and transparency, as users can manage the end-to-end returns process from form generation to submission, directly on the system of record, SAP S/4HANA. Find out more at Thomson Reuters.
AccountsIQ Secures funding to Shape the Finance Function of the Future
Earlier this morning in London and Dublin, AccountsIQ, a cloud-based accounting platform, announced that it secured a €60M Series C investment from Axiom Equity, a growth equity fund specializing in B2B SaaS.
The new investment will focus on developing AI-powered products "to shape the finance function of the future." It will also provide AccountsIQ with resources to more than double its team to over 200 people, enhancing its AI capability to deliver more value to its diverse customer base.
AccountsIQ provides a financial management system SaaS system designed to solve complex problems like multi-currency consolidation, multi-level approvals, third-party integrations, and automation of daily processes.
Tony Connolly, Founder and CEO of AccountsIQ, commented, “Having hit a critical milestone with over 1,000 customers, we are now poised to take the AccountsIQ product and service to the next level. This investment comes at a perfect inflection point for our offering, to allow us leverage AI tools into practical, easy to adopt services for our user base; to make finance team roles more flexible, valuable, less repetitive and indeed more interesting.”
Martin Wygas, Founding Partner of Axiom Equity, added, “We were immediately impressed when we met the AccountsIQ team and saw... the potential to accelerate AccountsIQ’s product development with additional capital and expertise, we are excited to be partnering with them to scale AIQ to the next level.”
AccountsIQ empowers finance teams to collaborate digitally with stakeholders in their businesses by the right information at the right time, enhancing the organization's financial IQ so it can make better decisions. Learn more at AccountsIQ.
Vertex Acquires Tax AI from Ryan, LLC
Vertex, a global provider of tax technology solutions, announced its acquisition of advanced AI capabilities from Ryan, LLC to enhance speed, efficiency, and accuracy in tax mapping.
This move bolsters Vertex’s AI innovation strategy, enabling global companies to manage tax complexity with greater speed and scale. This is critical as tax leaders anticipate a 79% increase in the number and intensity of audits over the next two years.
Ryan’s AI technology allows Vertex to utilize proprietary and private language models to deliver GPT capabilities that uniquely take human intervention into consideration, improving tax compliance accuracy.
"We have had a strong partnership with Ryan for years. Now we have an opportunity to advance the value of AI for tax teams by combining Ryan’s extensive tax expertise with the strength of the Vertex technology platform,” says Chirag Patel, Chief Strategy Officer of Vertex. “This acquisition demonstrates the power of our partner relationship and our commitment to providing comprehensive cloud solutions to support the entire tax process.”
Vertex’s tax-intelligent approach combines advanced AI capabilities with automation that identifies when human intervention is necessary. This enables tax teams to achieve greater speed, efficiency and the highest levels of tax accuracy. Learn more at Vertex .
Disclosures:
This feature was adapted from press release content furnished by the respective companies discussed herein, or their designated media agencies. Source materials were adapted by Insightful Accountant solely for educational purposes.
Thomson Reuters® and ONESOURCETM are registered trademarks of Thomson Reuters Corp with headquarters in Toronto, Ontario, Canada.
SAP and other SAP products are trademarks or registered trademarks of SAP SE in Germany and other countries.
AccountsIQ offers cloud-based accounting software for medium-sized companies and non-profit that have either outgrown the capabilities of Xero, QuickBooks or Sage or a non-cloud legacy system, but don't want the cost and complexity of an ERP system.
Axiom Equity, a growth equity fund specializing in B2B SaaS companies. Axiom Equity is a registered trademark of Axiom Equity Capital Partners LLP.
Vertex is a registered trademark of Vertex, Inc., a global provider of indirect tax software and solutions. They are headquartered in North America with offices in South America and Europe.
Other trade names used herein may be registered, trademarked, or otherwise held by their respective owners and are now acknowledged accordingly. They have been referenced for informational and educational purposes only.
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