Industry Lowdown: cloud, development polls and AML regulations

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Accounting WEB
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AccountingWEB.co.uk
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Here is a round-up of the latest news and insight to feature on the Industry Update page during the last month.

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Sage develops a solution for desktop to cloud data conversion

Sage is developing a solution to process data conversions from the desktop system Sage 50 to the cloud-based Sage One.

Sage's solution aims to help accountants support clients who started out working with desktop systems and are now transitioning to the cloud. The solution is currently being developed to reduce the time and effort involved in moving their data from one system into another, whilst maintaining accuracy and minimising disruption.

Sage's transition solution will extract the clients’ source data from Sage 50, save it, and then import it into Sage One Accounting via the Sage One Partner Edition application.

A small group of accountants are currently testing the solution and their feedback will be used to further improve the system. 

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AccountancyManager polls AccountingWEB members

Software firms are prioritising their customers and prospects' software wishlists as part of their product development process.    

The accountancy software company AccountancyManager is polling AccountingWEB members about their product development plan. The first poll was published a month ago with the aim of letting their users and prospects choose what the most valuable updates were for them.

After the success of the first poll, AccountancyManager has released weekly polls on AccountingWEB, through email to existing customers, and on their social media channels. The firm’s weekly poll gives their current customers and prospects the possibility to vote on the top development requests. The firm then develops the winning update over the following weeks, in a process that they repeat weekly.

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Jordans: Key changes brought by the new AML regulations

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 bring various changes to comply with the proposals of the EU’s 4th Money Laundering Directive.

Jordans presents an overview of the key changes introduced by the new AML regulations, in areas such as company formations, politically exposed persons (PEPs), due diligence, independent audit function, risk assessment or the register of trusts.

In the area of people with significant control (PSC), any changes need to be filed within 28 days, instead of annually. Additionally, the definition of beneficial ownership has been widened, including PSCs.

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Expensify: How to simplify the preaccounting process

Expensify explains how to simplify the “preaccounting” activities that need to be done before the more valuable accounting work.

The gathering and coding data process that takes place before the accounting work starts can be quite time-consuming. In one of its latest updates, the software provider explains how to simplify the process by using artificial intelligence to automate the expense reporting process, for example, capturing receipts immediately and reading them using optical character recognition (OCR), routing them through the correct workflow and exporting them to accounting.

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Other worth watching items

AccountsIQ releases new features to its software and new OCR integrations with Kefron and AutoEntry.

Brightpay introduces a new payroll journal export facility and two NEST API features.

Exact explains how to go from accountant to consultant with BI.

Gabelle: Is the Onshore Employment Intermediaries Legislation HMRC’s best-kept secret?

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