Welcome to our weekly round-up of the latest news and updates from the accounting tech world.
This week, Tech Lowdown features Fathom’s cash flow statement, new partnerships, Pleo’s European expansion and Receipt Bank’s new Expense Reports tool.
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Fathom offers new cash flow statement
Fathom has improved its financial statements to make them more readable and easier to process. Among the new additions, the company has added a cash flow statement to provide users with an up-to-date view of their company’s cash position.
The company has also released an EBITDA layout for profit and loss statements, allowing users to analyse a company's operating profitability before non-operating expenses and non-cash charges.
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Pleo raises $56m for European expansion
Pleo has raised a $56m round of venture capital that the company will use to continue its product development, fuel its European expansion and triple its staff by the end of 2020.
The fintech startup, headquartered in Copenhagen, provides company cards for employees as well as software and mobile apps for real-time spending tracking and to eliminate the need to reconcile spending.
However, according to its cofounder Jeppe Rindom, the real goal is to decentralise decision-making at companies, putting more power in the hands of employees: “We want to build a product that enables what we see as tomorrow’s business leadership model,” he said.
“This is something that allows companies to entrust their employees with the company’s money. We think leadership is going in the direction of being bottom up.”
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Pagero Group forms strategic partnership with Thomson Reuters
Business network Pagero Group and Thomson Reuters have announced a new partnership to combine the ONESOURCE Indirect Tax’ tax and finance workflows with Pagero’s cloud-based business network.
The strategic partnership will facilitate the automated exchange of business documents across accounts payable and accounts receivable processes to mutual customers.
Among the additions announced is a mandatory business-to-government e-invoicing and e-ordering, invoice clearance and real-time transaction reporting, as well as periodic and ad-hoc reporting.
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Receipt Bank releases new Expense Reports tool
Receipt Bank has added a new expense reports tool that has been designed for clients that submit reimbursable expenses. The tool, which helps users collate their clients’ employee reimbursable expenses into regular reports, is available on the Extract, Streamline and Optimize versions of Receipt Bank.
Users of the Receipt Bank Optimize also have access to an advanced version of the expense reports, which automatically creates a report from the items submitted.
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Tipalti partners with Everflow
Payables automation solution Tipalti has partnered with coud-based marketing platform Everflow.
The integration allows customers to access performance marketing tracking tools and publisher payouts processing and keeps ad tech clients compliant with global payment regulations and tax codes.
“Publisher relationships are critical to the success of performance marketing networks and programs,” said Chen Amit, CEO and co-founder of Tipalti. “Our partnership with Everflow makes publisher payouts more seamless, reduces fraud risk, and offers a rich, global payment experience.”