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Tech Lowdown: Sage, Receipt Bank, ApprovalMax and Market Finance

This week, our tech round-up features Sage’s partnership with Revolut, ApprovalMax integrates with ReceiptBank, CBILS funding for MarketFinance and more.

16th Sep 2020
Staff Writer AccountingWEB
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Sage partners with Revolut

Sage has integrated its accounting programs with Revolut, allowing common business customers to automatically reconcile transactions from Revolut to Sage accounts.

“Nobody started a business to reconcile their books every month,” said Sage executive VP for the small business segment Neal Watkins. “In 2020, the average business has spent three working weeks on such tasks. That’s unacceptable when there is cloud technology that automates repetitive manual tasks.”

“I save 10 hours of manual time every week as Accounting automatically imports and sorts my transactions,” said Sage customer Roisin Culligan from Brew Box Coffee Ltd.

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ApprovalMax partners with Receipt Bank

Approval automation app ApprovalMax recently partnered with Receipt Bank to provide an end-to-end data and process automation solution for Xero.

Both apps are pre-integrated with Xero so that invoices and expenses captured within Receipt Bank can now be routed straight to ApprovalMax’s flexible authorisation workflow. 

ApprovalMax’s approval process is based on criteria pulled from Xero as well as the approval matrix used to define authorisation levels to minimise the risk of fraud and human error.

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MarketFinance raises £50m for CBILS

With less than three weeks of the Coronavirus Business Interruption Loan Scheme (CBILS) left, fintech lender MarketFinance acquired an additional £50m to go towards CBILS lending.

The funding comes from Israeli asset manager Viola Credit and is earmakred for lending under the HM Treasury and British Business Bank CBILS initiative.

The announcement comes as MarketFinance launches a “unified application” process that presents small business borrowers SMEs with a variety of finance options in one place.

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Netsuite updates

NetSuite has added the following new features to its enterprise resource planning (ERP) platform:

  1. Invoice Consolidation: Consolidate multiple customer orders into one invoice 
  2. Increased Automation: Create and post transactions automatically from imported bank data 
  3. Unified Records: Automatically post, match and reconcile transactions based on cross-subsidiary fulfilment events all recorded within NetSuite 

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