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Month-End Closers Editorial
Ramp and Bill.com upgrades + Uncle Sam + AI
Amir Arani
April 05, 2024 • Estimated Reading Time: 10 minutes
Month-End Closers
Keeping You Ahead in Finance and Accounting
In this edition of Month-End Closers, we dive into:
🟨 Ramp Adds more User-Friendly Juice to its feature Pool
Ramp is an intelligent spend management + p-card solution designed for companies of all sizes.
The latest software update for Ramp introduces advanced contract parsing benefits, streamlining the Month-End Close Process and bolstering operational efficiency.
Data Parsing allows a customer to automate the organization of vendor contracts, ensuring that critical details are easily accessible and manageable. By centralizing contract information, it significantly aids organizations during audit and tax seasons, where organized records are essential. Completeness and accuracy assertions are the most basic of assertions that auditors love to test for, and Ramp’s advanced features streamline the ability to provide assurance in this realm.
Contract Renewals Insight: These advanced features also allow the controllership function to stay ahead of upcoming renewals, stay ahead of accessing the appropriate PO approvals, and setting up any necessary accruals. With their price intelligence feature, they also have the ability to inform your team if you’re contract price is too high for the offering, a feature that turns thousands in savings on autopilot.
Custom Fields: Adding custom fields becomes valuable when you want to add even more layers of data into Ramp that might be required for your specific business needs. This also adds more flexibility when it comes to integrations and data syncing across different ERP/cloud accounting platforms. These custom fields can also grant more flexibility with future automation triggers/conditions that may be used in your process flows.
Check out Ramp’s detailed review on Audit Friendly’s website
🔷 Bill.com Enters the Intelligent Insights and Forecasting Game
Last month, Bill.com released a new feature to compliment their suite of products called “Insights & Forecasting.” This feels like a no brainer with their current stack of features. You need to be a user of both Bill.com and Quickbooks Online to have this work properly, which should a large % of their customer base given 80% of SMB’s are on the Intuit-owned platform.
Forecasting: This new tool allows users to create a clean-view of their future cash flows (for the next 13 months) using data from both Quickbooks and the Bill.com platform. It also lets you analyze that data in multiple ‘what-if’ scenarios to make it easier on your team when it comes time to understand runway and cash burn metrics that are more customized to your business.
Insights: Insights are a fancy new way to look at your spend analytics visually, all in one nice dashboard. If you’re looking to get some more qualitative data into your monthly and quarterly reports, this becomes a nice way to quickly snag and drop graphs, charts and datapoints that are relevant to your team.
Check out the full update here:
Side note: Thoughts on this computer chair? Your back will thank you later ➡️ #BusySeasonTreat
Top Job Openings
Anthropic
Anthropic is a company that specializes in developing and applying artificial intelligence technologies to solve complex problems. They’re one of the leading players in the AI/LLM fight, backed by Amazon and are growing like crazy. Check out some of their roles for accounting and finance below:
Available Jobs @ Anthropic:
Head of Revenue Accounting
Senior Revenue Accountant
Senior Corporate Accountant
Binance
Binance is a global cryptocurrency exchange platform that provides a place for buying, selling, and trading a wide variety of cryptocurrencies. It also offers additional financial services related to cryptocurrencies, including wallets, savings accounts, and lending.
Available Jobs @ Binance:
Entity Controller
Finance Accountant
Revenue Controller
Central Finance - Internal controls
To see All available jobs, click here
Post a Job for $59 here: Link to Job Posting
Audit Friendly’s Bounty Program
Side Income? Yes Please!
Looking to make some extra cash?! We have our very own Bounty program through Audit Friendly’s network of recruiters. Check out our open roles that are offering commissions for candidates that are successfully placed through our network!
Big 4 Publications at a Glance
Deloitte's research on AI policies across 69 countries reveals a surprising uniformity in approaches to AI regulation, emphasizing a common pathway of "understand, grow, then shape" for AI development. Despite expectations of varied policy clusters, most countries adopt a similar set of strategies, gradually transitioning from understanding AI to fostering its growth, and finally to shaping its use through regulation. This uniform approach suggests a shared global starting point for AI regulation, though divergences appear in later stages, reflecting different regulatory philosophies and histories.
A divergence example between the EU and the US in AI regulation involves their approaches to risk management. The EU's draft AI Act is a binding legislation aiming to directly regulate AI applications, emphasizing risk-weighted regulation. In contrast, the US AI Risk Management Framework recommends non-binding actions, reflecting different regulatory philosophies and historical approaches to technology governance.
As we approach 2025, tax executives are urged to focus beyond the US 2024 presidential election, preparing for the expiration of key Tax Cuts and Jobs Act (TCJA) provisions and potential changes in US corporate tax. With significant tax legislation expected in late 2025, organizations should model various scenarios and communicate their impacts to stakeholders. This could have a major impact on our individual and corporate tax bills in the near future.
Productivity and AI
Tango.us
Tango is easily my new favorite walkthrough documentation tool. Visualize step-by-step, every aspect of your month-end close process with Tango’s screen capture and guide tools. — Try it for free!
Tella.tv
Tella.tv might be one of the easist video creation software’s out there - incredibly clean interface, easy to use, and perfect for sharing quick videos and onboardings with your finance or accounting teams - it’s also a cool 30% off here
In the News:
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