In the News - June 27, 2022

One of your key daily tasks should be keeping up with the latest developments in the accounting business, but this can be challenging when you are juggling client work. Here are some recent news items.

Cin7, a provider of inventory management software, and Intuit unveiled a new cloud-native solution that serves as an alternative to ERP systems by combining top inventory management and accounting tools.

In this first of its kind, Cin7's new DEAR Advanced plan combines QuickBooks Online Advanced edition to provide a seamless, integrated, and affordable accounting and manufacturing inventory experience. This enables multichannel sellers to expand their enterprises by streamlining the following:

• Track raw materials for manufacturing
• Make one-of-a-kind custom products
• Track items with serial numbers
• Use dropshipping
• Measure items by weight

The package is extremely valuable to small firms and is offered for $4,500 per year. In comparison to ERPs, which start at $40,000 per year, the typical annual savings is $35,500.

Auvenir, the developer of a cloud-based end-to-end financial audit & assurance solution designed specifically for small to medium-sized accounting firms, announced a partnership with Validis, an award-winning secure data ingestion platform that pulls your clients' financial information in real-time and standardizes it for easy consumption.

Alexandra Romanet, Director of Market Strategy and Partnerships at Auvenir, said, "Validis' integration enables our customers to seamlessly pull ledger, sub-ledger, and transactional level data from the largest assortment of accounting packages in an easy-to-use module directly into Auvenir's end-to-end workflow and reporting tools. We believe this will propel small to mid-size firms to deliver more efficiencies, higher quality, and a more enhanced experience for their clients."

Learn more about features on the Auvenir platform here. 

Relay is providing a special offer to the thousands of its small and medium-business clients who will no longer be able to use Brex, a corporate spend management company. Brex announced that it is "less suited to meet the needs of smaller companies." Brex customers have until August 15, 2022, to move their money to an external bank or another platform. 

Relay was designed for small businesses and offers business banking that simplifies cash flow management. Yosef West, Co-founder and CEO at Relay, posted on LinkedIn, "The news that Brex is firing SMBs is incredibly disappointing. Small businesses are the backbone of the economy and represent more than 90% of all US businesses. We at Relay Financial reject the idea that large, sustainable businesses can't be built around SMBs."

Relay is offering $150 to Brex customers who are affected by the decision and who open and deposit at least $1 into a new Relay account. In addition, new customers will have a personalized onboarding call to make switching easier. Learn more about the offer and switch from Brex here. 

Shopify has announced two new offerings - a partnership with Twitter and a new piece of software for B2B users. 

Shopify and Twitter have teamed up with Shopify as Twitter's first commerce partner. Twitter Shopping will include two sections - Twitter Shops and Shop Spotlight. Twitter Shops will be a brand-new, independent retail tab that will let businesses display up to 50 items in their social storefronts. With Spotlight, businesses may display up to five products in a scrollable carousel right on their business profiles.

A new piece of software for B2B businesses has been made available on Shopify's platform. Shopify Plus merchants may access the new platform right away in the Shopify admin, which is the same back-office used to run DTC stores. This will make it simpler for retailers to use Shopify's robust customization options and manage every facet of their online store in one location.

Acumatica, the world's fastest-growing cloud-based ERP provider, has maintained its position as a global leader with seven number 1 rankings in the G2 Summer 2022 surveys. G2 is the most well-known forum in the world for evaluating business solutions. Acumatica was ranked first in Best ERP Systems for the Midmarket, Best Distribution ERP Relationship Index Overall, Best Mid-Market ERP Systems, Best Distribution ERP Overall, Best ERP for Mid-Market Distribution, Best Project-Based ERP Overall, and Best Project-Based ERP for the Midmarket.