Trovata.io has announced that its cloud-based financial management solution is now available to Sage Intacct customers. Trovata.io has hundreds of API integrations to US banks and is delivering on the promise of open banking. It takes cash management to a new level of automation and insight. Trovata.io is available on the Sage Intacct Marketplace now. It integrates using the Sage Intacct Web Services.
Dave McCutcheon, Vice President of Sales & Alliances for Trovata.io commented: “For too long, businesses at all stages have had to rely on manual and error-prone cash reporting using a combination of online banking and spreadsheets. As a result, many companies neglect cash forecasting altogether, leaving them exposed to risk while adding time and complexity to the strategic decision-making process.
“By joining the Sage Intacct Marketplace as a certified Partner, we’re able to add automated cash management to an already phenomenal ecosystem of solutions for finance and accounting professionals.”
Trovata.io also integrates to Oracle NetSuite and QuickBooks and will soon have integrations with Workday, Oracle and SAP. Unusually for a cloud software company it prices per annum. For Sage Intacct users, the cost starts at $3,600 per year. Though this varies based on the complexity of the bank partnerships each organisation has. No further detail is provided on pricing on the marketplace entry.
Benefits to cash management
Trovata.io bridges the chasm between the accounting system and banks. Having already integrated to a large number of banks it is ahead of many ERP solutions that are only just starting to build those interfaces. The solution takes feeds from banks and automates several processes to help both with the management of cash and reporting, both current and forecasted cash flows. It highlights five key benefits to the solution:
- Automate manual workflows for cash forecasting, reporting, and FX translation.
- Enable real-time scenario modelling for strategic decision making on the fly.
- Consolidate and easily search across all transactions and bank accounts.
- Eliminate risk associated with reporting on cash manually in Excel.
- Centralize data from Sage Intacct, banks, and excel reports, driving insights with built-in business intelligence.
Sage Intacct is one of the leading accounting solutions for the mid-market. Its ecosystem and its ability to attract new applications to its marketplace is critically important. Especially as it looks to compete with other solutions in the mid-market that have their own platforms, notably Oracle NetSuite but also FinancialForce.
Eileen Wiens, VP of Business Development, Sage Intacct commented: “We’ve built a thriving partner community and marketplace, with solutions that help companies extend the value of their Sage Intacct implementation. Our customers choose Sage Intacct to drive efficiencies across their financial processes, and by automating the cash forecast with this integrated solution, Trovata.io helps them further this goal.”
Trovata.io is relatively young. It was founded in 2016 and delivers data driven automation to cash management, integrating to both accounts payable and accounts receivable. In 2018 it a strategic investment from JP Morgan Chase although the funding amount was not disclosed. It had previously raised US $750,000 according to Crunchbase in three angel rounds.
What is unclear is how large its customer base is. However, by integrating with Sage Intacct it should widen its reach. It is also a timely integration, with Sage Intacct due to launch in Australia later this year and shortly afterwards in the UK. In the UK, open banking is available from September. If Trovata.io can create the integrations to key UK banks, for both Oracle NetSuite and Sage Intacct, it could be in a good position to penetrate the UK market too.
Enterprise Times: What does this mean
Automation of accounts payable and receivable is big business. Trovata.io has a slightly different approach than many of the other vendors. However, it needs to consider its position. It appears to be well ahead of many rivals. At present, it does not have the wider functionality that some of the AP and AR automation solutions have. Those solutions are already building integrations to banks, some internationally. Trovata.io will need to maintain a unique selling point and focus or it may need to partner.