The Expensify Card's Enhanced Reporting and Control Features Allow CPAs to Provide Deeper Insights to Clients

SEATTLE (Dec. 11, 2019) – CPA.com announced today that the Expensify Card, Expensify's free corporate card for firms and companies of all sizes, has been added to its lineup of innovative solutions for CPA firms. The Expensify Card creates an uninterrupted, end-to-end receipt and expense experience for users, and CPAs can leverage its spend control features and real-time reporting to better advise clients.

"The expansion of the Expensify program to include a 'smart' business card will make expense reporting even more seamless," said Erik Asgeirsson, president and CEO of CPA.com. "Having a smart business card that automatically feeds data into the expense management and financial tracking systems creates value for firms and clients and is another good example of how pre-accounting inputs are being automated."

Features and benefits of the Expensify Card include:

• Real-time insight into client cash flow with daily settlement of all purchases
• Cards that go over their unapproved expense limits turn off to control exposure
• Automatic expense verification so approvers only review non-compliant line items
• Digital, IRS-guaranteed eReceipts for almost every purchase – no more paper receipts
• An instant notification after swipe if the cardholder needs to add expense details
• Continuous reconciliation of expenses, aided by Expensify's direct integrations with all major accounting packages
• No more waiting 30+ days for approval – once confirmed, clients can roll out virtual cards to their employees immediately

Small and medium-sized businesses have long been underserved by traditional corporate cards. Small businesses in particular often lack the credit history and growing revenue required for corporate card approval, which limits the number of options CPA firms can recommend to their clients in this sector.

"CPA.com is the leading resource for CPAs and firms of all sizes who are interested in providing business advisory services to clients and helping them adopt smart, innovative technology to transform their business," said David Barrett, founder and CEO of Expensify. "That's why we're thrilled to expand our partnership with CPA.com to not only bring Expensify to CPA firms and their clients, but now the Expensify Card as well."

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company's core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world's most influential organization representing the profession. For more information, visit CPA.com.

About Expensify

Expensify is the world's most widely used receipt tracking and expense management platform. It's won acclaim for an easy user experience and bi-directional integrations with all major accounting packages, including fellow CPA.com-endorsed solutions Bill.com and Sage Intacct. Like CPA.com, Expensify also focuses on CPA education with their CPE-accredited ExpensifyApproved! Partner Program, aimed at training CPAs on receipt and expense management best practices.

The American Institute of CPAs and its subsidiary, CPA.com, have expanded their OnPoint family of products built on the CaseWare Cloud platform. Three standalone solutions will be added to the OnPoint A&A Suite – OnPoint Collaborate, OnPoint AnaltyicsAI, and OnPoint EBP.

The AICPA and CPA.com have been forward thinking on artificial intelligence, and how it will shape the accounting industry in the near future, specifically the audit function. The OnPoint A&A suite is driven by AI, offering intelligent client collaboration, automated data acquisition, transaction testing of general and sub-ledger activity, and standardized, out-of-the-box engagement templates. AICPA guidance and methodology are embedded throughout the suite’s solutions.

OnPoint PCR, a smart, cloud-based solution that helps accounting firms conduct preparation, compilation and review engagements, was launched last year; and was named an Accounting Today 2019 Top New Product.

OnPoint Collaborate, which is new, is a firm and client collaboration solution for document gathering, which is hoped to free firms from email which is often less secure. OnPoint Collaborate provides ready-made provided-by-client (PBC) templates and a secure, centralized location to store client files and manage document requests. This capability already generates queries for client documents within OnPoint PCR. OnPoint Collaborate also integrates with CaseWare Working Papers.

OnPoint AnalyticsAI, also new, is a customizable tool that uses data analytics to determine risk in transactions reviewed within an engagement. OnPoint AnalyticsAI automates data acquisition and uses artificial intelligence to better identify anomalies and risk across entire data sets, driving powerful insights for auditors. Multiple tests can be run on transactions automatically, and the type of tests can be configured based on the type of review.

Coming soon is OnPoint EBP, a module for employee benefit plan audits performed under ERISA Section 103(a)(3)(C). As with OnPoint PCR, key features will include tailored inquiries and document requests, intelligent templates, status tracking in real-time and embedded AICPA guidance and methodology. OnPoint EBP will also include diagnostics and standardized testing templates.

The OnPoint A&A Suite is part of the Association’s broader effort to evolve auditing for the profession. The AICPA has been working on an initiative around what it calls the Dynamic Audit Solution, also built on the CaseWare cloud platform, in development to transform audit methodology.

The OnPoint suite expansion was announced at the Digital CPA Conference, CPA.com’s annual event for firms interested in accounting innovation.

New Tools Built on CaseWare Cloud Platform

SEATTLE (Dec. 10, 2019) – The American Institute of CPAs and its subsidiary, CPA.com, today announced the expansion of their OnPoint family of products built on the CaseWare Cloud platform. Three standalone solutions will be added to the OnPoint A&A Suite – OnPoint Collaborate, OnPoint AnaltyicsAI, and OnPoint EBP – to aid growth-minded firms in improving efficiency, building trust and delivering insights to clients.

Driven by artificial intelligence and data analytics, the OnPoint A&A Suite offers CPA firms secure, streamlined collaboration with clients, automated data acquisition, transaction testing of general and sub-ledger activity, and standardized, out-of-the-box engagement templates. AICPA guidance and methodology are embedded throughout the suite's solutions, providing a seamless experience for users.

"AI data-driven analytics are transforming the value that CPA firms can deliver to clients," said Erik Asgeirsson, president and CEO of CPA.com. "We are seeing the reinvention of all major practice areas, from assurance to tax planning to client accounting services. The expanded OnPoint Suite will give CPAs new tools to automate data acquisition, analyze risk and simplify engagements."

OnPoint PCR, a smart, cloud-based solution that transforms how accounting firms conduct preparation, compilation and review engagements, was launched last year. It's received strong reviews from firms and won a CPA Practice Advisor 2018 Tax & Accounting Technology Innovation Award and was named an Accounting Today 2019 Top New Product.

Two of the new OnPoint applications are available now:

• OnPoint Collaborate – A robust firm and client collaboration solution for document gathering, which eliminates the need for less-secure email communications when exchanging information. OnPoint Collaborate simplifies the "provided by client" (PBC) document collection process and provides ready-made PBC templates and a secure, centralized location to store client files and manage document requests. This capability already generates queries for client documents within OnPoint PCR, making it a powerful tool for connecting CPAs to their clients. OnPoint Collaborate also integrates with CaseWare Working Papers.
• OnPoint AnalyticsAI – A customizable tool that uses data analytics to determine risk in transactions reviewed within an engagement. OnPoint AnalyticsAI automates data acquisition and uses artificial intelligence to better identify anomalies and risk across entire data sets, driving powerful insights for auditors. Multiple tests can be run on transactions automatically, and the type of tests can be configured based on the type of review.

The OnPoint A&A Suite will also soon include OnPoint EBP, a module for employee benefit plan audits performed under ERISA Section 103(a)(3)(C). As with OnPoint PCR, key features will include tailored inquiries and document requests, intelligent templates, status tracking in real-time and embedded AICPA guidance and methodology. OnPoint EBP will also include diagnostics and standardized testing templates to help firms improve quality with less effort.

"Our partnership with AICPA and CPA.com is allowing our organizations to deliver solutions that answer the demands of firms large and small," said Ross Hampton, CaseWare's head of marketing and sales. "The CPA profession is experiencing unprecedented change, and the CaseWare Cloud platform that powers the OnPoint suite is driving this transformation through innovative offerings that meet the demands of the profession."

The OnPoint A&A Suite is part of a broader effort to evolve auditing for the profession. The AICPA and CPA.com are working with leading CPA firms on the Dynamic Audit Solution initiative, also built on the CaseWare cloud platform, which is developing a transformative audit methodology that will enhance the efficiency, quality and value of audits.

The OnPoint suite expansion was announced at the Digital CPA Conference, CPA.com's signature event for firms interested in accounting innovation.

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company's core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world's most influential organization representing the profession. For more information, visit CPA.com.

About the American Institute of CPAs

The American Institute of CPAs (AICPA) is the world's largest member association representing the CPA profession, with more than 429,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the profession.

About the Association of International Certified Professional Accountants

The Association of International Certified Professional Accountants (the Association) is the most influential body of professional accountants, combining the strengths of the American Institute of CPAs (AICPA) and The Chartered Institute of Management Accountants (CIMA) to power opportunity, trust and prosperity for people, businesses and economies worldwide. It represents 657,000 members and students across 179 countries and territories in public and management accounting and advocates for the public interest and business sustainability on current and emerging issues. With broad reach, rigor and resources, the Association advances the reputation, employability and quality of CPAs, CGMAs and accounting and finance professionals globally.

About CaseWare

At CaseWare, we develop cutting-edge software solutions for accounting firms, corporations and governments. We continually work to produce a stream of successful product improvements, innovations, adaptations, and extensions that will change the future of audit, financial reporting and data analytics. Our CaseWare Working Papers, IDEA, and Cloud platforms are using artificial intelligence and machine learning to change the way we think about and work with data.

The result: measurable returns on efficiency, quality, and value for firms and their clients. Leading the industry of over 30 years, more than 500,000 users in 130 countries and 16 languages use CaseWare Solutions.

Accounting advisor CPA.com and cryptocurrency accounting automation startup Lukka partnered to jointly launch a crypto asset tax preparation tool.

CPA.com announced the partnership with Lukka in a press release published on Dec. 9. Per the release, the “LukkaTax for Professionals” crypto asset preparation tool for accountants aims to address issues currently faced by companies in the crypto industry.

Specifically, CPA announced plans to start providing services for valuing digital assets and assurance around blockchain technology.

A pressing need

CPA.com states that it decided to engage with Lukka because of the growing portion of the American population that owns and trades crypto, and thus will need to claim taxes on their holdings. The firm’s president and CEO Erik Asgeirsson noted that the sharp increase:

“The need for firms to understand the crypto asset category was greatly accelerated with the IRS issuing thousands of compliance letters recently. The combination of an institutional-grade solution from Lukka with our firm enablement capabilities will help firms address these complex client needs.”

According to the announcement, the tool’s browser dashboard allows tax professionals to make updates across multiple clients and upload files to cut data manipulation and mapping times. Lukka CEO noted the importance of accurate crypto tax assessment for certified public accountants (CPAs):

“We know that every CPA will need to pose the virtual currency question to their clients [...] With tens of millions of crypto asset holders in the United States, thousands of these CPAs will then have to deliver accurate crypto tax calculations. It’s challenging and you absolutely have to be correct.”

CPA.com is a subsidiary of the American Institute of Certified Public Accountants, a member association for the accounting profession.

The increasing need for correct cryptocurrency tax management has created a new market for specialized accounting services. CPA.com is not the first company trying to capitalize on this new need.

As Cointelegraph reported at the end of November, Missouri-based software maker CryptoTrader.Tax has launched a new product facilitating cryptocurrency tax reporting.

Program Will Provide Education and Tools for Practitioners as Virtual Currency Usage Grows

SEATTLE (Dec. 09, 2019) – CPA.com today announced a strategic alliance with Lukka to deliver crypto asset solutions to firms. Beginning in mid-January, CPA.com and Lukka will roll out 'LukkaTax for Professionals' – a virtual currency tax preparation tool built specifically for accountants.

Lukka, a New York-based crypto asset software and data solutions provider, built the world's first commercial virtual currency tax calculator. CPA.com recognized a growing need to support firms and their clients in this emerging area and, with input from AICPA teams, worked closely withLukkato help guide the interface and functionality of the professional version, which is designed to serve multiple clients. While the crypto asset program initially will focus on the LukkaTax offering, other capabilities for valuing digital assets and providing assurance services around blockchain will eventually be included.

"Through our annual Blockchain Symposium, we have been framing the discussion around blockchain use cases," said Erik Asgeirsson, president and CEO of CPA.com. "The need for firms to understand the crypto asset category was greatly accelerated with the IRS issuing thousands of compliance letters recently. The combination of an institutional-grade solution from Lukka with our firm enablement capabilities will help firms address these complex client needs."

CPA.com and Lukka are forming this alliance because it is estimated that between eight and 14 percent of the U.S. population own crypto assets, according to recent polls by Harris Insights/Gem and Finder Inc., respectively. This year the IRS is adding a new question about virtual currencies to its Form 1040 Schedule 1, a recognition of the growing ownership of digital assets. The number is expected to grow swiftly in the years ahead, and the IRS has made it clear it is stepping up enforcement on taxpayers who haven't made a good-faith effort to declare virtual currencies in tax calculations.

The LukkaTax for Professionals platform enables firms of all sizes to comfortably on-board and provide service to individuals with a single to thousands of digital asset transactions through a guided step-by-step experience. A browser-based dashboard allows tax professionals to seamlessly make updates across multiple clients and, with file upload options, practitioners can reduce time-intensive data manipulation and mapping.

"We know that every CPA will need to pose the virtual currency question to their clients," said Jake Benson, founder and CEO of Lukka. "With tens of millions of crypto asset holders in the United States, thousands of these CPAs will then have to deliver accurate crypto tax calculations. It's challenging and you absolutely have to be correct."

The crypto asset partnership was announced at Digital CPA, CPA.com's signature conference for practitioners interested in accounting innovation.

CPA.com and Lukka are offering a free Jan. 13 webinar on virtual currency tax preparation and the tools practitioners need to help clients comply this tax season. Register for the CPE-eligible event at www.CPA.com/CryptoTax.

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company's core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world's most influential organization representing the profession. For more information, visit CPA.com.

About Lukka

Founded in 2014, Lukka is a trusted, blockchain-native technology company that delivers leading products for the crypto asset ecosystem. Lukka's products automate and optimize accounting, audit and tax processes for investors, funds, fund administrators, OTC and proprietary trading firms, exchanges, miners, protocols and accounting firms. Lukka's premier solutions enable the transformation of distributed and decentralized data into auditable information within a highly scalable and secure SOC 1 Type 2 infrastructure. Lukka is based in New York City.

For information about Lukka, visit www.lukka.tech.