Accounting workflow automation software provider FloQast is unveiling several new items for today's accountant, including a new Reconciling Items feature and enhanced version of its Reconciliation Management Solution. Reconciling Items combine with FloQast's Tracking, AutoRec Matching and Amortization to manage the account reconciliation process, from strategy and execution to audit readiness.
Currently, more than half of all accountants report they still are using manual methods to support their account reconciliation processes, leading to increased errors, delayed financial close and a growing workload burden that adds even more stress to an already busy accounting team.
FloQast Reconciliation Management is an advanced workflow automation solution that works with FloQast Close to deliver end-to-end account reconciliation management. It is designed for high-growth scaling, pre-IPO, and enterprise-sized organizations that want to drive increased financial velocity and accuracy of the financial close while managing the risk of misstatement.
Sarah Rooney, Senior Accountant at Twilio, says FloQast Reconciliation Management is a game-changer for managing month-end reconciliations. “Since starting at Twilio, I have been using the AutoRec Matching feature for my bank accounts, AutoRec Amortization for reconciling our prepaid accounts, and Reconciling Items feature to have all the information at one source. FloQast Reconciliation Management gives managers and leadership greater visibility of balance sheet risk.”
As a company created by accountants, for accountants, Mike Whitmire, an inactive CPA, and co-founder and CEO at FloQast, says the company understands how much reconciliations impact the timing of the financial close and how they add to the audit burden. "We created Reconciling Items to give our customers a way to manage timing or unknown errors as they reconcile accounts. With FloQast, Controllers and their teams can manage the entire reconciliation process from strategy to execution, with choice on the 'how' to perform reconciliations and greater real-time visibility into the impact on the Financial Close.”
FloQast Reconciliation Management takes a holistic approach to reconciliations and allows accountants to:
- Standardize account reconciliation strategy and process to reduce compliance risk.
- Controllers can now customize each account's overall strategy and process by looking at the type of account, transaction volumes, level of risk, and reliance on third-party data.
- Choose the most effective account reconciliation method. All reconciliations are not equal. FloQast Reconciliation Management gives accounting teams more flexibility in choosing the most effective reconciliation method for each account, from supporting manual reviews in a spreadsheet to full automation leveraging FloQast’s AI-driven Matching and Amortization.
- Automatically track reconciliations that do not tie out. FloQast’s new Reconciling Items feature tracks timing or unknown errors and ensures that all reconciling items are recorded, tracked, and managed in one place. Accountants now have greater visibility into the age and materiality of each reconciling item, together with a documented audit trail of resolution.
- Collaborate and manage reconciliations to a faster close. FloQast Reconciliation Management provides a dashboard that drives greater cross-team collaboration with a summary view of all preparers and reviewers and a real-time progress and status of all account reconciliations. At any time, teams can see the impact of reconciliations on the timing of the Financial Close.
- Capture at-the-source controls and documentation for greater audit readiness. Accounting teams can now capture all evidence to support the audit through the entire reconciliation process. FloQast decreases the audit burden on accounting teams while keeping auditors happy through centralized and organized audit evidence for reconciliations.
A 2021 FloQast customer survey showed that customers who used FloQast Reconciliation Management combined with FloQast Close experienced a 31% reduction in the time to perform reconciliations. This improved workflow efficiency means accounting teams can now spend more time focusing on tasks strategic to the business.
For more information on FloQast Reconciliation Management:
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