FloQast, a supplier of accounting workflow automation software program created by accountants for accountants, launched a brand new Reconciling Gadgets function and debuted an enhanced model of its Reconciliation Administration Answer.
Reconciling Gadgets combines with FloQast’s Monitoring, AutoRec Matching, and Amortization to handle the account reconciliation course of, from technique and execution to audit readiness. At present, greater than half of all accountants report that they’re nonetheless utilizing handbook strategies to help their account reconciliation processes, resulting in elevated errors, delayed Monetary Shut, and a rising workload for accounting groups.
FloQast Reconciliation Administration is a complicated workflow automation answer that works with FloQast Near ship end-to-end account reconciliation administration. It’s designed for high-growth scaling, pre-IPO, and enterprise-sized organizations that wish to drive elevated monetary velocity and accuracy of the Monetary Shut whereas managing the chance of misstatement.
FloQast Reconciliation Administration takes a holistic method to reconciliations and permits accountants to:
- Standardize account reconciliation technique and course of to cut back compliance threat. Controllers can now customise every account’s total technique and course of by the kind of account, transaction volumes, degree of threat, and reliance on third-party information.
- Select a simpler account reconciliation methodology. All reconciliations are usually not equal. FloQast Reconciliation Administration offers accounting groups extra flexibility in selecting the best reconciliation methodology for every account, from supporting handbook evaluations in a spreadsheet to full automation leveraging FloQast’s AI-driven Matching and Amortization.
- Routinely monitor reconciliations that don’t tie out. FloQast’s new Reconciling Gadgets function tracks timing or unknown errors and ensures that every one reconciling gadgets are recorded, tracked, and managed in a single place. Accountants now have better visibility into the age and materiality of every reconciling merchandise, along with a documented audit path of decision.
- Collaborate and handle reconciliations to a quicker shut. FloQast Reconciliation Administration gives a dashboard that drives better cross-team collaboration with a abstract view of all preparers and reviewers and a real-time progress and standing of all account reconciliations. At any time, groups can see the impression of reconciliations on the timing of the Monetary Shut.
- Seize at-the-source controls and documentation for better audit readiness. Accounting groups can now seize all proof to help the audit by the complete reconciliation course of.
