Month End Close
Introducing FloQast ReMind, Request Management Workflow by FloQast
Generating information request emails on a monthly basis is a labor-intensive, highly repetitive process that every accountant is familiar with.
If you think about it, sending out monthly emails might not seem all that big of a deal. But if you consider the time and effort it takes to draft, review, schedule, and follow up on the average expense report or vendor accrual every month, we’re talking about hours that busy accountants can use to get ahead of reoccurring tasks and help expedite the close process.
This incredibly tedious process is something that has been on our minds here at FloQast for quite some time, and that’s why we’re so excited to announce the launch of FloQast ReMind, a new task management workflow add-on to the FloQast Close solution.
“We worked with hundreds of companies to build FloQast ReMind in order to automate and reduce the time spent using email to request information, while also giving managers increased visibility into the bottlenecks impacting their time-to-close,” said Mike Whitmire, CPA*, CEO and co-founder of FloQast. “Like all of our solutions, FloQast ReMind is intuitive, can be set up in minutes, and saves accounting teams hours each month.”
According to FloQast user data, a typical accounting team can generate over 300 requests for tasks and information across 100 different individuals, resulting in more than 2,000 additional email exchanges. Designed specifically to address these pain points, FloQast ReMind automates communications by streamlining information collection, improving collaboration with internal and external teams, and introducing a new level of centralized visibility across the entire close process.
“ReMind helps immensely with reducing month-end tasks, especially collecting monthly accrual estimates from third parties,” said Jessica Lee, Senior Accountant at Unified. “With ReMind, I’m confident that my requests are going out and that the information is being collected. I can just set it and forget it.”
During the development of FloQast ReMind, the FloQast Product and Accounting teams drafted an unwitting participant to help fine-tune the product: Me. One day, after forgetting to submit a vendor accrual to our accounting department again (Sorry, Sheerod!), I received an email I couldn’t ignore.
Subject: Urgent: Marketing Accruals
It appears that we have yet to receive a response regarding any accruals for May 2021. To ensure accurate, monthly financials, it is imperative that we receive your response.
Please reply to this email by Friday with any items that need to be accrued.
NOTE: Your response CAN be submitted in the body of the email and if you would like to attach a corresponding file, please make sure it is in .xls or .pdf format.
Sent from FloQast ReMind
After I responded, I received an automated email confirming receipt, and our valiant team had the information they were looking for. Now, I receive the same request for information each month, and the accounting department can rest assured that the marketing guy isn’t holding up the month-end close — at least not that month.
If you’re interested in learning more about FloQast ReMind, join FloQast Co-founder CEO Mike Whitmire, Geena Lewis, Accounting Manager at PulteGroup (and early ReMind user), and Ricardo Martinez, Product Manager at FloQast on July 20 to see the product in action.
Register for the webinar today and earn 1 CPE credit upon participating!