Technology

A Roundup of FloQast’s Latest New Features: SADL, Ready for Review and Hard Due Dates

Aug 07, 2018 | By Blake Oliver

Our passion at FloQast is to make closing the books easier and faster for accountants, so we’re frequently adding new features that will help you do just that. As a guiding principle, we always want to make sure Floqast works the way accountants work. So when we discover we’ve disrupted your normal workflow, we try to fix that. Here’s a roundup of the latest new features we’ve added to keep FloQast working the way accountants like to work:

SADL (Same Account, Different Location)

Many of our clients have multiple locations and subsidiaries, and if they use the same account numbers across those different entities, we set up different entities to complete their reconciliations. This means a few extra steps to get the work done, even if reconciling, say Accounts Payable, is really part of a single process.

It’s a bit like a cowhand who has to change horses, but needs to keep that same saddle. Get off the first horse, take the saddle off the first horse and move it to a new horse, then finally get on the new horse.

Now these aren’t just poky, broken-down or lame horses that the cowhand is switching between. These are FloQast steeds: they’re like thoroughbred racehorses, built for speed and designed to get you to the month-end close finish line in record time, by automating much of the tedious manual work.

And our FloQast dashboard is like a comfortable, well-broken-in saddle, keeping you securely in control of the process at all times. So even with a few extra clicks to get the work done, you’re still knocking days off your close, and you’re still working the way you work.

But now once SADL (Same Account, Different Location) is enabled, our Intacct and NetSuite clients won’t have to set up new entities. When you add an account with a duplicate account number to a reconciliation, you’ll be prompted to select a location or subsidiary. This will add a unique identifier from NetSuite or Intacct to the account number that specifies the location or subsidiary.

Now all those reconciliations will be in the same window, and you’ll see clearly which location or subsidiary this reconciliation belongs to. No more clicking out, changing entities, and clicking back in.

Now the cowhand can just stay in the same saddle while the horse underneath is switched out.

What if you’re not using NetSuite or Intacct? Yeah, we admit it’s not as smooth since we don’t have SADL for everyone yet. But wouldn’t you rather be using a best-of-class solution than something that’s not designed by accountants for the way that accountants work?

Traffic Light in the Sky

 

Ready for Review Email Notifications

Back in the days of paper files, you generally found out something was ready for your review when that heavy file got plonked down on your desk. But these days, with paperless workflow and documents stored in the cloud, we don’t always get such a clear notification.

Now, by flipping a switch in your personal settings, you can opt in to receive emails when reconciliations or checklists are ready for your review.

Don’t worry that you’ll be inundated with emails – we know you already get way more than you want! Emails will go out in batches every few hours during your local working hours. You’ll only get one email per item so you won’t have to wade through piles of duplicates, trying to figure out what you still need to do.

Best of all, just by clicking a link in that email, you’ll go straight to where you need to go to review that item.

Nothing for you to review? No worries, you won’t get any confusing emails with zero things to review.

See our support article for information on how to turn on Ready for Review notifications.

Calendar, hand, pen

 

Hard Due Dates

No one likes to be a micromanager, and no one wants to be supervised by a micromanager to make sure those hard due dates really do get hit. So we’ve added a feature that helps you specify exactly when a task needs to be completed.

FloQast has two basic global options for dates: Business and Calendar.

The business offset option is the most commonly used and refers to the business day of the month. This lets you set due dates on a certain business day of the month, regardless of what the calendar date is. So you can set up a task that’s due on the second business day of the month, or the second-to-last business day of the month, even if that date falls on a weekend.

The calendar option is exactly what it sounds like – the calendar day of the month. So something can be due on the second day of the month, regardless of whether that day falls on a weekday or weekend.

But what if you need a combination of those two in your procedures?

Say you like using the business offset option for most items, but then there are also drop-dead due dates you need to be aware of, say for quarterly filing dates, management reporting or tax filing dates?

Now when you set up a reconciliation, you can choose between the calendar date or the business offset. Set it up once and you’re done. This means you can have some things due on the second day of the month, and other things due on the second business day of the month.

No more micromanaging. No more manual fiddling with dates every month to adjust the business offset or calendar date. Just hit those hard due dates.

See our support article for information on how to switch to Hard Due Dates in FloQast.

That’s all for now, but stay tuned. We’re always improving FloQast to make sure it works the way accountants work.

Any new features you’d like to see? Drop us a line, or give us a call, and we’ll see what we can do!

Interested in seeing how FloQast can help your accounting team close faster and more accurately? Schedule a demo.

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Blake Oliver
Blake Oliver, CPA, is an entrepreneur, accountant, writer, and speaker who specializes in cloud accounting technology. In 2016 and 2017, Blake was named a “40 Under 40” in the accounting profession by CPA Practice Advisor. He is the Senior Product Marketing Manager for FloQast.

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