Accounting Reconciliation
Automating Bank Reconciliations: Ascent Aviation’s Success with FloQast
Ascent Aviation Services, a leader in aviation maintenance and repair based in Marana, Arizona, faced significant challenges in its accounting operations. The month-end Close process suffered from recurring errors, a lack of accountability, and time-consuming reconciliations across numerous bank and general ledger (GL) accounts. This inefficiency delayed financial reporting and hampered decision-making and operational flexibility.
Snapshot: Achievements with FloQast
- Why FloQast:
- Ascent Aviation faced challenges including errors, lack of accountability, and lengthy reconciliations in their financial close process.
- Recognizing the need for transformation, they chose FloQast for its tailored solution, seamless integration, user-friendly interface, and proven track record.
- Results Achieved:
- With FloQast, Ascent Aviation streamlined their 20-day close process to just 10 days.
- Automated reconciliations for bank accounts, credit cards, intercompany transactions, and more not only saved time but also ensured accuracy and compliance.
- This streamlined process enhanced teamwork, communication, and accountability within the accounting team.
Navigating the Challenges
Ascent found itself flying blind in its monthly Close process. With a lack of visibility into tasks and timelines and dozens of GL and bank accounts to reconcile, the accounting team was struggling with a Close that had become a 20-day process.
- Errors, omissions, and lack of accountability in the month-end Close process.
- Delays in financial reporting and hampered decision-making due to inefficiencies.
Choosing the Right Solution
Recognizing the pressing need for a transformative solution, Ascent Aviation conducted a thorough evaluation to identify the most suitable tool to address its financial challenges. Amidst this search, FloQast emerged as the clear frontrunner for several compelling reasons:
- Tailored Solution: FloQast offered a comprehensive suite of features specifically designed to tackle the precise pain points Ascent was experiencing in their financial Close process.
- Seamless Integration: FloQast seamlessly integrated with Ascent’s existing workflows and systems, ensuring a smooth transition and minimal disruption to ongoing operations.
- User-Friendly Interface: With its intuitive interface, FloQast promised to minimize the learning curve for Ascent’s accounting team, facilitating rapid adoption and maximum utilization of its capabilities.
- Proven Track Record: FloQast came highly recommended by industry peers and boasted a track record of success in helping organizations streamline their financial processes and drive operational efficiency.
This collective alignment between FloQast’s capabilities and Ascent’s specific needs made the decision to implement FloQast an obvious choice, positioning the company for success in their journey towards financial transformation.
Integration with Trovata and Microsoft Teams
FloQast seamlessly integrated with Trovata for bank account reconciliations, adding efficiency to Ascent’s financial operations. Additionally, integration with Microsoft Teams enhanced collaboration and information sharing within the accounting team.
- Streamlined bank account reconciliations through integration with Trovata.
- Enhanced collaboration and information sharing with Microsoft Teams integration.
Results
With FloQast in action, Ascent underwent a remarkable transformation. The once burdensome 20-day Close process streamlined to a swift 10-day turnaround. Automated reconciliations for bank accounts, credit cards, intercompany transactions, and more not only saved time but also ensured accuracy and compliance. The collaborative nature of FloQast’s checklists nurtured enhanced teamwork, communication, and accountability within the accounting team.
- 50% reduction in Close timeline from 20 days to 10 days.
- Automated reconciliations for accuracy and compliance.
- Enhanced teamwork, communication, and accountability.
Reflecting on the Progress
Amidst the transformation, Kristine Palm, Staff Accountant at Ascent Aviation, reflected on the profound impact of FloQast:
“Our Close was frustrating before FloQast. We had a spreadsheet we couldn’t lock or track, so we had no way to tell where we were from month to month. Now, we use FloQast for everything, including notes, reconciliations, documentation, and flux analyses.”
According to the team, FloQast’s role in fostering enhanced teamwork, communication, and accountability within the accounting team has been instrumental in driving operational excellence.
Ascent Aviation’s journey with FloQast illustrates the transformative potential of modern financial technology. By embracing automation, collaboration, and real-time insights, Ascent not only streamlined their Close process but also elevated their financial operations to new heights. FloQast catalyzed success, enabling Ascent Aviation to navigate financial management with confidence and precision.
