FloQast Adds Automated Amortization Functionalities to AutoRec
Aug 11, 2020 | By John Siegel
In 2019, FloQast introduced AutoRec, the only AI-powered solution to automate the time-consuming and error-prone methods teams use to reconcile accounts with a large amount of underlying detail. To date, AutoRec has saved users hundreds of hours, allowing them to focus on strategic initiatives that directly impact the organization and improve their work-life balance.
Today, FloQast is incredibly excited to announce powerful new amortization reconciliation capabilities in AutoRec. Now, AutoRec users can automatically calculate the monthly amortization, remaining balance, and get the full account reconciliation in Excel for the prepaid expense and simple deferred revenue accounts.
Traditionally, calculating monthly amortizations has been an incredibly manual and time-consuming process. Accountants would create reconciliations in Excel to calculate the monthly amortization, manually record that as a journal entry in the ERP, and then calculate the remaining balance of each item. AutoRec’s new amortization functionality automates that process by calculating the monthly amortization amount and the remaining balance and creates the Excel reconciliation to tie out to the general ledger balance.
"FloQast’s mission is to automate, simplify and improve the accuracy of every accounting workflow, and the addition of amortization reconciliations to AutoRec is just one more way we’re making this happen,” said Mike Whitmire, co-founder and chief executive officer of FloQast. “As accountants, we know all too well how mind-numbing certain activities can be. New capabilities like this that eliminate hours of mundane work each month while improving the accuracy are what help accounting team members to be more strategic and impactful.”
As AutoRec and its new amortization capability rolls out, early adopters are reporting just how effective it's been so far.
“Using AutoRec Amortization for our Prepaid Expenses Reconciliations is going to help ensure greater accuracy and standardization," said Kim Stithem, CPA, Sr. Accounting Manager at GitLab. "It's easy to use and we're able to readily make changes when our business changes. Finally, this will help us to discontinue the maintenance of a prepaid expense spreadsheet.”
Over the last several months, the FloQast Product, Design, and Engineering teams spent hundreds of hours on this project, meeting with FloQast users to understand their challenges and how AutoRec can be improved to meet them. Spearheaded by Product Manager Erika Heckscher, the development of the amortization functionality involved a number of individuals and teams across FloQast.
“Thanks to the contributions of our clients, multiple prospects, and FloQast team members, this project showed us how great solutions come from engaging multiple perspectives.,” said Erika, a former accountant. “It was truly a collaborative process and could not have been done without a complete buy-in and a sincere desire to help accounting teams operate more efficiently. I’d like to say thank you Carlos Avila, Jeffrey Ueo, Joelle Fernandez, Brendan Colarusso, Jessica Lin, Larry Lui, and Eric Kim for all their hard work throughout the process.”