Making the Match: FloQast Progressive Matching Allows Accountants to Work on Reconciliations Throughout the Month
Jul 09, 2019 | By John Siegel
Of all the challenges that accounting teams face on a month-to-month basis, few require as much time and attention to detail as the process of manually reconciling transactions.
With over 25 percent of the staff consisting of former accountants and auditors, FloQast knows how painful this process can be first hand. That’s why we created Matching, FloQast’s account reconciliation software designed to automate the highly-manual and error-prone process of matching transactions.
Today, FloQast is proud to announce a significant update to the Matching module. Progressive Matching enhances the effectiveness of Matching by allowing busy accounting teams to work on reconciliations throughout a given month, instead of all at once. Given the volume of transactions that many businesses face, often times, this process necessitates team members perform the task in chunks throughout the month — often daily. This helps reduce the stress on employees managing the reconciliations and improves their efficiency overall.
How It Works
Progressive Matching users can upload as many files in the period as they wish after the initial upload by clicking the “Add” button on the Matching Transactions and Completed Matches pages. Users can upload one or two files new as needed to complete their reconciliation.
What It Means
Imagine a month-end close where — instead of dedicating whole days to manually reconciling transactions — accountants can automate the lion’s share of the process. That’s exactly what Progressive Matching was built for. Reallocate time previously spent on this highly-manual, error-prone process and hours time previously reserved reconciling transactions to processes that will positively impact the business on a strategic level.
Interested in learning more about Progressive Matching? Schedule a demo here.