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As core to the accounting profession as reconciliations are, it’s really a wonder that most accountants still do them as much as accountants did them years ago.
While the process of comparing two sets of records seems like a pretty straightforward procedure, any accountants responsible for conducting reconciliations know that the process often leads to communication gaps, increased errors, delays in the Financial Close, and more stress for employees tasked with comparing large amounts of reconciliations on a regular basis.
As accountants, we know this because we’ve been there. Reconciliations are near and dear to our hearts (in the most sarcastic way possible), and that’s why we here at FloQast have been working on a way for accounting teams to increase financial close velocity, reduce the burden when it comes to audit season, and improve accountants’ work-life balance.
Today, we’re excited to announce a new Reconciling Items feature, as well as the debut of an enhanced version of FloQast Reconciliation Management solution. Reconciling Items combines with FloQast's Tracking, AutoRec Matching, and Amortization to manage the account reconciliation process, from strategy and execution to audit readiness. Additionally, FloQast Reconciliation Management is a tool designed to empower accounting teams to manage account reconciliations with greater automation, visibility, cross-team collaboration, and centralized documentation. Designed with high-growth, pre-IPO, and enterprise organizations in mind, FloQast Reconciliation Management is an advanced workflow automation solution that works with FloQast Close to deliver end-to-end account reconciliation management.
Here are a few of FloQast Reconciliation Management’s key features:
FloQast's account reconciliation software gives teams the flexibility to choose the most effective reconciliation method for each account.
FloQast provides a dashboard view with a real-time summary of the progress and status of reconciliations and the predicted impact on the timing of the Financial Close with Reconciliation Tracking.
"FloQast Reconciliation Management is a game-changer for managing our month-end reconciliations,” said Sarah Rooney, Senior Accountant at Twilio. “Since starting at Twilio, I have been using the Autorec Matching feature for my bank accounts, Autorec Amortization for reconciling our prepaid accounts, and Reconciling Items feature to have all the information at one source. FloQast Reconciliation Management gives managers and leadership greater visibility of balance sheet risk.”
As with all the solutions FloQast offers, this is something I wished was available to me in my days as a senior accountant, and I think you and your team will think the same.