Using FloQast AutoRec Dramatically Impacts CHG Healthcare’s Financial Reconciliation Process
Jan 09, 2020 | By John Siegel
Imagine all the work you could get done with nearly three extra days each month.
For Lexi Graham, an Accounting Manager at Utah-based CHG Healthcare — which provides staffing services for doctors, nurses, and other medical professions around the world — that isn’t a hypothetical situation.
According to Graham, she and her colleagues were responsible for approximately 190 reconciliations each month. As a result of the sheer volume, many lower-risk recs were pushed to future months, creating a backlog of work that was far from ideal.
But things only got trickier.
At the beginning of 2019, two staff accountants left the company, requiring Graham to take on their work in addition to her own responsibilities. With roughly 100 recs on her plate, Lexi estimated it took her roughly 38 hours a month to complete — all while attempting to hire and train two new replacements.
Automating the Financial Reconciliation Process
After implementing FloQast AutoRec, Lexi reported that she was able to save a minimum of 22 hours per month — nearly three business days.
“With AutoRec, there are no outstanding items: Every reconciliation is done, and it’s saving me an unbelievable amount of time,” Graham said.
AutoRec also helped Graham when it came time to train the two new accountants she hired.
“Training new employees on top of your day-to-day responsibilities is never easy, but because I wasn’t spending so much time on reconciliations, I actually have time to train them,” Graham said. “The onboarding process has been much quicker than anticipated because they’re not spending their time trying to figure out how transactions match: AutoRec is doing it for them.”
More Time, Less Stress
With almost three open days on her calendar — and a full staff — Graham took time to learn more about CHG Healthcare as an — specifically looking at what processes were effective and what needed improvement.
“Before we implemented FloQast AutoRec, we reconciled transactions by comparing one spreadsheet to another,” Graham said. “AutoRec just makes the financial reconciliation process so much simpler. You’re not spending a bunch of time formatting the spreadsheets and hitting Control-F a million times. Now, I have the time to look at our accounts more closely and understand why something works or why it doesn’t, and help find a solution.”