Introducing FloQast Ops Best Practices Checklists — Workflows Designed To Connect Upstream and Downstream Accounting Functions
Jul 27, 2022 | By Stefan van Duyvendijk
Many accounting functions remain disconnected from the financial close, creating a continuous and chaotic mix of waiting for upstream information, increasing manual workloads, and holding countless status update meetings. These upstream delays amplify into downstream financial functions leading to inaccurate information, audit risk, and growing team frustration and stress. This reality results in more than 70% of controllers saying their company’s accounting processes are either largely manual or still a considerable manual effort.*
But with greater expediency, accuracy, and consistency expected of this mission-critical process, the age-old workarounds like more status update meetings, frequent follow-up requests, and soft deadlines simply can’t guarantee the desired results when they’re needed most.
This is precisely what we had in mind when we released FloQast Ops last year. Co-innovated with more than 200 FloQast companies, FloQast Ops is a workflow manager solution that addresses upstream financial functions like Accounts Payable, Sales and Use Tax, and Accounts Receivable, along with downstream functions like Compliance, Reporting, and FP&A to deliver greater control and transparency across Finance and Accounting operations.
But that’s old news, man. Today, we’re excited to announce the release of Best Practice Checklists for FloQast Ops, offering users ready-to-go blueprints to deliver greater velocity and accuracy. With FloQast Ops pre-defined Best Practice Checklists, created by experts at FloQast, cross-functional teams can collaborate on:
- Upstream processes like Accounts Payable (AP), Payroll, and Commissions to help streamline the process and avoid last-minute follow-ups.
- Downstream processes, like Financial Planning & Analysis (FP&A) and Reporting, as well as the ability to capture evidence, review, and sign-off for later audit support.
Additionally, Finance and Accounting teams can:
- Receive immediate insight into the status of the Financial Close
- Capture and centralize audit evidence in one location.
- Gain valuable visibility into compliance processes like Tax and audit preparation (PBC) and have the ability to collaborate with the teams performing the work.
Working with some of the 650+ FloQast Ops users to fine-tune the new checklists, FloQast Ops Best Practices Checklists are available to FloQast Ops users at no additional charge.
To see FloQast Ops and the Best Practice Checklists in action, join us at FloQast’s virtual user conference TakeControl on September 21-22, 2022 and earn up to 13 CPE credits or 4 CPD credits.
*”From Mirage To Reality: Bringing Finance Into Focus In A Digital World” Deloitte’s Center For Controllership and Institute of Management Accountants 2020