New Year, New Flux: FloQast Flux Analysis Adds A Key Update
Jan 11, 2019 | By Blake Oliver
2019 might only be 11 days old, but it’s been a whirlwind week and a half for the FloQast team. In addition to being named as one of the 100 Best Places to Work in Los Angeles by Built In LA, we’re proud to announce a helpful update to our Flux Analysis module.
Designed as a way for busy accounting teams to execute the vital — yet time-consuming — task of fluctuation analysis, FloQast’s Flux Analysis module now offers users a way to view only one NetSuite “subsidiary” or Intacct “location” at a time. Until recently, only a consolidated flux was viewable, but after diligent work by the product team, users can now filter (#1 on the screenshot) by subsidiary or location (#2 on the screenshot) and export the results of the designated account.
Initially released in October, Flux Analysis allows teams to compare ending account balances with prior periods, offering a new, powerful way of identifying material differences that can easily slip through the cracks. In a recent FloQast user survey, less than 60 percent of accounting teams regularly conducted a balance sheet flux analysis in their monthly close process, an alarming figure considering the potential insights the practice can reveal.
Not only can users spot fluctuations automatically, but there’s also a way to enter explanation text for others to read. Additionally, the balances update dynamically, eliminating the need to worry whether there’s a more up-to-date version available.