Everything You Need to Know About FloQast’s Strict Tie-Out Mode
Nov 15, 2018 | By Blake Oliver
Accounting and finance teams are the unsung heroes of the business world, known for “reconciling differences” when others cannot.
Like Enheduanna of Ancient Sumer, who was tasked with melding Sumerian and Akkadian gods in the in the 23rd century B.C., accounting teams must manage the often colossal task of reconciling and making sense of the past. Given the complexity involved in verifying large volumes of data, errors are a given — that is, unless there are preventative processes in place.
FloQast’s latest update, Strict Tie-Out Mode, prevents errors by allowing signatures only after a reconciliation has “tied-out.” If a previously tied-out reconciliation goes out of balance, any user who signed off on the reconciliation is notified of the change, and new sign-offs must be recorded to acknowledge that change. FloQast allows an updated sign-off only once the supporting documentation and trial balance once more tie-out.*
This is a powerful new update to our Strict Suite Controls — which can be seen on the Manage Entities page. It joins Strict Sign-Off Mode, which allows sign-offs to be made only by the individuals assigned, and Strict Folder Locking, which allows administrators, managers, and designated users to lock down the information in FloQast once all items have been tied-out, signed-off, and review notes closed.
You may be wondering, how does Strict Tie-Out Mode help my team?
If you are a user, you can now rest assured that you are only signing off on information that is accurate and up-to-date. If a balance changes, you will know and can update your work accordingly. In this world, what we attach our names to carries a heavy weight. Let FloQast help carry that load.
If you are a reviewer or stakeholder, you’ll have confidence that balances and sign-offs for reconciliations in FloQast are accurate, providing an in-depth view of the close and hinting at where extra attention may be required.
If you are an auditor, or responsible for the company’s internal controls, our reconciliation log will capture a record of which accounts changed, when they changed, and who originally signed off on the reconciliation.
If your team is looking to bolster the controls guiding your reconciliation process, increase visibility, and reduce the possibility of errors, enable Strict Suite Controls and rest easy. After all, we’re talking about numbers here, not a wrathful god from ancient Mesopotamia.
* Within the administrator’s prescribed materiality threshold.