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Introducing Journal Entry Management: Adding Controls and Streamlining Accounting
In today’s fast-paced financial world, accounting teams are under pressure to ensure accuracy, compliance, and speed — all while managing increasingly complex data. The solution? FloQast Journal Entry Management. Part of FloQast’s Accounting Transformation Platform, this new tool is designed to simplify and automate journal entry workflows, reducing errors and saving time.
Journal entries are a cornerstone of the accounting process, but managing them manually is often tedious, error-prone, and inefficient. With FloQast Journal Entry Management, we’re rethinking the process to empower accounting teams, ensuring faster, more accurate financial operations.
The Challenges of Journal Entry Management
The manual preparation and management of journal entries are often riddled with challenges that waste time and increase the risk of errors:
- High Volume & Complexity: As financial transactions increase in complexity and volume, so does the difficulty in tracking and managing accurate journal entries. Manual entry is slow and leaves room for mistakes.
- Resource Drain: The time it takes to prepare, review, and approve journal entries is significant. Accountants often spend too much time on routine tasks rather than more strategic work like financial analysis or planning.
- Compliance & Audit Pressure: Maintaining a transparent and auditable record of all journal entries is critical, but ensuring compliance with accounting standards is a challenge when entries are manually tracked and reviewed.
- Inefficient Approvals: Coordinating journal entry approvals across teams often leads to delays and missed deadlines, affecting the speed and accuracy of your financial close.
Enter FloQast Journal Entry Management: Your New Accounting Partner
FloQast Journal Entry Management is designed to simplify and automate the entire journal entry process. From creation to approval and posting, this solution takes the guesswork out of journal entries, saving your team time and reducing the risk of errors.
Key Features:
- Seamless Integration with the Close Checklist: Say goodbye to tracking recurring journal entries manually. Now, you can create or link journal entries directly from the close checklist module, providing full visibility into where the journal entry process stands within your workflow. The best part? As each journal entry is completed, its status is automatically reflected on the checklist, ensuring that both processes are in sync.
- Customizable Approval Workflows: Every business has unique needs when it comes to journal entry approvals. FloQast Journal Entry Management lets you configure approval workflows to match your company’s process, ensuring the right people review and approve entries before they are finalized.
- Comprehensive Audit Trail & Compliance: Every journal entry is fully traceable. The system automatically logs changes, approvals, and updates, providing a transparent audit trail. This makes it easy to maintain compliance and stay prepared for internal or external audits.
- Pre-Posting Validation: FloQast Journal Entry Management features built-in pre-validation tools that automatically flag potential issues before they hit the ledger. By catching entry and logic errors early, you can prevent rejections and ensure smoother, faster postings.
- Bulk Assignments for Greater Efficiency: With bulk assignment functionality, you can easily assign multiple transactions at once, making it simple to distribute work quickly and effectively. This feature helps ensure continuity in your processes, especially if key team members are unavailable, saving you time and boosting productivity.
- Enhanced Journal Entry Input: Simplify journal entry management with the ability to clone journal entries for recurring or similar transactions. Additionally, FloQast offers the option to automatically reverse journal entries, eliminating the manual effort required for reversing entries and reducing the risk of errors.
Why FloQast Journal Entry Management?
FloQast Journal Entry Management provides a complete solution for automating and centralizing the entire journal entry process. Fully integrated with your ERP systems and other FloQast solutions such as Close and Autorec, it simplifies the creation, validation, review, and posting of journal entries. With built-in intelligent controls, customizable approval workflows, and robust routing features, FloQast ensures proper segregation of duties and streamlines every step of the journal entry process, helping you close with greater efficiency and accuracy.
If you’re ready to take your accounting operations to the next level, FloQast Journal Entry Management is here to help you transform how your team works. Visit FloQast.com or contact your Account Success Manager to learn more about how we can support your journey to operational excellence.
