End-to-End Reconciliation Management
Does the Heavy Lifting For You
FloQast Reconciliation Management is an advanced workflow solution that works with FloQast Close to deliver end-to-end account reconciliation management and AI-enhanced automation. Increase your financial velocity and accuracy of the Financial Close while reducing the risk of misstatement.
FloQast Reconciliation Management allows accounting teams to manage and automate the end-to-end reconciliation process with a centralized solution trusted by accountants and auditors worldwide.
Select an approach that will best address the risks unique to each balance sheet account and best practices to ensure consistency and continuity as your organization scales.
Some processes make sense to automate with AI-enhanced machine learning models to minimize human error, while others require manual – but efficient – management. FloQast Reconciliation Management lets you choose the best method for your organization.
FloQast Reconciliation Management provides a single dashboard to monitor reconciliations in real time. See a quick summary or dive into the details, check the status of your reconciliations, and understand the impact on your Financial Close.
Centralized View
AI Enhanced AutoRec Matching
AutoRec Schedules
Built-in Controls
Integrated Reconciliations
Reconciliation Tie-Outs give accountants a centralized view of the reconciliation status for each account with balance comparisons, preparers, reviewers, reconciling items, and sign-off dates. Dashboards offer insightful real-time status from individual reconciliations to a consolidated view. Ensure accurate reconciliations with automatic notifications on upcoming due dates and when reconciliations have gone out of balance.
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Leverage AI and transform reconciliation processes by matching thousands of transactions within minutes. Unlike rule-based models restricted by predefined criteria, AutoRec Matching leverages a machine-learning model that analyzes transactions between two datasets and identifies matches. Now, organizations can achieve unparalleled efficiency and minimize human error in reconciliation workflows across various use cases, such as bank reconciliations, intercompany accounts, and subledger reconciliations.
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AutoRec Amortization and Depreciation set up end-to-end reconciliations for intangible assets, like prepaid accounts and fixed assets, with automated schedules and journal entries pushed to ERPs. Understand how each item is being amortized or depreciated and link supporting documentation directly to the source. Easily edit and preview your changes as needed and automate supporting schedules for reporting with roll forwards and waterfall schedules.
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Enhance your organization’s control environment with purpose-built controls, including materiality thresholds, centralized reconciling item tracking, and strict signoff modes, ensuring proper separation of duties. Once reconciliations are complete, users can lock folders to protect the data integrity of files and automatically roll forward all folders and schedules when your team is ready to close the next period.
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Implement a reconciliation solution that seamlessly integrates into your existing solutions, tools, and processes. FloQast is ERP agnostic and automatically pulls in account balances, even if you have multiple ERPs. Integrations to cloud storage providers and spreadsheets allow teams to continue using existing tools where it makes sense. Need to see the details to perform subledger reconciliations? FloQast Subledger API pulls transactional data from third-party solutions and ERPs.
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“I saved so much time with AutoRec by not having to do all of the manual keying and manipulation with Excel. The transactions that match up automatically are set aside and I don’t even have to look at them. It gives me more time to focus on other issues or things that might take longer.”Cassie Blubaugh
See the reconciliation status of each account instantly. Help automate the tedious reconciliation process with AI so you can focus on process improvements, leading to a smoother and more accurate Close. Feel confident that your team is working more efficiently and accurately with automated processes, including integrating with your ERP.
Learn MoreFloQast is your single place to manage all reconciliations. Assign preparers and reviewers to reconciliations, as well as capture sign-off timestamps. Leverage AI to speed up the month-end Close by automatically matching thousands of transactions. Set up automatic amortization and depreciation schedules for prepaid and fixed asset accounts.
Learn MoreGain confidence in your organization’s Close with FloQast, which helps ensure accuracy by sending notifications when the platform detects an unexpected out-of-balance condition and organizes PBC records on behalf of your team. Leverage AI and countless other purpose-built controls to automate the reconciliation process.
Learn MoreUnlock more value from your FloQast Reconciliation Management investment with our suite of seamlessly integrated and AI-enhanced accounting solutions.
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FloQast Reconciliation Management is an end-to-end advanced workflow solution that allows accounting teams to manage and automate the reconciliation process with a centralized solution trusted by accountants and auditors worldwide.
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