How FloQast Helps With Your Year-End Accounting

By December 17, 2014Accounting

Year-End is a stressful time for everyone, especially those working in an accounting department. With 2014 coming to a close (pun intended), let’s look at how FloQast will help you with your Year-End accounting:

Year-End Procedures

What did we do last year? Trying to remember those Year-End procedures from 12 months ago is not easy for anyone in an accounting department. With FloQast, procedures are set with Monthly, Quarterly and Annual frequency. When you are working on your Year-End close, those procedures you have marked as Annual will be available in your close checklist. This functionality is extremely helpful for completeness when it comes to Year-End. Any procedures that you may forget could have major implications on reporting and taxes. FloQast will help you and your team stay organized, even during the most hectic times of the year.

GAAP Entries

Tracking your Year-End close entries can be a formidable task. Accounting adjustments will be scrutinized the most at Year-End and it is imperative that your supporting documentation matches all the moving pieces in your General Ledger. With FloQast, we have made your Excel workbooks dynamic, meaning your support can be tied out automatically to the accounts in your General Ledger. If you add a last minute entry into your GL, FloQast will notify you if your supporting documents no longer tie. This will be a huge help when your auditors come to visit. Imagine how much easier your life will be if you fix this discrepancy in real time and not when the auditor is looking over your shoulder.

Supporting Documents 

FloQast was built with your supporting documentation at the core. We understand how important your Excel workbooks are to your department, so integrating with cloud storage providers has helped many accounting departments stay organized. With your documentation all in one place, available to you from the office or home and saved the same way each period, you’ll never misplace your accounting support again.

Streamlining your Audit

All this talk of GAAP entries and supporting documentation is music to an auditor’s ears! You are weeks away from the team of auditors making themselves at home in your office. With FloQast you have the peace of mind that all of your support ties to your trial balance, your controls are well documented and the auditors can receive access to download their own PBC requests. These items will help streamline your audit and shorten the auditors stay at your office.

Not on FloQast yet? There’s still time to get onboard! Our streamlined setup will have you up and running before Year-End.