FloQast Adds Amortization to Automated Reconciliations Solution
Aug 11, 2020 | By GlobeNewswire
Highly Flexible and Easy-to-Use Capabilities Save Accounting Teams Significant Time by Automating and Standardizing Reconciliations for Prepaid Expenses, Deferred Revenue and Similar Accounts
LOS ANGELES, Aug. 11, 2020 -- FloQast, a provider of close management software created by accountants for accountants to close the books faster and more accurately, today announced the addition of new amortization reconciliation capabilities to FloQast AutoRec, the industry’s first AI-powered solution to automate the highly manual and error-prone account reconciliation process. Exceptionally easy to use and highly flexible, the powerful new capabilities automatically calculate the monthly amortization, remaining balance, and full account reconciliation required for prepaid expense and simple deferred revenue accounts.
Calculating monthly amortization has historically been a manual, time-consuming process. Accounting teams create reconciliations in Excel to calculate it, which is then manually recorded as a journal entry in their ERP system to determine the remaining balance of each item. FloQast AutoRec's new amortization capability automates this process by calculating the monthly amortization amount and the remaining balance, then creating an Excel reconciliation to tie out to the general ledger balance. This saves accountants hours of mundane, manual work each month, allowing them to instead focus on other vital tasks.
"FloQast’s mission is to automate, simplify and improve the accuracy of every accounting workflow, and the addition of amortization reconciliations to AutoRec is just one more way we’re making this happen,” said Mike Whitmire, CPA*, co-founder and chief executive officer of FloQast. “As accountants, we know all too well how mind-numbing certain activities can be. New capabilities like this that eliminate hours of mundane work each month while improving the accuracy are what help accounting team members to be more strategic and impactful.”
FloQast AutoRec expedites the highly-repetitive, tedious process of reconciling accounts with the industry’s only AI-powered automated reconciliation solution. Key benefits accounting teams realize with the new amortization capabilities include:
- Reduced errors. Eliminates the manual, error-prone process of calculating the monthly amortization journal entry and remaining balance of each item. FloQast AutoRec’s automated amortization calculates the journal entry and can be easily updated for changes in account string or department.
- Time savings. Reduces the time spent updating and maintaining prepaid reconciliations typically handled in Excel. Just upload your current period new items, and FloQast AutoRec automatically creates an Excel reconciliation so you can simply focus on exceptions.
- Increased flexibility. Easily resolve and tie out the ERP balance when variables change. Even when changes occur in your business, you can readily update your amortization without losing the standardization and automation FloQast AutoRec provides.
“Using AutoRec Amortization for our Prepaid Expenses Reconciliations is going to help ensure greater accuracy and standardization," said Kim Stithem, CPA, senior accounting manager at GitLab. "It's easy to use and we're able to readily make changes when our business changes. Finally, this will help us to discontinue the maintenance of a prepaid expense spreadsheet.”
AutoRec Amortization is included at no additional charge with FloQast AutoRec. Up to three accounts of FloQast AutoRec are now bundled with FloQast close management software subscription plans so you can discover the power of automated reconciliations for yourself. AutoRec Amortization is currently in restricted availability and will be generally available in 30 days.
For more information about FloQast AutoRec and its new automated amortization capabilities, visit www.floqast.com/autorec.
FloQast is close management software, created by accountants for accountants to close faster and more accurately. On average, accounting teams who rely on FloQast close three days faster. Seamlessly integrated with ERPs and leveraging existing checklists and Excel, FloQast provides a single place to manage the month-end close and gives everyone visibility. The award-winning cloud-based software is now trusted by more than one thousand accounting departments, including those at Lyft, Twilio, Zoom and the Golden State Warriors. To learn more, visit www.floqast.com and join the conversation on Twitter at @FloQast.
BOCA Communications for FloQast