FloQast Announces Account Reconciliation Management Solution To Increase Financial Close Velocity, Reduce Audit Burden, and Improve Accountants’ Work-Life Balance
Apr 12, 2022 | By FloQast
Pairs new Reconciling Items feature with current capabilities, empowering accounting teams to manage account reconciliations with greater automation, visibility, cross-team collaboration, and centralized documentation
LOS ANGELES, April 12, 2022 -- Today, FloQast, a provider of accounting workflow automation software created by accountants for accountants, introduced a new Reconciling Items feature and debuted an enhanced version of its Reconciliation Management Solution. Reconciling Items combines with FloQast's Tracking, AutoRec Matching, and Amortization to manage the account reconciliation process, from strategy and execution to audit readiness. Currently, more than half of all accountants report that they are still using manual methods to support their account reconciliation processes, leading to increased errors, delayed Financial Close, and a growing workload burden that adds even more stress to an already busy accounting team.
FloQast Reconciliation Management is an advanced workflow automation solution that works with FloQast Close to deliver end-to-end account reconciliation management. It is designed for high-growth scaling, pre-IPO, and enterprise-sized organizations that want to drive increased financial velocity and accuracy of the Financial Close while managing the risk of misstatement.
"FloQast Reconciliation Management is a game-changer for managing our month-end reconciliations,” said Sarah Rooney, Senior Accountant at Twilio. “Since starting at Twilio, I have been using the AutoRec Matching feature for my bank accounts, AutoRec Amortization for reconciling our prepaid accounts, and Reconciling Items feature to have all the information at one source. FloQast Reconciliation Management gives managers and leadership greater visibility of balance sheet risk.”
"As a company created by accountants, for accountants, we understand how much reconciliations impact the timing of the Financial Close and how they add to the audit burden," said Mike Whitmire, co-founder and CEO at FloQast, inactive CPA. "We created Reconciling Items to give our customers a way to manage timing or unknown errors as they reconcile accounts. With FloQast, Controllers and their teams can manage the entire reconciliation process from strategy to execution, with choice on the 'how' to perform reconciliations and greater real-time visibility into the impact on the Financial Close.”
FloQast Reconciliation Management takes a holistic approach to reconciliations and allows accountants to:
- Standardize account reconciliation strategy and process to reduce compliance risk. Controllers can now customize each account's overall strategy and process by looking at the type of account, transaction volumes, level of risk, and reliance on third-party data.
- Choose the most effective account reconciliation method. All reconciliations are not equal. FloQast Reconciliation Management gives accounting teams more flexibility in choosing the most effective reconciliation method for each account, from supporting manual reviews in a spreadsheet to full automation leveraging FloQast’s AI-driven Matching and Amortization.
- Automatically track reconciliations that don’t tie out. FloQast’s new Reconciling Items feature tracks timing or unknown errors and ensures that all reconciling items are recorded, tracked, and managed in one place. Accountants now have greater visibility into the age and materiality of each reconciling item, together with a documented audit trail of resolution.
- Collaborate and manage reconciliations to a faster close. FloQast Reconciliation Management provides a dashboard that drives greater cross-team collaboration with a summary view of all preparers and reviewers and a real-time progress and status of all account reconciliations. At any time, teams can see the impact of reconciliations on the timing of the Financial Close.
- Capture at-the-source controls and documentation for greater audit readiness. Accounting teams can now capture all evidence to support the audit through the entire reconciliation process. FloQast decreases the audit burden on accounting teams while keeping auditors happy through centralized and organized audit evidence for reconciliations.
A 2021 FloQast customer survey showed that customers who used FloQast Reconciliation Management combined with FloQast Close experienced a 31% reduction in the time to perform reconciliations. This improved workflow efficiency means accounting teams can now spend more time focusing on tasks strategic to the business.
For more information on FloQast Reconciliation Management:
FloQast delivers workflow automation software enabling organizations to operationalize accounting excellence. Trusted by more than 1,500 accounting teams – including Twilio, Coinbase, Los Angeles Lakers, Zoom, and Snowflake – FloQast was built by accountants, for accountants to enhance the way accounting teams work. FloQast enables customers to streamline processes such as automated reconciliations, documentation requests, and other workflows that impact the month-end close, financial reporting, and payroll, and is consistently rated #1 across all user review sites. Learn more at FloQast.com.
FloQast Director of Corporate Communications