FloQast Expands Capabilities in AutoRec, the Industry’s First AI-Powered Automated Reconciliations Solution
Mar 10, 2020 | By GlobeNewswire
Company Signs Up 100th Customer for New Offering, Driven By Rapid Time to Value and Substantial Time Savings
LOS ANGELES, March 10, 2020 –– FloQast, a provider of close management software created by accountants for accountants to close the books faster and more accurately, announced today the release of significant new capabilities to FloQast AutoRec, the industry’s first AI-powered solution to automate the highly manual and error-prone account reconciliation process. In addition, the company announced that FloQast AutoRec, previously known as FloQast Matching, has been deployed by over 100 accounting teams in less than a year on the market, driven by the quick time to value organizations are able to achieve.
FloQast AutoRec leverages AI to automate the account reconciliation process and empowers corporate accounting teams to regain hours or even days each month to focus on more strategic issues. Requiring no rules definition or set-up, on average, AutoRec automates up to 75% of the financial transaction matches out-of-the-box, making it quick and easy to reconcile multiple accounts all at one time. For the remaining unmatched transactions, FloQast offers an intuitive and easy way to resolve these and finish the reconciliation via a standardized Excel account reconciliation with a full audit trail.
Key new features in FloQast AutoRec include:
- Threshold Matching. For transactions that should match but for which there are minor discrepancies, threshold matching automatically completes those matches in a controlled way, within a specified materiality threshold.
- Progressive Matching. For companies that want to reconcile accounts ahead of the close, progressive matching enables teams to import and match transactions during the month, and as often as appropriate for the account, so that only the final month end transactions need to be reconciled at close. Teams can upload month to date files to ensure that all transactions are included, without concern of transactions being duplicated.
- Roll Forward Transactions. Transactions that have not cleared during the month must be included in the next month's reconciliation. AutoRec automates this process to ensure your reconciliations include all the needed transactions.
- New Settings. AutoRec works easily with your existing files in their current format, without requiring modifications to fit within a rigid pre-defined format.
- Custom Configurations. Custom configurations are available to automatically match transactions for accounts where descriptions are highly variable.
Jam City, a rapidly growing, award-winning mobile gaming company that entertains millions of people worldwide adopted FloQast AutoRec to automate its account reconciliations. Jam City uses FloQast AutoRec’s custom configurations capability to automatically match transactions in their bank accounts, which are particularly challenging due to the high variety of payment methods, including checks, ACH, wire transfers, and lock boxes. Matching all these different transaction types created a cumbersome and lengthy month-end close, which led Jam City to FloQast AutoRec.
“Within two months of deploying FloQast AutoRec, we were matching transactions more than 90% of the time which has given us back close to two days each month just for our account reconciliations. This is on top of the faster and more efficient close we’ve experienced to date using FloQast Close,” said Laura Lopez, senior accountant at Jam City. “It’s incredibly easy to use, simplifies accounting complexities and further speeds the month-end close process."
While many clients use AutoRec to reconcile bank account transactions, a number of customers use AutoRec for clearing accounts designed for separate financial systems that do not communicate or integrate with each other. For example, some customers are using FloQast to reconcile sales in Salesforce to Oracle NetSuite order management, or donation pledges in one system to the ERP system where the donations are received.
“The rapid adoption of FloQast AutoRec and continued expansion of its capabilities is a clear signal that FloQast is becoming a strategic partner to our customers,” said Mike Whitmire, CPA*, co-founder and CEO of FloQast. “We continue to extend our value from improving the speed and accuracy of the month-end close to delivering a broader automation platform that helps accounting teams streamline critical tasks that are essential for managing a company’s finances.”
To learn how your accounting team can automate reconciliations and save hours or even days each month, 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 trusted by hundreds of 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.