FloQast Helps Businesses Achieve ASC 606 Compliance
Sep 11, 2018 | By Business Wire
New Multi Book Accounting Allows Businesses to Leverage Dual Reporting
LOS ANGELES, September 11, 2018– FloQast, a provider of close management software created by accountants for accountants to close faster and more accurately, announced new multi book accounting capabilities have been added to its award-winning month-end close solution to help organizations achieve ASC 606 compliance more quickly and effectively. The new capabilities help organizations maintain dual reporting on revenue and expenses allocated according to two sets of rules--something required by the new ASC 606 guidelines that have already gone into effect for public companies and will be required for private companies at the start of 2019.
With the new multi book accounting capabilities, businesses can:
- Automate Manual Processes - easily reallocate revenue and expenses; manual adjustments are eliminated. Able to see and understand impact of new rules without extra work
- Improve Business Insight - get a clear picture of how subscription revenue and expense allocations will impact the business
- Ensure Audit Readiness - Auditors are able to see a clear trail of revenue. Don’t have to go to controller to determine how lump sums of revenue are broken out.
New guidelines such as ASC 606 as well as IFRS 15 are having significant impact on revenue recognition and expense amortization especially for organizations with subscription billing. Both public and private companies are required to make the switch to the new statutes. During this time of transition, companies must report in parallel, which could duplicate efforts and time to record. FloQast’s new multi book accounting capabilities allow teams to prepare and abide by the rules automatically and without manually tracking and creating separate journal entries that may require in-depth explanation come audit time.
“ASC 606 is a major change to how companies recognize revenue and expenses, placing a new burden on accounting teams,” said Mike Whitmire, CPA*, CEO and co-founder of FloQast. “At FloQast we’re constantly enhancing our solution to address new regulations and requirements and to simplify and ease the growing demands required of accountants,” Whitmire added
“As a subscription business with recurring revenue, we need to follow the new ASC 606 standards,” said Masha Murphy, CPA, Controller at RiskIQ. “FloQast has been great at helping us maintain dual books with Intacct required by the 606 switch over, making month-end reconciliations a breeze!"
Multi book accounting is available today for Oracle NetSuite and Sage Intacct ERPs and is included at no extra charge in FloQast Business, Corporate and Enterprise subscription plans. To learn more about FloQast and how the close management software can help organizations address their ASC 606 compliance and other regulatory requirements, visit floqast.com/products.
FloQast is award-winning 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 your existing checklists and Excel, FloQast provides a single place to manage the month-end close and gives everyone visibility. The cloud-based software is trusted by hundreds of accounting departments, including those at Door Dash, AdRoll, Indeed, Shopify, Ancestry.com, Twilio, Dollar Shave Club, Zillow and The Golden State Warriors. To learn more, visit www.floqast.com and join the conversation on Twitter at @FloQast.