FloQast Releases First AI-Powered Matching Solution Requiring Zero Rules Definition to Further Accelerate the Financial Close
Apr 02, 2019 | By GlobalNewswire
New FloQast Matching Deploys in Hours, Provides Intuitive and Intelligent Approach that Saves Accounting Teams Days Of Work
LOS ANGELES — April 2, 2019 — FloQast, a provider of close management software created by accountants for accountants to close the books faster and more accurately, announced the immediate availability of FloQast Matching, the industry’s first AI-powered matching solution that requires no rules definition whatsoever. A significant expansion of its award-winning close management software solution, FloQast Matching helps accounting teams automate the highly manual and error-prone process of matching transactions, which is core to the task of reconciling high-risk and high-transaction-volume accounts such as cash, intercompany and clearing accounts. Accounting teams can now accurately and efficiently perform one-to-many or many-to-many matches across any type of general ledger (GL) account - saving them hours, and in some cases, days of work every month.
Traditionally, closing the books has been a manual, time-consuming process for companies of any size. With the advent of close management software, a growing number of accounting teams have streamlined their close processes, reducing the time it takes for their close while improving its accuracy. However, matching transactions during reconciliations has remained a highly manual and repetitive task as accounting teams must wade through Excel spreadsheets with hundreds to hundreds of thousands of rows and manually sort, tick-and-tie, and even color code to identify matches. ERP systems often have inadequate reconciliation modules that are either difficult to use and/or are limited to bank reconciliations only. FloQast Matching was developed to reconcile accounts faster and more accurately so teams can spend less time on performing the close and more time analyzing its results.
FloQast Matching has been built from the ground up to make use of artificial intelligence (AI) so that users never have to define and write rules. Its proprietary matching algorithms use AI to identify matched transactions even when they are not 100% identical, which is often the case when similar but not identical nomenclature is used in companies’ general ledger when compared to other financial systems. In addition, FloQast has leveraged its expertise in cloud computing to process multiple matching algorithms simultaneously, increasing the speed and accuracy of matching, and assuring it will scale to meet the needs of rapidly growing organizations.
FloQast Matching includes an easy-to-use interface, including powerful filtering and sorting capabilities, so accounting teams can create additional matches of any type. Traditional solutions require extensive set up, complex and non-intuitive interfaces, weeks-to months-long implementation and ongoing tuning to improve matching accuracy. FloQast Matching takes hours to set up, and a team can begin matching transactions on day one.
In addition to the first of its kind AI capabilities, FloQast Matching includes the following capabilities:
- Account Agnostic - Handles any two sets of data, allowing teams to perform matching across any GL account. Easy Excel import allows for quick upload of data.
- Intelligent Matching - Provides one-to-one, one-to-many or many-to-many matches with minimal data preparation and no writing of rules.
- High-volume Scalability - Takes just minutes to perform automated matching on accounts with even millions of monthly transactions.
- Ease of Use and Adoption - Created by accountants for accountants, the intuitive, easy-to-understand interface requires little to no training and teams can be up and running the same day.
“From the outset FloQast has helped accounting teams close faster and more accurately,” said Mike Whitmire, CPA*, CEO and co-founder of FloQast. “The addition of FloQast Matching raises the bar further for the time savings these teams can now achieve and frees them up from mundane tasks so they can be more strategic and ultimately, more effective.”
“You don’t realize the power and impact of transaction matching on your accounting organization until you give it a shot,” said Jonathan Hardy, accounting manager at Viewpoint, a Trimble Company. “Like most companies, we spent a lot of precious close time trying to match up bank statements with GL dumps manually in Excel that added no value. We rolled out FloQast Matching to our first bank account last month, and what used to take a few hours, now takes five minutes. I was so impressed that a member of our accounting team has become our ‘Matching Champion’ to roll it out across all our cash accounts across the entire organization. The potential time savings will empower Viewpoint to streamline our close and focus on the more important and strategic work.”
FloQast Matching is generally available now and integrates seamlessly with all FloQast Close Management Software subscription plans. FloQast Matching is licensed separately. To learn more about FloQast Matching, visit www.floqast.com/matching.
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 cloud-based software is trusted by hundreds of accounting departments, including those at Twilio, DocuSign, Zillow and The Golden State Warriors. To learn more about FloQast Matching, visit www.floqast.com and join the conversation on Twitter at @FloQast.