Think all reconciliations are the same? Think again. Some processes can and should be automated, while others require manual – but efficient – management. We understand these nuances and have created an end-to-end centralized solution that helps accounting teams drive a faster close with less risk, by efficiently managing their reconciliations with transparency, accuracy, and accountability. We start by helping you set the strategy and process, and then give you the flexibility to decide how to do the reconciliations and the ability to track them from start to finish.
FloQast Reconciliation Management gives teams the flexibility to choose the most effective reconciliation method for each account. AutoRec Matching automates the reconciliation process for bank, clearing, credit card, intercompany, and other accounts, saving your team signifiant time by matching thousands of transactions automatically. AutoRec Amortization sets up automatic amortization schedules for prepaid accounts. FloQast also integrates with spreadsheets for reconciliations that are done better manually.
Reconciliations don’t always tie out. Some are fully understood items but need correction in the general ledger. Others are unknown and require further investigation. FloQast’s Reconciling Items feature tracks timing or unknown errors and ensures that all reconciling items are recorded, tracked, and managed in one place. FloQast gives reviewers greater visibility into the age and materiality of each reconciling item, and has a documented audit trail of resolution.
Reconciliation Tracking gives accountants a centralized view of the reconciliation status of each account, with balance comparisons, preparers, reviewers, and sign-off dates. Controls are in place to prevent sign-offs above materiality thresholds, and gives the ability to lock-down reconciliations from further changes. Teams can automate tie-outs between reconciliation workbooks and the general ledger and perform automated completeness checks to ensure a reconciled trial balance. FloQast sends time-sensitive notifications when reconciliations are due, ready for review, and/or detects an unexpected out of balance condition.
“FloQast is a game-changer for managing our month-end reconciliations. Since starting at Twilio, I have been using FloQast AutoRec Matching for my bank accounts, AutoRec Amortization for reconciling our prepaid accounts, and Reconciling Items to have all the information at one source. FloQast Reconciliation Management gives managers and leadership greater visibility of balance sheet risk.”
Senior Accountant, Twilio