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 for accounting teams.
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 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 a more 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.