Product Overview
Manage the reconciliation process from strategy to execution.
FloQast Reconciliation Management is an advanced workflow automation solution that works with FloQast Close to deliver end-to-end account reconciliation management, driving increased financial velocity and accuracy of the financial close while managing the risk of misstatement.
Specifications
Why FloQast Reconciliation Management
Flexibility to Choose A Reconciliation Method
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.
Manage Reconciling Items
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.
Manage All Reconciliations In One Place
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.
AutoMate And Accelerate Reconciliations
AI Driven Reconciliations
AutoRec Matching uses artificial intelligence to easily reconcile transactions even with differences or variations. We’re talking seriously smart.
No Setup. Period.
No rules need to be written or maintained ever. Simply login, import your transactions from Excel or CSV files and launch the automated reconciliation process.
AutoRec Creation
Automating the tedious stuff gives you the needed flexibility to do the hard stuff. Automatically create standardized Excel-based bank reconciliations.
Always Audit Ready
AutoRec Matching assigns unique ID’s to make life easier for you and your auditors. Show exactly which transactions reconciled for a much stronger audit trail.
Automated Excel Reconciliations in a Click
Seamlessly integrate with Excel, unlike most reconciliation tools. Automatically create standardized Excel reconciliations in a single click, producing presentation-quality, fully auditable Excel reconciliations for your accounts. The standardized formats provide clear evidence of the reconciliation for management and your auditors, reducing review time and audit questions, and enabling you to automate your accounting processes.
Clear Rollforward
Full tracking by item of current balance, additions, amortization. Easy addition of new items each month, and or updates that might be needed to adapt to changes in your business.
Leave the Checking to Us
See clearly how each item is being amortized, for the correct amount and for the correct months. Easily edit, and preview your changes as needed.
On-Demand Excel Rec
Automatically create standardized Excel reconciliations with one click, including your Journal Entry to upload to your ERP. Never have to rebuild your amortization file again.
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