LOS ANGELES, Aug 11, 2020 (GLOBE NEWSWIRE) – FloQast, a provider of closing management software created by accountants to help accountants close books faster and more accurately, today announced the addition of new amortization reconciliation capabilities to FloQast AutoRec, the industry’s first AI-based solution to automate highly manual and error-prone operations account reconciliation process. Exceptionally easy to use and very flexible, powerful new features automatically calculate monthly amortization, remaining balance, and full account reconciliation required for prepaid expense accounts and simple deferred income accounts.
Calculating monthly depreciation has always been a manual and tedious process. Accounting teams create reconciliations in Excel to calculate it, which are then manually recorded as a journal entry in their ERP system to determine the remaining balance for each item. FloQast AutoRec’s new amortization capability automates this process by calculating the monthly amortization amount and remaining balance, then creating an Excel reconciliation to link to the general ledger balance. This saves accountants hours of mundane manual labor each month, allowing them to focus on other vital tasks.
“FloQast’s mission is to automate, simplify, and improve the accuracy of every accounting workflow, and adding amortization reconciliations to AutoRec is just one more way to achieve this,” Said Mike Whitmire, CPA *, Co-Founder & Head âAs accountants we know very well how mind-numbing certain activities can be. New features like this that eliminate mundane hours of work every month while improving accuracy is what helps members of the accounting team to be more strategic and impactful. â
FloQast AutoRec speeds up the highly repetitive and tedious process of reconciling accounts with the industry’s only AI-powered automated reconciliation solution. The main benefits accounting teams realize with the new depreciation capabilities include:
- Reduced errors. Eliminates the manual and error-prone process of calculating the monthly depreciation journal entry and remaining balance for each item. FloQast AutoRec’s automated depreciation calculates the journal entry and can be easily updated for account or department chain changes.
- Time saving. Reduces the time spent updating and maintaining prepaid reconciliations typically processed in Excel. Simply upload the new items from your current period and FloQast AutoRec automatically creates an Excel reconciliation so you can just focus on the exceptions.
- Increased flexibility. Easily solve and tie ERP balance when variables change. Even when changes occur in your business, you can easily update your depreciation without losing the standardization and automation provided by FloQast AutoRec.
âUsing automatic amortization for our prepaid expense reconciliations will help ensure greater accuracy and standardization,â said Kim Stithem, CPA, senior accountant at GitLab. âIt’s easy to use and we can easily make changes when our business changes. . Finally, it will help us to interrupt the maintenance of a prepaid expense spreadsheet. “
AutoRec damping is included at no additional cost with FloQast AutoRec. Up to three FloQast AutoRec accounts are now bundled with FloQast fence management software subscription plans so you can experience the power of automated reconciliations for yourself. Auto-amortization is currently in limited availability and will generally be available in 30 days.
For more information on FloQast AutoRec and its new automated amortization capabilities, visit www.floqast.com/autorec.
FloQast is closing management software, created by accountants to make accountants close faster and more accurately. On average, accounting teams that rely on FloQast close three days faster. Seamlessly integrated with ERP and leveraging existing checklists and Excel, FloQast provides a single place to manage month-end close and gives everyone visibility. The award-winning cloud-based software is now trusted by over a thousand accounting departments, including those at Lyft, Twilio, Zoom, and the Golden State Warriors. To learn more, visit www.floqast.com and join the conversation on Twitter at @FloQast.
BOCA Communications for FloQast