FloQast

MARCH 11, 2024

The Challenge: A Manual and Paper-Intensive Process Before integrating FloQast, PulteGroup grappled with a manual process laden with paperwork. With 27 divisions to coordinate, the inefficiencies compounded, leading to prolonged close times and increased risk of errors.

Close Processes

FloQast

JUNE 12, 2024

Curis , a biopharmaceutical innovator based in Lexington, Massachusetts, faced challenges with their traditional, paper-heavy month-end Close process and compliance program. These inefficiencies not only led to wasted time and resources but also resulted in significant audit fees. That saved us $110,000 in outside audit fees.”

Compliance

FloQast

AUGUST 22, 2024

G&W ) , a major freight railroad operator with 115 railroads globally, was facing challenges in their month-end Close process, complicated by a pending ERP migration. FloQast offered immediate productivity gains, comprehensive ERP migration support, and a smooth implementation process, making it the ideal solution for G&W.

Reconciliation

FloQast

MARCH 25, 2024

And solutions that are easy to implement help businesses mitigate the cost of traditional close processes and enhance performance. Automation can reduce the time to close by 26 % or more. This increases the time it takes to close and adds more pressure to workloads during this process. Take SOX as one example.

Close Processes

FloQast

MARCH 27, 2024

This allows teams to capture best practices to ensure consistency and change processes as their organization scales. Additionally, with Audit Reports, managers can track changes to processes, noting who made a change and the timing, ensuring strategy remains aligned with execution. Audit Readiness Remember this?

Reconciliation

FloQast

FEBRUARY 14, 2024

With its Close operating smoothly, a.k.a Let’s take a look at how FloQast helped the Director of SOX Compliance and Head of Internal Audit at a.k.a Brands , Brandon Peters, optimize processes, streamline compliance efforts, and boost efficiency. Brands jumped at the opportunity to try out FloQast Compliance Management.

Compliance

FloQast

FEBRUARY 19, 2024

In the wake of its IPO, Zoom faced the challenge of restructuring its month-end Close process to accommodate its expanding operations and to ensure compliance with regulatory standards. Key Takeaways: Streamlined month-end close process, reducing timeline from 8 days to 5 days. That’s where FloQast came in.

Posting

FloQast

SEPTEMBER 4, 2024

For The Joint Chiropractic (NASDAQ: JYNT), 2021 marked a pivotal year as they embarked on a journey to enhance their accounting operations by integrating FloQast into their processes. The impact proved transformative, dramatically improving their Close process , enhancing workflow visibility, and expediting reporting.

Compliance

FloQast

JANUARY 10, 2024

As the company prepared for its initial public offering in 2021, Ryan Harmer , Vice President of Accounting and Corporate Controller, recognized the need for a significant transformation in their month-end Close processes. Post-IPO, Bryan Kant joined as Director of Internal Audit, emphasizing the importance of strong internal controls.

Accounts

FloQast

AUGUST 14, 2024

Fanatics , a global leader in sports fan experiences and v-commerce, was grappling with an inefficient month-end Close process. Discovering FloQast marked a turning point for Fanatics, providing the efficiency and control needed to enhance their financial processes.

Reconciliation

The Finance Weekly

NOVEMBER 3, 2021

A quality account reconciliation process involves an audit trail, workflow automation and supporting information to ensure that all accounts balance out, as well as making the process transparent and clearly justified for everyone involved. Adopting Superior Methods in 2021.

Reconciliation

PYMNTS

JANUARY 26, 2018

“Managing the month-end close is a process of continual improvement,” he said. It’s best practice to review the just-completed close and look for opportunities to be better next time.”. The core of the close process remains the same: corroborate the numbers in the general ledger,” explained Feinstein.

Close Processes

The Finance Weekly

APRIL 28, 2024

Key Features It has automated consolidation features which accelerate the close process by automating all the manual data collection. With pre-built compliance safeguarding and meeting accounting standards including audit trials and access controls.

Payment APIs and Integration

FloQast

MARCH 22, 2024

Outdated manual month-end close processes are a pain point for companies of every size – taking up as much as 40% of finance departments’ monthly working time and attention – an effort that could be better spent adding value to the business in other ways. Enable third-party access and functionality to streamline audits.

Close Processes

Nanonets

MAY 6, 2024

Founded in 2001, BlackLine offers a comprehensive suite of solutions that empower organizations to automate traditionally manual and spreadsheet-intensive tasks, enhance accuracy, improve visibility, and optimize efficiency throughout the financial close process.  

Reconciliation

FloQast

JULY 9, 2024

I would recommend FloQast to anyone who is looking to streamline and optimize their close process!” FloQast has always strived to make the implementation process as seamless as possible. One-stop shop for all support results in easier audits. Implementation was also a breeze.

Continuity

FloQast

MAY 7, 2024

The Year End Close: Why Does It Matter? The Year-End closing process is the regulatory requirement that companies verify the accuracy of their annual finances. FloQast organises not only my close workflow but that of my entire team. It makes it easy for me to see exactly where everyone is in the close process.

Reconciliation

FloQast

DECEMBER 13, 2023

It was known as the Corporate and Auditing Accountability, Responsibility, and Transparency Act. It prohibits auditors from providing certain consulting services to their audit clients and requires a rotation of the lead audit partner every five years.

Compliance

Nanonets

JULY 21, 2023

The advent of automated reconciliation software has revolutionized this process, serving as a transformative solution. In addition to accelerating the reconciliation process, reconciliation software also enables an audit trail, significantly improving transparency and accountability. What is reconciliation software?

Reconciliation

Nanonets

JUNE 23, 2023

This process is known as the financial close. Balance sheet reconciliation is a crucial step in the financial close process, serving as a vital control mechanism for organizations. Document the Reconciliation Maintain clear and comprehensive documentation of the reconciliation process.

Reconciliation

FloQast

JANUARY 22, 2024

For example, grocery technology company Instacart moved from using Google Sheet checklists for month-end Close to an automated system that provided a complete audit trail of changes. The traditional method also has a lot of paper documentation to use as an audit trail. And the audit trail is also attached and quickly recovered.

Automation

Nanonets

JUNE 13, 2024

Timely completion of the financial close process helps stakeholders in decision making and reporting. Maintaining an accurate audit trail is crucial for your company to avoid potential penalties which auditors may flag. It can help businesses save time and money, reduce errors, and improve compliance.

Reconciliation

FloQast

APRIL 4, 2024

I would recommend FloQast to anyone who is looking to streamline and optimize their close process!” FloQast has always strived to make the implementation process as seamless as possible. One-stop shop for all support results in easier audits. Implementation was also a breeze.

Reconciliation

Nanonets

APRIL 17, 2023

As businesses grow, this automation can also aid in scaling AP processes without requiring additional hires. AP automation also reduces the risk of fraud and errors, leading to smoother audits and accurate financial records. Looking to automate your manual AP Processes? This can be used for tracking and reporting purposes.

Automation

FloQast

JANUARY 22, 2025

Furthermore, minimizing audit findings should be a top priority. Accounting departments must focus on adopting systems and processes that reduce errors, streamline compliance, and enhance transparency, ensuring smoother audits and improved confidence among stakeholders.

Accounts

FloQast

DECEMBER 18, 2023

I would recommend FloQast to anyone who is looking to streamline and optimize their close process!” FloQast has always strived to make the implementation process as seamless as possible. One-stop shop for all support results in easier audits. Implementation was also a breeze.

Reconciliation

Nanonets

JUNE 18, 2024

Automated Accounts Reconciliation software like Nanonets can cohesively consolidate all data sources on one platform, automate the matching logic across external data sources and general ledgers, effectively provide an audit trail, and keep the process transparent for the accounting team personnel involved.

Reconciliation

Nanonets

MAY 10, 2023

Be audit-ready: 3 way matching neccesitates a proper system of storing and organising legitimate business documents. This organised data can be conveniently accessed during audits and internal checks - reducing time spent in such exercises. Since only legitimate payments are allowed, this leads to large savings and optimal cashflow.

Accounts

FloQast

OCTOBER 21, 2024

Key Steps in Implementing Automated Bank Reconciliation Step 1: Assess and Evaluate Your Current System Do a full audit of your current reconciliation processes and find the problem spots. Their close process tightened, and more employees can now work remotely in different time zones across the continent.

Reconciliation

Nanonets

FEBRUARY 14, 2024

The result is a faster, more efficient close process that also saves up your time which can be better spent elsewhere. Reduce Risk of Fraud and Achieve Audit-Readiness : The granularity provided by GL codes offers an invaluable layer of security for businesses.

Transactions

Nanonets

JUNE 24, 2024

Credit card reconciliation is essential as it helps businesses prevent fraud, maintain financial integrity, optimize spending, and keep the company's books audit-friendly during the financial close process , typically occurring at the end of each month. How to do Credit Card Reconciliation?

Reconciliation

Nanonets

MARCH 20, 2023

The Accounts Payable process encompasses almost all payments (except payroll) made by a business for goods and services.  The  The AP maintains records of all financial aspects of purchases made by the company, which is crucial for auditing and tax purposes.

Process

Nanonets

APRIL 19, 2023

End-to-end AP solutions may offer a host of benefits beyond the AP manager's work, including improved vendor relationships, simplified audits, and optimized cash flow. Consider the size of your business, the complexity of your financial transactions, and the specific accounting tasks you need the software to perform.

Accounts

Nanonets

NOVEMBER 27, 2023

This is commonly used in currency transactions; netting invoices that share currencies can simplify both the audit trail and payment process. Simplified Reconciliation The month-end close process is hard enough for finance and accounting teams.

Payment Amount

Nanonets

JULY 24, 2023

Inaccurate reconciliations can result in penalties during audits, posing a risk to compliance and financial stability. For publicly traded companies, account reconciliation is not just a good practice—it is a legal requirement.

Reconciliation

Nanonets

APRIL 5, 2024

This makes it easier to onboard new vendors and ensures that your team can process invoices efficiently, no matter how they're structured. Easy customization Streamline your financial close process with Nanonets' built-in reconciliation and verification tools.

Automation

Nanonets

FEBRUARY 28, 2024

Ready for an Audit: If one is audited by the IRS (Internal Revenue Service), it will be simple to formulate the audit since your monetary records are all in one spot. Compliance and Reporting Audit Trails : Records of changes to data for transparency and compliance. This enables you to balance the books.

Automation