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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.
The month-end Closeprocess suffered from recurring errors, a lack of accountability, and time-consuming reconciliations across numerous bank and general ledger (GL) accounts. Results Achieved : With FloQast, Ascent Aviation streamlined their 20-day closeprocess to just 10 days.
As we continue to push the boundaries in the AI space , our AI-powered tools help accounting teams do more with lessenhancing decision-making, uncovering insights, and reducing repetitive tasks through intelligent automation. But this drive for innovation comes with a responsibility to do things ethically and securely.
Inter-company transactions, currency exchange rates and various non-cash activities only complicate things in an already complex, time-consuming process. Due to the inefficiencies and error proneness of account reconciliation through traditional processes, finance teams should automate through , new technologies in the industry.
And solutions that are easy to implement help businesses mitigate the cost of traditional closeprocesses and enhance performance. Automation can reduce the time to close by 26 % or more. Accurate and timely financial reporting in business is a must. There’s also a large operational impact.
In a survey conducted by the Institute of Management Accountants (IMA), and sponsored by Blackline, titled “ProcessAutomation in Accounting and Finance,” examining the attitudes and concerns of 750 financial professionals surrounding accounting and month-end closingprocesses, manual activities remain prevalent — at the cost of time and money.
Financial technology innovation has opened the doors to massive transformation of corporate finance departments. While flashy corporate FinTech is exciting, innovation efforts have rarely focused on a mainstay of corporate finance teams: the financial closeprocess, a crucial, but continually outdated function.
Organizations may , eliminate many of the manual processes that stymie a company's ability to accomplish a speedy financial closure by employing AI and machine learning to automate financial closeprocesses including account reconciliation and reporting. Think through the “extended” process.
Mortgage automation is revolutionizing the way lenders process loans, with advanced technology solutions helping to streamline and speed up the process. From application submission to underwriting and funding, mortgage automation can simplify the steps involved in getting a loan approved.
AP automation or accounts payable automation solutions are an attempt to optimise this process for finance teams. By getting rid of slow manual processes and its associated errors, AP automation can enhance relationships with partners and suppliers while also saving time and money. Why automate accounts payable?
Mortgage processingautomation helps companies reduce the manual workload involved in mortgage origination and processing, in order to improve accuracy and efficiency. It is one of the technologies that lending businesses are adopting to stay competitive in today’s fast-paced business environment.
There sure is: Automated bank reconciliation. Automating your reconciliations both limits the possibility of errors and significantly cuts the time and effort needed. For accounting professionals, implementing a solid automated bank reconciliation process can change the way they approach financial operations within their business.
Fanatics , a global leader in sports fan experiences and v-commerce, was grappling with an inefficient month-end Closeprocess. Discovering FloQast marked a turning point for Fanatics, providing the efficiency and control needed to enhance their financial processes. Our Close went from 12 days down to 6.”
A survey completed by the technology review platform Capterra reveals that 72% of businesses plan to spend more on software in 2024 than in 2023. Companies that automate their financial statement preparation processes often benefit from improved accuracy, near real-time data, and increased efficiency.
The loan origination process has historically been a complex and time-consuming endeavor for both commercial lenders and borrowers. But in recent years, advancements in technology have paved the way for digitizing this process, which has revolutionized the lending industry by streamlining processes and improving operational efficiency.
With a diverse portfolio and operations spanning multiple continents, the company faced significant challenges in its month-end Closeprocess. Aspect Energy’s monthly Close times ranged from 15 to 45 days, creating delays in financial reporting and decision-making. Improvements Seen: U.S.
Today, you can automate these processes using accounts payable automation solutions and optimise accounts payable for your finance teams. Our blog cuts through the complexity of AP processes, presenting a clear pathway to automation in 7 steps. What is Accounts Payable Automation?
Tipalti and Airbase are powerful AP automation platforms that can seriously streamline financial processes. Whether you're a finance pro, a decision-maker, or a business owner, this in-depth Tipalti vs. Airbase comparison will give you the insights you need to choose the right AP automation solution for you.
Bulkoski will lead global revenue functions as the company expands internationally and rolls out new features, including advanced card controls and invoice automation tools across Latin America. Stacks AI , a startup focused on automating the financial closeprocess, appoints former Plaid and McKinsey executive Farid Sedjelmaci as COO.
The funding will support Savea’s mission to launch new investment opportunities that leverage blockchain technology to increase access, liquidity and scalability for physically-scarce assets like fine wine, classic cars or watches. Circula, the German expense management company, has bagged 15million in funding.
The data from these periodic closings can be instrumental in providing organizations with key benchmarking information about their financial standings, and yet businesses still struggle to gain the insight they need. Managing the month-end close is a process of continual improvement,” he said.
Financial planning and analysis (FP&A) is important in automating all of the manual tasks in the finance department and giving everyone greater insights into the data. It enhances automation, eliminates errors, and improves decision-making through sub-features like Predict: Signals and Predict: Projections.
In every accounting department I’ve been a part of, a crucial period rolls around at the end of each month: the month-end Close. The month-end closeprocess is the culmination of a month’s worth of financial transactions, when all hands are on deck to ensure the company’s financial records are accurate and up-to-date.
Traverse Global Service will also automate parts of the process and use conversions to make everything easier for users, the release stated. With the financial closeprocess, some chief financial officers are reconsidering the necessity of having a traditional finance department at all.
“The proceeds are, one, for the acquisition and then, two, to help us build a lot of our engineering and our newest products,” Baker said, calling the full digitization of the mortgage closingprocess a difficult and significant undertaking. Selling Automation.
Accounts payable and payments automation solution MineralTree has added automated PO and invoice matching for cloud-based accounting and financial management platform Sage Intacct , a press release says.
Gappify is the latest company to roll out business accounting-related chatbot technology. 20) that it has launched Alan, chatbot technology designed to assist business accountants. Using robotics processautomationtechnology, Alan automates tasks to help corporate accountants focus on more strategic and value-add processes.
As a B2B Software-as-as-Service (SaaS) organization, 6Sense is a digital-first company with an emphasis on Big Data and automation capabilities. A climate in which AP and AR needs often butt heads — even with adoption of AP and AR technology — is an example of the limitations of FinTech platforms and digitization efforts.
Outdated manual month-end closeprocesses 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.
This change is being driven by a myriad of factors, such as the ongoing talent shortage, evolving financial challenges, and a surge in technological opportunities. Disjointed Point Solutions Cause Headaches When accounting departments embrace automation and technology, they often take a piecemeal approach.
Fortunately, modern technology offers a range of software and automation tools that can simplify various accounting operations, including payment recording, expense tracking, and the Accounts Payable Process. Additionally, automation can help businesses stay compliant with regulations and standards.
The lender typically charges a loan origination fee, which is around 1% of the loan amount, to cover the cost of the work involved in the origination process. Automate your mortgage processing, underwriting, fraud detection, bank reconciliations or accounting processes with a ready-to-use custom workflow.
Finally, the manual nature of these processes contributes to difficulties in retaining financial and accounting talent and attracting new employees, exacerbating staffing concerns within organizations. BlackLine is a cloud-based financial automation platform designed to streamline and modernize accounting and finance processes.
This process involves comparing general ledger accounts with supporting documents using reconciliation software to identify discrepancies and take corrective measures. The advent of automated reconciliation software has revolutionized this process, serving as a transformative solution. What is reconciliation software?
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 closeprocess , typically occurring at the end of each month. How to do Credit Card Reconciliation?
The Process of Record-to-Report Let's delve into the Record-to-Report (R2R) process and journey through its sequential steps, exploring it's pragmatic application in business context. Closing: The closingprocess is manual, with a checklist to ensure all financial activities for the period have been recorded and reconciled.
The practice of ERP integrations is growing; by connecting your ERP to other business systems within your organization, you can boost your analytical capabilities, optimize cross-functional processes, and even automate some of the more time-consuming tasks that your employees do regularly. What is ERP Integration?
On the other hand, an efficient accounts payable process can significantly improve your business's efficiency and profitability. By implementing best practices and leveraging automation tools, you can maximize the potential of your accounts payable department.
Among finance professionals and business leaders, AP automation is quickly shifting from an exploratory endeavor to a key strategic priority. If it feels like there is a never-ending supply of these tools, finding the ones that are worth your time and money can be the most time-consuming part of the robotic processautomation journey.
This process is known as the financial close. Balance sheet reconciliation is a crucial step in the financial closeprocess, serving as a vital control mechanism for organizations. To overcome these disadvantages, organizations can leverage technological solutions like automated reconciliation software.
We'll also explore how to efficiently manage and utilize your General Ledger, including the implementation of modern software solutions to automate and streamline your accounting processes. In an era where efficiency and accuracy are paramount, harnessing technology to manage your General Ledger can be a game-changer.
Automate finance reconciliation with Nanonets Nanonets, a leading platform powered by machine learning OCR technology, offers comprehensive solutions to streamline the finance reconciliation process. This automation eliminates manual efforts, saves time, and ensures the accuracy of the extracted data.
Because managing its month-end financial Close using Excel was proving increasingly challenging, the company searched for accounting workflow automation software that could meet its financial reporting and workflow automation needs. In 2019, the American technology firm settled on FloQast. “I
With the right data, the right software tools, and the right expertise, CFOs can reduce or even eliminate the tedious manual work of the close, making life easier for their employees , and taking a step into a speedier, more efficient, digital future. Month-End Close: An Overview What is the Month End Close?
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