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This Week in Fintech: TFT Bi-Weekly News Roundup 10/05

The Fintech Times

Shejoins Fintilect having recently served as a specialist fintech go-to-market executive consultant. FloQast , an accounting transformation platform, has unveiled a strategic partnership with PwC Belgium focused on ‘revolutionising’ accounting close automation solutions.

FinTech 59
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Driving Efficiency: Oregon Tool’s Transformation with FloQast

FloQast

We weren’t interested in a six-month implementation and relying on outside consultants. It allowed the continued use of Excel for reconciliations and secure data storage on OneDrive, aligning perfectly with their operational needs. FloQast offered simplicity and efficiency that BlackLine couldn’t match.

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What is Record-to-Report (R2R Process) in Finance?

Nanonets

Reporting: Financial reports are manually compiled, either by employing a freelance consultant at the end of each quarter or by using templates in Excel or Word. Closing: The closing process is manual, with a checklist to ensure all financial activities for the period have been recorded and reconciled.

Process 52
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Master SOX Compliance: A Comprehensive Guide for 2023

FloQast

It prohibits auditors from providing certain consulting services to their audit clients and requires a rotation of the lead audit partner every five years. It should be remembered that Arthur Andersen, the accounting firm contracted by Enron to handle its audits, used to provide Enron with substantial consulting services as well.

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What are GL Codes and how to assign them effectively?

Nanonets

The result is a faster, more efficient close process that also saves up your time which can be better spent elsewhere. 💡 Consulting with an Accounting Professional : Even with the best plans, the complexities of financial accounting can sometimes be daunting.

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7 Steps to Automate your Accounts Payable

Nanonets

Results: The accuracy of data extraction exceeded 95%, with a 40% time saving compared to traditional OCR tools and an over 80% Straight Through Processing rate, minimizing the need for manual intervention.

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General Ledger (GL): Definition, Significance, Implementation

Nanonets

Inefficient Approval Workflows : Traditional processes often involve cumbersome approval chains that delay payments and complicate cash flow management. Cumbersome Books-Close Process: The process of closing books can be laborious and complex, often requiring extensive manual reconciliation and adjustment.