How an Accounting Workflow and Close Management Software Can Transform Your Month-End Close Process

By Lauren Guaragno, Manager and Jeremy Schuk, Senior Associate

At Wiss, we utilize lots of technology to ensure we are efficient in completing month-end closes for our outsourced accounting clients.  One of the tools that we rely on is FloQast.  FloQast is a cloud-based software platform designed to streamline and optimize the financial close process for accounting teams. It provides solutions that help companies close their books faster, more accurately, and with greater visibility and control.

Here are the key capabilities of the system:

1. Close Management: FloQast condenses the entire close process into one software.  Accounting teams are able to collaborate and manage the close process in real time.
2. Task Management: The software enables users to create, assign, and track tasks related to the close process.  This makes it easier for team members to manage their own responsibilities and prioritize tasks.
3. Reconciliations: FloQast streamlines the reconciliation process by integrating with popular accounting systems to pull in data that needs to be reconciled, improving accuracy.
4. Automatic Refresh: Every night FloQast syncs the current balance from the accounting software to ensure the books are still accurate and up to date. This feature allows us to get notified when changes have been made and reconciliations have come out of balance. Users can be notified via Email, Teams, or Slack.
5. Close Analytics: The software provides reporting and analytics, allowing management to have insights into task completion times and team productivity.
6. Document Storage: FloQast allows users to upload PDF or Excel attachments, so that statements, workpapers, and other valuable data are available in one place.

FloQast has helped our Outsourced Accounting Team improve collaboration, reduce errors, and accelerate the month-end close process. By streamlining and automating manual tasks, it has enabled us to focus on adding value to our clients in many other ways. Ask us today how Wiss can help you implement a strong month-end close process using FloQast.

“FloQast has been a huge help assisting me with my daily/weekly to-do list. The “Items Due Soon” feature notifies users every Monday morning of their tasks that are due this week. This helps me plan my schedule accordingly to ensure I am reaching deadlines and being as efficient as possible.” – Jeremy S.

“As a Manager overseeing the process, I can see what the status of closing the books for a client is at any moment with FloQast.  Before using it, I had to use several different software’s, lists, and tools to manage month-end close work ” – Lauren G.

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