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“It’s a Wrap!” Speeding Month-End Close with FloQast

“It’s a Wrap!” Speeding Month-End Close with FloQast

Producing a film can seem like an endless process that can take months, if not years. If you’re an accounting professional in charge of month-end close, you may feel the same sense of never-ending work.

This is especially true if you have multiple accounts to reconcile. With many projects in the works, you may have a slow, disorganized process that consumes valuable time. And audit fees may skyrocket because of lack of documented review.

Month-end close doesn’t have to be quite so painful. FloQast, an Arxis Technology partner, offers the fastest, most accurate way to close the books. In fact, FloQast users such as GrubHub, L.A. Lakers, and UNITE HERE HEALTH, have been able to reduce their close by 30 percent after just one quarter.

Here are six reasons why FloQast clients have been able to speed their month-end closings:

  1. Easy to use: Built by accountants for accountants, FloQast’s application is built on a folder structure, similar to what many financial departments currently use. It fully integrates with your current ERP solution, for an easy tie and tick process. All your team members can quickly find the information they need for each month’s closing.
  2. More organized: The FloQast dashboard features three modules that put everyone on the same page. At the top is a close checklist, which can be modeled on your existing checklists or created from scratch. FloQast has found that many clients may have checklists, but use them on an individual level. Onboarding is a good opportunity to get individual checklists together and create an organized group list to follow.
  3. Better communication: The checklist is more than a group task list for month-end close. FloQast has integrated descriptions and a messaging system so preparers and reporters can efficiently communicate. Each item gets assigned to a team member, and there is a detailed description for each item that can be edited for clarity. All of the team members can see the progress as the processes are completed. As your team grows, the platform can grow with you.
  4. More efficient processes: As reviewers complete their to-do items, they can add review notes to the item. The note is emailed automatically to the assigned team member, who can act immediately. The built-in note system also lets team members mark notes as “resolved” so the processes proceed smoothly.
  5. Smoother reconciliation: The dashboard in the FloQast application also includes documents, saved in Box, and a reconciliations module that guides your entire team through a documented process.
  6. Better visibility: The FloQast dashboard shows, at a glance, critical statistics such as the percentage of checklists that have been prepared and reviewed, and the percentage of reconciliations that have been tied out that day. This allows you to focus on areas that need improvement. A global dashboard provides high-level insight into the status of each project. You can easily drill down to a single project for more detail.

FloQast lets you do month-end close quickly and accurately, so you can concentrate on other critical financial tasks. To learn more, watch our webinar with FloQast. You’ll see the dashboard in action, as well as the ERP integration features, and discover that closing the books can be done in a single “take.”

If you are interested in learning more about cloud accounting software or have any questions about this this blog CONTACT US. If you are looking for cloud accounting solutions or ERP consultants to help take your business to the next level, contact us at www.arxistechnology.com, or call 866-624-2600.

Arxis Technology, Inc.

Arxis Technology, Inc. is an ERP technology consulting firm specializing in the implementation and support of accounting and business management software, custom application development, and network engineering and design. As ERP consultants and resellers for Intacct Cloud Financials, Sage 100 ERP (formerly MAS 90), Sage 300 ERP (formerly Accpac), Sage 500 ERP (formerly MAS 500), SAP Business ByDesign, SugarCRM, and SageCRM, Arxis services clients from locations in Los Angeles, Orange County, Chicago, Phoenix, Washington DC, Philadelphia, Baltimore, and Ireland.