Accounting software provider FloQast has consolidated its entire portfolio of solutions—including FloQast Close, FloQast Compliance Management, and FloQast Ops— within its new Accounting Transformation Platform, and expanded its offerings with additional functionalities.
"We're launching the FloQast Accounting Transformation Platform at a time when the accounting profession faces unprecedented challenges," said Mike Whitmire, CEO and co-founder of FloQas. "With the number of practicing CPAs declining and fewer new professionals entering the field, the pressure on accounting leaders to do more with less has never been greater. This platform is designed to meet that reality head-on, using the power of AI to create solutions that not only streamline and automate critical processes but also enhance the strategic value of accounting teams within their organizations. In today's landscape, the ability to drive operational excellence isn't just a competitive advantage—it's essential for future business success."
The Accounting Transformation Platform also includes new AI workflows:
- Optimize the Close has a global month-end close dashboard, balance sheet controls, anomaly detection, support for accounting and finance operations like AR/AP and FP&A, and data-driven insights.
- Automate the Close offers AI-driven transaction mapping, automated reconciliations, journal entry automation, automated triggers, and an ecosystem of various integrations.
- Connected Compliance sports proactive risk management, synchronized risk control matrices, continuous control capture, testing automation, and multi-framework support.
- Finally, integrated record-to-report lets users automate cross-entry transactions, get real-time balance views across entities, perform AI-driven variance analysis, streamline multi-entity consolidation process by automating currency translations and eliminations, and connect the close directly to financial statements for a streamlined operation.
FloQast also launched three entirely new solutions.
FLoQast Journal Entry Management offers the ability to consolidate journal entries from multiple sources and ERPs; streamline preparation, review, and approval processes; load journal entries from multiple ERPs using FloQast's data connections; upload large or complex journal entries to Excel; create journal entries tailored to your specific needs; ensure proper segregation of duties and maintain a clear audit trail; centralize and link all supporting documents to each journal entry; and monitor the progress of all journal entries throughout the close process.
FloQast Transaction Matching allows users to automatically match transactions across multiple data sources with high accuracy; use natural language to create custom matching rules tailored to your unique processes; identify and manage unmatched transactions or discrepancies; maintain a comprehensive audit trail of all matching activities for compliance and transparency; handle large volumes of transactions, suitable for businesses of all sizes; and integrate and match transactions from various financial systems and data source.
FloQast Consolidation enables the ability to establish entity hierarchies and charts of accounts; load trial balances from multiple general ledgers using FloQast's data connections; access detailed balance sheets and income statements across the entire entity structure; translate trial balances into a common currency for clear, comparable financial statements; and perform topside adjustments and intercompany eliminations.
FloQast also introduced FloHub, a new centralized hub for third party applications.
The Accounting Transformation Platform and these solutions were unveiled at
