Accountant close management software company FloQast has upgraded FloQast AutoRec, the company’s AI-powered solution to account reconciliation, according to a release.
FloQast AutoRec, previously known as FloQast Matching, is meant to automate the reconciliation process, and it’s been used by more than 100 accounting teams in under a year, the company said.
“FloQast AutoRec leverages AI to automate the account reconciliation process and empowers corporate accounting teams to regain hours or even days each month to focus on more strategic issues,” the company said. “Requiring no rules definition or set-up, on average, AutoRec automates up to 75% of the financial transaction matches out-of-the-box, making it quick and easy to reconcile multiple accounts all at one time.”
For the unmatched transactions that are left, FloQast helps those get resolved through a standardized Excel account reconciliation, and it has a full audit trail.
New features in this version include threshold matching, which is for transactions with minor discrepancies, “matching automatically completes those matches in a controlled way, within a specified materiality threshold.”
There’s also progressive matching, which is for companies that want to reconcile accounts ahead of the close. It allows for the importing and matching of transactions during the month, so that only the final month end transactions have to be reconciled at the close.
Roll forward is a feature that includes transactions that haven’t cleared during the month to be included in the following month’s reconciliation.
“AutoRec automates this process to ensure your reconciliations include all the needed transactions,” the company said.
“The rapid adoption of FloQast AutoRec and continued expansion of its capabilities is a clear signal that FloQast is becoming a strategic partner to our customers,” said Mike Whitmire, co-founder and CEO of FloQast. “We continue to extend our value from improving the speed and accuracy of the month-end close to delivering a broader automation platform that helps accounting teams streamline critical tasks that are essential for managing a company’s finances.”