Month-end close brings a flip of your calendar page, and also a mountain of work if you’re in charge of closing processes. The month-end close can be an intimidating and time-consuming process for small- to mid-market sized organizations. With multiple accounts to reconcile, you may have a slow, disorganized process that is taking more time than it should. In addition, audit fees could grow too high because of lack of documented review.
Closing the books each month shouldn’t be a process that you and your team dread. It’s possible to gain more visibility and transparency in the month-end close process by using FloQast, an Arxis Technology partner. FloQast enables clients as diverse as GrubHub, L.A. Lakers and UNITE HERE HEALTH, to reduce their close by 30% after just one quarter.
Developed by accountants for accountants, FloQast’s application is built on a folder structure, similar to what many financial departments currently use. There is full integration with your current ERP solution, for an easy tie and tick process. This makes it easy for all team members to find the information they need for each month’s closing.
While the folder structure may be common, the messaging and alerts capabilities are not. One of the reasons month-end processes are so time consuming is because of the multiple people involved. Reporters, reviewers, and decision makers all play roles in the process, and that can mean delays.
The FloQast dashboard features three modules that bring everyone together on the same page. A close checklist tops it all, which can be modeled on 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 get those lists together and create an organized group list to follow.
You’ll love communication
The checklist section isn’t just a group to do list for month-end processes. FloQast has integrated descriptions and a messaging system so communication can happen between preparers and reporters.
FloQast speeds the month-end close because there’s no delay in getting feedback.
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. Flexible sign-off mode allows “all hands on deck” smaller teams to complete work for each other, while strict sign off mode keeps everyone “in their own lane” of procedures. As your team grows, the platform can grow with you.
As reviewers complete their to do items, they can add review notes to the item. The note gets emailed automatically to the assigned team member, who can take action immediately. The built in note system also lets team members mark notes as “resolved” so the processes proceed smoothly.
The dashboard also includes documents, saved in Box, and a reconciliations module that guides the entire team through a documented process. These features make FloQast a true “one stop shop” for your month end close.
Intrigued by FloQast’s potential for your company? Watch our instant webinar with FloQast to see the dashboard in action, as well as the ERP integration features. It’s free and informative and that’s something anyone in accounting can love.