FloQast boosts accounting software with AI updates
FloQast, a provider of close management software created by accountants for accountants, is releasing FloQast Matching, an AI-powered matching solution that requires no rules definition whatsoever.
A significant expansion of its close management software solution, FloQast Matching helps accounting teams automate the highly manual and error-prone process of matching transactions, which is core to the task of reconciling high-risk and high-transaction-volume accounts such as cash, intercompany, and clearing accounts.
Accounting teams can now accurately and efficiently perform one-to-many or many-to-many matches across any type of general ledger (GL) account - saving them hours, and in some cases, days of work every month.
Traditionally, closing the books has been a manual, time-consuming process for companies of any size. With the advent of close management software, a growing number of accounting teams have
FloQast Matching was developed to reconcile accounts faster and more accurately so teams can spend less time on performing the close and more time analyzing its results.
FloQast Matching has been built from the ground up to make use of artificial intelligence (AI) so that users never have to define and write rules.
Its proprietary matching algorithms use AI to identify matched transactions even when they are not 100% identical, which is often the case when similar but not identical nomenclature is used in companies’ general ledger when compared to other financial systems.
In addition, FloQast has leveraged its expertise in cloud computing to process multiple matching algorithms simultaneously, increasing the speed and accuracy of matching, and assuring it will scale to meet the needs of rapidly growing organizations.
FloQast Matching includes an easy-to-use interface, including powerful filtering and sorting capabilities, so accounting teams can create additional matches of any type.
In addition to the AI capabilities, other features include:
- Account Agnostic
- Intelligent Matching
- High-volume Scalability
- Ease of Use and Adoption
For more information about this release, visit https://floqast.com/.