Streamlining Financial Reporting and Audit Processes for Greater Efficiency and Accuracy
FloQast, a leading provider of accounting workflow automation software, today announced the release of enhanced compliance management solutions that further automate and streamline financial reporting and audit processes.
Key Enhancements
- Automated Compliance Tracking: New functionality automatically tracks compliance with various accounting standards, including ASC 606, IFRS 15, and SEC reporting requirements, reducing the time and effort required for manual tracking.
- Improved Risk Management: Enhanced risk assessment capabilities allow organizations to proactively identify and mitigate potential compliance risks, ensuring accuracy and reducing exposure to penalties.
- Centralized Documentation and Evidence Gathering: A central repository for all compliance-related documentation, such as policies, procedures, and audit workpapers, provides easy access and reduces the risk of losing important information.
Benefits for Organizations
FloQast’s enhanced compliance management solutions offer several benefits for organizations, including:
- Reduced Time and Effort: Automated processes and centralized documentation reduce the manual workload associated with compliance management, freeing up time for more strategic initiatives.
- Improved Accuracy and Consistency: Automated tracking and risk assessment ensure compliance accuracy and consistency, reducing the risk of errors and penalties.
- Enhanced Collaboration and Communication: Centralized access to compliance-related information fosters collaboration between accounting and audit teams, streamlining communication and reducing the risk of misunderstandings.
Quotes from Executives
Our enhanced compliance management solutions are a game-changer for organizations looking to improve efficiency, accuracy, and risk management in their financial reporting and audit processes, said Mike Whitmire, CEO of FloQast. By automating compliance tracking, centralizing documentation, and improving risk assessment, we empower our customers to streamline compliance and reduce the burden on their teams.
Kind regards
G. Porter