FloQast, AutoRec team to automate account reconcilliation

FloQast, a provider of close management software created by accountants for accountants to close the books faster and more accurately, announced the release of new capabilities to FloQast AutoRec, the industry’s first AI-powered solution to automate the highly manual and error-prone account reconciliation process. In addition, the company announced that FloQast AutoRec, previously known as FloQast Matching, has been deployed by over 100 accounting teams in less than a year on the market, driven by the quick time to value organizations are able to achieve.

FloQast AutoRec leverages AI to automate the account reconciliation process. 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 remaining unmatched transactions, FloQast offers an intuitive and easy way to resolve these and finish the reconciliation via a standardized Excel account reconciliation with a full audit trail.