Birthing a New Compliance Perception

There are gazillion things that make human beings special, but at the same time, none do a better job than that desire to grow on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution.. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown increasingly evident over the recent past, and assuming one new fintech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.

FloQast, a provider of accounting workflow automation software created by accountants for accountants, has officially confirmed the launch of a new advanced workflow solution named FloQast™Compliance Management, which is designed to ensure continuous audit readiness and optimize all the relevant controls. To achieve the former objective, the solution lets finance, accounting, and internal audit teams centrally manage and integrate compliance into business process, thus enabling a snag-free audit experience. In the case of controls, it works alongside other solutions under the FloQast’s umbrella, solutions like FloQast™Close Management and FloQast™ Ops, to set up controls capture directly into the Financial Close and other business operations like payroll processing and financial reporting. This makes it possible for a business to monitor things in real-time and stand a better chance of reducing the potential risk.

But what are some granular-level features that FloQast compliance management system will likely bring into the mix? The answer must begin from its ability to automatically synchronize teams’ Risk Control Matrix (RCM). By doing so, the solution is able to process narratives and flowcharts for real-time capture and storage of audit evidence, something which not only guarantees a quick operation, but it also helps in keeping the necessary data up-to-date. Referring to an automation-oriented approach, FloQast compliance management even knows a thing or two about automating Prepared By Client (PBC) procedures for easier collaboration between different teams across the board. Furthermore, given how there is so much emphasis on using organizational synergy to neutralize risk, the solution simultaneously promises a value proposition where we don’t have to deal with duplicate audit activities, as well as those repeated requests for information and clarifications.

“Internal compliance teams are under huge amounts of pressure to deliver more detailed information to external auditors and organizational leadership, but too often rely on disconnected solutions and manual processes to manage compliance programs,” said Mike Whitmire, CEO and co-founder of FloQast, CPA. “FloQast Compliance Management automates these manual efforts for a more data-driven, collaborative audit that better empowers organizations to respond to changing regulatory and business environments and foster happier teams.”

Hold on, there is more. Through FloQast compliance management solution, internal auditors are also getting a chance to track control owners’ assignments and seamlessly execute their testing plans in the system. This functionality is notably complemented on the back of intuitive and easy-to-use dashboards that maintain visibility for the user at all times.

The move provides an interesting follow-up to one research commissioned by FloQast. According to the stated research, an average organization spends about $2.4 million annually on compliance and control processes, but still; only 26% of professionals feel their existing compliance and control management protocols add significant value to the organization. The new compliance management, therefore, will hope to address this big quality gap.

Founded in 2013, FloQast’s rise to prominence is rooted in the way it has managed to make accounting workflow automation a mainstream concept. The company, at the moment, has services on the offer that help you facilitate tasks related to month-end close, manage the compliance burden, improve accuracy, visibility, and collaboration throughout the financial function, and do a whole lot more.