Not sure which reconciliation software to pick, Cointab or FloQast? In this article, we have described the various features of both the softwares so that you can make an informed decision when picking a software for your business.
Since manual reconciliation is a tedious process, it gets extremely difficult for the finance team to regularly complete this process. When reconciling data manually the possibility of human error is high and the amount of time spent is a lot. So it has become a necessity for businesses to adopt a reconciliation software to simplify financial operations.
A reconciliation software automates repetitive tasks in the process and free up the time of the finance team. This enables them to focus on the analytical parts of the process or put in their effort in those tasks where manual effort is needed.
When looking for a reconciliation software it is necessary to set some parameters and check which software fulfils that for your business. Hence we have compared Cointab reconciliation and FloQast in this article so that you can evaluate these softwares together and pick the right one for your business.
Cointab
Cointab reconciliation is a software that streamlines and automates the reconciliation process easily. It is designed to simplify the daily working for the finance team with its automation. It facilities automated data loading in a variety of file formats ranging from XML, CSV, PDF, etc. Along with that, the reconciliation process can be scheduled to run at your convenience whenever necessary. So this way no time is wasted in selecting each file for upload and then initiating the process.
The software’s unique feature is its customisation capabilities. It accepts a file format for the input and export of data. When exporting the results users can also choose particular data fields and columns as per the requirement. The software also lets users define their own rules engine for matching conditions so that the result are generated as per their business rules and policies
The result produced showcases the reconciled and unreconciled transactions in various rows. It highlights the amount mismatches so that users can easily track these transactions. To enable further monitoring users can view an order-level summary of every transaction across all reports. In case some payments have to be settled manually the users can add exceptions to those transactions easily.
Cointab reconciliation simplifies various processes that include fee verification, marketplace reconciliation (Amazon, Flipkart, Myntra, Nykaa, Ajio, TataCliq, and many more), bank reconciliation, OMS reconciliation, and ERP reconciliation. With Cointab Reconciliation you can streamline and simplify these processes to get accurate results.
FloQast
FloQast provides various functions to automate workflow for accounts. These functions range from financial close, reporting, etc to audit readiness. Its reconciliation tool makes it easy to automate and manage the end-to-end reconciliation process. The reconciliation tools let users select the most appropriate method and approach for reconciliation so that the risks are minimized as per your organization’s practices.
The reconciliation is managed in a centralized system so the results, details and the summary can be viewed in a single place. The system also sends alerts for items that are ready to review, when reconciliations that are due or for an out-of-balance condition.
Along with this, the system helps users maintain an amortization schedule for prepaid accounts. It shows how each is amortized, the correct amount and the number of months which can be easily previewed and edited when needed. The system lets users track every reconciliation item in one place. It tracks the timings, and unknown errors in reconciliation and gives reviewers greater visibility in the process.
Since in the reconciliation process, confidential information, controls are also put in place to prevent sign-offs above the thresholds and lockdown is enabled from making further changes. It also lets teams automate tie-outs with the general ledger, between reconciliation workbooks etc. along with a completeness check in the reconciliation trial balance so complete trust is maintained.
The reconciliation tool matches the transactions accurately in many reconciliation processes such as a bank, clearing, credit card, intercompany and other accounts. This helps save the time and effort spent by your team in the transaction matching process.
Conclusion
Both Cointab and FloQast are great automated reconciliation systems as they both fully automate the reconciliation process along with providing various functional capabilities. However, the number of reconciliation processes offered by both reconciliation softwares differ, Hence you can pick the software depending on your business needs.
Cointab offers more customization capabilities compared to FloQast, so if your business rules are unique then you might prefer Cointab but if your business rules are more standard then you might prefer FloQast. Pick the software that solves all the reconciliation issues perfectly for your business.
