Using robotics process automation, accounting software company FloQast is rolling out a new solution to automate reconciliation processes.
In a press release Tuesday (Sept. 26), FloQast announced news of the launch of Cloud Connect, a solution that provides near-real-time access to financial data held within in-house ERP systems. The solution, the company said, automates reconciliations for streamlined and accelerated month-end closures, while enabling companies that rely on on-premise solutions to gain the benefits of cloud-based applications.
“On-premise ERP systems lack the connectivity of today’s modern, cloud-based applications,” said FloQast Chief Executive Officer and Co-Founder Michael Whitmire, CPA. “As a result, organizations find they have islands of important business data that can only be accessed through highly manual, time-consuming processes. FloQast’s new Cloud Connect makes outmoded on-premise ERP systems more like today’s cloud applications, eliminating manual headaches and giving greater utility to organizations’ financial data.”
The firm said that Cloud Connect enables accounting teams to use existing cloud infrastructure to sync financial data stored in on-premise ERP systems into the cloud. The robotics automation solution also enables accountant teams to gain historical data insight by analyzing trends across various periods of time.
The FinTech community has targeted legacy and in-house ERP systems in an effort to help companies migrate to the cloud and leverage the capabilities of cloud computing and data analytics. Some analysts believe ERP systems are prime for disruption from emerging technologies like blockchain. One FinTech, Finlync, said earlier this year that it developed a technology that integrates blockchain into ERP systems for enhanced data management and streamlined processes.