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accounting software for banks

Flexi Accounting Software for Financial Institutions is Ideal for Streamlining Workflow

Flexi’s accounting software for financial institutions is ideal for streamlining workflow. Flexi produces software specific to banks and credit unions, ensuring that the specific and unique needs that financial institutions have are always top of mind.

The banking industry is one of the most regulated industries in the United States. The Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the FDIC keep a close watch on regulation and compliance.

Additionally, because consolidations are taking place to leverage larger economies of scale in banking operations, it is imperative for banks and credit unions to improve operations and increase efficiencies when processing large numbers of transactions and financial reports on a daily basis.

It is vital that the accounting solutions used by financial institutions are built to handle these stringent requirements. Flexi’s accounting software does the following to streamline workflow for banks and credit unions:

Financial Statements

Financial statements produced through this software can be provided for any time period, entity, or balance type in either real-time or average daily balances. Additionally, the reporting tools are flexible and easy to us, helping you drill down into all of the details.

Consolidations

The banks and credit unions accounting software from Flexi allows you to institute rules to enable unlimited consolidations and intercompany transactions, including your non-banking entities.

Solution Suite

The banks and credit unions accounting software offers a fully-integrated suite of applications that includes general ledger, accounts payable, fixed asset, purchasing, as well as capital projects.

Accounts Payable

The accounts payable workflow is easily streamlined with Flexi:

  • Reduce Paper – eliminate walls of file cabinets and stacks of receipts by leveraging Flexi’s paperless workflow technology.
  • Gain Efficiency – streamline the AP process by reducing time-consuming, error-prone manual processes, and turning them into “touch-it-once” automated events.
  • Control Expenses – ensure that invoices follow the proper approval channels, and are paid in a timely manner with electronic approval workflows.
  • Visibility and Transparency – provide secure access for staff to see approval history and original invoice images from a web browser.

Integration

Integration is a breeze: it’s possible to seamlessly integrate Flexi accounting software solutions to your core banking system.

The bottom line

Flexi solutions enable your organization to successfully compete in the dynamic banking and credit union markets. Automate and streamline your financial processes with the tools and controls to support complex regulatory requirements and changing market demands.

To learn more about Flexi’s dynamic product offerings, click here. Flexi’s 25 years of experience enables your business to increase productivity, reduce costs, and streamline workflows.

White Label Accounting Software

Why Flexi.com White Label Accounting Software has the Right Applications for All Accounting Tasks

In addition to a direct sales effort, Flexi white labels its solutions with companies such as McKesson, StoneRiver (formerly Fiserv), MajescoMastek, and Molina Healthcare (formerly a division of Unisys). Flexi.com white label accounting software has the right applications for all accounting tasks.

Benefits of white label accounting software

A “white label” solution is a fully supported product or service that is created by one company but sold without branding, allowing the purchasing company to brand it as their own and resell the product.

Opting for a white label solution means that your company doesn’t need to reinvent the wheel to provide an excellent accounting solution. This results in no time or money wasted producing the best software solution when one is already on the market, ready to be branded as your own. This way, the reseller can customize the product with their own branding, allowing customers to associate the product with the reseller.

White label accounting software from Flexi

White label accounting software from Flexi is quick and easy to brand. As a reseller, you will not need to focus on spending time or money on development. You can simply slap on your logo and the solution is already fully integrated.

Developing a solution from scratch takes time and money, and if you’re under the gun, you might be tempted to cut corners—leading to a poor customer experience when using the product. Rather than taking the time to design, build, and test the solution, opt for Flexi white label accounting software. Flexi takes the guesswork out of the equation.

Lastly, prepackaged solutions provide assurance that you are relying on experts in the field. Don’t stretch your resources reaching for the stars when white label software is ready made.

The bottom line

Flexi has years of experience in the accounting software space and has employed a team of experts to make the most flexible, cost-effective, efficient accounting software on the market. Flexi software allows you to manage your accounts anywhere, anytime, from any device. And, Flexi’s cloud-based management reporting and financial analysis software helps you assess your business performance.

Let Flexi’s 25 years of experience speak for itself. There is a reason why Flexi solutions are installed at more than 800 locations worldwide. Flexi has a long and successful track record that businesses in all industries can count on for their accounting need—even the most complex environments.

Contact Flexi about white label accounting software options today.

 

compliance

Our Process Driven Accounting Software Keeps your Company Financially Compliant

Ensuring that your business is financially compliant is incredibly important to your operations, and Flexi’s process-driven accounting software can help keep your company compliant.

The importance of compliance

In recent years, regulators and lawmakers have enacted a number of regulations to which organizations must comply. Compliance has become increasingly important in an era of increased regulatory scrutiny.

Certain industries, like the banking industry, have even stricter regulations to abide by. The banking industry is under close watch by the United States with the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the FDIC.

Some questions to ask about compliance at your organization include:

  • What are your main areas of risk?
  • Is a compliance policy already in effect?
  • To whom does the compliance policy apply?
  • Has the compliance policy been endorsed by management and woven into company culture?

Flexi solutions

Compliance is baked into many Flexi solutions.

Fixed Asset Management Software

Bring together the management of capital projects, assets, accounts payables, and your general ledger in a fully integrated software solution.

  • Manage Fixed Assets – Take control of fixed assets including acquisition, depreciation, adjustments, and disposal. Stay on top of asset values and depreciation forecasts without of the need for box reports.
  • Control Project Spending – Manage capital projects against your budget to control expenditures in real time.
  • Integrated Environment – Create efficiencies in business processing by tightly integrating purchasing, payables, fixed assets and your general ledger.
  • Manage Compliance – Maintain multiple books simultaneously and receive ongoing updates to policies, such as bonus depreciation.

Healthcare Accounting Software

Streamline and automate labor-intensive financial management functions with Flexi’s easy-to-use accounts payable, general ledger, project management, and fixed asset solutions for various healthcare industries.

  • Prevent shortfalls and missed margins with powerful analytic tools
  • Improve information flow through multi-entity processing and a faster closing process
  • Enhance regulatory compliance and security
  • Eliminate duplicate data entry
  • Reduce costs through enhanced project management and analysis

Insurance Accounting Software

Flexi insurance accounting software solutions increase the overall efficiency of accounting processes. Our solutions simplify complex financial management with a fully integrated suite of accounting software, professional services, and an experienced support staff.

  • Analyze financial statements and track performance of your lines of business, profit centers, and locations.
  • Integrate seamlessly with your policy, billing, and claims systems, creating end-to-end solutions for faster, more efficient access to information.
  • Provide better security, more internal controls, less manual intervention, and stronger reporting for maintaining compliance requirements.
  • Simplify multi-book accounting into a single system of financial records, enabling users to track GAAP, statutory, and adjustments simultaneously, as well as facilitate the creation of statutory reports.

The bottom line

Process-driven accounting software by Flexi can help ensure that your business is financially compliant. Check out Flexi’s product offerings today to see how Flexi can work for you.

Accounting Compliance

How Does your Company Beat the Finance Compliance Conundrum

Compliance is important to you as an accounting professional. Keep abreast of the latest regulation and compliance standards by using Flexi.com’s suite of products and services.

The banking industry is one of the most regulated industries in the U.S., and the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the FDIC keep close watch on regulation and compliance.

Seamlessly integrate Flexi software to your core system to ensure that financial statements are accurate, consolidations are error-free, and efficient processes are in place. Make sure your business retains visibility and transparency with expenses.

With Flexi Financial Reporting and Analytics software, your team can:

  • Gain Efficiency – Streamline the AP process by reducing time-consuming, error-prone manual processes, and converting them into electronic “touch-it-once” automated events.
  • Empower Management with Information – Securely distribute reports to management, providing the specific data needed to effectively and efficiently run their departments.
  • Analyze Your Business – Analyze financial data to view business performance by business line, geography and account.
  • Identify Trends – Use visualization to identify past trends that showed success and to recognize areas of improvement.
Franchise Accounting Software

Flexi.com – The Ultimate Franchise Accounting Solution You Can Trust

Flexi.com provides the ultimate franchise accounting solution, enabling your organization to efficiently manage its accounting processes across entities. By providing tools to efficiently manage your accounting operations, Flexi allows your team to focus its efforts on strategy and analysis rather than the minutia of manual reporting.

The history

In the early 90s, when client-server technology was starting to emerge and proprietary systems were starting to fade, the founders of Flexi had the idea to leverage an ensuing market opportunity by melding financial accounting software with the latest technology innovations.

One of the primary goals was to provide companies with a non-proprietary, feature-rich accounting system that could be scaled to handle millions of transactions, yet remain flexible enough to handle the unique requirements of any company, hence the name “Flexi.” Openness was critical so that the software application could be easily integrated into any system.

Today, all of Flexi’s solutions are enabled through web services, allowing companies to streamline accounting processes.

Most business decisions to purchase software focus on one question: will the solution make or save the organization money? Flexi solutions enable your business to increase productivity, reduce costs, and provide the analytics needed to make informed decisions and grow your business.

Multi-Entity Financial Management

Flexi multi-entity accounting solutions easily manage and streamline even the most complex accounting processes. Experience quick and accurate closes with automated consolidations. Easily manage multiple currencies to save time and increase accuracy. Rapidly establish procedures, workflows and reporting for new entities regardless of the complexity of your multi-entity structure.

  • Enterprise-Wide Insight – Consolidated financial reporting enables a comprehensive view of your business in any currency, with the ability to easily drill down into the details.
  • Simplify Accounting – Automate and simplify complex intercompany transactions with easy to use tools.
  • Fast Deployment – Newly acquired companies can be integrated faster with Flexi’s multi-tenant architecture and ability to rapidly clone company setups.
  • Business Analysis – Design flexible reporting and gain insights from real-time visibility with instant roll-up reporting (single currency) or consolidations (multiple currencies).

Successful financial management within your organization requires flexibility, scalability and ease of use. Working with the right partner and solution helps increase productivity, while keeping costs and risks under control. Learn more about our product offerings.

The bottom line

By employing Flexi.com’s franchise accounting solutions, you can increase your organization’s productivity and efficiency while reducing costs and increasing revenue. Flexi allows your team to focus its efforts on strategizing for the best, most profitable version of your business. Flexi.com provides the ultimate franchise accounting solution you can trust.

Enterprise Accounting Software

Enterprise Accounting Software Doesn’t Have to Be Complicated – Flexi.com Makes It’s Easy

True to its name, Flexi is a flexible accounting solution provider.

At its inception, one of the primary goals of Flexi was to provide companies with a non-proprietary, feature-rich accounting system that could be scaled to handle millions of transactions, yet remain flexible enough to handle the unique requirements of any company. Openness was critical so that the software application could be easily integrated into any system.

Today, all of Flexi’s solutions are enabled through web services, allowing companies to streamline accounting processes.

How does Flexi do it?

Flexi.com offers the following perks with its accounting solutions, making it an uncomplicated solution that makes it easy for companies to scale.

Flexi solutions…

Improve Business Performance – Increase data accuracy by eliminating duplicate entries, automating manual processes and streamlining the approval process.

Reduce Expenses – Save on hardware, software, upgrades, technical support and licensing. Maintenance and support costs are built into a subscription-based, pay-as-you-go pricing model.

Enable Collaboration – Provide your staff with a continuous, mobile-ready connection that instantly syncs data when connected to the Internet.

Increase Security – Flexi adheres to strict International Organization for Standardization (ISO) security standards, as well as regular security audits.

Share Information – The cloud enables your staff to securely access data from anywhere, at anytime.

Are Proactive – As a fundamental part of your organization’s routine, utilize accounting software to continuously review financial data as business demands change.

Increase Confidence – A proven financial management system, used by over 800 businesses, allows you to adapt to existing and future market disruptions.

Gain Flexibility – Our flexible solutions enable you to react quickly to new financial rules and regulations.

Eliminate Unnecessary Expenses – Identify money that is consistently spent and classify areas of your business that are contributing to unnecessary cash outflows.

Enforce Payment Discipline – Assist in debt collection with automated notifications of overdue payment.

Bill Promptly – Send invoices as soon as products have been sold, saving time on sales follow up.

Increase Efficiency – Enable your organization to be more efficient through automating many of your manual processes, freeing your staff to devote their time to higher value activities.

Streamline Performance – Automate the integration between your front and back offices, and streamline the procure-to-pay process by introducing an electronic invoicing solution.

Simplify Distribution – Provide simple, fast report distribution, such as generating and distributing department financials, with just the click of a button.

The bottom line

Flexibility and scalability are hallmarks of Flexi’s solutions. With ease of use and years of experience, Flexi is a name to be trusted in the accounting space.

daily period close

Why a Daily Period Close Feature is Important for any Accounting Software

Daily period closing refers to the process of your staff recording daily collections from all sources, including cash, checks, and credit cards.

For some, a daily close may seem overwhelming. However, instituting daily closings can be hugely effective in managing a company’s accounting, ensuring that financial data is always accurate, and pinpointing discrepancies before they become issues. Daily closing also helps eliminate accounting discrepancies at the end of the month by keeping an accurate, day-to-day record.

The three biggest benefits of daily closing are reconciliation and theft prevention, catching human error, and prepping for month-end closing.

The importance of daily closes

Daily closings can help in a variety of ways, including preventing employee theft, catching human error, and assisting with the month-end closing.

Reconciliation and theft prevention

While virtually all business types can benefit from daily closes, it is especially useful for retail and service companies who may run the risk of employee theft. When reconciling on a weekly or monthly basis, it is more difficult to trace the missing dollars. By using a successful day-end close process, employees are held accountable for the collection of cash for goods and services rendered. Businesses with extensive monthly transactions also benefit from reconciling cash on a daily basis, allowing staff to know how much cash is on hand at all times.

Catch human error

Other benefits of daily closes include the ability to trace discrepancies to human error, like an incorrectly-keyed amount or payment method. Additionally, any adjustments to collection amount can be recorded as well, like cash taken from a register for an unanticipated payment. It’s also important that daily deposits match with your daily close amounts.

Prepping for month-end close

When activity is recorded as it happens on a daily basis, the month-end close experiences fewer discrepancies and moves at a faster pace. And, much of this day-end closing can be farmed out to departments outside of accounting. Daily or weekly reports can be generated by other staff, and accounting can reconcile these on an on-going basis, rather than waiting until the month-end close.

Start daily closing today

If you aren’t already, start the process of daily closing. Putting time and effort into the frontend will free up time during month-end closing, making month-end closing quicker and more reliable. Daily closing will also help you manage and track cash flow and theft.

Flexi offers a full suite of products designed to help you with your biggest accounting pain points, including closing. Check out Flexi.com for all of your accounting software needs.

Period End Close

Is your Current Accounting Software Helping you to meet your Period-Close Deadlines on Time?

According to the Adra Match Market Survey in 2013, 61% of accounting professionals are unhappy with their financial close processes. That’s a lot of disgruntled accounting professionals, and for good reason: closing can be time consuming, difficult, monotonous, and frustrating with the wrong tools.

To maximize efficiency during closing, your organization needs the right software. Is your current accounting software helping you meet your period-close deadlines on time?

The top issues that prevent companies from meeting their period-close deadlines are communication, reconciliation, accuracy, and collaboration.

Communication

To encourage departments to provide your staff with data necessary for closing, start with the simple act of communicating with stakeholders. It may sound overly obvious, but the truth of the matter is that outside departments may have a tenuous grasp of the processes, workflows, and needs you have to close the books on time. Provide education to encourage understanding of how a quick and accurate period close can benefit all members of the organization.

Reconciliation

Reconciliation has historically been a tedious, manual process with a high probability of error. Software that automates reconciliation can align data from a variety of sources, saving you the time of formatting inconsistent data. Some close management software products include intelligent transaction matching, which provides even greater automation for reconciliation.

Accuracy

With reconciliation being such a manual process, it’s no surprise that data accuracy can come into question. With such limited time to close the books and such a variety of inconsistent data sources involved in the close, it is easy to make mistakes. Be smart about your software choice: choose products that streamline processes into repeatable functions, eliminating the opportunity for human error.

Collaboration

If your business is working in silos where each department manages its own data, how can you rely on the results? Collaboration across departments and entities is a necessity in accurate closing. Cloud-based systems afford the opportunity for real-time, sharable data that anyone with the right permissions can access 24/7 via internet browser. This way, you know the data that is being accessed by different departments and staff members is always the most current, most consistent data available.

Meet your period-close deadlines with Flexi

Choosing software that helps ease the pain points of communication, reconciliation, accuracy, and collaboration is the first step in obtaining more manageable period closes. The full suite of Flexi products aims to streamline accounting processes, saving you time closing the books on one period so you can move on to the next. Flexi products are cloud-based, non-proprietary, and compatible with Microsoft standards.

Ditch the manual, error-ridden processes: trust the accuracy of your data and reconcile with ease using state of the art Flexi technology.

Spreadsheets & Accounting

Is your accounting business relying too heavily on spreadsheets?

Accounting professionals have relied on spreadsheets since the mid-1980s when Microsoft Excel was first introduced, but the dawning of a new era in technology leaves many businesses questioning if their accounting departments are relying too heavily on spreadsheets.

Spreadsheet manipulation is often based on manual processes without proper checks and balances in place. Reliance on these imperfect systems leads to organization-wide decreases in productivity, questionable or inaccurate data, and poor organization—which ultimately affects your bottom line.

Spreadsheet reliance lends itself to decreases in productivity

Spreadsheets are notorious for bogging down accounting processes. While Microsoft Excel is a household name that most professionals have reasonable familiarity with, relying on it for financial purposes can be extremely time consuming. The time waste comes mostly in the form of consolidating data, modifying data, and finding and correcting small errors. Employee time is then spent correcting or consolidating data rather than analyzing it—where cloud-based accounting software could catch these errors and consolidate with ease.

Spreadsheet data accuracy can be questionable

Data can be inaccurate in traditional spreadsheets. Spreadsheets simply lack the sophistication that cloud-based accounting software has. This is because the spreadsheet document owner writes formulas to handle equations, and the spreadsheet will do exactly what the formula is written for–even if the formula you’re using to solve X actually solves for Y. Further, even if two spreadsheets access the same data from a centralized place (for example, an enterprise management system), the two spreadsheets may still result in mismatched data if the data is collected at different times.

Spreadsheets are poorly organized

Spreadsheets are not the cleanest way to view, sort, and analyze data. It is difficult to share data between sheets, and more difficult still to integrate data with other business software—or share data across departments. While cloud-based accounting solutions offer current data in real time to users, spreadsheets are not necessarily updated in real time, leading to dissemination of conflicting data.

Moving forward in a post-spreadsheet age

Cloud-based solutions are increasingly popular in finance, providing reliable, affordable software that accomplishes everything a spreadsheet can—but faster and more accurately.

Cloud-based systems like those offered by Flexi provide the most accurate and most current data, and data can be accessed anywhere with an internet connection. Laboring over spreadsheets to correct data and close the books can be a thing of the past with cloud-based solutions.

Period-End Close

Is the lack of workflow hindering your ability for an accurate and fast period-end close?

If your business doesn’t follow a period-end close workflow, you could be throwing money out the window. Establishing a workflow not only delineates the processes for all parties involved, but it also presents a written record of that process, making it open for future improvements that might speed up the close or further ensure the data’s accuracy.

Period-end closing involves:

  • Data collection
  • Data scrubbing
  • Reconciliation
  • Validation
  • Report generation
  • Report review

The involved parties include the various individual lines of business, staff accountants, financial analysts, and finance team members.

The importance of a period-end workflow

The goal of all organizations is to produce timely and accurate financial statements within a reasonable period of time after the period-end close. These financial statements are critical to decision makers as they help to understand the health of the organization prior to making financial decisions.

Broken business processes suck time and money from an organization. Time and resources lost managing broken processes does not need to be considered “the cost of doing business.”

By following a workflow to close the books, your team can accomplish your close as quickly as possible, ensuring that the data provided to your decision makers is always the most accurate.

Best Practices

Incorporate procedures into daily operations

Whenever possible, incorporate as many of your period-end close needs into your daily operations. Doing this work ahead of time will help the speed and organization of your close immeasurably.

Work closely with other departments

If it makes sense to obtain data from other departments, set that into action in your workflow. If the requirement for this information is written into the workflow, you can depend on quality data in a timely manner, freeing up your accounting team to accomplish other accounting tasks.

Be open to improvements

Your workflow might not start out as the quickest or the most accurate. That’s okay. By writing a workflow, you are able to revisit, revise, and readjust as often as necessary until your process is ironclad.

Don’t forget the software

Flexi has a full suite of products that can help you manage your close and your workflow; store information in a full content management system and seamlessly access it in FlexiFinancials.

Flexi’s open, non-proprietary architecture is based on the latest Microsoft standards and tools. It supports industry standard databases such as Oracle and Microsoft SQL Server and allows for easy integration through web services. The Flexi applications utilize Microsoft SharePoint to provide browser based, enterprise-wide content portal and workflow capabilities.