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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.

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.

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.

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.