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How Artificial Intelligence (AI) is Shaping the Accounting Industry

According to a study by Oxford University and Deloitte in 2015, accountants will be among the first professions affected by the rise of artificial intelligence (AI). Up to 95 percent of accountants will face some threat due to the advanced automation capabilities provided by AI.

While this is categorized initially as a “threat,” it also opens the door to a new kind of accountant. The modern accountant does much more than crunch numbers. In fact, in the future, AI might do most of the number-crunching. Instead, accountants are moving toward a model of value-added opportunities to offer clients, such as strategy and advisory services.

Robots as partners

Not all human functions can be replicated by robots. Much of the high-volume work can, in fact, be done quickly and accurately by use of a bot. However, a bot cannot be taught judgment or analysis. For these reasons, Sonia Eland of DXC Technology suggests we not perceive bots as a threat, but instead, as a partner. The help of AI can assist humans in doing their jobs more accurately and more efficiently.

Embracing new roles

While the role of the modern accountant is evolving, the time for hesitation is slim. The accountants that will thrive under this new model are the progressive thinkers who are jumping in and finding new ways of being marketable and valuable in a changing workplace.

Accounting professionals who embrace this change to advance their individual skills are on track to continue providing value to a profession and an industry that is changing. By freeing up time, accountants can even learn to code. In all, robotic process automation (RPA) is expected to free up the creativity and intellect of accounting professionals.

Flexi and the future

Flexi takes advantage of automation to make the lives of accountants easier.

Flexi delivers all the rich features you’d expect in a top tier accounting solution, but without the high cost. With quick implementation that can be deployed on-premises, in the cloud or in a hybrid environment, Flexi will not only simplify your accounting processes today, but also will have you ready to adapt quickly to market or business changes in your future.

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.

Learn more about Flexi accounting software solutions, or call 800-353-9492 to set up a demo today.

How Flexi Helps the Insurance Industry With Comprehensive Accounting Solutions

Flexi produces cloud-based financial management software built specifically for insurance companies. The software integrates with most policy, billing and claims systems, helping organizations in the insurance industry automate and streamline processes while staying compliant with regulatory requirements.

Flexi insurance accounting software solutions increase the overall efficiency of accounting processes. These software solutions allow users to remain competitive with the accounting tools and controls needed to manage complex regulatory requirements and adapt to changing market demands.

Flexi’s solutions simplify complex financial management with a fully-integrated suite of financial management software, professional services, and an experienced support staff.

Flexi’s insurance accounting software…

Analyzes financial statements and tracks performance of lines of business, profit centers, and locations

Integrates seamlessly with policy, billing, and claims systems, creating end-to-end solutions for faster, more efficient access to information

Provides better security, more internal controls, less manual intervention, and stronger reporting for maintaining compliance requirements
Simplifies 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.

Flexi’s insurance accounting software solutions are proven for insurance companies. Some of the many features of the software include:

Statutory set of books
Department P&Ls
Claim payments and drafts
Premiums recognition
Detailed record of billings
Chart of Accounts Master
1099 processing
Powerful allocations

With Flexi’s insurance accounting software, it’s easy to automate and streamline both your accounting workflow processes and statutory reports with flexible financial management software.

The bottom line

Flexi’s solutions enable your organization to successfully compete in the dynamic insurance market. Automate and streamline your financial processes with the tools and controls to support complex regulatory requirements and changing market demands.

Flexi’s comprehensive financial management software simplifies and automates the entire accounting workflow process without compromising security. Open architecture meets even the most stringent security requirements yet allows data to flow seamlessly with any system.

Learn more about Flexi insurance accounting software solutions, or call 800-353-9492 to set up a demo today.

Benefits of Using Flexi for Your Corporate Accounting Needs

There are multiple benefits to using Flexi’s cloud-based financial management software solutions for your corporate accounting needs.

Through Flexi’s secure, enterprise platform, the entire accounting workflow process is automated and ROI is delivered in months—not years. As a result, your finance team can spend far less time on the close, consolidation, and reporting processes, and more time being strategic and proactive.

Flexi’s Finance and Accounting Software Benefits for Corporate Accounting Needs

1. Continuous Close Capability

Flexi gives you the ability to conduct preliminary ‘soft close’ periods at any time, while the system continues to account for financial transactions in the meantime. You’ll have plenty of time to review and adjust financials in preparation for your hard close deadlines, with complete confidence in the accuracy of your reports.

2. Automated, Workflow-Driven Processes

Flexi’s powerful workflow engine mirrors your accounting processes electronically. Based on your business rules, tasks can be automated—saving time and removing the risk of costly mistakes. You remain in control with a complete archive—all available 24/7 from anywhere, through any device.

3. Multi-Entity Financial Management

Consolidating multiple general ledgers, company/franchise financial statements, and/or multiple currencies can easily consume days or weeks of time. Flexi simplifies even the most complex accounting environments and easily converts all of this disparate data into standardized, board-ready reports almost instantaneously.

4. Real-Time Visibility

View, analyze and report real-time financial data, ensuring business decisions are always based on accurate, timely data. With Flexi, you’ll have everything you need at your fingertips to visualize your financial position and make real-time business decisions.

5. Complete Audit Trail and Compliance Documentation

Flexi provides immediate access to all details behind a transaction. Because each accounting module is part of the same system (including our general ledger), you can easily drill down into all transactions and trace all the way back to the original journal entries, including a visual map of the workflow and approvals.

6. Streamlined Reporting with our Cloud Financial Report Writer

Flexi’s proprietary cloud financial reporting software will make you look good every time. Easily generate perfectly formatted reports and distribute the right data to the right people – even for complex multi-national companies. Reports can be shared in Excel or web-based format and accessed anytime, through any device.

The bottom line

Learn more about Flexi insurance accounting software solutions, or call 800-353-9492 to set up a demo today.

Flexi.com Accounting Reporting Capabilities are Industry Leading – Here’s Why

Flexi prides itself on being an industry leader. With 25 years of experience, Flexi is your accounting software partner from implementation to go-live, providing continuous, high-quality support.

Flexi offers cloud-based software for financial reporting and consolidation. Whether it is consolidated financial statements or graphical dashboards, Flexi’s management tools enable your organization to make informed decisions, elevating your business to the next level.

Flexi solutions are installed at over 800 locations worldwide, with a long and successful track record with businesses in all industries, even the most complex accounting environments. Flexi has helped businesses in the industries of financial services, banking and credit unions, insurance, healthcare, travel and hospitality, retail and wholesale, logistics, and more.

Industry leading software

Flexi software has certainly been implemented in a variety of industries, but there must be a reason. What makes Flexi’s accounting reporting capabilities so industry-leading?

For starters, the various products that Flexi produces help your business make better financial decisions with confidence. Just a small snapshot of the product offerings Flexi has include general ledger, consulting services, accounts payable, accounts receivable, purchasing, electronic invoicing, and business analysis—plus many more.

All of the data that is captured by your systems can be translated into meaningful, easy-to-understand information. The reporting tool derives data directly from your financial management system, providing confidence that your data is accurate and current.

Additionally, Flexi products help your team:

Gain Efficiency – Flexi solutions allow you to streamline the accounts payable process by reducing time-consuming, error-prone manual processes, and converting them into electronic “touch-it-once” automated events.
Empower Management with Information – Flexi solutions securely distribute reports to management, providing the specific data needed to effectively and efficiently run their departments.
Analyze Your Business – Flexi provides clean data to analyze, allowing your team to view business performance by business line, geography, and account.
Identify Trends – Flexi enables you to identify past trends that showed success and to recognize areas of improvement in your business.

The bottom line

Flexi is an industry leader for a reason. With expertise in all aspects of accounting and 25 years experience, the Flexi team can offer the best of the best. Even better, Flexi offers cloud-based web services that not only streamline processes, but also make data accessible 24/7 from any device with an internet connection.

Learn more about Flexi’s accounting reporting capabilities and see how Flexi can partner with your business today.

Flexi Software Adapts to All Regulatory Changes so you Can Have Peace of Mind

Flexi offers comprehensive financial management software that simplifies and automates the entire accounting workflow process, without compromising security.

By providing open, cloud-based architecture that meets even the most stringent security requirements, data can flow seamlessly with any system.

With 25 years experience, the Flexi team has honed in on and perfected the diverse accounting needs of a variety of industries, including financial services, banking and credit unions, insurance, healthcare, travel and hospitality, retail and wholesale, logistics, and more.

Flexi is robust and flexible, and will not only simplify your accounting processes today, but also have you ready to adapt quickly to changing market or business needs, specifically in regulatory changes and compliance.

Flexi adapts to regulatory changes

As a Flexi user, you and your business can have peace of mind. Flexi adapts to regulatory changes in the industry, constantly keeping you up-to-date and on your toes.

Banks and credit unions

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

Healthcare

Healthcare is another highly-regulated industry, and Flexi can help streamline and automate your labor-intensive financial management function in various healthcare industries. Flexi solutions enable your organization to successfully compete in the dynamic and volatile healthcare market. Automate and streamline your financial processes to support complex regulatory requirements and changing market demands in healthcare.

Other industries

While banks, credit unions, financial services, and healthcare are very highly regulated, Flexi is prepared to handle regulatory compliance for a variety of other industries as well. Flexi takes the guesswork out of the equation, preparing you and your team for success.

The bottom line

As an industry leader, Flexi can help your business succeed, regardless of your industry. With expertise and 25 years experience, the Flexi team can offer highly-specialized support for your specific and unique needs. Flexi’s product solutions are cloud-based web services that not only streamline processes, but also make data accessible 24/7 from any device with an internet connection.

Learn more about Flexi adapting to regulatory changes across industries and see how Flexi can partner with your business today.

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.

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.

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.

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.

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.

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.