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general ledger software

Why a Strong General Ledger Software is Important in the Banking Industry

A general ledger (GL) is a master document that provides a record of your business’s financial transactions. A strong GL is important in the banking industry, but all too often it is not prioritized and is thus left as an afterthought.

Your GL is the backbone of your accounting processes. Ideally, your GL should integrate with any other software you use, providing easy snapshots of your full financial picture whenever you should need them.

Pros of a strong GL

There are many reasons for implementing a strong GL at your bank. Here are just a few.

Your GL:

  • Provides an accurate record of all transactions
  • Helps balance your books
  • Stores all expenses and income in one place, making filing taxes a breeze
  • Reports real revenue to help you keep on top of spending
  • Helps you spot unusual transactions
  • Helps you nip fraud in the bud
  • Aids in compiling comprehensive financial statements

As a banking institution, financial health is your bread and butter. So why wouldn’t you prioritize the financial health of your institution the same way you prize financial health for your customers? Incorporating a strong GL is imperative for your bank’s business.

Flexi knows bank accounting software

Flexi’s enterprise accounting platform works with your bank’s accounting system to make it better, with features like a world-class GL and financial reporting system.

Flexi’s 25+ year history is rooted in serving financial institutions around the world, including banks and credit unions. Flexi has built a  platform around the unique needs of this industry, which requires superior security, speed, and performance.

With Flexi’s bank accounting software, you’ll enjoy:

With Flexi’s open architecture, you are enabled to choose the software that is right for your bank. Flexi can integrate stand-alone modules like the GL software into your existing banking accounting system. Or you can gain the ultimate speed and power with Flexi’s entire financial management software platform, which is uniquely designed to allow financial data within the core general ledger to flow securely wherever it is needed in real time.

Many financial institutions feel stuck with software that’s not ideal for accounting. Whatever level of pain you’re experiencing with your accounting system, Flexi can alleviate with flexible banking accounting software.

Learn more about partnering with Flexi today. Call 800-353-9492.

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Quarterly Reporting or Semiannual

Quarterly Reporting or Semiannual? The Debate Goes On

A debate about the frequency in which public companies should be legally responsible for providing financial reports has been sparked by a recent tweet made by President Donald Trump.

In mid-August, the president tweeted a proposal to reduce the frequency that public companies must provide financial reports. Currently these reports are legally required quarterly, a precedent set by the Securities and Exchange Commission (SEC) in the 1930s. The proposed shift would move to a semiannual system.

Proponents of a reduction in frequency of reporting

Trump’s tweet, prompted by conversations with top business leaders such as Indra Nooyi, CEO of PepsiCo, has received some praise in the business world. By reducing the frequency of financial reporting to semiannually, many believe public companies will have greater flexibility, leading to money saved and focuses shifting from short term gains to long term business strategy. Critics of the quarterly reporting system believe that quarterly reporting pulls public companies away from long term investments.

Proponents of quarterly reporting

Others believe that maintaining the quarterly reporting tradition is integral to the health and ethics of U.S. business. Proponents of quarterly reporting view the system as setting a precedent for transparency by providing checks and balances while also reducing the chance of unethical business practices.

The U.K.: a case study

Across the pond, the U.K. has changed their reporting requirements twice in the last decade–once moving from semiannual to quarterly reporting in 2007, and then later moving from quarterly back to semiannual reporting in 2013. No significant effects were reported related to the shifts. Instead, other factors are likely at play beyond the frequency of the reporting itself.

The past and the future

Established in the 1930s during the Great Depression, the SEC has required public companies to report on their finances every three months. The intention was to give investors confidence in the businesses they were investing in. However, the SEC has considered moving away from the quarterly reporting requirement as recently as 2016. Following the president’s tweet, SEC chairman Jay Clayton stated that the SEC “continues to study” the rules and requirements.

The future reporting requirements remain uncertain while the debate rages on.

Flexi

One thing’s for certain: financial reporting is important for your business, regardless of the frequency in which you use it. Flexi can help you refine your financial reports. Learn more about partnering with Flexi today. Call 800-353-9492.

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Accounting and Robots

Are Robots Posed to Take Accounting Jobs?

Are robots posed to take accounting jobs? No, not exactly. But kind of.

Science fiction would have you believe that the human race is on track to be replaced by robots in the near future, but while advances in technology are increasing artificial intelligence (AI) and automation, the likelihood of robotic replacement is slim.

There are plenty of instances where a human touch is preferred. Not everything can be outsourced to machines. A study cited by Business.com found that 68 percent of clients surveyed prefer having access to a human financial advisor rather than a simple technology solution.

That’s a relief for accountants, but it’s important to note that this is also dependent on the task being performed. As a common example, many of us use software that is widely available (and sometimes free) to file our taxes over visiting a tax consultant, so your mileage may vary when it comes to what you’re willing to leave to the machines.

It is true that much of the manual work traditionally completed by accountants can now be automated. This means that accounting firms can save money by employing fewer people, increase accuracy by eliminating opportunities for manual error, and shift their focus to providing strategic and advisory services, which is in increasingly high demand.

But as for technical accountants who work in niche industries or delve deep into regulations and compliance? Robots aren’t likely to replace them.

Relevancy is key

Being irrelevant in your field is the kiss of death. If the threat of AI and automation is looming, focus on expanding your skillset and breadth of knowledge. By embracing technology, you can provide advisory services to clients to help them choose the software that’s right for them. If you’re not neck-deep in a spreadsheet hunting for the one equation that is causing your error, then you have lots of time back on the clock to truly refine your skills and become a subject matter expert in your field. This provides value to your clients and gives you a competitive edge.

AI is getting smarter–not just automating anymore, but learning and drawing conclusions. Your best bet is to embrace it for the tool it is. Let it do its job while you focus on yours.

Flexi

Implementing cloud-based accounting software is your first step to embracing AI, automation, and the robots of the future.Learn more about partnering with Flexi today. Call 800-353-9492.

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New Accounting Rules

Are New Accounting Rules Causing Chaos for Some Companies?

New accounting rules as of December are changing how companies account for revenue from services and sales. These changes were in the works for over a decade and situate the U.S. closer to international guidelines. For multi-entity and especially international companies, these changes can only benefit the bottom line and simplify accounting processes.

The new policies lead to an obvious change in how businesses conduct their operations so they remain compliant with current regulations. This also leads, in some cases, to increased expenses–upwards of $1 million for some–in the compliance measures.

One change with these regulations is that companies must more thoroughly account for costs related to sales, including discounts, marketing efforts, and more. This is understandably altering how some businesses provide and account for subscription-based sales. While some companies believe these regulations will ultimately increase their revenues, others aren’t so sure.

Some companies are communicating the new regulations with their investors to be transparent on how their finances may be affected in the future, while still others are opting to change their business operations wherever possible, rather than their expected revenue forecasts.

How Flexi keeps you compliant

At Flexi, we understand that regulations are always changing and evolving, and software should help keep you compliant no matter what industry your business operates within.

Through our secure, enterprise platform, Flexi automates the entire accounting workflow process and delivers ROI in months. As a result, your finance team can expect to spend far less time on the close, consolidation, and reporting processes and more time being strategic and proactive.

With Flexi, you won’t be stuck with a costly system that leaves you unable to adapt to changing market or business needs. Flexi offers extreme flexibility in every way, including flexibility with a changing marketplace and changing regulatory needs. From deployment options, implementation and setup of business rules, to integrations with other systems, Flexi has got you covered.

With Flexi, you can expect a complete audit trail and compliance documentation, among many other benefits. 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.

Learn more about Flexi’s solutions today. Call 800-353-9492.

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Process Accounting Automation

Is Process Automation Changing the Accounting Software Landscape?

As technology improves, it has become increasingly clear that automation can effectively replace certain roles and tasks in the workplace, though while some fear a robotic revolution rendering human employees obsolete, it’s not likely.

Robot process automation in accounting

Auditing has been a distinctly manual process–until recently. Artificial Intelligence (AI) and robot process automation (RPA) has been able to link manual, seemingly disparate tasks into cohesive processes. RPA has disrupted modern accounting–making repetitive, time-consuming tasks more efficient than ever before.

Many fear this disruption, but rather than rendering humans obsolete, it simply makes room for human workers to spend time on other tasks. The role of human workers is simply changing, and in many ways, expanding. Strategic and advisory services are increasingly in demand, and accountants and auditors finally have the bandwidth to provide more meaningful services such as these.

RPA has already made a splash in recent years as tax automation programs such as those provided by TurboTax and H&R Block have become more and more common.

AI and the cloud revolution

AI technologies are expected to create a $1.2 trillion market by 2020. While some CFOs remain skeptical that AI has a role in accounting, others fear its arrival. Technology is not slowing down, so it is imperative that accounting professionals be ready to embrace the disruption led by AI and RPA ahead, knowing that their jobs and career opportunities will be all the better for it.

Flexi for process automation

Implementing cloud-based services such as Flexi keeps your business at the cutting edge of leading automation technologies.

Trusted by enterprises for 25+ years, Flexi has deployed thousands of implementations around the globe and gained experience in providing you with important capabilities to grow your business, like the need for:

  • Workflow automation with superior speed, performance and security
  • Continuous close capabilities and easy consolidations of financials and/or currencies
  • Flexible software that can quickly adapt to changing business needs or market requirements

Flexi has built all of this knowledge and so much more into a platform that will deliver extraordinary benefits.

Flexi offers robust accounting software with all the features you’d expect from a top tier platform – but at a fraction of the cost of others. Learn more about Flexi’s solutions today to see how process automation can benefit your business today, tomorrow, and beyond. Call 800-353-9492.

 

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Enterprise Accounting Software

6 Important Features Regarding Our Enterprise Accounting Software

Flexi provides a secure enterprise accounting platform that automates the entire accounting workflow process and delivers ROI in just months.

With Flexi, you will be afforded a flexible solution–one that won’t keep you stuck and unable to adapt to changing market or business needs.

Here are the top six important features you need to know about regarding Flexi’s enterprise accounting software.

  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 Accounting: 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. Learn more about our multi–entity accounting capabilities.
  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.

Learn more about Flexi today
From deployment options, implementation and setup of business rules, to integrations with other systems, Flexi’s got you covered.

Learn more or schedule a demo today. Call 800-353-9492.

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Accounting Partner Program

A Dissection into Flexi’s Accounting Partner Program

Flexi has introduced several new accounting partnership strategies. Flexi believes that great partnerships are formed when two companies who are equally committed to success come together to achieve a set of common goals.

Flexi’s goal is to deliver exceptional technology that greatly simplifies accounting. Flexi empowers finance teams with the tools they need to get their job done faster, with greater ease, and with increased accuracy.

Why partner with Flexi?

A partnership with Flexi is a savvy business decision for the following reasons:

  • Technology: You can grow your business with Flexi’s industry-leading accounting solutions proven to automate and simplify accounting.
  • Flexibility: Partnerships offer many options to deliver benefits: functionality, licensing, deployment, or support levels.
  • Leadership: Lean on the strength of Flexi’s deep knowledge and ability to innovate and solve tough accounting challenges.
  • Experience: Flexi brings 25+ years of proven experience, and is therefore a trusted partner for sustainable growth.

Flexi has been a trusted name in the industry for over 25 years. Explore these partnership opportunities to see why leading brands have relied on Flexi for a quarter of a century.

OEM and White Label Partners

For more than two decades, Flexi has powered OEM and white label accounting solutions for world leading brands. Our deep expertise and knowledge of the accounting nuances of many vertical industries provides unmatched capabilities to our industry partners. See why Flexi is the accounting platform of choice for companies like Allscripts (formerly McKesson), StoneRiver, Molina Healthcare, Majesco and more.

Outsourcing (Accounting as a Service)

In a new era of consolidated accounting operations with distributed contributors, companies are increasingly looking at finance and accounting outsourcing and BPO services to deliver cost-effective accounting solutions. Flexi’s accounting platform, company strength and commitment to continual innovation presents the ideal foundation to power the future of your business.

Product Partners

Third-party product partners offer technology that complements our accounting platform and extends our capabilities. Through these technology partnerships, Flexi is aligned with some of the industry’s top technology vendors for reporting, HR, payroll, compliance and more, which enables us to deliver an end-to-end ERP solution to our customers.

Referral Partners

Flexi’s referral partnership program provides the ability for service-oriented companies such as consultants and CPA firms to earn revenue simply by referring their customers to Flexi – without needing to know how to sell, implement or support them. If your success depends on your ability to refer best-of-breed finance and accounting solutions, Flexi delivers.

 

Partner or learn more

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

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FAO Accounting Solution

Flexi’s FAO Accounting Solution is Jam Packed with Powerful Financial Features

Flexi’s FAO accounting solution is jam packed with powerful financial features to help your business succeed.

Flexi has been the accounting software of choice for BPOs and FAO solutions around the world for the past 25 years. Flexi understands that every BPO is unique and the Flexi business model provides flexibility to meet your specific needs regarding technical functionality, licensing terms, deployment, or support options.

With Flexi as your partner, you can be assured that your accounting platform continually provides your customers with the state-of-the-art features they are looking for, such as:

  • Workflow automation
  • Continuous close capabilities
  • Real-time financial reporting
  • Multi-entity consolidations
  • Built-in audit and compliance features

Powering the Success of BPO and FAO Solutions

Flexi’s financial management software is the platform behind Finance and Accounting Outsourcing solutions by BPOs, and industry-specific technology providers like Acturis. Flexi software is also private labeled throughout the world by companies such as McKesson, StoneRiver (formerly Fiserv), MajescoMastek, and Molina Healthcare (formerly a division of Unisys).

Integration to Meet All Your FAO Needs

Flexi’s open architecture gives you the flexibility to choose the software that is right for your BPO. Your clients will gain the ultimate speed and power with our entire financial management software platform, which easily integrates into your existing system(s) and allows real-time financial data to flow securely wherever it is needed. Or you can choose to implement stand-alone modules like Flexi’s  general ledger software, workflow automation software, or financial reporting system.

Accounting is on a fast track toward automation, and Flexi is a partner you can count on to help your customers usher in this new era of productivity. Flexi’s flexible software is designed to grow with you, so you’ll never find your FAO solutions obsolete. Here are just some of the added benefits your customers will experience with Flexi powering your BPO:

Flexi

Flexi provides an FAO accounting solution to keep your business on the up and up.

Learn more about Flexi accounting software solutions and request a demo and see what Flexi can do for your BPO. Call 800-353-9492 to set up a demo today.

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Enterprise Accounting Software - Features

Why Insurance Companies Love Using Our Financial Management Software

Flexi automates the entire accounting workflow process and delivers ROI in months. As a result, your finance team can spend far less time on the close, consolidation, and reporting processes, instead focusing their efforts on being proactive and strategic.

With Flexi, you won’t be stuck with a costly system that leaves you unable to adapt to changing market or business needs. Flexi offers extreme flexibility in every way.

As such, insurance companies love using Flexi’s flexible financial management software for a variety of reasons. Here are just a few.

Flexi’s Insurance Accounting Software Capabilities

Flexi’s insurance accounting software comes with the following benefits:

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

Flexible Insurance Accounting Software

Flexi’s open architecture allows flexibility to choose stand-alone modules as business needs dictate. But insurance companies will gain the ultimate speed and power with Flexi’s entire financial management software platform, uniquely designed to allow financial data to flow securely wherever it is needed, with full integration into policy, billing, and claims systems.

More reasons to explore Flexi’s insurance accounting software

  • Additional automation provides better security, more internal controls and less risk of human error.
  • Stronger reporting, including ability to facilitate the creation of statutory reports.
  • Ability to quickly adapt for ever-changing compliance requirements.
  • Simplified multi-book accounting enables users to track GAAP, statutory and adjust simultaneously.
  • Provide better security, more internal controls, less manual intervention, and stronger reporting for maintaining compliance requirements.

Process-Driven Insurance Accounting Software

Flexi’s 25+ year history is rooted in serving industries where security, compliance, speed, and performance are paramount; industries such as insurance, banking, and healthcare.

Nearly 2,000 insurance and healthcare company sites rely on Flexi’s accounting software. Flexi’s integration with policy, billing, and claims systems creates superior efficiency and accuracy. Government entities also rely on Flexi to efficiently manage claim processing needs associated with healthcare programs and disaster relief assistance.

Flexi is uniquely designed to help insurance companies manage complex regulatory requirements and adapt to changing market demands.

Flexi

There are many reasons to trust Flexi. Learn more about Flexi accounting software solutions to see why Flexi is a great fit for your insurance company. Call 800-353-9492 to set up a demo today.

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