Prepaid & Accrual Accounting
Reduce manual accounting tasks by 80%
- Speed up month/quarter/year-end close.
- Simplify audit and reconciliation processes.
- Recognize and forecast expenses with accuracy.
- Eliminate manual spreadsheet errors.
- Improve internal controls without changing workflows.
- Eliminate the endless manual effort of fixing and reporting past prepaid and accrual discrepancies.
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How It Works
Automates accounting and provides instant visibility
Features
Automated Amortization
Effortlessly generates schedules with configurable service periods and flexible expense recognition.
Single-Click Journal Entries
Integrate seamlessly with your ERP, complete with account numbers and allocations.
Audit Trail
Detailed history helps you track changes and streamlines your audit.
Rollforward Reporting
Simplify reconciliations for audits and close with automated prepaid asset/accrued liability insights.
Single Subledger
Streamline workflows and audits by centralizing financial contracts, invoices, and accounting outputs in one subledger.
Expense Forecasting
Stay ahead of your flux analysis with comprehensive reporting.
AI-enabled Data Entry
Proprietary AI makes document entry quick and easy, including payment details.
Financial Segment Allocation
Assign products/services to regions, departments, or cost centers for tailored accounting outputs.
Streamlined Adjustments
Automate complex adjustments, time-consuming catch-up entries, and tedious expense schedule recalculations to ensure consistently accurate expense schedules.
“It definitely helps with getting through the end of month financial prep much quicker. I don’t need to spend an entire day on prepaids. No more penny reconciling at the end of a contract. Our auditors are looking at the leases and then they’re also looking at the prepaids at once, so we’re saving time not having to run reports for them. So I think that’s a good return on investment.”
Automate Prepaid & Accrual Accounting
- Reduce effort spent on prepaids and accruals by up to 80%
- Eliminate manual errors and inconsistencies
- Streamline your audit with a central repository with audit trail
FAQs
What are the tool’s outputs?
Prepaid and accrual accounting in FCM automates prepaid and accrued expense amortization schedules, journal entries, expense forecasting reports, and prepaid asset/accrued liability rollforward reports for reconciliations.
Can I enter an invoice rather than a contract?
Yes. You can use an invoice if that fits better with your current process. What we call a “contract” record can really be anything. We recommend using a contract because it enables you to set up prepaids and accruals for the life of the agreement. However, if you’d like to start a “contract” record for one of your vendors and add invoices to the record as they come in, and set up prepaid amortization that way, the system works great for that. And you will still save a great deal of manual accounting effort.
What if I don’t have access to a pdf of my contract or invoice?
The system is flexible and no actual PDF upload of a contract or invoice is required. While a pdf upload is required to take advantage of our AI-assisted document entry, you can manually enter the information you have if you do not have access to a pdf of the contract or invoice.
Are the number of users limited?
No. You can provide as many users access as you wish, enabling multiple users to manage contracts, prepaids, and accruals. Role-based access enables you to determine who has access to what documents or features.
