Automate Prepaid & Accrual Accounting

Reduce effort spent on prepaids and accruals
by up to 80%
Speed up close processes
Simplify audit and reconciliation processes

How It Works

Automates accounting and provides instant visibility

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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.

Rollforward Reports

Streamline reconciliations for audits and close with automated prepaid asset/accrued liability insights.

Financial Segment Allocation

Assign products/services to regions, departments, or cost centers for tailored accounting outputs.

Expense Forecasting

Stay ahead of your flux analysis with comprehensive reporting.

Single Subledger

Streamline the audit by housing your financial contracts and accounting outputs in one trusted subledger, with an audit trail.

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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.

“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.”

Kelly Swick

Systems Controller