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Accounting

FinQuery Launches Prepaid and Accrual Accounting, Helping Accountants Eliminate Errors and Accelerate Close

This solution empowers businesses to automate accounting for prepaid and accrued expenses stemming from contracts such as software, services, utilities, insurance and short-term leases.

Isaac M. O'Bannon

Oct. 29, 2024

FinQuery, a provider of AI-powered solutions built to efficiently manage companies’ largest areas of spend, today announced the launch of FinQuery Contract Management (FCM) with Prepaids and Accruals. This solution empowers businesses to automate accounting for prepaid and accrued expenses stemming from contracts such as software, services, utilities, insurance and short-term leases, in addition to streamlining contract management for finance and accounting teams.

“Our analysis shows more than 70% of our customers are using Excel for prepaid and accrual accounting today, which is why we are thrilled to introduce prepaids and accruals in FCM,” said George Azih, Founder and CEO of FinQuery. “This enhancement addresses a critical need for businesses to accurately account for their contract-related expenses. By automating prepaid and accrual accounting, we are enabling teams to save time, reduce errors and gain greater financial control.”

FCM is the only contract management solution built with the needs of finance and accounting teams in mind. With Prepaids and Accruals, FCM offers a comprehensive solution designed to streamline contract management and accounting processes with the following:

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  • AI-assisted Contract Entry: Proprietary AI simplifies contract entry, including payment flows and critical dates, ensuring quick and accurate data capture.
  • Renewal Alerts: Eliminates surprise renewals with automated alerts, ensuring timely contract management.
  • Accurate Reporting: Generates reports based on committed spend for any period for more accurate budgeting and forecasting. At close, liability roll-forward reports power the reconciliation process.
  • Searchable Central Repository: Provides instant access to contract data for unprecedented visibility and streamlines the audit process by organizing contracts and related accounting data in one place.
  • Prepaid and Accrual Accounting: Automates amortization schedules and journal entries to accelerate month-end, quarter-end, and year-end close processes while also eliminating manual errors.

FCM with Prepaids and Accruals is available now with flexible pricing tiers to suit businesses of all sizes.