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

Posted 9:00AM on Tuesday, October 29, 2024

ATLANTA--(BUSINESS WIRE)--Oct 29, 2024--

FinQuery, a leading 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 innovative 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:

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. For more information and to upgrade, please visit https://finquery.com/contract-management-software/

About FinQuery

FinQuery, formerly LeaseQuery, empowers 36,000+ professionals to optimize decisions in their top spending areas—leases, software subscriptions and other vendor contracts—setting us apart in the market. Our award-winning AI-driven software minimizes risk, boosts efficiency and cuts costs.

Explore FinQuery’s platform for contract and spend intelligence, including solutions for contract management, prepaid and accrual accounting, lease accounting ensuring compliance with ASC 842, IFRS 16, GASB 87 and GASB 96, and software management. Learn more at FinQuery.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20241029944803/en/

CONTACT: Amelia Wright

[email protected]

617.429.7857

KEYWORD: GEORGIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: TECHNOLOGY FINANCE FINTECH ACCOUNTING PROFESSIONAL SERVICES SOFTWARE DATA ANALYTICS DATA MANAGEMENT ARTIFICIAL INTELLIGENCE

SOURCE: FinQuery

PUB: 10/29/2024 09:00 AM/DISC: 10/29/2024 09:01 AM

http://www.businesswire.com/news/home/20241029944803/en

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