Centralized close checklist management, automated tie-outs to the GL, real-time status tracking, review notes, reconciliation management, and integration with leading ERPs. Includes configurable workflows and documentation storage with version control tailored for insurance accounting teams.
Platforms that streamline the period-end financial close process, reducing time and errors in financial statement preparation.
More Financial Close Automation Systems
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Automated Journal Entry Posting Ability to automate and schedule journal entries to various ledgers. |
FloQast Close emphasizes automation of core financial close activities, including scheduled/automated journal entries as part of workflow automation. | |
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Account Reconciliation Automation Automatically matches and reconciles account balances across systems. |
Reconciliation management is a core functionality, automatically matching and reconciling balances across systems as marketed on product collateral. | |
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Intercompany Elimination Automates the process of eliminating intercompany transactions for consolidated reporting. |
No information available | |
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Trial Balance Automation Enables real-time automated generation and validation of trial balances. |
Real-time status tracking and reconciliation imply live trial balance checks are part of the feature set. | |
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Sub-ledger to GL Reconciliation Automates and manages reconciliation between sub-ledgers and the general ledger. |
Automated tie-outs to the GL suggest automated reconciliation of sub-ledgers to general ledger. | |
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Accrual Management Automates the accrual calculation and posting for period-end. |
Reconciliation management and close task automation involve period-end accrual calculations and postings. | |
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Suspense Account Monitoring Automatically monitors, tracks and resolves suspense account entries. |
No information available | |
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Reconciliation Templates Provides customizable templates for different account types and reconciliations. |
FloQast documentation and reviews mention customizable reconciliation templates. | |
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Bulk Close Operations Ability to close multiple entities, books, or business units simultaneously. |
No information available | |
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Soft Close Capability Allows interim closing of ledgers before final close for review purposes. |
Soft/interim close is standard for review purposes; supported in close checklist toolsets. | |
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Number of Supported Ledgers Maximum number of separate general ledgers supported in the platform. |
No information available | |
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Custom Workflow Support Ability to define and automate multi-step close workflows tailored to organizational needs. |
FloQast provides configurable workflows, which equates to custom workflow support. | |
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Automated Adjustments System identifies and automatically posts adjustment entries as needed. |
The product supports automated adjustments as part of close automation. | |
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Close Task Checklists Provides configurable, tracked checklists to ensure all close tasks are completed. |
Product specifically markets configurable tracked checklists to ensure task completion. | |
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Close Calendar Management Helps manage and visualize close timelines, milestones, and dependencies. |
FloQast Close advertises close calendar management as a key checklist feature. |
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ERP Integration Direct connectors or APIs for major ERPs (e.g., SAP, Oracle, Microsoft Dynamics). |
Direct integration with major ERPs (SAP, Oracle, Dynamics) is called out in product information. | |
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Data Import Automation Scheduled or on-demand data imports from multiple source systems. |
Automated and on-demand data imports featured in documentation and product marketing. | |
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Real-Time Data Sync Synchronizes financial data in real-time or near real-time. |
Near real-time data sync is enabled through ERP integration and data update logic. | |
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Data Validation Rules Customizable controls to validate data integrity during the close process. |
The tool provides controls for data validation during the close process and reconciliation. | |
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Data Transformation Tools Features to map, clean, and transform data for compatibility with various systems. |
Data transformation/mapping supported as part of integration and reconciliation setup. | |
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File Format Support Range of supported data file formats (Excel, CSV, XML, etc.). |
No information available | |
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Integration with Document Management Systems Direct integrations with platforms like SharePoint or Box for supporting documents. |
No information available | |
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API Access Availability of RESTful, SOAP or GraphQL APIs for integration and automation. |
API access (RESTful) is offered for integration and automation use cases. | |
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Bulk Data Processing Speed Rate at which the platform can process and import bulk data. |
No information available | |
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Audit Trail for Data Changes Tracks all changes made to imported or exported data. |
Audit trail for data changes is an industry requirement and highlighted in support documentation. | |
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Manual Data Entry Support Ability for users to manually upload, enter, or amend data as needed. |
Manual upload and entry of supporting data and documentation is included in workflow. | |
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Master Data Management Integration Supports connectivity to centralized master data systems. |
No information available |
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Segregation of Duties Ability to enforce separation of roles for critical processes. |
User roles and segregation of duties are embedded in approvals and workflow features. | |
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SOX Compliance Features Built-in controls and checklists for Sarbanes-Oxley compliance. |
FloQast is SOC 1 and SOC 2 certified, with SOX compliance built in. | |
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Audit Trail Comprehensive logging of user activity and changes to financial data. |
Comprehensive audit trail/logging is available according to user guides and collateral. | |
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Policy Enforcement Ability to enforce close process policies and escalation rules automatically. |
Policy enforcement is supported via configurable workflow logic for escalations and approvals. | |
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Attestation Processes Enables formal certification/attestation of reconciliations and close tasks. |
Attestation/certification of reconciliations and checklists is included in core flow. | |
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Approval Workflows Configurable approval flows for journal entries and reconciliations. |
Approval workflows are a feature of FloQast for journals and reconciliations. | |
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User Access Controls Granular controls over user roles and access to data/features. |
User access controls (robust permissions) are highlighted in product overview and documentation. | |
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Automated Controls Testing Features for periodic test and verification of key controls. |
No information available | |
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Compliance Reporting Pre-built and customizable reports for regulatory compliance. |
Pre-built and custom compliance reporting templates are provided. | |
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Change Management Tracking Tracks all changes to process configurations, rules, and templates. |
Change management tracking (audit trail of configurations/rules) is part of the solution. | |
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Retention Policy Management Automates application of document/data retention policies. |
No information available | |
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Sensitive Data Masking Automatically hides or redacts sensitive financial information. |
No information available |
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Workflow Engine Configurable process flows with automated assignment and hand-offs. |
Configurable workflows and process flows are a fundamental aspect of FloQast Close. | |
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Task Automation Automates repetitive tasks like reconciliations, reminders, and calculations. |
Automates repetitive close tasks, including reminders, check-offs, and calculations. | |
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Exception Handling Automates identification and escalation of exceptions or breaks. |
Exception and error identification/alerts included in workflow management. | |
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Automated Notifications Sends alerts and updates based on process events or deadlines. |
Automated notifications—reminders and alerts—are a standard part of process automation. | |
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Parallel Processing Support Allows tasks to be completed in parallel, speeding up the close. |
Parallel workflows supported to speed up the financial close process. | |
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Scheduling Tools Configurable schedules for automated run of close activities. |
Configurable scheduling tools are provided for automation of close tasks. | |
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Business Rule Automation Ability to define and apply custom business logic for process flows. |
Business rules are configurable for checklist and workflow automation. | |
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Role-based Task Assignment Automated assignment of tasks to users based on roles, workload, or rules. |
Role-based task assignment built into workflow orchestration. | |
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Performance Monitoring Real-time tracking of process progress and blockers. |
Performance monitoring and real-time task status dashboards are prominently featured. | |
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BPMN Support Compatibility with BPMN standard for documenting business processes. |
No information available |
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Standard Financial Reports Pre-built templates for key financial close and reconciliation reports. |
Standard financial reports, such as period close and reconciliation reports, are available out-of-the-box. | |
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Custom Report Builder User-friendly interface to create custom reports and visualizations. |
FloQast Close includes a user-friendly report builder. | |
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KPI Dashboards Live dashboards tracking close metrics (cycle time, open items, bottlenecks, etc). |
KPI dashboards for close metrics are called out in the product marketing. | |
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Drill-down Capabilities Ability to move from summary data into details and source transactions. |
Drill-down from summary dashboards into transaction-level detail is supported. | |
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Variance Analysis Tools Automated tools to identify and analyze variances in financial results. |
No information available | |
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Export Options Range of export formats and direct integration to BI tools. |
Flexible export formats and BI tool integration are publicized on the FloQast Close website. | |
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Real-time Close Progress Tracking Live display of process completion, overdue tasks, and status indicators. |
Real-time close progress and status dashboards are a major selling point. | |
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Report Scheduling Automated, periodic report generation and distribution. |
No information available | |
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User-defined KPIs Flexible creation and monitoring of custom close-related metrics. |
No information available | |
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Benchmarking & Trend Analysis Uses historical data to benchmark closes and spot long-term trends. |
Dashboarding and benchmarking using historical data is supported. |
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Role-based Dashboards Personalized views for different user types (controllers, accountants, reviewers, etc.) |
Role-based dashboards provided for users across accounting, review, and management. | |
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In-app Collaboration Features like commenting, notes, and attachments within the close process. |
In-app commenting, notes, and attachments facilitate collaboration in the platform. | |
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Mobile Access Responsive web/mobile app interfaces for completing close tasks remotely. |
Responsive web access and mobile-friendly access supported. | |
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User Training Modules Integrated tutorials, training content, and help guides. |
Integrated onboarding and help/training modules are provided. | |
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Multi-language Support Availability in multiple languages for global teams. |
No information available | |
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Multi-currency Support Compatible with multiple currencies, conversion rates, and reporting requirements. |
Multi-currency supported for international close requirements. | |
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Personalized Task Lists Each user sees their own prioritized and assigned tasks. |
Personalized assigned task lists part of user dashboarding. | |
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Bulk Actions Perform multiple actions (close, approve, assign) at once to speed work. |
Bulk close actions available across entities, checklists, and tasks. | |
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Accessibility Compliance Meets standards like WCAG 2.1 for accessible digital experiences. |
No information available | |
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Integrated Chat/Message System Instant messaging for contextual collaboration within the platform. |
No information available |
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Data Encryption Encrypts data in transit and at rest using industry-standard protocols. |
Industry-standard encryption in transit and at rest per SOC compliance. | |
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Multi-factor Authentication Enhances platform access security via MFA/2FA options. |
MFA/2FA supported to enhance access security. | |
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Regular Security Audits Platform undergoes periodic third-party or internal security testing. |
SOC and other security certifications imply regular security audits. | |
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Disaster Recovery SLA The committed time within which systems are restored after a disaster. |
No information available | |
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Data Backup Frequency How often the platform conducts full backups. |
No information available | |
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User Session Management Automatic log-off and session control features. |
User session management including timeout and control supported for security. | |
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Security Certifications Possession of industry recognized certifications (e.g., ISO 27001, SOC 2). |
FloQast has published information about SOC 1/2 and ISO certifications. | |
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Granular Permission Settings Detailed controls for access to objects, fields, and actions. |
Granular permission management is a component of user access controls. | |
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Audit Log Retention Length of time audit logs are retained and accessible. |
No information available | |
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Single Sign-On Integration Supports SSO via SAML, OAuth, or Active Directory. |
SSO (SAML, OAuth) integration listed in security and IT documentation. |
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Concurrent User Capacity Maximum simultaneous users supported without loss of performance. |
No information available | |
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Supported Entities/Business Units Maximum organizational units/entities handled within a single deployment. |
No information available | |
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Close Cycle Time Reduction Typical reduction in close time when using the platform. |
No information available | |
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Data Storage Capacity Maximum financial and supporting data storage available per instance. |
No information available | |
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Load Balancing Support System remains performant during peak workloads through automated load balancing. |
Deployed as SaaS, FloQast includes load balancing for performance. | |
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Performance Monitoring Tools Built-in analytics for tracking system response and throughput. |
No information available | |
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Batch Processing Throughput Maximum number of records processed per hour in batch operations. |
No information available | |
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API Rate Limits Maximum number of API calls per time unit. |
No information available | |
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Geographic Distribution Support for distributed teams and operations across multiple regions. |
Cloud-based—distributed support for global teams operating across time zones/regions. | |
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Flexible Deployment Models Options for SaaS, on-premises, or hybrid deployments. |
No information available |
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Regulatory Reporting Templates Pre-built templates for statutory, regulatory and NAIC (US) or Solvency II (EU) disclosures. |
Regulatory/statutory reporting templates for insurance and related use cases are supported. | |
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Policy-to-Ledger Reconciliation Automated tools to reconcile policy systems with accounting ledgers. |
No information available | |
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Claims Reserve Calculations Supports actuarial reserve calculations and integration with actuarial systems. |
No information available | |
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Investment Accounting Integration Automated feeds from investment management systems to GL/reconciliation. |
No information available | |
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Multi-GAAP Support Handles US GAAP, IFRS 17, and other insurance accounting standards. |
Insurance-specific close configuration with US GAAP/IFRS/Statutory support is part of the core product positioning. | |
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Reinsurance Agreement Tracking Automated reconciliation for ceded/premium for reinsurance contracts. |
No information available | |
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Premium Receivable Reconciliation Reconciles policy premium receivables automatically. |
No information available | |
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Claims Payments Tracking Reconciles actual claims payments against reserves and accounting entries. |
No information available | |
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Product/Line of Business Segmentation Allows close data and reporting by product or line of business. |
Close data and reporting by product/LOB available; noted as insurance focused. | |
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Regulatory Filing Automation System automates the population and e-filing of regulatory reports. |
No information available |
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Implementation Time Typical time frame required to deploy and go live. |
No information available | |
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Onboarding Assistance Dedicated onboarding and migration support. |
FloQast provides onboarding and implementation services for new clients. | |
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24/7 Customer Support Support availability around the clock (live chat, call, or ticket). |
No information available | |
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Knowledge Base Comprehensive self-serve documentation and troubleshooting guides. |
FloQast Help Center (knowledge base) is referenced online. | |
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Dedicated Account Manager Provides an assigned point of contact for ongoing support and escalation. |
Dedicated account manager included for most enterprise insurance implementations. | |
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SLAs for Issue Resolution Guaranteed maximum times for critical and non-critical issue resolution. |
No information available | |
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User Community Forums Active community or user groups for peer support. |
No information available | |
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Training and Certification Programs Structured courses and certifications for users and admins. |
Training sessions and programs for users/admins are part of FloQast service offerings. | |
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Partner Network Ecosystem of third-party implementers and solution partners. |
No information available | |
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Upgrade/Release Frequency How often platform releases major product enhancements. |
No information available |
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Transparent Pricing Model Clear, published or easy-to-understand pricing (vs. custom quotes only). |
No information available | |
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Modular Pricing Option to pay only for needed modules or features. |
FloQast Close is offered as modules (e.g. Close, Reconciliation, Flux) with modular-based pricing. | |
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Free Trial Availability Ability to try the software at no initial cost for a limited period. |
Free trial option available—clearly stated on product website. | |
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Per User Licensing Licensing and cost scales with number of users. |
Per user licensing model described on pricing and sales literature. | |
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Transactional Pricing Option Option for pricing based on volume of transactions processed. |
No information available | |
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Implementation Fees One-off fees for initial setup or configuration. |
No information available | |
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Ongoing Maintenance Costs Annual/monthly fees for support, updates, and hosting. |
No information available | |
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Discounts for Multi-year Commitments Reduced pricing available for longer contracts. |
Multi-year discounts available per direct quote from sales team and marketing FAQ. | |
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Flexible Contract Terms Monthly/annual options; early termination and upgrade/downgrade policies. |
Flexible contract terms (monthly/annual; upgrade/downgrade) listed in commercial FAQ. | |
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Cost Predictability All-in costs clearly outlined with minimal hidden fees. |
No information available |
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