Efficiency Unleashed: Allovir’s Journey to Faster Closes with FloQast and SAP
Following its successful IPO, AlloVir, a Massachusetts-based biotech company specializing in late clinical-stage cell therapy, set its sights on improving its accounting operations.
With a low materiality threshold, small team, and publicly traded reporting standards to meet, the team ultimately opted for FloQast because of what Associate Director of Accounting Operations, Terence Holden characterized as “…innovation and adaptability…,” singling out FloQast ReMind’s request management solution, improved communication, and a quick implementation time as key factors in the team’s ultimate decision.
Implementations on the Double
At the same time, the company also began an ERP transition, moving to SAP S/4HANA Cloud, Public Edition while onboarding FloQast — no small feat for any organization, let alone a scaling, recently public one with very specific demands and a need to get everything done, and fast. Working closely with the FloQast support team, Holden said the process was much simpler than he could have ever imagined.
“Implementation went very smoothly and required very little of our time,” Holden said. “The FloQast team, our IT team, and our outside SAP consultants worked well together making sure everything was set up properly from the start.”
SAP S/4HANA Cloud, Public Edition automatically syncs data with FloQast to enable account reconciliations for bank accounts, credit card accounts, prepaid expenses, deferred revenue, and other general ledger accounts. Once the AlloVir team handed over their month-end Close checklists, the FloQast team managed the rest.
After implementing FloQast in mid-2021, the team recognized the benefits almost immediately.
“We no longer worry ‘Do I have the latest balance from the vendor?’ or ‘Are we missing anything?’,” Holden shared. “Now, with FloQast, our to-do lists roll forward each month automatically, we can see the status in real-time, and we’ve been able to cut two days from our Close.”
Relief in ReMind
As tedious as sending requests for information may be, you probably won’t find anyone alive who would disagree that following up on those requests is somehow even worse.
Early in his research of FloQast, Holden admitted that FloQast ReMind was particularly interesting to him. Turns out: The hype was real.
“Our old process would be to send upwards of 15 emails to different vendors, and some would respond, some wouldn’t,” Holden said. “To have a tool that automatically does that in real-time, to see who’s responded and who hasn’t, that’s definitely a huge help for us.”
The Bottom Line
By cutting out a sizable chunk of time using FloQast, the AlloVir accounting team can now work on additional high-value projects with the time that previously would have been allocated for Close-related responsibilities.
“We’re using the extra 2-3 days saved on the Close each month to work on additional SAP customizations, budget re-forecasts, and cost accounting management,” Holden said.