EMEA-Based Emma — The Sleep Company Sees Success With FloQast Implementation
Apr 04, 2022 | By John Siegel
As exciting as rapid company growth is, it naturally comes with challenges that put teams in tough situations until the resources become available to solve them.
In the case of Emma — The Sleep Company, a sleeping product manufacturer based in Germany that saw business boom as it disrupted the sleep industry by developing products that enhanced the way people sleep, that success led to a 70-person accounting team distributed across five different countries.
With communication and visibility across its numerous employees in Mexico, Shanghai, Frankfurt, Portugal, and Manila, the company sought a tool that would clearly define responsibilities, provide supporting documentation for a streamlined audit, and deliver transparency for all accounting team members. Ultimately, this led them to FloQast.
“It’s quite challenging to communicate a big picture and the overall progress in terms of closing financial statements in a big team located in multiple cities all over the globe,” said Marcel Poschag, Team Lead Accounting at Emma. “We all have to be in line and aware of where we are right now and where we need to go next. So we really needed to find a good communication tool that could clearly illustrate where team members were with their tasks without undertaking a labor-intensive implementation process. At the end of the day, we were operating quite efficiently — we just wanted to get better and more efficient.”
After fully implementing FloQast in a fraction of its planned time, the team could get all its users on the product with minimal training. “FloQast is so user-friendly that I never needed any sort of training session,” Marcel admitted, though training sessions are available to all employees.
With the newfound transparency for leadership and team leaders across the organization, Emma’s accountants started exploring FloQast’s additional features.
“Initially, we hoped to gain more real-time transparency into our processes, but as we grew more familiar with [FloQast], we found additional modules to be very useful,” added Marcel. “It has really exceeded my expectations.”
For Akanksha Singla, Treasury Manager at Emma, that additional feature was FloQast ReMind. She used to reduce the time spent requesting information from various stakeholders by 70% — saving her roughly 5-6 hours per month.
“ReMind makes it super convenient by automatically collecting the data,” Akanksha said. “I basically just have to do it once in the cycle. It’s quite convenient.”
Having used FloQast for some time now, Marcel is adamant about what he thinks of the platform.
“This has huge potential in terms of automation and time savings, especially when it comes to inter-company transactions. We have a lot of transactions we need to compare, and these are hundreds of lines, and, as we all know, manual reconciliations are quite time-consuming. I would say FloQast AutoRec saved us at least five or six hours per month on that process alone.”’