Fanatics Cuts Close Time and Boosts Accuracy

Fanatics, a global leader in sports fan experiences and v-commerce, was grappling with an inefficient month-end Close process. With over 80 offices worldwide and more than $8 billion in revenue, their financial operations were burdened by outdated methods involving spreadsheets, email, and paper reports. Discovering FloQast marked a turning point for Fanatics, providing the efficiency and control needed to enhance their financial processes.

Why FloQast:

• Low Impact on Tech: Easy enterprise change management with minimal disruption.
• Built-In Controls: Comprehensive auditing and reporting workflows.
• Enterprise Pricing: High value and ROI through tailored solutions.

Results Achieved:

• Faster Close: Reduced the month-end Close process from 12 days to 6 days.
• Automated Tasks: Streamlined reconciliations and sign-offs for over 6,000 tasks monthly.
• Enhanced Visibility: Improved global oversight of task completeness and timelines.
• Increased Accuracy: Boosted accuracy and compliance, saving significant time.
• IPO Readiness: Enhanced preparation for an anticipated IPO and compliance with SOX and SEC requirements.

Challenges Faced by Fanatics

Fanatics encountered several key issues:

• Recurring Errors: Frequent mistakes and omissions in financial reporting.
• Lack of Visibility: Difficulty tracking tasks and timelines across global teams.
• Cumbersome Process: A lengthy 12-day reconciliation process for numerous accounts.

With their IPO on the horizon, Fanatics needed a solution to tighten controls and streamline their financial processes. 

“The Close was a chaotic mix of tasks and activities carried out across global teams, and there was very little confidence in completeness. We just never knew if we were done.”

Jennifer LaGrandeur, Finance Technology Director Fanatics

Evaluation and Selection of FloQast

Fanatics chose FloQast for its:

• Tailored Solution: Features designed specifically to address their pain points.
• Seamless Integration: Smooth integration with existing systems and workflows.
• User-Friendly Interface: Easy to adopt, minimizing the learning curve.

The decision to implement FloQast was driven by the need for better controls and efficiency. 

“The Accounting Success Team at FloQast was so easy to work with and very responsive, and we had a totally painless implementation experience. The transparency we gained right from the start was tremendous.”

Jennifer LaGrandeur, Finance Technology Director Fanatics

Implementation and Integration Process

The integration process included:

• Microsoft Dynamics 365 Integration: Streamlined bank account reconciliations.
• Enhanced Collaboration: Improved team communication and information sharing.
• Automated Reconciliations: Increased efficiency and accuracy in financial processes.

The implementation of FloQast was smooth and brought substantial benefits. 

“Being able to see all of our accounts and their related tasks in FloQast allowed us to make decisions about how we could operate faster and more accurately. Our Close went from 12 days down to 6.”

Jennifer LaGrandeur, Finance Technology Director Fanatics

Conclusion

FloQast has not only transformed Fanatics’ financial operations but also prepared them for future growth and an IPO. 

“FloQast is perfect for anyone who needs immediate visibility, improved efficiency, and tighter controls without the hassle and high cost associated with traditional IT projects,” LaGrandeur concluded. “It makes everything move faster, which is critical for us.”