FloQast Cures Pharmaceutical Company’s Accounting Headaches
Nov 10, 2021 | By John Siegel
Ironwood Pharmaceuticals is, first and foremost, a medical company. While it is accustomed to making a profound difference in the quality of life for those with gastrointestinal diseases, the company’s imperative work doesn’t stop there. It also has plenty of financial housekeeping duties — all of which fall squarely in the lap of Corporate Controller Ron Silver.
Silver oversees the Boston-based company’s accounting, payroll, equity, accounts payable, treasury, SEC reporting, and SOX compliance. He turned to FloQast for a comprehensive close management system and enhanced financial compliance efforts. Less than 21 days later, he had all of that and more.
Putting the ‘Pro’ in Process
While Excel has its time and place, it doesn’t have it all. Silver recognized that a new, better technology was what he and his team needed, and FloQast was ready to deliver the efficient, intuitive process he desired.
One key component of FloQast is that it is Excel compatible, meaning the team could get right to work without piling a laborious transition on its new client.
“Our team liked that FloQast was a user-friendly layer on top of existing Excel-based reconciliations,” Silver said. “We did not need to implement an unnecessary full-scale process change. FloQast made for an intuitive implementation with a tool our team already uses.”
Silver also noticed improvements to document approvals and updates, with real-time insights into the close management process.
Support From Start to Finish
While the tools were right, the people were even better.
FloQast offered training and ongoing support for its new client, which was essential to the timely and effective launch Ironwood wanted and needed. No matter the inquiry, Silver was never left scratching his head, as FloQast’s implementation team was always just an email away.
Thanks to FloQast’s ongoing support, Silver also was able to live up to his promise to senior management that the product implementation would be complete in under a month.
‘The Perfect Fit’
According to Silver, FloQast was just what the doctor ordered.
“FloQast’s SaaS solution offered the perfect fit of functionality and simplicity for what we needed to achieve,” Silver said. “It was fit for purpose.”