Eliminating the Waiting Game: Introducing FloQast Ops, A Workflow Manager That Extends the Power of FloQast Close
Sep 14, 2021 | By John Siegel
Well, the news dropped at TakeControl this morning, so it’s high time we share it here on the blog.
Today, FloQast is pretty freakin’ geeked to announce the official launch of FloQast Ops, a new workflow manager solution that addresses upstream financial functions like Accounts Payable, Sales and Use Tax, and Accounts Receivable along with downstream functions like Compliance, Reporting, and FP&A to deliver greater control and transparency across accounting operations.
Of course, this all sounds really nice, but more so if you consider the unique challenges created by the perfect storm that was a global pandemic, a sudden, widespread shift to remote work, and the existing demands placed on accounting teams. Despite the wave of solutions available to help accountants function more efficiently, the fact remains that many accounting functions are still quite disconnected from each other around the month-end close. This, and I know you know this all too well, creates sheer chaos: increasing workloads, necessitating more status update meetings, and leading to inevitable last-minute asks.
In fact, according to a recent joint research paper from the Institute of Management Accountants and Deloitte, 70% of controllers report that their accounting processes are either largely manual or still require a great degree of manual effort. Simply put, controllers don’t have the bandwidth to continue to operate this way, and neither do their teams.
As a company built on the experiences and hard work of so many accountants, we understand this all too well, and that’s why we created FloQast Ops.
Co-innovated with more than 200 companies relying on FloQast, FloQast Ops comes with pre-built workflows for Compliance, FP&A, and Reporting and allows for the creation of new, custom workflows so controllers and their teams have greater:
- Visibility to gain real-time, top-down insights for accounting teams to manage by exception and reduce deadline-oriented stress.
- Collaboration to seamlessly share tasks, roles, deadlines, and information.
- Time savings by automating manual and recurring tasks.
- Centralized documentation to ensure the organization is audit-ready.
"A lack of transparency and collaboration across your entire accounting operations landscape prevents the close from moving ahead, and adds to further delays that make reporting deadlines much more stressful," said Mike Whitmire, CPA*, co-founder and CEO at FloQast. "For accounting teams to drive operational excellence and reduce team member stress, we've taken many of the same capabilities our users love in FloQast Close and applied them to FloQast Ops."
As with, well, FloQast in general, FloQast Ops integrates seamlessly with the tools accountants rely on every day, from leading ERPs to email, collaboration tools, and, of course, Excel.
"FloQast Ops helps accountants on the path to achieving operational excellence," said Robert Kugel, senior vice president and research director at Ventana Research. "It gets them out of the 'weeds' by automating manual tasks, increasing visibility across accounting operations, facilitating greater team collaboration, and centralizing audit documentation."