Survey: How FloQast Impacts the Month-End Close — According to Users
Dec 13, 2019 | By John Siegel
How often do you wish there were more hours in a day? Given that we, as professionals, spend anywhere between 8-12 hours a day at work, It’s an all-too-common sentiment that underscores the value of time in our lives.
Accounting teams using FloQast cut, on average, three days off their month-end close process, freeing up team members to complete more meaningful assignments. It sounds implausible; too good to be true.
So we decided to back it up. To get a better idea of the actual benefits implementing close management software has had on our users, we recently surveyed FloQast users. The survey, which received 122 responses, revealed a few more interesting details about time savings:
- Within six months of implementing FloQast, organizations shaved an average of 1.9 days off the overall time it takes to complete their monthly close.
- Within 12 months of using FloQast, those same organizations had cut their overall close time by 2.7 days per month.
- And after two years of completing monthly closes with FloQast, the time saved was almost 3.5 days per close.
The more an accounting team uses FloQast, the more time savings it can achieve. All of this talk of time-saving and efficiency begs an important question: What can you and your accounting team do with three extra days each month?