G2 Crowd: FloQast Lets Us Look Forward Faster
Feb 13, 2019 | By John Siegel
FloQast saves accounting teams time, but it’s what they do with that time that makes FloQast so valuable.
For the team at G2 Crowd, the time FloQast helped them saved meant they could eliminate reactive tendencies most accounting teams at high-growth companies are familiar with, allowing them to focus on a bigger picture.
“Previously, we would just focus so hard on closing the books on time that there wasn’t enough time to focus on good review,” said Assistant Controller Joe Stuckel. “Now there’s more time to use that data to focus on what’s coming ahead. We can get to planning and forecasting much more quickly.”
A New Kind of Collaboration
G2 Crowd’s accounting team is relatively small at just five team members, but it grew quickly. During the company’s early years, Joe was handling the close by himself, using a simple spreadsheet and a rudimentary checklist. It worked at the time — he knew where the process was at any given moment because he was the only one doing the work. But as the team grew and more people became involved in the close, they needed something more collaborative — something that would give them greater insight into the process.
“Our challenges were not having the visibility into where we were in the close and not having good collaboration,” said Stuckel. “It was hard to keep track of where an individual was in the close, what they still had open and outstanding. It was difficult to make sure we were on time.”
Cutting Close Time
The G2 Crowd team was able to implement FloQast quickly and were able to use it for the following month’s close.
“We saw the value early on,” said Stuckel. “It was easy and painless to implement. We shorted close time from between seven to 10 days down to four days.”
More Time for Strategic Planning
With the time saved, Stuckel’s team can now keep an eye on what’s coming ahead and make strategic decisions based on more timely data.
“I would absolutely recommend FloQast to other companies,” said Stuckel. “It’s simple: It reduced our close by half. Anyone in the finance world would agree that the close can be a pretty cumbersome process a lot of times and if you can cut that in half — or even 25 percent — you’re going to save time down the road.”