Customer Stories
How PulteGroup Transformed its Financial Close Process
In the competitive landscape of homebuilding, efficiency and accuracy are paramount.
PulteGroup, Inc. (NYSE: PHM), one of America’s leading homebuilding companies, recognized the need to modernize financial processes to stay ahead. With operations spanning over 40 markets nationwide and a complex array of transactions, PulteGroup faced the challenge of streamlining its monthly close while ensuring compliance and — believe it or not — reducing paper consumption.
Enter FloQast. PulteGroup’s adoption of FloQast Close, ReMind, and Ops marked a significant turning point in their operational efficiency and transparency. Let’s take a look at the results.
The Challenge: A Manual and Paper-Intensive Process
Before integrating FloQast, PulteGroup grappled with a manual process laden with paperwork. Regional controllers like Erica Woods found themselves buried under heaps of spreadsheets, checklists, and printed documents, slowing down the close process and impeding collaboration across divisions. With 27 divisions to coordinate, the inefficiencies compounded, leading to prolonged close times and increased risk of errors.
“We had a very manual process before,” Woods said. “We had spreadsheets with checklists saved in a shared drive, then printed out, and then stored in accordion files with our supporting documentation that was also printed out. We had a lot of paper.”
The Solution: Streamlining with FloQast
Recognizing the need for change, PulteGroup’s Vice President and Corporate Controller, Brien O’Meara, spearheaded the adoption of FloQast. With its user-friendly interface and comprehensive features, FloQast proved to be the ideal solution for PulteGroup’s complex accounting needs. By digitizing monthly close checklists, eliminating paper trails, and integrating seamlessly with their ERP system, FloQast transformed the close process from a laborious 14-day endeavor to a streamlined 7-day operation.
“With notes, documents, and sign-offs centralized, we’ve taken what used to be a 14-day Close process and cut it down to one week,” Woods said. “Which means we can move on and get ready to conquer the next month.”
Results: Efficiency, Transparency, and Collaboration
The impact of FloQast on PulteGroup’s financial operations was nothing short of remarkable. Erica Woods and her team experienced a dramatic productivity improvement, with the ability to track close items and their statuses in real time. Audits became less daunting, with internal auditors gaining instant access to documentation and evidence through FloQast. Monthly information requests were automated, freeing up valuable time and ensuring faster decision-making.
A Culture of Innovation: The Flo Squad
Perhaps most inspiring is the emergence of the “Flo Squad” within PulteGroup — a group of super-users championing FloQast. Now a vocal advocate for FloQast, Erica Woods embodies innovative solutions’ transformative power in fostering collaboration and boosting team morale. As part of the Flo Squad, she serves as a go-to resource for her colleagues, further driving adoption and maximizing the benefits of FloQast across the organization.
“Internal auditors have a new level of access and evidence in FloQast that they didn’t have before. They can look at any account or reconciliation they want to, and we don’t have to pull it for them.”
A Blueprint for Success
By embracing technology, fostering a culture of innovation, and prioritizing efficiency and transparency, PulteGroup has set a new standard in accounting operational excellence. As the industry evolves, companies like PulteGroup demonstrate that the key to success lies in embracing change and leveraging cutting-edge solutions to drive growth and excellence.
In the dynamic world of homebuilding, PulteGroup stands at the forefront of innovation, paving the way for a future where efficiency, collaboration, and success go hand in hand.
