How Sage Intacct and FloQast Streamlined This Accounting Team’s Close and Helped Established Audit Readiness
Jan 12, 2022 | By John Siegel
At FloQast, we pride ourselves on working with users in their preferred manner. Over the years, it’s become clear that Sage Intacct users find tremendous value in pairing Sage Intacct and FloQast to improve communication and efficiency while streamlining old processes — and implementing new ones to scale accounting operations as businesses grow.
For Code42, an insider risk management company headquartered in Minnesota, Sage Intacct and FloQast proved incredibly valuable as the company experienced tremendous and sustained growth. Having transitioned successfully from Quickbooks to Sage Intacct in 2013, the accounting team saw its effectiveness improve considerably. But as international expansion necessitated global consolidation, multiple currencies, and complex revenue recognition — as well as enhancing internal controls — the team set its sites on finding a solution that would work well with Intacct.
Finding the Right Fit
After a FloQast demo, Grant Christianson, controller at Code42, knew the company would benefit from the product, though he wasn’t sure if management would be willing to give them the budget for it.
“Once we told them about the benefits of it and how we could get away from manual work and greatly improve our internal control documentation, we got the buy-in,” he recalled. “Within a matter of weeks, we had FloQast set up and running smoothly.”
Increasing Team Morale With New Opportunities
Today, the company’s close takes just seven days to complete — down from 10-15 and with considerably more transparency and collaboration before. There’s less manual data entry and reconciliation, so the team has more time for higher-level analytical work, which improves team morale and helps with talent retention.
“Getting [the team] out of that mundane day-to-day stuff keeps them interested in their work and gives them an opportunity to learn new things,” Christianson said. “Not everybody stays at the same company for 25 or 30 years. I think what they learn here will benefit our accounting team members in their overall careers. Thankfully, we’re very fortunate that our accounting team has all been with the company for quite a while. When you have the right team and implement the right tools, it just clicks, and things get done.”
Interested in learning more about Grant's experience with Sage Intacct and FloQast? Join us Thursday, January 20 at 10:00 a.m. PST for "Optimize Your Intacct ERP to Streamline Your Financial Close and Increase Audit Efficiency," and hear how Sage Intacct and FloQast helped Code42:
- Expedite the month-end close
- Facilitate audit readiness
- Boost productivity
- Increase team morale
Staring Down the Audit
Facing its first-ever remote audit as a result of … well, you know, Christianson admitted he was a bit concerned about how things would turn out.
“What happens if there’s a complex accounting issue, we just adopted ASC606, and we need to use the whiteboard or show the auditors our laptop or screenshots? How can you do that remotely? That was our issue,” Christianson said.
As things turned out, Sage Intacct and FloQast were critical for an efficient audit. Additionally, their experience collaborating with auditors remotely helped the team implement new processes to improve audits in the future.
“As long as we have the internet, we can do everything, basically. All our vendor invoices come in electronically, and all our customer invoices go out electronically … It’s just the ease of doing the day-to-day stuff; we’ve really become efficient at it.”
With the next audit on the horizon, Christianson is full steam ahead.
“This audit is going to be a piece of cake for us,” he said.