Customer Stories
Navigating ERPs: How FloQast Eased Genesee & Wyoming’s Transition
Genesee & Wyoming Inc. (G&W), a major freight railroad operator with 115 railroads globally, was facing challenges in their month-end Close process, complicated by a pending ERP migration. The company sought to enhance efficiency and accuracy while navigating this transition. FloQast offered immediate productivity gains, comprehensive ERP migration support, and a smooth implementation process, making it the ideal solution for G&W.
Summary
Why FloQast:
- Quick Implementation: Minimal time and resource requirements.
- Centralized Reconciliation: Comprehensive account reconciliation and completeness reporting.
- Effortless ERP Migration: Streamlined ERP transition and data conversion.
Results Achieved:
- Faster Close: Reduced the month-end Close from 7 days to 4 days.
- Enhanced Accuracy: Improved completeness and audit readiness with detailed reconciliation reports.
- Seamless Migration: Efficient ERP chart of accounts mapping and workflow reconfiguration.
- Audit Preparedness: Enhanced SOX compliance and streamlined audit processes.
Challenges Faced by Genesee & Wyoming
G&W faced several financial management issues:
- Inefficient Close Process: Lengthy and cumbersome 7-day Close cycle.
- ERP Migration Pressure: Risk of disrupting ongoing operations with an ERP transition.
- Account Reconciliation Difficulties: Challenges in managing and verifying numerous balance sheet accounts.
As the company prepared for a significant ERP migration, they needed a solution that could streamline their Close process and support a smooth transition. “FloQast made it super easy to implement and change our ERP,” said Jeff Pratt, Director of Financial Transformation at G&W. “It’s secure, centralized, and auditable, which is exactly what we needed and exactly what we got.”
Evaluation and Selection of FloQast
G&W selected FloQast based on its:
- Data Flexibility: Adaptable to varying financial workflows and requirements.
- Quick Implementation: Rapid setup with minimal disruption to operations.
- Comprehensive Automation: Wide range of automation capabilities to enhance productivity.
Jeff Pratt’s assessment and selection process confirmed FloQast’s fit for their needs. “FloQast was a great fit for us. The initial implementation went very smoothly, and there were no issues during the ERP migration,” Pratt noted.
Implementation and Integration Process
The FloQast implementation included:
- ERP Migration Support: Effective mapping and conversion from Dynamics GP to Dynamics 365.
- Enhanced Reconciliation: Improved balance sheet account management with detailed reports.
- Increased Accountability: Clear task assignments and progress tracking.
Marc LaBarbera, Director of Corporate Accounting, highlighted the benefits: “For the ERP migration, I worked with the FloQast team to redo our chart of accounts and reconfigure workflows, and they were outstanding. Converting from our old system was a very positive experience.”
Conclusion
FloQast’s impact on G&W’s financial operations has been transformative, significantly reducing Close times and improving audit readiness. “FloQast has helped us streamline our financial processes and ensure compliance with SOX,” said Yvonne Roux, Assistant Regional Controller. “The visibility and practicality of everything in one spot have increased accountability across the team.”
FloQast has proven to be a valuable asset, providing the efficiency and control needed for G&W’s financial operations and ERP migration.
