Leading athlete engagement software skyrockets productivity with FloQast
Dec 14, 2018 | By Blake Oliver
Founded in 2004, Teamworks is a web and mobile-based solution that helps Division I collegiate and professional sports organizations communicate, collaborate and simplify their internal processes. Based in Durham, North Carolina, Teamworks now serves more than 2,400 teams and 300,000+ players around the world.
With a small accounting team consisting of just three staff members, Teamworks was in need of a financial close process that was both effective and efficient. Initially, Teamworks was using a combination of Xero for accounting, Receipt Bank to track credit card expenses, and disjointed spreadsheets to manage the close. While the combination was functional, it wasn’t ideal.
The team realized that the inadequate set of tools needed to be replaced. They selected Sage Intacct to replace Xero, Nexonia to replace Receipt Bank, and FloQast to manage the month-end close.
Why FloQast? Robby Mullis, Teamworks’ Accounting Manager, says that “it was a combination of product simplicity and the responsiveness and helpfulness of FloQast’s team. And implementation took only around two to three weeks.” Teamworks had expected to save some time, but they were surprised at the dramatic impact of close management software for their team. The two finance-focused staff, who previously spent a considerable amount of their time on the month-end close, are now able to devote substantially all of their time to forward-looking work such as budgeting, finance, reporting, and cost-cutting.
And Mullis is now single-handedly managing the close process. He explains, “The combination of FloQast, Intacct, and Nexonia allows me to close entirely by myself, in four business days [compared to an average of 10 to 12 business days with the old system]. I attribute two of those saved days to FloQast.”
For all the details, download the full Teamworks Case Study.