PulteGroup Constructs Faster Close and Team Productivity with FloQast

Publicly held PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America’s largest homebuilding companies operating in more than 40 markets nationwide. When the company wanted to reduce paper consumption, speed up its monthly Close, and streamline compliance reporting, it implemented FloQast Close, ReMind, and Ops. With FloQast, PulteGroup has enabled its regional controllers and 250+ accounting staff members to digitize monthly Close checklists, eliminate paper sign offs, shorten learning curves, and cut Close times in half – from 14 days to 7. 

The monthly Close at PulteGroup, the nation’s third-largest home builder, is a big job. With more than 29,000 home closings per year and $15.8 billion in annual revenues spread across 27 states, coordinating and consolidating the monthly Close is a herculean effort.

But Erica Woods, one of the company’s regional controllers, and her hybrid remote accounting colleagues spread across the country make it happen. Now, with FloQast, they do it with less paper, more speed, and greater transparency. It wasn’t always like that, though.

“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.”

This was only one of the 27 divisions that needed monthly Close coordination. Brien O’Meara, Vice President and Corporate Controller, made a strategic decision to automate and streamline the Close with FloQast.

“We needed to eliminate paper trails, and the pain and confusion that went with it, which is why we selected FloQast,” O’Meara said. “It’s easy to use, yet totally comprehensive and can handle our accounting Close – including SOX and SEC reporting workflows – from start to finish.”

Paperless Month-End Closes – In Half the Time

Woods said getting Close information assembled wasn’t the primary challenge. The printing, reviews, and manual signoffs added an extra week to the process.

“FloQast integrates with our Lawson ERP and updates trial balances every hour, so I know I’m looking at the latest numbers rather than an old printout that needs to be checked against the ERP system separately,” Woods said. “And any time it goes out of balance, FloQast alerts us and lets us know so we’re always working with the correct figures.”

Woods also no longer has to worry about team progress updates or the constant barrage of emails and phone calls.

“FloQast lets me see every Close item and its status,” Woods said. “Not only can I see if it’s been completed, but I can see who’s reviewed it, and all the supporting documentation that goes with it.”

Productivity and days-to-close for Woods and her team have dramatically improved since using FloQst.

“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.”

– Erica Woods, Controller

Auditors, Requests, and the ‘FloSquad’

PulteGroup’s internal and external audits have gotten easier, Woods said, since FloQast solves the main challenge in most audits: locating necessary documentation and evidence.

“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.”

– Erica Woods, Controller

Monthly information requests have been automated with FloQast, too. For example, the high volume of monthly land and house closings at PulteGroup must be reported from other departments outside of accounting. The FloQast ReMind module automates these information requests for Woods and her team.

“We send weekly automated information requests through FloQast on forecasted land sales and purchases so we can add them to our cash forecast,” Woods said. “It’s faster and easier for everyone.”

“FloQast removes barriers to closing the books accurately, on time, and from anywhere at the lowest cost. It has been an invaluable tool as we have navigated an increasingly dynamic work environment.”

– Brien O’Meara, Vice President and Corporate Controller

Woods’ belief in FloQast and its efficiency have turned her into one of its most knowledgeable and vocal supporters, even earning her a spot on the “Flo Squad” – a small group of PulteGroup FloQast super-users that serve as an ad hoc internal help desk. Woods says it’s fun to be a go-to resource for others and helps with the overall team collaboration and morale.

“It’s the best solution implementation I’ve ever been a part of,” Woods said. “It’s user-friendly, our people really like it, and it helps us work better as a team. Working with FloQast has been amazing.”