Software Maker Deputy Reduces Time-to-Close by 29% with FloQast

Workforce management and scheduling software provider, Deputy, is not only on a mission to Simplify Shift Work™ around the world, it’s also simplifying how it closes its own books each month. Since implementing FloQast Close, Deputy has eliminated shared spreadsheets and manual checklists, automated team and task accountability, and reduced closing days from seven to five, allowing more time for strategic projects, new growth initiatives – and peace of mind.

“We were asked to close faster by our executive team, and we’ve achieved it, going from seven or eight days down to five with FloQast. That leaves more time for strategic projects and other growth initiatives that will help us expand and scale in the future.” – Jennifer Tran, Controller

Creativity and collaboration are woven into the company culture at the workforce scheduling platform Deputy. New ideas and teamwork are fostered, diversity is welcomed, and people are put at the center of all decisions.

Which is why Financial Controller Jen Tran knew she had to do something about the month-end Close process in the accounting department. Up until recently, it was anything but creative and collaborative. Shared spreadsheets and siloed task lists, combined with little visibility into team progress, made this monthly mission-critical accounting function a stressful and grueling exercise.

“We were using spreadsheets, Asana, and Slack, along with regular Zoom meetings to discuss our progress, and it was exhausting,” Tran said. “The lines of responsibility weren’t clear, and we had no centralized way to store documentation, notes, and status updates, which was a huge problem with offices spread across the global time zones of Sydney, London, and San Francisco.”

The days to close had also grown to as many as seven or eight days when allowing for last-minute reconciliations, revisions, and final checks.

A Single, Streamlined Workflow for the Month-End Close

Tran and the Senior Director, Finance, Michael Eves, were referred to FloQast by their ERP provider, NetSuite. Eves had previously used other close management software platforms, but FloQast stood out.

“FloQast is more modern, a better tool, and more intuitive than other competitive solutions. And the functionality is more powerful with automatic trial balance updates and review notes for team members, auditors, and anyone who needs to know the details of specific account balances. We like to add notes throughout the month and raise an issue early so it can be cleared early rather than wait until the month’s end.” – Michael Eves, Senior Director, Finance

“FloQast is more modern, a better tool, and more intuitive than other competitive solutions like Blackline,” Eves said. “And the functionality is more powerful with automatic trial balance updates and review notes for team members, auditors, and anyone else who needs to know the details of specific account balances. We like to add notes throughout the month and raise an issue early so it can be cleared early rather than wait until the month’s end.”

Eves also likes that FloQast workflows help manage other compliance procedures and steps.

“FloQast has brought structure and controls to every aspect of our Close and compliance process,” Eves said. “And that’s been great for our small team of seven, which is still ramping up to learn these more advanced public accounting requirements. I think the FloQast checklists and steps have helped show the team the importance of following them for now and our future audit requirements.”

Tran said the NetSuite integration was also one of the fastest she’s seen for an enterprise solution like FloQast. With FloQast’s ‘Built for NetSuite’ certified API integration, Deputy users were up and running in two weeks, enabling faster adoption and shorter time-to-value.

“Implementation was seamless and straightforward and end-to-end, it took two weeks,” Tran said. “The FloQast API for NetSuite connected instantly, as did the integrations with Slack and Dropbox.”

Deputy Shaves Two Days Off Month-End Close with FloQast

Stress levels, uncertainty, and incomplete tasks have been reduced for the Deputy team since FloQast went live.

“We’re no longer wondering where we are in the process or trying to run down last-minute updates and details,” Tran said. “FloQast automatically pulls in the latest account balances from NetSuite, and the whole process feels more calm and more consistent.”

The reduction in days to close has been an impactful win as well.

“We were asked to close faster by our executive team, and we’ve achieved it, going from seven or eight days down to five with FloQast,” Tran said. “That leaves more time for strategic projects and other growth initiatives that will help us expand and scale in the future.”

In addition to the speed and productivity, there have also been unexpected training benefits. Tran said sharing monthend Close ownership and accountability across the whole accounting team has improved culture and increased skills and knowledge.

“FloQast has become both a productivity tool and a learning tool for our young accounting team,” Tran said. “I can include notes and explanations within our centralized task list now that everyone can see and read, and we don’t need a Zoom meeting or Slack message to discuss it. We’re moving much faster now and taking advantage of the learning opportunities along the way.”