Verint Shortens Month-End Close by 20% with FloQast

Verint®, a multi-national public company with almost $1 billion in annual revenue, understands that a timely and accurate month-end financial close is critical for regulatory compliance and stock market credibility. When the company wanted to improve accountability, increase speed, and streamline the overall process, it implemented FloQast. Since then, Verint has eliminated shared spreadsheets and manual checklists, enhanced visibility and status checks, and reduced its month-end Close.

You’d be hard-pressed to find a more conscientious or enthusiastic executive than Rosemarie Flore when it comes to taking on a challenge, figuring out a solution, and finding a way to win.

“What once was a longer close cycle will now be reduced by 20%. We will achieve a close cycle that is better than the industry average.” – Rosemarie Flore, VP, Controller

As VP Controller at Verint, Flore has been taking on tough assignments at the publicly-held provider of customer experience solutions for more than 15 years. From financial statements and SEC filings, to Sarbanes-Oxley documentation, Flore has developed a successful track record at Verint of developing standard operating procedures and systems that work for her accounting teams.

Improving the month-end Close for Verint was Flore’s latest challenge.

“In the past our close process was more time consuming and included some inefficiencies,” Flore said. “We knew we needed more visibility in the process and we also needed to centralize the support documentation globally. It was critical that we move away from shared files and local drives.”

Bringing Calmness and Confidence to the Implementation – And Month-End Close

Flore recognized the potential and power of the FloQast platform from the initial demo and discussion.

“I’d seen other leading vendors in the space, but FloQast was much better in terms of design and user experience,” Flore said. “I was impressed and began to make the case to our leadership. It was clear that the automation provided by FloQast would bring efficiency, visibility and time savings that would ultimately reduce the number of days to close.”

“It’s been fantastic to not only experience the benefits of FloQast but also watch the growth and success of the company and people over the years as they’ve changed our industry for the better. I can’t say enough good things about the organization, and the people and the culture. It’s been really exciting to be part of that journey.” – Rosemarie Flore, VP, Controller

Implementation was quick and easy for Flore’s team for two main reasons: her team was organized and motivated, and the FloQast team was knowledgeable and experienced. 

“The team at FloQast made implementation seamless and easy, and led us step-by-step through the process,” Flore said. “We received positive feedback on this experience from our offices around the globe and it made us feel proud that we’d picked the right partner.”

Flore said the Oracle NetSuite integration was another key benefit of selecting FloQast.

“The Oracle and FloQast connection not only provides realtime status and progress of our close via FloQast dashboards and checklists, it gives us a higher level of confidence in its accuracy and completeness,” Flore said.

‘We Definitely Have Achieved ROI from FloQast’ – A Higher Use of Time and Talent

The investment in FloQast has significant ROI including freeing up team members to work at higher productivity levels and on more strategic initiatives. 

“Integrating newly acquired entities will also be streamlined with FloQast since it allows us to handle more accounts, reconciliations and closing activities without increasing headcount,” Flore said. “We’ve also reallocated the time and talent of our teams to focus on more strategically important things.”

The onboarding of new accounting professionals from new entities is also easier since FloQast provides a framework of controls across the entire organization that can be trained and learned more quickly.

As for sheer time savings on closing days, the numbers are clear in that area. Days to close have already been reduced by 20% and will likely be reduced even further.

In addition to the speed and visibility enjoyed by her teams at Verint, Flore said she’s also felt a tremendous sense of professional pride in supporting and providing feedback to FloQast as it continues to impact the discipline of automated accounting workflows.

“It’s been fantastic to not only experience the benefits of FloQast but also watch the growth and success of the company and people over the years as they’ve changed our industry for the better,” Flore said. “I can’t say enough good things about the organization, and the people and the culture. It’s been really exciting to be part of that journey.”