Customer Stories
Post-IPO Excellence: Zoom’s Operational Transformation with FloQast
Zoom, the renowned video communications company headquartered in the Bay Area, has undergone a remarkable journey of growth and transformation, particularly highlighted by its IPO in 2019. However, with this success came the need to refine and optimize its financial operations to sustain its trajectory effectively.
That’s where FloQast came in.
In the wake of its IPO, Zoom faced the challenge of restructuring its month-end Close process to accommodate its expanding operations and to ensure compliance with regulatory standards. This led to the adoption of FloQast, driven by the necessity to introduce structure to their accounting processes, enhance communication across geographically dispersed teams, and establish robust internal controls for Sarbanes-Oxley (SOX) compliance.
Following its implementation, Zoom reduced its time to close from eight days to just five, enhancing operational efficiency and allowing team members to allocate their time more effectively. Additionally, the implementation of FloQast facilitated the establishment of internal controls, providing Zoom with the assurance of compliance with SOX regulations and streamlining audit-related activities both internally and externally.
Former Head of General Ledger at Zoom, Jeanne Du, now the Corporate Controller at Flare, raved about the transformative impact of FloQast on their financial operations. With the automation of manual processes and the provision of real-time visibility into tasks and deadlines, Du was able to redirect her focus towards strategic initiatives, leveraging FloQast’s capabilities to drive value for the company.
“Not having to manually roll-forward checklists and follow up with every single person individually has saved me a ton of time,” she said. “It allows me to be more efficient — I can review the work papers, post journal entries, and train new employees.”
Beyond optimizing the month-end Close, Zoom utilized FloQast for various other financial functions, including SEC reporting. The platform’s versatile checklist feature enabled Zoom to streamline the reporting process and ensure adherence to regulatory requirements seamlessly.
“We use FloQast for a lot of different things — not just the close. We actually use FloQast for SEC reporting,” Jeanne said. “We have a checklist set up that details tasks that we need to perform and the calendar timeline for the quarter-end SEC reporting process. Where are the steps for filing the SEC document? It’s all in FloQast.”
Additionally, FloQast served as a centralized hub for collaboration across different departments, fostering cross-functional communication and enhancing operational efficiency.
One of the most significant advantages of FloQast for Zoom was its ability to facilitate remote work, a necessity that became increasingly pertinent amidst the COVID-19 pandemic. As the company transitioned to a remote work environment, FloQast provided continuity in operations, enabling seamless collaboration and communication among dispersed teams.
Ready to dive deeper into how FloQast helped Zoom successfully IPO? Check out the full case study here, and discover firsthand how FloQast can confidently empower your organization to achieve its financial objectives.
Key Takeaways:
- Streamlined month-end close process, reducing timeline from 8 days to 5 days.
- Established robust internal controls for Sarbanes-Oxley (SOX) compliance.
- Facilitated seamless transition to remote work environment amidst COVID-19 pandemic.
