FloQast Running Up The Score Among NBA, NFL and MLB Teams
Oct 08, 2019 | By GlobeNewswire
Champion Sports Franchises Adopt Close Management Software to Better Manage their Diverse Business Operations
LOS ANGELES, October 8, 2019 — FloQast, a provider of close management software created by accountants for accountants to close the books faster and more accurately, today announced that it has become the financial close software of choice among professional basketball, baseball and football teams. FloQast now counts scores of professional sports teams who have adopted its award winning close management software including recent league champions such as the Philadelphia Eagles, Boston Celtics, Washington Capitals and The Golden State Warriors.
Professional sports teams are incredibly complex and diverse organizations, and managing their financial and accounting operations can be an enormous challenge. The typical professional team has multiple business entities ranging from concessions to merchandising and seating to sponsorship, not to mention the actual players’ salaries. Until recently, many of these organization’s accounting departments have managed these diverse operations manually keeping track of hundreds and even thousands of spreadsheets. This led to laborious and lengthy processes to close the financial books each month, which is only exacerbated by the fact that the teams must comply with a myriad of guidelines, including revenue sharing and collective bargaining agreements, not to mention the IRS.
FloQast streamlines what has traditionally been a manual, time-consuming process, reducing the time it takes to close the financial books each month across multiple financial entities while significantly improving its accuracy. FloQast helps sports franchises manage their multiple businesses in a centralized manner with the most current financial data available, as well as put in place the internal controls necessary to address governmental and league compliance requirements.
FloQast has become a mainstay among professional sports teams who increasingly look to innovative cloud-based solutions to improve their financial and accounting operations. FloQast now counts scores of National Basketball Association (NBA), Major League Baseball (MLB) and National Football League (NFL) teams who rely on the close management software to close their books, including the:
- Atlanta Hawks
- Boston Celtics
- Chicago Cubs
- Los Angeles Lakers
- Philadelphia Eagles
- The Golden State Warriors
- Washington Capitals and Wizards (Monumental Sports)
- And other sports franchises
"FloQast has vastly improved the monthly close for the Boston Celtics," said Bill Reissfelder, Boston Celtics chief financial officer (CFO). "We are able to streamline workflows making our month-end close significantly faster, improving collaboration and visibility across the accounting team, organizing the process for all of our entities, and delivering a new level of accuracy for our various audits."
“There is a direct link between the innovation that sports franchises exhibit playing on the court or on the field and their back-office financial operations. These teams are under constant public and private scrutiny. Consequently, it is an enormous validation for FloQast that many of the world’s most well known and successful sports franchises have selected our close management solution to optimize their accounting processes and deliver unprecedented speed and accuracy to their financial close,” said Mike Whitmire, CPA*, co-founder and CEO of FloQast.
For more information on how FloQast can streamline and improve the accuracy of champions whether on the field or off, visit www.FloQast.com.
FloQast is close management software, created by accountants for accountants to close faster and more accurately. On average, accounting teams who rely on FloQast close three days faster. Seamlessly integrated with ERPs and leveraging existing checklists and Excel, FloQast provides a single place to manage the month-end close and gives everyone visibility. The cloud-based software is trusted by more than 750 accounting departments, including those at Twilio, DocuSign, Zillow and The Golden State Warriors. To learn more, visit www.floqast.com and join the conversation on Twitter at @floqast.