FloQast Close Management Software Turbocharges WP Engine’s Accounting Team Growth
Feb 05, 2019 | By Mack Magnone
Accounting Solution Cuts WordPress Digital Experience Platform’s Month-end Close from Ten Days to Five; Streamlines Accounting Team’s Operating Efficiency To Scale for Growth
LOS ANGELES, February 5, 2019— FloQast, a provider of close management software created by accountants for accountants to close faster and more accurately, alongside WP Engine, the WordPress digital experience platform, announce the solution has dramatically improved WP Engine’s accounting team’s efficiency and helped cut its month-end close in half, from ten days to five.
For nearly a decade, Austin, TX-based WP Engine has helped more than 90,000 businesses in 140 countries design and build websites and applications on WordPress, the world’s leading content management system. In the last year, the company raised $250 million and surpassed $132 million in annual recurring revenue this month — due to an extended period of growth, an international expansion strategy and a hiring spree that helped WP Engine solidify its role as a global tech powerhouse.
WP Engine’s corporate controller, Eric Domagalski, had a few key criteria for a new accounting solution: it needed to be flexible enough to work with high-impact company changes such as an acquisition or other material corporate financial event, but also serve as a solution that streamlined complicated processes while mirroring the company’s highly collaborative work environment.
“We were looking for two things: operational efficiency and accuracy, both of which FloQast provides,” said Eric. “We’re building a sustainable, repeatable model to close the books and build high quality financials. We also need to be positive that we have everything and that it’s accurate.”
Integrating the FloQast solution into WP Engine’s accounting tools also had other benefits: improved communication across the team, the obsolescence of the status update meeting, easy task assignment and replacement across new team members, and a centralized hub for explanatory text for month-end close.
Because FloQast is designed to work the way accounting teams of any size work, the ramp-up to operational fluency was short. Consolidating different communication channels within WP Engine’s existing software was key in the adoption, especially when it came to efficiency and redundant tasks. Notes and reminders can be made in one place. With improved communication, status update meetings slowly began to die out, replaced instead with streamlined review notes and clear instructions that eliminated bottlenecks.
“Operationally, having a collaborative place to complete the whole close process was optimal,” continued Eric. “We can look at an outstanding task and identify whether someone was working on it or if there were any issues that made the deadline unrealistic. It got to the point where we got rid of most of our close meetings until the very tail end of the process. FloQast helps drive accountability.”
One thing was very clear for WP Engine upon reflection: using FloQast saves time. FloQast helps the accounting team identify dependencies or areas for improvement in the overall close process and automate a stressful monthly process that had been completely manual before.
To learn how FloQast shortens the month-end close process and increases accuracy, visit floqast.com/product and follow on Facebook and Twitter.
About WP Engine
WP Engine is the WordPress Digital Experience Platform that gives companies of all sizes the agility, performance, intelligence and integrations they need to drive their business forward faster. WP Engine’s combination of tech and innovation and an award-winning team of WordPress experts are trusted by over 90,000 companies across 140 countries to provide counsel and support, helping brands to create world-class digital experiences. Founded in 2010, WP Engine is headquartered in Austin, Texas, and has offices in San Francisco, California; San Antonio, Texas; London, England; Limerick, Ireland and Brisbane, Australia.
FloQast is award-winning 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 your 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 hundreds of accounting departments, including those at DoorDash, AdRoll, Indeed, Shopify, Ancestry.com, Twilio, Dollar Shave Club, Zillow and The Golden State Warriors. To learn more, visit www.floqast.com and join the conversation on Twitter at @FloQast.