FloQast Close Management Software Extends Operational Efficiency for RevLocal Beyond the Close
Aug 29, 2018 | By Business Wire
Accounting Solution Streamlines Digital Marketing Platform’s Remote Finance Team’s Processes and Efficiency
LOS ANGELES, August 29, 2018-- FloQast, a provider of close management software created by accountants for accountants to close faster and more accurately, announced that, using FloQast, RevLocal has improved its communication amongst its mostly remote finance team as well as increased the speed and efficiency in which the digital marketing platform reconciles its month end finances by two days.
Across two offices in Granville and Mount Vernon, OH, RevLocal provides digital marketing for local businesses and franchise networks across the U.S. and Canada. Using marketing analytics and real-time data, RevLocal fine tunes its clients’ tactics.
With an accounting team that works remotely or from either office, RevLocal’s senior director of innovation, Brenda Arnold, was looking to fine tune the methods in which the finance team organized and executed RevLocal’s own monthly close. Because the CFO works in a different office than other finance personnel, the finance team’s former review protocol meant documents were manually pulled out from physical binders, scanned and emailed, consuming a vast amount of time. Documents that were already digitized were hard to find across network servers.
When evaluating accounting software to assist their operations, Brenda and RevLocal’s controller Sarah Joseph wanted a solution that would help with streamlining the process in finding data and having it in one place. They were disheartened to learn many options were too complex, regimented and expensive. Legacy solutions were built for large enterprises and couldn’t integrate with current tools, meaning a longer education process and slower ROI due to the ramp-up.
“We had looked at other options previously but didn’t feel like they provided what we needed,” said Brenda. “We weren’t able to customize those systems to our existing processes. When we found FloQast’s close management software, we knew that it was the one. It was simple and fit into the way we already worked.”
Implementation took less than a month and was a team effort between FloQast and RevLocal.
Because FloQast is designed to work the way accountants work, the RevLocal team could keep using their existing Excel spreadsheets and checklists, which were easily incorporated into the system. A quick and easy process to upload a report from the finance team’s accounting system is all it takes each month to integrate the general ledger with their familiar Excel reconciliation schedules through FloQast.
Integrated document storage puts all the backup just a click away, and they no longer use those paper binders. With one centralized location, the CFO now knows exactly where to find anything he needs, and remote workers can easily access the documents they require.
“Many companies we work with have remote accounting teams, which means better coordination and communication are central to improving unwieldy processes like the month-end close,” said Michael Whitmire, CPA and co-founder of FloQast. “Working with RevLocal’s finance team, we were able to help them quickly implement a solution that worked seamlessly across multiple offices, versus force them to adopt something requiring a long ramp up.”
A recent software user comparison on financial close products from G2 Crowd, the world’s leading business and software review platform, showed integrating FloQast to be 4x faster while providing ROI in almost a third of the time when compared to legacy accounting and finance software. Based upon more than 150 actual customer reviews, 90+ percent of respondents found implementing FloQast to take less than 30 days versus the legacy competitors’ average of 120 days. G2 Crowd Financial Close Product Comparison is based on G2 Crowd user reviews as of May 24, 2018.
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 Door Dash, 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 @FloQast.