FloQast Grows Client Accounting Services Business 220 Percent
Jan 29, 2019 | By Business Wire
Close Management Software Adoption Proliferates as CAS Growth Takes Off Becoming Critical Offering for Service Providers
LOS ANGELES, CA January 29, 2019– FloQast, a provider of close management software created by accountants for accountants to close faster and more accurately, announced its Client Accounting Services (CAS) business grew 220 percent in 2018. CAS, also known as outsourced accounting, is among the fastest growing and most profitable service lines for public accounting firms. Increasingly, close management software is becoming a critical component for a successful and profitable CAS practice and is gaining widespread adoption because it helps firms scale their operations and provide increased value to their clients. Last year numerous CAS providers turned to FloQast to manage the month-end close for their clients including Attivo Partners, EisnerAmper, EngineRoom, Lescault + Walderman, Signature Analytics, Trusted CFO Solutions, RKL and dozens of others.
According to recent research, CAS remains the most popular new offering for accounting firms with 42 percent of firms currently offering the service and 15 percent more planning to add it in 2019. CAS practices are embracing close management software because it provides important capabilities that address the unique needs of their business. These include:
- Standardization through a cloud-based folder structure and task consistency, allowing providers to enforce common business process across multiple clients;
- Support for all General Ledger (GL) systems and customizable for individual client’s unique close processes;
- Visibility into outstanding tasks, including notifications and alerts for activities by client;
- Automation of the manual tie-out process of reconciliations and providing real-time insight into changes whether they are due to adjusting entries or those to the Trial Balance;
- Internal communication capabilities, such as review notes, which help providers better organize client communications.
FloQast has taken further steps to build specific capabilities into its award-winning close management software for this market. These include global dashboards which allow CAS providers to centrally view and manage their numerous clients’ month-end closes and other practice management functions, all from a single console. It also offers tailored business terms important to CAS providers and their unique needs, including provider user licenses with no client limits.
“Historically it has been extremely difficult for CAS providers to standardize on a single platform to manage the financial close for their clients,” said FloQast CEO and co-founder, Mike Whitmire, CPA*. “Our platform agnostic approach allows us to integrate with any ERP or GL and provide a standardized and consistent approach to manage the month-end close helping these providers to close their clients’ books faster and more accurately.”
Signature Analytics, an outsourced accounting and financial services and Inc. 500 firm that provides comprehensive accounting support to small and mid-size businesses, turned to FloQast for its practice. “We selected FloQast as our close management solution because it's an easy to use, cloud-based solution that allows us to document and manage a more efficient and accurate month-end close, especially for distributed teams,” said Peter Heald, CEO of Signature Analytics. “That means our staff can spend less time on administrative overhead and more time delivering value to our clients such as helping them increase profitability.”
To learn how FloQast can help scale your accounting services and provide increased value to your clients, visit www.floqast.com/CAS.
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.