FloQast Close Management Software Halves Stack Overflow’s Time to Close
Mar 14, 2018 | By Business Wire
New Close Process Ensures Accounts are Audit Ready
LOS ANGELES - March 14, 2018 - FloQast, Inc., a provider of close management software created by accountants for accountants to close the books faster and more accurately, today announced that, using FloQast, Stack Overflow has transformed its 'soft close' into an efficient, standardized process with dramatically increased transparency and accountability. The new process includes a designated timeline, controls, and procedures that ensure accounts are audit-ready and have cut Stack Overflow's time-to-close by more than half, from 22 days to ten.
Prior to implementing FloQast, Stack Overflow relied on a 'soft close' that didn't include monthly reconciliation of the full balance sheet, and utilized a limited Microsoft Excel checklist that didn't list all the steps in the process. Transparency and accountability were lacking, and, without a full monthly reconciliation, the team faced a very challenging close at year end. Now, with FloQast, Stack Overflow has formalized its close process, making it faster and more accurate, and freeing accounting team members to focus more time on strategic projects. FloQast has transformed Stack Overflow's Excel checklist into an integrated, cloud-based collaboration tool that provides guidance for all the steps in the close process. This, combined with FloQast's real-time, month-end, close status dashboard, has vastly increased transparency and accountability, and made it possible for team members and other stakeholders to check the close status at a glance.
FloQast not only integrates with Excel, but also with Sage Intacct, Stack Overflow's ERP system. Through its integration with Sage Intacct, FloQast accesses Stack Overflow's general ledger balance and matches it with the accounting team's Excel workbooks. This automates the reconciliation process, accelerating the process of preparing accounts for audit.
"Everyone talks about speeding up the close, but you also need reliable numbers to share with internal and external stakeholders," said Jerry Raphael, Vice President of Finance. "In some instances you don't get a second chance to get it right. Those numbers usually go to department heads, boards and banks, and for some companies are even published. With FloQast, I can sleep at night, knowing all of our accounts are audit ready."
FloQast has also made it easier for Stack Overflow's accounting team to efficiently manage its growth. It's Stack Overflow's policy to hire the best candidate for each position, regardless of that person's location. As accounting team members are added-in some cases overseas-their close process responsibilities are assigned and managed via the company's expanded Excel checklist. FloQast's transparency makes it possible for dispersed team members to easily collaborate, coordinate, and track the status of the close.
When Stack Overflow began its search for a close management software solution, the head of its accounting team had previously used BlackLine, but found it to be expensive, difficult to implement, and hard to use. In contrast, FloQast came at an affordable price point, offered an intuitive user interface designed by experienced CPAs, and was implemented by Stack Overflow in just two days, with no training needed.
"Close management software makes it possible for mid-sized companies to easily and affordably take their close processes to the next level," said Michael Whitmire, CPA, chief executive officer and co-founder of FloQast. "By increasing accountability and transparency while adding automation, FloQast not only speeds the close, but also increases its accuracy. That means accounting teams can stop worrying about whether they'll be ready for their audit at year end."
FloQast is a leading developer of close management software, created by accountants for accountants to close faster and more accurately. Working with accounting teams' existing checklists and Excel, FloQast provides a single place to manage the month-end close and gives everyone visibility. FloQast customers on average close three days faster. The award-winning solution is trusted by hundreds of accounting departments, including those at Twilio, Nutanix, Zillow and The Golden State Warriors. To learn more, visit www.floqast.com and join the conversation on Twitter @FloQast.