FloQast Introduces Custom Value Assessment Report for Improved Efficiency Across Financial Close Processes
Custom value assessment calculator quantifies accounting transparency and agility for teams seeking optimization and modernization of processes
April 10, 2023 (LOS ANGELES) – FloQast, a provider of accounting workflow automation software created by accountants for accountants, today introduced its Financial Close Management Custom Value Assessment Report, designed to help accounting teams understand how they can further optimize and modernize their Financial Close for greater efficiency and agility. Available now on FloQast.com, the customized value assessment calculator quantifies time, resources, and bandwidth currently spent by accounting teams on their monthly, quarterly, and annual Financial Close processes. Accounting teams will then receive a custom value assessment report with personalized insight into the benefits of automating the Close with FloQast’s Close Management Solution for improved speed, accuracy, and overall time to value.
Today’s accounting teams are tasked with doing more with less, but they still remain the operational backbone of organizations, managing the entire record-to-report process. Today’s volatile economic environment has further increased pressures on teams to transform data from the Financial Close into insights critical to steering organizational strategy, with 63% of accounting professionals worrying about closing the books during a recession. But for many, the Close remains a highly manual and tedious process. In fact, research from FloQast found a majority of accountants agree the yearly, quarterly and monthly Close are in desperate need of modernization.
“Controllers need visibility into the Close to course-correct quickly, especially when navigating economic ups and downs,” said C. Edward Brice, CMO. “That’s why we introduced the Custom Value Assessment Report, making it easier for teams to understand the financial impact of manual processes that can bottleneck the Close and create the potential for costly mistakes.”
To use the Custom Value Assessment Report, teams simply need to input the following into a value assessment calculator to produce a tailored report on time savings gleaned by implementing FloQast’t Close Management solution:
- Number of people on their team
- Average team member’s salary
- Days spent closing the books
- Days spent supporting the audit
- Hours spent managing tasks
Teams that have implemented FloQast’s Close Management Solution have experienced:
- 26% reduction in time to close the books monthly
- 44% improvement in task/workload management
- 39% increase in accuracy of close data
- 31% reduction in time to perform reconciliations
To learn more about how FloQast’s Custom Value Assessment Report can empower faster time to value and a lower total cost of ownership without business disruption, read our blog or get your own customer value assessment report now and understand how automating the close can both save time and money.
About FloQast
FloQast delivers workflow automation software enabling organizations to operationalize accounting excellence. Trusted by more than 2,000 accounting teams – including Twilio, Los Angeles Lakers, Zoom, and Snowflake – FloQast was built by accountants, for accountants to enhance the way accounting teams work. FloQast enables customers to streamline processes such as automated reconciliations, documentation requests, and other workflows that impact the month-end Close, financial reporting, and payroll and is consistently rated #1 across all user review sites. Learn more at FloQast.com.
Contact:
Kyle Cabodi
FloQast Director of Corporate Communications
