FloQast Launches FloQast™ Ops to Drive Excellence Across Accounting Operations
Sep 14, 2021 | By GlobeNewswire
The new workflow manager extends the power of FloQast Close to better connect with accounting operations and accelerate close velocity
LOS ANGELES, SEPTEMBER 14, 2021 – FloQast, a provider of accounting workflow automation software created by accountants for accountants, today announced the launch of FloQast Ops, a new workflow manager solution that addresses upstream financial functions like Accounts Payable, Sales and Use Tax, and Accounts Receivable along with downstream functions like Compliance, Reporting, and FP&A to deliver greater control and transparency across accounting operations. The announcement was made at the company’s annual user conference, TakeControl.
Many accounting functions remain disconnected from the financial close, creating a continuous and chaotic mix of waiting for upstream information, increasing manual workloads, and holding countless status update meetings. These upstream delays amplify into downstream financial functions leading to inaccurate information, audit risk, and growing team frustration and stress. This reality results in more than 70% of controllers saying their company’s accounting processes are either largely manual or still a considerable manual effort.*
FloQast Ops comes with pre-built workflows for Compliance, FP&A, and Reporting and allows for the creation of new, custom workflows so controllers and their teams have greater:
- Visibility to gain real-time, top-down insights for accounting teams to manage by exception and reduce deadline-oriented stress.
- Collaboration to seamlessly share tasks, roles, deadlines, and information.
- Time savings by automating manual and recurring tasks.
- Centralized documentation to ensure the organization is audit-ready.
"A lack of transparency and collaboration across your entire accounting operations landscape prevents the close from moving ahead, and adds to further delays that make reporting deadlines much more stressful," said Mike Whitmire, CPA*, co-founder and CEO at FloQast. "For accounting teams to drive operational excellence and reduce team member stress, we've taken many of the same capabilities our users love in FloQast Close and applied them to FloQast Ops."
"FloQast Ops helps accountants on the path to achieving operational excellence," observes Robert Kugel, senior vice president and research director at Ventana Research. "It gets them out of the 'weeds' by automating manual tasks, increasing visibility across accounting operations, facilitating greater team collaboration, and centralizing audit documentation."
The latest product also eliminates manual, repetitive, date-driven processes that otherwise require review, sign-off, and documented evidence. Co-innovated with over 200 companies, accountants can quickly set up FloQast Ops – typically within just days. In addition, FloQast Ops integrates with the tools accountants already use like spreadsheets, email, collaboration tools, and leading ERPs.
"We work with companies every day that need to get control of their accounting operations as they grow – up to and including a potential IPO," says Jim Loughmiller, co-founder and managing director at CBIZ ARC Consulting. "With increasing organizational complexity, obtaining operational control and visibility can be challenging as the right hand often may not know what the left is doing. FloQast's Ops takes the significant capabilities of FloQast Close and extends them to bring more control and visibility across operations both upstream and downstream from a company's close process."
Built by accountants, for accountants, FloQast is ranked a Leader in G2's 2021 Momentum Grid for financial close software, with a 96 percent satisfaction rating for ease of use by users.
For more information on FloQast Ops:
FloQast delivers workflow automation software enabling organizations to operationalize accounting excellence. Trusted by more than 1,400 accounting teams – including Twilio, CoinBase, 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.
*”From Mirage To Reality: Bringing Finance Into Focus In A Digital World” Deloitte’s Center For Controllership and Institute of Management Accountants 2020