Unicorns Overwhelmingly Choose FloQast to Optimize Monthly Close and Get Financial Operations in Order
Jul 23, 2019 | By GlobalNewswire
Adoption of FloQast Among Private, High Growth Companies with Valuations Over $1 Billion Skyrockets by More than 400%
LOS ANGELES, July 23, 2019 — FloQast, a provider of close management software created by accountants for accountants to close the books faster and more accurately, today announced that the number of high-growth start-up companies — those with valuations over $1 billion, commonly known as “unicorns” — using FloQast has grown by more than 400% in the past year.
In addition to rapidly scaling private companies, FloQast has long been adopted by growing public companies like Yelp, Lyft, GrubHub, DocuSign and Zillow to help streamline the monthly close process and put in place the financial controls necessary to operate in public markets. Now, the next generation of breakthrough, high-growth companies are overwhelmingly choosing FloQast in order to put in place the accounting systems and controls necessary as they grow and approach critical milestones.
Getting financial operations in order and setting internal accounting controls is among the most important steps that companies must take to sustain long-term growth, and prepare for significant financial events. High-growth organizations must ensure that they can accurately report their financial performance on a quarterly basis, implement internal controls and audit trails, and provide varying levels of access to meet rigid compliance requirements such as required by Sarbanes-Oxley (SOX).
FloQast streamlines what has traditionally been a manual, time-consuming process, reducing the time it takes to close the financial books each month while significantly improving its accuracy. FloQast also helps organizations manage, enforce and scale internal controls necessary for SOX compliance as well as enforce segregation of duties and provide the necessary audit trails important for addressing compliance and security mandates. Important capabilities that prevent sign-off on reconciliations that are not tied out, even if the source data changes after initial sign-off, help ensure are the monthly financials are well prepared.
In the past 12 months, some of the most promising later stage private companies have adopted FloQast to streamline and organize finance and accounting operations to ensure compliance and audit readiness. They add to a growing roster of companies including but not limited to Avant, Carta, Databricks, DoorDash, Opendoor, Oscar Health, Qualtrics, Robinhood, SoFi, Tanium Inc. and Toast with valuations over $1 billion. These companies join rapidly growing public companies that include Anaplan, DocuSign, GrubHub, Indeed, Lyft, Nutanix, Okta, Twilio, Upland Software, Yelp, Zillow, Zoom, Zscaler and numerous others who all trust FloQast to address their financial close needs.
“With FloQast, the monthly closing of Databricks financial books has become a more streamlined, accurate and timely process,” said Michael Houston, U.S. accounting manager, Databricks. “Implementation was a breeze. We have standardized our monthly close using FloQast and receive buy-in all the way at the top of our financial organization. As we continue to grow as a company, FloQast will be instrumental for ensuring Databricks complies with key financial regulations and for driving even greater automation and accuracy in our monthly close.”
“We are seeing companies going public take a more mature and well-planned approach. These companies have taken the time to hire teams with previous IPO experience and are investing in accounting solutions to prepare for a new level of reporting, accountability and compliance,” said Mike Whitmire, CPA*, co-founder and CEO of FloQast. “The world’s most innovative companies expect their financial and accounting software to provide the same modern, cloud-based and AI-powered capabilities coupled with an intuitive end user experience that they receive from other contemporary software. Our continued innovation ensures that controllers and CFOs can count on FloQast to scale as they grow and have to meet strict financial regulations.”
For more information on how FloQast can streamline and improve the accuracy of your close, visit www.FloQast.com.
FloQast is 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 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 Twilio, DocuSign, Zillow and The Golden State Warriors. To learn more, visit www.floqast.com and join the conversation on Twitter at @floqast.