10 Hottest Fintech Companies List 2021
The need for on-demand visibility and actionable insights to navigate today’s dynamic business environment has never been greater. Technology, specifically accounting automation, can be a foundation to providing fast and continuous information to key stakeholders, supporting the agile decision-making that is required to make critical decisions in a timely manner. Automating an accounting process is no different from the robotic process automation applied to any other industry by software solutions. Accounting automation takes the most manual elements of an accountant’s work day and does them automatically, often instantly. Also known sometimes as computerized accounting software, these systems do the number crunching and transaction tracking for you.
FloQast is the leading provider of accounting workflow automation created by accountants for accountants to work smarter, not harder. By automating common accounting workflows and helping to streamline and make them more efficient, FloQast is the place where accounting teams want to work so they can focus on what matters most, even when that’s just going home on time. With FloQast, your entire Accounting staff knows what to do and when it’s due – no matter how large the team. Its cloud based, so you and the entire team can always know where you stand with real-time overview of status by task, entity and team member regardless of whether they are in-house or remote.
Revolutionary Account Workflow Automation Services Offered
FloQast Close™: Closing the books is all too frequently a manual, error-prone and time-consuming process. FloQast Close™ provides a single place for your team to manage month-end close tasks, enhance accountability, improve accuracy, and collaborate effectively from anywhere. It helps to shave days off your close by improving team coordination and streamlining the process. Give your team more time to focus on other, more strategic projects. It gives your team a better way to work together to close the books. Everyone involved can easily view the status of all tasks, see notes and easily communicate from wherever they are working. One can view a roll-up of all reconciliations and variances on one screen and get alerts automatically when amounts change after sign-offs are complete.
FloQast Autorec™: Expedite the highly-repetitive, tedious process of reconciling accounts with high volumes of transactions with the industry’s only AI-powered automated reconciliation solution. Dramatically reduce time spent on account reconciliations at month end, allowing your team to focus on more strategic tasks of the financial close. It dramatically reduces time spent on account reconciliations at month end, allowing your team to focus on more strategic tasks of the financial close. Automate the bank and clearing account reconciliation process, saving your team hours or even days each month.
FloQast Flux™: Performing a monthly flux analysis provides critical insight to financial planning, but all too often is skipped as accounting teams are too busy and must prioritize their scarce time. FloQast Flux automates this time-consuming analysis, quickly alerting your team of actual variances by account. Perform flux analysis on your terms. Flux is integrated directly with your ERP and FloQast making updates seamless. By giving your accounting team the time needed to write meaningful explanations, your FP&A team will have a more informed starting point to forecast any corrective action. Set materiality thresholds for Balance Sheet and Income Statement accounts on a percentage and/or fixed dollar threshold spend your time on what matters.
FloQast Analyze™: Controllers are constantly challenged to close faster, yet rarely have sufficient visibility to identify and remove bottlenecks. FloQast Analyze™ provides valuable insight to optimize an accounting team’s workload and maximize process efficiency to improve future closes. Utilize analytics tools to pinpoint gaps or bottlenecks in workload allocation, allowing you to more effectively manage your team without having to micromanage. Obtain real-time insight as to whether your close is ahead or behind schedule. It provides filter views to meet your specific needs. You can filter by process, custom tags, checklist or prepared items, reconciliation status, reviews or some combination thereof. Isolate high-risk or otherwise key close items and visually display the root cause of any bottlenecks in the close process. You can also Export all your close data into a filterable, pivot-friendly format that is ready for analysis offering an even easier way to get valuable insights to improve future closes.
The Leader Upfront
Mike Whitmire is the Co-Founder and also serves as the Chief Executive Officer of FloQast. He leads FloQast’s corporate vision, strategy and execution. Prior to founding FloQast, Mr. Mike managed the accounting team at Cornerstone OnDemand, a SaaS company in Los Angeles. He began his career at Ernst & Young in Los Angeles where he performed public company audits, opening balance sheet audits, cash to GAAP restatements, compilation reviews, international reporting, merger and acquisition audits and SOX compliance testing. Mr. Mike is also the author of Controller's Code: The Secret Formula to a Successful Career in Finance, an Amazon Best Seller providing career guidance for finance professionals. He holds a Bachelor’s degree in Accounting from Syracuse University.