FloQast Accounting Automation and Collaboration Platform Raises $ 110 Million
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Financial close management is the business process of verifying and adjusting account balances at the end of each month or other predefined period, in order to issue compliant financial reports for regulators, managers, shareholders or any other relevant stakeholder who needs to know the current financial situation of a business. . However, it is easier said than done to get a business’s books up and running, especially for large companies – more often than not, this is a manual and time-consuming process that is at its root. human error. And that’s where FloQast comes in.
Founded in 2013, Los Angeles-based FloQast works with a number of top clients including Snowflake, Zoom, Lyft, GrubHub, Twilio, and Yelp. The flagship of the company FloQast Close the product serves as a single, centralized place for teams to manage all of their recurring close management work, including tracking pending tasks; collaborative checklists and review notes for assigning tasks and seeing who needs to do what; and a transparent summary of all account reconciliations, filled with ERP and Excel integrations to automate part of the audit “liaison” process.
Elsewhere, FloQast includes support for automated alerts if amounts change after approvals are finalized, while users can also configure the platform to automatically request more information parties involved if something is missing during a fence. And built-in analytics can help managers track efficiency gains by using historical data to spot month-end closing trends over time and identify bottlenecks.
Automation for people
Previously, FloQast had raised around $ 120 million, and with its latest cash injection, the company is well funded to capitalize on a growing push towards automation in the accounting arena. In the last few months alone, companies such as Osome, Auditoria, Zeni, No locking, and Georges has it all raised significant sums to help accounting teams automate repetitive and time-consuming tasks.
But perhaps more than that, FloQast is well positioned to support the emerging trend of remote working that is expected to persist long after the global pandemic is over. Team collaboration tools such as Zoom, Slack, and Microsoft Teams have already benefited from a more distributed workforce, and the FloQast shared workspace is designed to fulfill a similar role for finance teams.
FloQast Series D was led by Meritech Capital, with participation from Insight Partners, Redpoint Ventures, Sapphire Ventures, Coupa Ventures, Polaris Partners and Norwest Venture Partners.
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