FloQast Company Research Report
Company Overview
Name
FloQast
Mission
FloQast's mission is to elevate accounting by empowering accountants through the use of technology. The company envisions improving the practice and perceptions of accounting, inspiring accountants to realize their potential and change how accounting gets done to enable a better work-life balance.
Founded
FloQast was founded in 2013.
Founders
Founded by Mike Whitmire, who serves as CEO, along with two other partners, one of whom is also a former CPA.
Key People
- Mike Whitmire - CEO
- Stefan van Duyvendijk - Accounting Operations Evangelist
- Ben Schechter - Chief Marketing Officer
Headquarters
- Main HQ: 14721 Califa Street, Los Angeles, CA 91411
- Offices in London, Sydney, and New York City.
Number of Employees
No information is available.
Revenue
No information is available.
Company Reputation
FloQast is known for being the leading cloud-based accounting transformation platform created by accountants for accountants. It brings AI and automation into everyday accounting workflows, enabling more efficient and accurate accounting processes.
Products
Overview
FloQast offers a comprehensive suite of products designed to optimize and automate the accounting close process, enhance compliance protocols, and provide insightful analysis and reporting tools.
High-Level Description
FloQast’s product offerings revolve around an AI-enhanced accounting transformation platform that simplifies the close process, streamlines record-to-report operations, and enforces control with connected compliance solutions.
Key Features
Optimize the Close
- Global Month-End Close: Simplify collaboration and tracking for faster, more accurate results.
- Balance Sheet Control: Ensure data precision for informed strategic planning.
- Anomaly Detection: Identify outliers to protect data integrity.
Automate the Close
- Journal Entry Automation: Reduce time dedicated to booking entries.
- Reconciliation Management: Performs automated reconciliations.
- AI Transaction Matching: Customizable rules for automated reconciliation.
Connected Compliance
- Proactive Risk Management: Automated heatmaps and real-time dashboards.
- Streamlined Audits: Centralized audit evidence for better transparency and reduced audit burden.
- Integrated Controls: Seamlessly embedded within business processes.
Integrated Record-to-Report
- Intercompany Transactions Automation: Efficient cross-entity payment reconciliation.
- AI Variance Analysis: Detect and explain anomalies automatically.
- Financial Consolidation: Fast consolidation with comprehensive visibility.
FloQademy
- Free on-demand CPE/CPD content available 24/7 for ongoing professional education.
Recent Developments
Recent Initiatives and Announcements
Events
- October 2, 2024: Partnered with CFGI to bolster financial transformation efforts and accounting excellence in the Asia-Pacific region.
- September 25, 2024: Launched the FloQast Accounting Transformation Platform, integrating AI into accounting automation.
Leadership Changes
- September 16, 2024: Appointed Ben Schechter as Chief Marketing Officer to expand market reach.
Financial Milestones
- June 27, 2024: Raised $100 million at a valuation of $1.6 billion.
Publications
- October 9, 2024: Released a new book empowering controllers and accounting teams.
New Features
- Integrated AI to automate manual reconciliation tasks.
- Deployment of automated variance analysis tools.
- Enhanced controls and risk management systems.
Partnerships
- Partnership with AWS to achieve Retail Competency status.
- Collaboration with consulting and technology partners for enhanced client service delivery.
Conclusion
FloQast is positioned as a leader in accounting workflow automation, empowered by their AI-driven solutions. It is continuously innovating to simplify accounting processes and provide strategic insights, all while maintaining a strong culture of inclusion and security. The company is set to play a pivotal role in transforming the accounting industry and improving how organizations handle risk and compliance.
