How FloQast Is Helping Accountants Close The Books Faster

By Dan Anderson ● Feb 10, 2020
  • FloQast, a provider of close management software created by accountants for accountants, announced it raised $40 million in Series C funding

FloQast is a provider of close management software created by accountants for accountants. Recently, the company announced it raised $40 million in Series C funding led by Norwest Venture Partners with participation from existing investors Insight Partners and Polaris Partners. And this funding round brings the total equity raised to $93 million.

This round of funding — which reflects the rapidly growing adoption of FloQast’s close management software — is going to be used to help the company further accelerate customer expansion and drive technology innovation for corporate accounting teams.

FloQast offers a modern alternative to the complex, legacy accounting software relied on by large enterprises. In its place is quick to implement, cloud-based and AI-powered software that delivers immediate business value for midmarket teams too, said FloQast co-founder and CEO Mike Whitmire. This round of investment validates that the market for close management software has hit an inflexion point, and the need for fresh, innovative technology approaches that help controllers and their teams increase productivity and operate more strategically.

Norwest Venture Partners partner Sean Jacobsohn pointed out that FloQast’s growth and unmatched vision for the accounting software market made the company an ideal investment.

Controllers and accounting departments across a growing number of markets are standardizing their accounting operations on FloQast to drive more accurate and effective reporting, accountability and compliance, and to give the organization’s senior executives greater visibility into the performance of the company. We are excited to work with Mike Whitmire and the FloQast management team to further capitalize on this enormous market opportunity, explained Jacobsohn.

FloQast is known for streamlining what has traditionally been a manual and error-prone process, reducing the time it takes to close the financial books each month while significantly improving accuracy. The company’s software seamlessly integrates with ERPs and FloQast allows accounting teams to continue to use their existing checklists and Excel while providing a single place to manage the month-end close to give everyone visibility.

This results in improved financial controls to meet compliance requirements like SOX and improve audit readiness.  On average, teams using FloQast close three days faster.

Last year,  FloQast experienced significant growth such as adding more than 275 new customers spanning all industries, including Lyft, Zoom Video, Chicago Cubs, Plaid, MasterCraft Boat, and Instacart. Anaplan, DocuSign, The Golden Gate Warriors, GrubHub, Nutanix, Okta, Twilio, Yelp, Zillow, and Zscaler are some of the company’s other customers.

And last year, FloQast also launched a second product line called FloQast AutoRec — which is known as the industry’s first AI-powered solution to automate the account reconciliation process.