floqast 110m series FloQast , an human resources collaboration, automation, plus close-management platform, has elevated $110 million inside a series D circular of funding in a $1. 2 billion dollars valuation.
Financial close administration is the business procedure for checking and modifying account balances in late each month or additional predefined period to create compliant financial reviews for regulators, supervisors, shareholders, or any various other stakeholder that needs to understand a company’s present financial position. But obtaining a company’s books directly into ship is easier stated than done, especially for larger companies — more often than not it is a manual, time-consuming process rife designed for human error. This is how FloQast comes in.
Launched in 2013, Mis Angeles-based FloQast works together with a slew associated with high-profile customers, which includes Snowflake, Zoom, Lyft, GrubHub, Twilio, plus Yelp. The company’s flagship FloQast Near item serves as a single, central place for groups to manage all their continuing close-management work, which includes tracking outstanding duties; collaborative checklists plus review notes intended for assigning tasks plus viewing who has to do what; along with a transparent roll-up of most accounts reconciliations, full with ERP plus Excel integrations to handle part of the auditing “tie-out” process.
Elsewhere, FloQast includes support with regard to automated alerts in case amounts change right after sign-offs are completed, and users may configure the platform in order to automatically request more info through relevant parties in case anything is lacking during a close. Pre-installed analytics can also assist managers track efficiencies by using historical information to spot month-end near trends over time plus identify bottlenecks.
Automation for the individuals
FloQast had previously elevated around $120 mil, and with its most recent cash injection, the business is well-financed in order to capitalize on a developing push toward software across the accountancy world. In the past few months by itself, companies including Osome , Auditoria , Zeni , Lockstep , and Georges have all raised sizable amounts to help accountancy groups automate repetitive plus time-consuming tasks.
But probably more than that, FloQast is well-positioned to back up the burgeoning remote control work trend that is more likely to linger long after a global pandemic subsides. Group collaboration tools like Zoom , Slack , and Ms Teams have already benefited from the more distributed labor force, and FloQast’s discussed workspace is designed to meet a similar function regarding finance teams.
FloQast’s collection D round has been led by Meritech Capital, with involvement from Insight Companions, Redpoint Ventures, Sapphire Ventures, Coupa Endeavors, Polaris Partners, plus Norwest Venture Companions.
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