FloQast
Overview
FloQast is a cloud-based financial and accounting operations platform designed to streamline and automate accounting workflows, particularly the month-end financial close process. It was founded in 2013 by certified public accountants Mike Whitmire and Chris Sluty, along with software engineer Cullen Zandstra. The company is headquartered in Los Angeles, California, and has successfully raised over $292 million through various funding rounds, achieving a valuation of $1.6 billion as of April 2024.
Recent Developments
- October 2024: FloQast formed a strategic consulting partnership with CFGI to enhance financial and accounting operations in the Asia Pacific region. The collaboration aims to improve financial close, compliance, and internal controls across various organizations.
- September 2024: FloQast introduced its Accounting Transformation Platform at its annual TakeControl user conference. This new platform integrates AI workflows and solutions like FloQast Compliance Management and Close, offering enhanced efficiency and strategic value for accounting teams.
- August 2024: The company hosted “TakeControl 2024: Breaking Boundaries in Accounting,” a virtual event focusing on AI advancements in the finance sector. The event featured discussions with industry experts about the transformative potential of AI in accounting.
- April 2024: FloQast secured $100 million in Series E funding, led by ICONIQ Growth, increasing its valuation to $1.6 billion. The funding is intended to support further AI integration and global expansion efforts.
- February 2024: FloQast achieved $100 million in annual recurring revenue, marking a significant milestone in its growth trajectory. The company expanded its market presence by opening new offices in Sydney and enhancing its service offerings.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2013 |
| Headquarters | Los Angeles, California, USA |
| Founders | Mike Whitmire, Chris Sluty, Cullen Zandstra |
| Revenue | $100 million annual recurring revenue |
| Industry | Financial Software |
| Number of Employees | Over 700 |
| Key Investors | ICONIQ Growth, Meritech Capital, Sapphire Ventures |
Early History
Co-founded by Mike Whitmire, Chris Sluty, and Cullen Zandstra, FloQast was initially envisioned to address the inefficiencies Whitmire observed during his tenure as a senior accountant at Cornerstone OnDemand. The company joined the Amplify.LA accelerator in 2013, which helped it refine its Software as a Service (SaaS) product aimed at automating the month-end close process. By 2015, FloQast had launched a more refined version of its product, leveraging cloud storage solutions to streamline financial workflows. Initially, Whitmire and Sluty drew upon their accounting backgrounds to ensure the platform catered directly to accountants' needs.
Company Profile and Achievements
FloQast has built its reputation as a leading provider of accounting automation solutions by maintaining a close relationship with its user base and continuously evolving its technology offerings. Notable achievements include:
- Product Portfolio Expansion: Developed tools such as FloQast Close, Compliance Management, and Ops that support various accounting functions, enhancing user efficiency.
- AI Integration: Recently expanded its platform to include AI-enhanced workflows, drastically improving the speed and accuracy of financial processes.
- Global Recognition: Consistently ranked as the #1 financial close management software on user review platforms like G2.
- Industry Accolades: Included in Deloitte Fast 500 and Inc. 5000 lists for its rapid growth and innovation in the financial software space.
Current Operations and Market Position
FloQast's primary focus is on automating and enhancing accounting operations across its client base, which includes over 2,800 global accounting teams. The platform integrates seamlessly with enterprise resource planning (ERP) systems like NetSuite and SAP, offering solutions for close management, account reconciliations, and compliance activities. FloQast's strategic incorporation of AI technology provides a substantial competitive advantage by reducing time to close, enhancing data accuracy, and minimizing compliance risks. Its market position is strengthened by strong investor support and a growing footprint in international markets.
NetSuite
FloQast has developed extensive integrations with NetSuite, allowing companies to enhance ERP functionalities with its accounting workflow automation tools. This partnership optimizes the month-end close process and aligns account reconciliations, thereby providing a more streamlined and efficient financial management system.
FloQast Glassdoor
FloQast has been recognized as a top employer, featuring consistently positive reviews on platforms like Glassdoor. It is known for its collaborative work culture and supportive management. Employees value the company's commitment to innovative technology and accounting excellence, contributing to its reputation as a desirable workplace.
FloQast Careers
FloQast is actively expanding its workforce, focusing on hiring professionals who bring diverse skills to enhance its innovative platform. The company offers roles across software development, customer success, and finance, emphasizing a team-oriented and career-growth-focused environment.
Conclusion
FloQast has positioned itself as a transformative force in the financial software industry, consistent with its mission to operationalize accounting excellence. As the company continues to expand its global reach and incorporate advanced AI technologies, its impact on accounting operations is expected to grow. With strong financial backing and a commitment to product innovation, FloQast is set to remain a pivotal player in accounting automation, driving organizational efficiency and strategic value.