FloQast adds amortization automation, and is hiring
In January, right before the COVID-19 pandemic hit America full force, FloQast raised approximately $40 million for product development and growth. The company has been sitting on the cash since then, planning and re-planning for a near-term future that was changing rapidly. Now, the company is hiring and has just added features to its automated reconciliations solution.
“We mapped out three disaster scenarios,” Mike Whitmire, co-founder and CEO of FloQast, said. “We planned to miss our budget by 75 percent, 50 percent or 25 percent. We made personnel [decisions] and paused hiring decisions based on a 50 percent miss, but now we’re seeing we only missed by about 25 percent. We’re now hiring — not as many as originally planned, but we’re hiring 60 instead of 100 new people, and evenly across the company. We were sitting on enough cash that we didn’t have to make any hasty decisions.”
Indeed Whitmire, who is conservative by his CPA nature, believes the U.S. might be headed into Great Depression territory. With that in mind, he is grateful that technology in general, and automation technology for accountants in particular, remains vital in this remote environment.
FloQast has added new amortization reconciliation capabilities to FloQast AutoRec, an artificial intelligence-powered solution to automate the often highly manual and error-prone account reconciliation process. With the new capabilities, FloQast can automatically calculate monthly amortization and remaining balance, and provide full account reconciliation for prepaid expense and simple deferred revenue accounts. It then creates an Excel reconciliation to tie out to the general ledger balance.
"The money we raised will go straight into the future of our product,” Whitmire said. “Today we help with the month-end close. We want to go bigger. Many clients are using FloQast to manage their entire department for the whole month. We want to lean into that for broader workflow functionality. Amortization is a great expansion of our automation suite, but that’s just one product. I want FloQast to be a home for accountants — a place where they’re working every day, not just the month-end close.”
AutoRec Amortization is included at no additional charge with FloQast AutoRec. Up to three accounts of FloQast AutoRec are now bundled with FloQast close management software subscription plans. AutoRec Amortization is currently in restricted availability and will be generally available in 30 days. For more information, visit www.floqast.com/autorec.