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FloQast, an accounting collaboration, automation, and close-management platform, has raised $110 million in a series D round of funding at a $1.2 billion valuation.
Financial close management is the organization method of checking and adjusting account balances at the finish of each and every month or other predefined period to publish compliant monetary reports for regulators, managers, shareholders, or any other stakeholder that desires to know a company’s existing monetary position. But having a company’s books into shape is less complicated mentioned than performed, especially for bigger corporations — more generally than not it is a manual, time-consuming method rife with human error. This is exactly where FloQast comes in.
Close get in touch with
Founded in 2013, Los Angeles-based FloQast performs with a slew of higher-profile prospects, which includes Snowflake, Zoom, Lyft, GrubHub, Twilio, and Yelp. The company’s flagship FloQast Close item serves as a centralized location for teams to handle all their recurring close-management work, which includes outstanding tasks collaborative checklists and critique notes for assigning tasks and viewing who desires to do what and a transparent roll-up of all account reconciliations, replete with ERP and Excel integrations to automate aspect of the auditing “tie-out” method.
Elsewhere, FloQast consists of help for automated alerts if amounts modify following sign-offs are finalized, and customers can configure the platform to automatically request more facts from relevant parties if something is missing for the duration of a close. Built-in analytics can also assistance managers track efficiencies by applying historical information to spot month-finish close trends more than time and determine bottlenecks.
Automation for the men and women
FloQast had previously raised about $93 million, and with its most recent money injection, the business is nicely-financed to capitalize on a developing push toward automation across the accountancy sphere. In the previous couple of months alone, providers which includes Osome, Auditoria, Zeni, Lockstep, and Georges have all raised sizable sums to assistance accountancy teams automate repetitive and time-consuming tasks.
But probably more than that, FloQast is nicely-positioned to help the burgeoning remote work trend that is probably to linger lengthy following the international pandemic subsides. Team collaboration tools such as Zoom, Slack, and Microsoft Teams have currently benefited from a more distributed workforce, and FloQast’s shared workspace is developed to fulfill a equivalent function for finance teams.
FloQast’s series D round was led by Meritech Capital, with participation from Insight Partners, Redpoint Ventures, Sapphire Ventures, Coupa Ventures, Polaris Partners, and Norwest Venture Partners.