FloQast

Company Overview

FloQast is a cloud-based accounting software company that provides a Finance and Accounting Operations Platform designed to streamline and automate the financial close process. The company was founded in 2013 by Mike Whitmire, Chris Sluty, and Cullen Zandstra, who are all former accountants and CPAs. FloQast is headquartered in Los Angeles, California.

The company’s mission is to elevate accounting by empowering accountants through technology. FloQast aims to improve both the practice and perceptions of accounting, positioning it as the operational heartbeat of modern business.

Products Overview

FloQast’s core product is an AI-assisted Accounting Automation Platform that includes several key components:

1. Close Management - Helps manage the month-end, quarter-end, and year-end financial close process.

2. Reconciliation Management and Automation - Automates account reconciliations and streamlines the reconciliation process.

3. Compliance Management - Assists with SOX compliance, internal controls, and audit readiness.

4. Accounting Operations - Provides workflow management tools to optimize record-to-report operations.

5. AI Capabilities - Offers AI-assisted functionality across key workflows to elevate accountants from preparers to reviewers.

The platform integrates with popular ERP systems, cloud storage solutions, and collaboration tools. It aims to reduce close times, increase accuracy, and provide better visibility into the close process.

Founding Team

1. Mike Whitmire, CPA - CEO and Co-Founder
   • Previously managed accounting at Cornerstone OnDemand
   • Started career at Ernst & Young
   • Author of “Controller’s Code: The Secret Formula to a Successful Career in Finance”
2. Chris Sluty, CPA - Chief Product Officer and Co-Founder
   • Former Audit Manager at Rothstein Kass (acquired by KPMG)
   • Oversees product strategy and customer success
3. Cullen Zandstra - CTO and Co-Founder
   • Leads technology vision and product execution
   • Previously developed solutions for MySpace and OneScreen Inc.

Problem and Market Fit

FloQast addresses several key pain points in the accounting industry:

1. Time-consuming and error-prone manual close processes
2. Lack of visibility and collaboration in financial operations
3. Difficulty managing compliance and audit readiness
4. Increasing complexity of financial reporting requirements

The company’s solutions aim to modernize accounting departments, allowing accountants to focus on more strategic work rather than repetitive tasks. This aligns with the growing trend of digital transformation in finance and the increasing adoption of cloud-based solutions in accounting.

Business Model

FloQast operates on a Software-as-a-Service (SaaS) model, providing its platform on a subscription basis. The company targets mid-market and enterprise companies across various industries. FloQast emphasizes its “built by accountants for accountants” approach, which has helped drive adoption among accounting professionals.

Funding and Runway

While specific funding details are not provided in the given material, FloQast has received investment from several prominent venture capital firms, including:

• ICONIQ Growth
• BDT & MSD Partners
• Wil
• Insight Partners
• Meritech Capital
• Norwest Venture Partners
• Polaris Partners
• Redpoint Ventures
• Sapphire Ventures

The involvement of these high-profile investors suggests that FloQast has secured significant funding to support its growth and operations.

Competitive Landscape

While specific competitors are not mentioned in the provided information, FloQast operates in the competitive financial close management and accounting automation software market. The company differentiates itself through its focus on being built by accountants for accountants, its integration capabilities, and its comprehensive platform approach covering close management, reconciliations, compliance, and operations.

Customers

FloQast serves over 2,600 accounting teams across various industries. Some notable customers mentioned include:

• Twilio
• Los Angeles Lakers
• Zoom
• Snowflake
• Chipotle
• Shopify
• DocuSign
• Okta
• Golden State Warriors
• Roblox
• Saks
• On Cloud

The company’s customer base includes both mid-market and enterprise companies.

Relevant News

1. Leadership Expansion (July 2024): FloQast appointed Josh Glover as President and Chief Revenue Officer, overseeing all go-to-market teams. Glover previously served as President and CRO at nCino, a cloud banking platform.

2. G2 Recognition (Summer 2024): FloQast continued to lead in G2’s Summer 2024 Grid Report for financial close software, indicating strong customer satisfaction and market presence.

3. AI Integration: FloQast has been expanding its AI capabilities across its platform, aiming to help accountants transition from preparers to reviewers and deliver greater strategic value.

4. International Expansion: The company has been growing its presence in the EMEA region, with dedicated leadership for international sales.

FloQast has positioned itself as a leader in accounting automation, with a strong focus on improving the accounting profession through technology. The company’s growth, notable customer base, and ongoing product development in areas like AI suggest it is well-positioned in the evolving landscape of financial technology.