FloQast, Inc. is an enterprise software company specializing in accounting operations and financial close management software. Founded in 2013 by former accountants Mike Whitmire, Chris Sluty, and Cullen Zandstra, FloQast is headquartered in Sherman Oaks, California. The company was created specifically to address the operational friction, manual data verification, and lack of visibility that finance teams encounter during month-end, quarter-end, and year-end closing cycles.
Unlike generic workflow management tools, FloQast is built "by accountants, for accountants." Its platform integrates natively with organizations' existing Enterprise Resource Planning (ERP) systems, cloud storage providers, and spreadsheet platforms (such as Microsoft Excel and Google Sheets). By sitting between the general ledger and the accountant's working files, FloQast automates tie-outs, enforces internal controls, standardizes close tasks, and prepares teams for financial audits without forcing accountants to abandon the spreadsheet interface they rely on daily.
Core Operational Purpose
At its core, FloQast transforms the traditional record-to-report and financial close process into a structured, automated, and collaborative workflow. The platform addresses several critical operational pain points faced by corporate finance and accounting departments:
- Trial Balance & Reconciliation Tie-Outs: Automatically verifies that balance sheet reconciliation workbooks match current general ledger trial balance figures in real time, immediately flagging discrepancies when entries are posted.
- Workflow & Task Management: Centralizes month-end close checklists across teams, entities, and global subsidiaries, establishing clear ownership, due dates, review sign-offs, and dependency tracking.
- Audit Readiness & Compliance: Captures supporting evidence, review timestamps, and approval trails as work is completed, creating an auditable repository for internal and external auditors.
- Intelligent Automation: Utilizes artificial intelligence and rules-based engines to auto-reconcile high-volume transactions, draft journal entries, and perform financial variance (flux) analysis.
Products and Platform Features
FloQast delivers its capabilities through an integrated Accounting Transformation Platform composed of specialized modules and features designed for various accounting operations:
1. FloQast Close (Financial Close Management)
FloQast Close serves as the central command center for managing period-end closing activities.
* Dynamic Close Checklists: Centralizes all tasks required to close the books across departments and legal entities. Tasks can be assigned to preparers and reviewers with custom tags and due dates.
* Real-Time Collaboration & Review Notes: Enables team members to leave contextual notes, tag colleagues, and attach supporting documentation directly to checklist tasks or account lines.
* Progress Dashboards & Analytics: Gives Controllers, CFOs, and Accounting Managers visibility into close completion status, operational bottlenecks, upcoming deadlines, and historical close-duration trends.
* ERP & File Management Sync: Automatically synchronizes folder structures and files with cloud storage services (e.g., Box, Dropbox, Google Drive, OneDrive) and updates trial balance links dynamically.
2. FloQast Reconciliations & AI Transaction Matching
Automates the account reconciliation process for balance sheet accounts, intercompany transactions, bank accounts, and credit cards.
* Auto-Tie Out Engine: Continuously compares general ledger balances from the ERP to supporting Excel or Google Sheets reconciliation workbooks, marking accounts as tied out or flagging imbalances.
* AI Transaction Matching: Processes high-volume transaction datasets (such as bank feeds, point-of-sale data, and subledgers) to match up to 98% of items automatically using rule engines and machine learning.
* Reconciling Item Tracking: Tracks unresolved discrepancies, aging items, and timing differences with assigned follow-up actions to prevent unresolved entries from lingering across periods.
3. FloQast Journal Entry Automation
Standardizes and controls the end-to-end lifecycle of manual and recurring journal entries.
* Centralized Journal Entry Management: Provides a controlled interface for drafting, attaching supporting documentation, routing for multi-level approval, and posting journal entries to the ERP.
* Posting Controls & Validation: Ensures journal entries are reviewed and approved according to governance policies prior to being committed to the general ledger, reducing accidental or unapproved entries.
* Automated Recurring Entries: Schedules and automates routine month-end adjustments and accruals.
4. FloQast Variance Analysis (Flux Analysis)
Streamlines income statement and balance sheet variance analysis required for management reporting and audit compliance.
* Automated Discrepancy Detection: Compares financial performance across defined periods (month-over-month, quarter-over-quarter, or year-over-year) and highlights material changes.
* Configurable Thresholds: Allows teams to set variance triggers based on fixed dollar amounts or percentage deviations.
* Explanation Tracking: Collects and consolidates explanatory commentary from account owners to build consolidated variance explanations for management and board presentations.
5. FloQast Connected Compliance & ERM
Integrates risk management, internal controls, and Sarbanes-Oxley (SOX) compliance directly into daily accounting workflows.
* Risk and Control Matrix (RCM) Integration: Maps internal controls directly to month-end close tasks, ensuring control execution occurs naturally during daily operations rather than as a secondary compliance check.
* PBC (Provided by Client) Management: Simplifies auditor requests by maintaining centralized, time-stamped evidence, reducing manual document gather-and-send cycles.
* Audit Trail & Governance: Maintains a log of sign-offs, modifications, and system events, backed by ISO/IEC 42001 certification and SOC 2 Type II compliance.
6. FloQast AI Agents & Automation
Incorporates auditable AI capabilities designed specifically for accounting workflows.
* Auditable AI Workflows: AI agents assist in handling routine prep work, drafting entries, and matching complex datasets while ensuring human approval is required before any posting to the books.
* Plain Language Process Execution: Allows accountants to define process rules in plain language, which AI agents continuously execute during the close cycle.
Services and Ecosystem Integration
Beyond software licenses, FloQast provides services and integration capabilities designed to ensure rapid deployment and ongoing operational success:
1. Implementation & Customer Success
- Accountant-Led Onboarding: Implementation is guided by former auditors and corporate accountants who understand standard accounting practices, enabling rapid setup (typically completed within weeks).
- System Configuration & Process Optimization: Assists finance teams in structuring close checklists, setting up ERP connections, and establishing reconciliation frameworks.
2. ERP and Ecosystem Integrations (FloHub)
FloQast connects to enterprise systems through pre-built connectors and APIs, including:
* ERP & Accounting Systems: NetSuite, SAP, Workday, Microsoft Dynamics 365, Sage Intacct, Oracle Financials Cloud, QuickBooks Online, and Xero.
* Cloud Storage: Microsoft OneDrive, SharePoint, Google Drive, Box, and Dropbox.
* Collaboration Tools: Microsoft Teams and Slack for real-time notifications and task updates.
3. Professional Education & Certification (FloQademy)
- FloQademy Training Portal: Offers continuous learning modules, product certifications, and complimentary Continuing Professional Education (CPE) credits for accounting professionals.
- FloQast Certified Administrator (FCA): Professional credentialing program designed to train power users on platform governance and advanced workflow design.
Target Audience and Industry Application
FloQast serves organizations ranging from mid-market growth companies to large multinational enterprises across diverse industries, including software, manufacturing, retail, healthcare, financial services, and media. The platform is primarily utilized by key finance roles including:
* Chief Financial Officers (CFOs) & Chief Accounting Officers (CAOs): For macro visibility into financial readiness and risk management.
* Corporate Controllers & Accounting Managers: For daily oversight of close timelines, task delegation, and workpaper review.
* Senior Accountants & Staff Accountants: For automated reconciliations, task execution, and workpaper management.
* Internal & External Auditors: For access to audit trails, PBC documentation, and control evidence.
