In January, just before the COVID-19 pandemic hit America head-on, FloQast raised around $ 40 million for product development and growth. Since then, the company has sat on its cash flow, planning and replanning for a rapidly changing short-term future. Today, the company is recruiting and has just added features to its automated reconciliation solution.
âWe have defined three disaster scenarios,â said Mike Whitmire, co-founder and CEO of FloQast. âWe planned to miss our budget by 75%, 50% or 25%. We made staff [decisions] and suspended hiring decisions based on 50% failure, but now we see that we only missed about 25%. We are hiring now – not as many as originally planned, but we are hiring 60 new people instead of 100, and evenly across the company. We had enough money so that we did not have to make hasty decisions.
Indeed, Whitmire, who is conservative by her CPA nature, believes the United States may be heading into Great Depression territory. With that in mind, it’s grateful that technology in general, and automation technology for accountants in particular, remains vital in this remote environment.
FloQast has added new depreciation reconciliation capabilities to FloQast AutoRec, an artificial intelligence-based solution to automate the often very manual and error-prone account reconciliation process. With the new features, FloQast can automatically calculate monthly amortization and remaining balance, and provide full account reconciliation for prepaid expenses and simple deferred income accounts. He then creates an Excel reconciliation to link to the general ledger balance.
âThe money we have raised will go directly to the future of our product,â Whitmire said. âToday, we are helping with the month-end closing. We want to go further. Many customers use FloQast to manage their entire department for the entire month. . We want to build on that for broader workflow functionality. Damping is a great extension of our automation suite, but it’s just a product. I want FloQast to be a home for accountants – a place they work every day, not just the month-end close.
AutoRec damping is included at no additional cost with FloQast AutoRec. Up to three FloQast AutoRec accounts are now bundled with FloQast fence management software subscription plans. Auto-amortization is currently in limited availability and will generally be available in 30 days. For more information visit www.floqast.com/autorec.