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If you’ve worked in accounting, or known someone who’s worked in accounting, you’ve seen or heard about the deep pain of ‘closing the books.’ Every month-end comes with multiple computer systems, multiple departments and multiple opinions on how the process should be handled.
Mike Whitmire, a former senior accountant at Cornerstone OnDemand and senior auditor with Ernst & Young, has seen it all. With the pain of that process deeply seared into his mind he is working hard to straighten things out with his new accounting SaaS startup FloQast. The company integrates, automates and organizes the book closing process. It has recently raised $1.3 million in seed funding and things are accelerating. (Funding was closed in June, but only recently made public.)
“We build month-end closing software for accounting departments,” said Whitmire. “We centralize all the main functions in the accounting department.”
Whitmire said they see the month-end closing process revolving around four things: the accounting team, accounting process & procedures, accounting documents, and reconciliations.
“Right now when you look around accounting all of those things are managed independently,” said Whitmire. FloQast merges everything into one spot and automates the reconciliation process.
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The SaaS platform currently plugs into several accounting software programs including QuickBooks, NetSuite, and Intaact. On the company’s roadmap are plans to connect with Microsoft Dynamics, SAP’s and Oracle’s accounting software. Giving accountants a definitive spot to manage and automate their work cuts down on the time they spend reconciling the numbers.
“We are going to integrate with any accounting system out there,” said Whitmire. “The grand vision is we can handle all financial reporting.”
The company is focused on selling to midmarket companies and the software is ideal for departments with three accountants and up. With new seed funding in the bank, FloQast has expanded its sales team and will be hiring additional customer support and developer staff.
FloQast was founded in January 2013 and participated in Amplify LA's Fall 2013 program. Its seed round was led by Toba Capital, additional investors included Amplify LA, Wavemaker Partners and Danmar Capital. Previously, FloQast had raised a $50,000 investment from Amplify LA. The startup was founded by Michael Whitmire, Cullen Zandstra and Chris Sluty.
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