Provide financial “close management software” for accounting personnel

Use AI technology to reduce accounting tediousness, start-up company

“FloQast” official website

Recently, according to foreign media reports that the startup” FloQast Acquired $ 40 million in Series C financing. This round of funding was led by Norwest Venture Partners.

“FloQast” received a $ 20 million Series B financing in 2017. After this round of financing, the company’s total financing reached $ 90 million.

FloQast is a startup based in Los Angeles, California that provides financial shutdown management software for accountants . “FloQast” Helps clients’ businesses eliminates the tedious manual operation of uploading reports, thereby simplifying the reconciliation process of the corporate accounting team

Before the Series C financing, “FloQast” made a small round of financing and used the money to launch a new product called “AutoRec”. Use AI technology to help customer companies Reconcile faster .

The Robotics Process Automation of the “FloQast” platform (RPA) connector, which is suitable for developing enterprise resource planning solutions. These connectors are automated , You can provide trial balances in the customer’s enterprise cloud , which simplifies the use of the accounting staff of the enterprise.

FloQast can provide customers with business data and historical snapshots anytime, anywhere, so it helps companies better organize, classify, and improve the accessibility of local ERP data, thereby improving the accuracy of monthly settlement business. For customer businesses that rely on traditional business applications, Cloud Connect can help businesses increase the efficiency of cloud computing.

FloQast’s RPA cloud connector is available for Oracle, and it can also provide services for SAP and Microsoft ERP applications at the end of the year.

By using Cloud Connect, customer companies do n’t need to report manually, and the accounting team can also automatically synchronize local general ledger balances in the cloud as needed.

FloQast can intelligently store the balance of trial balances over a period of time. The accounting team can compare the balances of different time periods and analyze the changes in balances to improve insights into the business of the enterprise.

Reduce accounting tediousness with AI technology, startup

“FloQast” official website

“FloQast” has reduced cash consumption in the past year, and its service is very efficient. The growth rate is similar to the company ’s past growth rate and it has obtained huge annual contract value (ACV) benefits. Last year “FloQast” ‘s ACV increased by 60%.

Also, “FloQast” CEO said the company average per year Accounting Yield ( ARR) Doubled. The company ’s SaaS metrics are also very good, Customers Net retention is high.

FloQast will use the new funds to continue to develop the company’s business and develop platform products.