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FloQast Streamlines Nutanix Month-End Close While Increasing Accountability and AccuracyFloQast, Inc., a provider of close management software created by accountants for accountants to close the books faster and more accurately, today announced that Nutanix implemented FloQast to transform its accounting close process in the build-up to its 2016 IPO. Nutanix, a leader in enterprise cloud computing, is using FloQast to markedly streamline the close process, while also improving its accountability and accuracy. In 2015, Nutanix-and its accounting team-were growing rapidly in the build-up toward the company's 2016 IPO. During month-, quarter- and year-end closes, accounting team members were often stymied by a Microsoft (News - Alert) Excel spreadsheet checklist utilized to manage the process that could only be used by one person at a time. Also, it was sometimes difficult to determine the status and owner of each account without contacting team members individually. FloQast remedied these inefficiencies, dramatically streamlining the close process by transforming the Nutanix Excel checklist into a cloud-based collaboration tool. FloQast-integrated with both Excel and Oracle NetSuite (News - Alert), the ERP system used by Nutanix-allowed accounting team members to work through the checklist and their reconciliations collaboratively, without having to wait. They also were able to check, at a glance, the status of the close without spending valuable time in team status update meetings. Accuracy, another key concern for Nutanix, was improved via FloQast's integration with NetSuite. Before Nutanix implemented FloQast, adjusting journal entries made to an account after reconciliations were complete sometimes created accout imbalances that went unnoticed until audit. Now, FloQast detects account imbalances in real-time through its integration with the Nutanix ERP system, and immediately sends a notification to accounting team members. They can then view a roll-up of any variances and ascertain who is responsible for those accounts to guarantee accuracy of financials being presented to executives or auditors. FloQast's experienced CPA support team further reduces the stress inherent to the close process by consistently providing timely responses to support requests and best practice recommendations for process refinement. In selecting a close management software solution, Nutanix compared FloQast with a long-established close management provider. The company chose FloQast for its functionality, affordability and ease of use, which are much better suited for a rapidly growing, mid-size business the size of Nutanix. The other provider's complicated financial controls and automation solution were far too complex. "Looking back, I was a bit cynical when I first saw the FloQast product demonstration," said Kyle Bridgeman, senior accounting manager at Nutanix. "In my experience, almost everything looks great when it's demo'd. But, pretty quickly, we realized that FloQast is the real deal. It's that rare solution that doesn't just look simple and easy to use-it actually is. Its functionality and user interface are perfect for a mid-size company like ours." "Close management software is here to stay," said Michael Whitmire, CPA, chief executive officer and co-founder of FloQast. "Whether businesses are preparing to go public or seeking to streamline and improve the accuracy of their month-end closes, close management software transforms a tedious, manual process that relies too much on the knowledge of a handful of individuals. As a result, more and more organizations are embracing an Excel-integrated approach to close faster and more accurately." About FloQast FloQast is a leading developer of close management software, created by accountants for accountants to close faster and more accurately. Working with accounting teams' existing checklists and Excel, FloQast provides a single place to manage the month-end close and gives everyone visibility. FloQast customers on average close three days faster. The award-winning solution is trusted by hundreds of accounting departments, including those at Twilio (News - Alert), Zillow and The Golden State Warriors. To learn more, visit www.floqast.com and join the conversation on Twitter (News - Alert) @floqast.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171206005144/en/ |
