FloQast, Inc., a provider of close management software created by accountants for accountants to close the books faster and more accurately, announced today it has added new visualizations to its Close Analytics solution, further bolstering the industry’s most advanced solution to better manage and help improve the month-end close process.
Initially released in spring 2017, Close Analytics provides controllers at-a-glance, real-time snapshots of the status of their current close process along with tools to identify ways to improve future closes. The latest release adds new smart analytics capabilities including pace line visualizations, which show the close “pace” for how the close for each entity is progressing versus cumulative deadlines set. This affords controllers an instant view of the overall close status, informing them how their team is progressing, and the ability to know whether the close is on track or if adjustments are needed to close on time.
In addition to the new visualizations, the latest Close Analytics release offers:
• Retrospective and Close Trends – Views of prior period closes and longer-term view of how the close process has evolved over time
• All Entities View – Single-page summary view showing each entity’s progress toward close completion, including which have successfully closed their books, are on track to close on time, or are already late
• Filtered Views – Filtered views for insight into certain folders, checklist items or reconciliations only, or some combination thereof; this is especially useful to isolate status of high-risk or otherwise key close items, or to visually display the root cause of any bottlenecks in the close process
Each company’s close process is unique; therefore, the most accurate analytics provide insights relevant to that organization’s team performance as well as improvement opportunities, not just benchmark data. Close Analytics provides controllers the necessary information needed to improve the close process by making better sense of the current close and enabling them to fine-tune the process to achieve greater performance over time. Using Close Analytics, they can confidently communicate progress on the close to the team and company management. Close Analytics provides controllers an integral tool for building a culture of continuous improvement across accounting teams.
“We’re constantly trying to get better at what we do, which includes being more efficient and, most importantly, more impactful,” said Natalie Santiago, accounting manager at Dollar Shave Club. “FloQast’s Close Analytics is helping us identify the bottlenecks in our month-end close, and has enabled us to improve the process in those specific areas.”
“Close management software has revolutionized the long, tedious and manual close process,” said Michael Whitmire, CPA, co-founder and chief executive officer at FloQast. “New solutions, such as our Close Analytics, provide smarter insights into the close process to help controllers and their teams dial in their business processes, further resulting in increased predictability, improved management oversight and a better shared workload across the team.”
The new release is available now. Close Analytics is licensed separately and requires a FloQast Team, Business or Enterprise plan.