LOS ANGELES–(BUSINESS WIRE)–FloQast, a provider of close management software built by accountants for accountants to close faster and more accurately, announced that its Accounts Receivable Services (CAS) business grew 220% in 2018 CAS, also known as outsourced accounting, is among the fastest growing and most cost-effective service lines for accounting firms. Increasingly, close management software is becoming an essential component for a successful and profitable CAS practice and is gaining adoption as it helps companies scale their operations and deliver increased value to their customers. Last year, many CAS vendors turned to FloQast to manage month-end close for their clients, including Attivo Partners, EisnerAmper, EngineRoom, Lescault + Walderman, Signature Analytics, Trusted CFO Solutions, RKL and dozens of ‘others.
According to recent research, CAS remains the most popular new offering for accounting firms, with 42% of firms currently offering the service and 15% more planning to add it in 2019. CAS practices are adopting close management software because it offers important features that address the unique needs of their business. These include:
Standardization through a cloud-based folder structure and job consistency, allowing vendors to apply a common business process across multiple customers;
Support for all General Ledger (GL) systems and customizable for each client’s unique closing processes;
Visibility into pending tasks, including notifications and alerts for activities by customer;
Automate the manual reconciliation process of reconciliations and provide a real-time overview of changes, whether due to adjustment of entries or those of the trial balance;
Internal communication capabilities, such as review notes, that help vendors better organize communications with customers.
FloQast has taken additional steps to integrate specific features into its award-winning close management software for this market. These include global dashboards that allow CAS providers to centrally view and manage month-end closes for their many clients and other practice management functions, all from one single console. It also offers custom business terms important to CAS vendors and their unique needs, including vendor user licenses with no customer limits.
“Historically, it has been extremely difficult for CAS vendors to standardize on a single platform to manage their customers’ financial close,” said FloQast CEO and Co-Founder Mike Whitmire, CPA*. “Our platform-agnostic approach allows us to integrate with any ERP or GL and provide a standardized and consistent approach to managing month-end close, helping these vendors close their clients’ books more quickly and more accurately.”
Signature Analytics, an outsourced accounting and financial services company and Inc. 500 that provides comprehensive accounting support to small and medium-sized businesses, turned to FloQast for its practice. “We chose FloQast as our close management solution because it is an easy-to-use cloud-based solution that allows us to document and manage a more efficient and accurate month-end close, especially for distributed teams” , said Peter Heald, CEO of Signature. Analytic. “This means our staff can spend less time on administrative overhead and more time delivering value to our customers, for example by helping them increase their profitability.”
To learn how FloQast can help you scale your accounting services and deliver increased value to your clients, visit www.floqast.com/CAS.
FloQast is award-winning close management software, created by accountants for accountants to close faster and more accurately. On average, accounting teams that rely on FloQast close three days faster. Seamlessly integrated with ERPs and leveraging your existing checklists and Excel, FloQast provides a single place to manage month-end close and gives everyone visibility. The cloud-based software is trusted by hundreds of accounting services, including those from DoorDash, AdRoll, Indeed, Shopify, Ancestry.com, Twilio, Dollar Shave Club, Zillow and The Golden State Warriors. To learn more, visit www.floqast.com and join the conversation on Twitter at @FloQast.