Transform your financial closing process
PwC and FloQast
In today's fast-paced business environment, companies face the pressing need to transform their financial closing processes to overcome inefficiencies and embrace technological innovations.
Key drivers for transforming financial closing process
- Improving outdated manual processes: Transitioning from labor-intensive manual processes to automated solutions reduces errors and enhances efficiency.
- Capitalise on technological innovation: Leveraging the latest technological advancements enables companies to enhance their financial processes and stay competitive.
- Scaling for growth: As businesses expand, scalable financial processes become essential to manage increased complexity and volume.
- Maintaining audit readiness: Ensuring SOX compliance and readiness for audits is vital for financial credibility and accountability.
However, each of those drivers relies on legacy systems and processes that are holding the company back from reaching its full potential.
An efficient closing and account reconciliation process is often a first step in any broader finance transformation. As when accounting teams are over-burdened with business-as-usual tasks, such as inputting, checking and re-checking data, they do not have the time to proactively drive the necessary changes forward in their companies.
To ensure completeness, accuracy and confidence in your numbers, it is essential to simultaneously manage close tasks and reconciliation processes. Optimising and automating these processes bring significant advantages to companies:
- Free up valuable employee time and expertise, allowing teams to actively engage in shaping new processes, analysing data and mastering digital systems.
- Enabling strategic activities and insights: This approach not only enhances employees’ ability to contribute to the transformation but empowers them to derive insights that drive strategic decision-making.
FloQast's seamless integration solution
- Powerful insights
- Work within your existing systems and processes
- Gain total visibility over your accounting processes
- Faster time-to-value
- Agile integration
Powerful insights
Get visibility in your accounting closing processes, reduce gaps and bottlenecks and pinpoint opportunities for improvement.
Work within your existing systems and processes
As your business grows and evolves, FloQast’s platform integration capabilities ensure seamless integration with your existing systems and processes, as well as easy connections with new or upgraded systems. Today, FloQast offers direct integration with the most common ERPs such as Microsoft Dynamics, Oracle, SAP, Workday and Xero. All data is readily accessible by the user for greater visibility, control and analysis. Other business processes, such as banking applications, tax engines and payroll systems, can easily be linked to the FloQast environment.
Gain total visibility over your accounting processes
FloQast delivers actionable insights across your accounting team’s workload so you can better optimise resources while maximising your team’s process efficiency. Track how close trends are progressing, identify bottlenecks and gain real-time insights into the status of the closing process.
Faster time-to-value
With integrations up and running in a few days, FloQast delivers the fastest time to value and gives your team the software they want for the way they work. Immediate adoption, as well as the flexibility to use your existing processes or easily adopt ours, accelerates benefits across the organisation.
Agile integration
As a cloud-native platform built by accountants for accountants, FloQast integrates directly with spreadsheets, your ERP, team messaging platform (Slack, Teams), email and cloud storage provider (Dropbox, Google drive, OneDrive, Sharepoint, etc.), minimising the need for IT involvement.
PwC and FloQast Collaboration
Together with FloQast, we leverage our expertise to support you in achieving transformation objectives. Uncover key factors to ensure project success:
Accountants should drive accounting transformation
Transformation must not disrupt the accurate and effective operation of the accounting team. This means that any transformation process must deliver meaningful change while also addressing the accountants’ immediate needs. With that objective in mind, it makes a major difference to undertake the transformation with people who understand the function’s associated activities.
Prioritise progress over perfection
It is not essential to be 100% ready for transformation, nor is it necessary to optimise every process before taking those first steps. Processes can be refined along the way and the sense of progress created by securing quick wins can be a valuable source of momentum.
Clarify the function’s current and ideal final state
Transformation is a journey, so it is important to have a pragmatic picture of the function’s current setup and capacity, along with clear and achievable goals. It may be unrealistic to automate all reconciliations in less than a week, but the flexibility of digital close tools means that accounting teams can smooth the path to that objective. The detailed and realistic plan for achieving the ideal final state should include process updates and new technology implementations.
Get stakeholder buy-in early
Securing buy-in from senior stakeholders and end-users of new technology can streamline the implementation of new systems.
PwC and FloQast
Achieving Impactful Finance Transformation: A Pragmatic Approach
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