Host Analytics, a leading provider of cloud-based enterprise performance management (EPM) solutions and FloQast, a provider of close management software created by accountants for accountants, announced today they will partner to provide a holistic, end-to-end solution for the financial close that allows accounting and finance teams to incorporate workflow and account reconciliation capabilities as a precursor to the consolidation and reporting processes.
By streamlining the overall record to report process, these teams will be able to accelerate the time it takes to report, reduce compliance costs and dedicate more focus to value-added analysis and strategic decision-making. The alliance between the cloud financial application providers encompasses technology alignment as well as go-to-market initiatives to drive enhanced customer value and success.
Finance organizations spend hundreds of hours each month to collect, aggregate and validate data manually. Without automation, month-end close times can exceed two weeks providing insufficient time to adequately analyze the results and make meaningful business decisions. FloQast automates key areas of the close process, specifically task management and account reconciliations, while providing global dashboard visibility. Host Analytics automates critical areas of the financial consolidation, and reporting process. Together these two solutions streamline the end-to-end close, consolidation, and reporting process. With the new partnership, finance teams will be able to integrate reconciled account data from FloQast directly with Host Analytics, enabling finance to ensure the accuracy of their GL accounts, validate the integrity of consolidated account balances, and execute a faster and error-free financial close. This improves the quality, confidence, and trust in consolidated financial results, while providing greater time for strategic decision making.
“By uniting Host Analytics and FloQast’s best-of-breed technologies, we further automate the financial close process for our customers, which dramatically increases team efficiency, improves accuracy and allows accounting teams to be more strategic.” said Dave Kellogg, CEO of Host Analytics.
In addition to the technology integration, and as part of the alliance, FloQast and Host Analytics are launching a series of joint go-to-market activities to drive customer value and success. The two companies are preparing a series of activities to increase awareness for the shared solution including webinars, trade show participation and in-field events.
“You can’t start analysis until the books are closed and consolidated,” said Mike Whitmire, CPA*, CEO and co-founder of FloQast. “By reducing close time and ensuring greater accuracy, we’re able to help finance teams focus on what’s most important–time to analyze their business and its results and determine how they can best improve it.”
“Finance and accounting departments have access to applications that provide pragmatic, affordable solutions that can boost their efficiency,” remarked Robert Kugel, Senior Vice President and Research Director at Ventana Research. “The alliance between Host Analytics and FloQast is an example of how the integration of two cloud applications can enable departments to accelerate their close through close automation. Our research has found that 71 percent of companies that substantially automate are able to close their books within six business days, compared to 23 percent that have little or no automation.”
To learn more about Host Analytics cloud-based Enterprise Performance Management Solutions, visit hostanalytics.com/products. To learn more about FloQast’s cloud-based Close Management solution, visit floqast.com/products.