Adrian JohnsonTLDR:
- FloQast is an Accounting Automation Platform created by accountants for accountants.
- Co-founder and CEO Mike Whitmire shared insights about the company’s background, formation, challenges, core products, and milestones.
FloQast is an accounting automation platform founded by former accountant Mike Whitmire to address the challenges faced by accounting teams. Whitmire’s background in auditing financial statements for private and public companies led him to create FloQast in 2013. The company’s core products include solutions for month-end close, reconciliation management, and compliance management, utilizing AI and automation to streamline workflows. FloQast has achieved significant milestones, such as surpassing $100M in Annual Recurring Revenue and launching initiatives like FloQast Studios and FloQademy.
One of the major challenges facing accounting teams is talent shortages and burnout, which FloQast addresses through its products and initiatives like the Controller’s Guidebook research series. Whitmire highlighted the company’s evolution in technology, expanding from focusing on the month-end close to assisting the entire office of the CFO. FloQast has gained success with customers like Cricut, helping them automate financial processes and reduce close time.
FloQast recently received $100 million in Series E funding, achieving a $1.6 billion valuation. The company aims to invest in product development, AI integration, and eventual IPO readiness. Whitmire emphasized FloQast’s differentiation from competitors, focusing on ease of setup, user adoption, and quality of support. The company’s future goals include enhancing product value, leveraging data for upstream workflows, and integrating AI into finance and accounting processes.
As FloQast looks towards expanding its solutions and customer base, Whitmire sees the funding as the beginning of a new chapter for the company, with a focus on providing efficient solutions for accounting teams worldwide.
