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floqast

FloQast, A Software Company That Simplifies The Accounting Process.

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FloQast is an industry leader in accounting process automation. The company, which was founded in 2013, offers a close management system to accounting departments in companies to assist them in the better balancing of the accounts each month. FloQast’s automating of routine accounting processes, streamlines and increases the efficiency of the accounting process.

About The Company

FloQast is a provider of accounting software with headquarters in Los Angeles, California. The company provides one of the best Financial Close Management workflow optimization tools enabling businesses to implement accounting excellence. Over 1,600 financial accounting teams trust FloQast, which was created by accountants for accountants to improve the efficiency of accounting teams. The company’s clients include Roblox, Zoom, Twilio, Snowflake, and Los Angeles Lakers. Customers may automate workflows like automated reconciliations, requests for documentation, and other procedures that affect the closing process at the month’s end with the help of FloQast. Since its founding, the company has received numerous mentions in major magazines as one of the finest places to work in the LA tech scene.

FloQast
Image Source: floqast.com

History

Chris Sluty, Mike Whitmire, and Cullen Zandstra established FloQast. Whitmire was a senior accountant at Cornerstone OnDemand when he first had the idea for the business. Whitmire set out to develop a product that would aid finance and accounting teams during the frantic financial close process after personally experiencing the difficulties accounting teams faced when closing the account books each month, including ineffective procedures, out-of-date workflows, and flawed organizational structures. Whitmire selected Zandstra to serve as the CTO and co-founder after coming up with the idea. The two created a minimal viable product (MVP), which led to their acceptance into the esteemed Amplify.LA accelerator program. Whitmire enlisted Sluty, to join the team as co-founder, COO, and head of customer success after the company received its initial funding. In 2014, the company received $1.3 million in seed funding from Amplify.LA and Toba Capital. In 2017, FloQast received $25 million in Series B funding after a period of expansion during which the business tripled its revenue. In 2021, the firm raised $110M in Series D financing. With this, FloQast has now received $203M in funding overall.

Product

FloQast is a SaaS application. The month-end closure of an organization’s financial books is automated by the financial close management software, which integrates with Microsoft Excel and makes use of process management, reports, and collaboration. By providing accounting departments with checklists and tie-outs connected to Excel workbooks and the client of firms’ enterprise resources planning (ERP) system, the software automates reconciliations and, as a result, speeds up the financial closure process. FloQast ‘s AutoRec is a technology that uses artificial intelligence to aid in the automation of the reconciliation process. FloQast works with cloud-based file storage platforms like Google Drive, Box, Google Drive, Dropbox, OneDrive, etc. The easy and simple configuration products from FloQast improve the way accounting departments now operate so they can work more efficiently.

Founder – Mike Whitmire; Chris Sluty; Cullen Zandstra

Chris Sluty and Mike Whitmire, former corporate accountants, and seasoned software programmer Cullen Zandstra established FloQast. Whitmire was a senior accountant at Cornerstone OnDemand when he first had the idea for the business. Cullen Zandstra later joined them as the co-founder of the company.

CEO – Mike Whitmire

Mike Whitmire is the CEO of FloQast. Mike worked on the finance and accounting team at the quickly expanding Cornerstone OnDemand before starting FloQast. Mike started his auditing career with Ernst & Young, where he concentrated on the media and entertainment industry. He carried out public business audits, opening balance sheet audits, cash to GAAP restatement, etc at EY. Mike earned a bachelor’s degree in accounting from Syracuse University.

DATEV

DATEV – A Data Center That Emerged As A Successful German Registered Cooperative Society.

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DATEV is a German-based registered cooperative society. The primary role of DATEV is in the IT industry as it provides technical information services to the accountants, attorneys, and members of the tax department. Founded in February 1996, DATEV was originally a data center that is now famous in the IT industry. Currently, DATEV is known for developing and delivering software directly to end-users. The company is also known for providing consulting services for these occupations. Though DATEV is a leading technology provider in Germany, its main interest lies in the tax market.

About The Company

DATEV mainly provides software for accounting, tax computation, personnel management, business consulting, and company organization. It was founded in 1966 and currently has more than 400,000 customers. The headquarters of DATEV is based in Nuremberg and apart from that, it has 23 other subsidiaries in Germany. More than 8,000 people work for the company in their main office and subsidiaries.

DATEV is a very popular company in Germany such that around 2 million enterprises in the nation use their software to perform financial accounting. More than 11 million payslips are generated every month using the DATEV software. The company also has a data center that is used by both the members of the company and its clients. Data security is the prime focus of every employee of the company.

DATEV
image source: www.datev.com

History of DATEV

On 14th February 1966, 65 tax consultants from Nuremberg founded DATEV. It was founded as a cooperative self-help organization whose main focus was to facilitate bookkeeping tasks. The main five founding members of the company are Edmund Rudolph, Horst Preißner, Joachim Mattheus, Heinz Sebiger, and Klaus Hartmann. The company initially founded a data center where the accounting data of the members were processed. This was a step up from the primitive punch tape. The DATEV center was opened after the number of members in this organization started increasing rapidly and was finally inaugurated in 1969.

In 1974, Company introduced remote data transmission. First, the data was recorded on magnetic tapes, and then from the employee side, it was transmitted to the DATEV data center via the telephone lines. After a couple of years, the company established its first personal network for transmitting electronic data between tax consultant offices and the DATEV data center. But, the company dismantled the career network in 2002 because by then it was no more an economically viable choice.

Business Growth

In 1972, DATEV formed a joint allegiance with the Japanese company TKC and it was after ten years both the companies document the alliance. TKC is also a data processing service company and the joint partnership aimed to support more tax consultants with electronic data processing. Even today both the companies are tied up through business exchange programs. In the 1990s, Company started establishing its first Information Center starting in Dresden followed by Schwerin, Leipzig, Magdeburg, and Erfurt.

In 1996, one of the founders of DATEV, Dr. Heinz Sebiger retired from the company after 30 years of successfully monitoring the administration. By this time, the company started generated revenue in billions and employed more than 4,000 people. For the next two years, employers and clients in DATEV witnessed the transformation from the DOS system to 32 bit Windows OS.

The 21st century brought several opportunities for DATEV to explore and establish itself in the European market. The company established itself in the Czech Republic, Austria, Hungary, Spain, Italy, and many more. In 2003, the company expanded to Poland as it started a joint venture with Poland-based software manufacturer Matrix. pl S.A. In 2011, the company expanded its data center and included new trending services like cloud computing and data security. In 2021, a new management team was formed at DATEV with Dr. Peter Krug as the new CMO and Prof. Dr. Christian Bär as the new CTO of the company. Dr. Robert Mayr is the present CEO of the company.

Robert Mayr – CEO of Company

Robert Mayr joined DATEV in 2011 as a member of the board of directors as well as head of finances, purchasing, production, and internal data processing. Robert Mayr became the CEO of the company in 2016. Before joining the company, he was the managing partner at Solidaris Revisions GmbH. He also has seven years of working experience at Deloitte, one of the Big Four companies.