FloQast, the close management software vendor, has announced that it grew its CAS business by 220% in 2018. Client Accounting Services (CAS) is commonly known as outsourced accounting and the discipline that Floqast brings to those companies as it looks to close multiple books, delivers significant advantages.
In the last year it has successfully deployed its solution at companies including Attivo Partners, EisnerAmper, EngineRoom, Lescault + Walderman, Signature Analytics, Trusted CFO Solutions and RKL. It is a growth market that Floqast is hoping to capitalise on. Research by AccountingToday indicates that CAS is the largest growth area for the accounting profession, with 15% of firms looking to add the service in 2019. That would see 57% of firms offering the service by the end of year. Still behind the planned growth of Payroll and Nonprofit.
FloQast CEO and co-founder, Mike Whitmire, CPA commented: “Historically it has been extremely difficult for CAS providers to standardize on a single platform to manage the financial close for their clients. Our platform agnostic approach allows us to integrate with any ERP or GL and provide a standardized and consistent approach to manage the month-end close helping these providers to close their clients’ books faster and more accurately.”
Enterprise Times: What does this mean
This announcement does not reveal any actual revenue numbers, nor does it highlight the growth that Floqast has achieved within the mid-market or enterprise sector. However, that it has identified such as niche and is building out its product for that sector is a good move. Its solution is vendor agnostic and allows accounting outsource companies to apply a common business process across their client bases. This brings a level of automation and efficiency that drives values from the software and will help those organisations deliver a better service to its client. The question for FloQast is whether this is now its only focus? and should it be?