FloQast & Deloitte join forces to transform financial processes
FloQast has announced a strategic alliance with Deloitte Australia to deliver financial transformation initiatives for organisations across various sectors.
The collaboration will involve FloQast's artificial intelligence (AI) platform integrated with Deloitte Australia's professional services expertise to streamline the financial close process.
The new partnership targets efficiency improvements through automation and advanced data analysis in accounting functions. According to both companies, the initiative is designed to reduce manual efforts, improve the accuracy of financial reporting, and provide enhanced insights from financial data, supporting a wide range of clients in advisory and consulting.
Automation focus
By combining FloQast's technology with Deloitte's industry knowledge, the alliance seeks to address longstanding challenges associated with financial closes - that is, the process by which companies finalise their account balances at the end of financial reporting periods. The companies said their joint approach will benefit clients by making accounting and finance operations more responsive to change and more transparent for audit and compliance purposes.
"We're thrilled to partner with Deloitte Australia to help organisations make their accounting and finance operations smarter, faster, and more agile," said Mike Whitmire, Co-founder and Chief Executive Officer of FloQast, CPA. "This alliance will empower accounting teams with innovative, AI-driven tools that unlock efficiency and allow them to thrive in the face of unprecedented change."
FloQast aims to enhance the workflow of accounting teams by providing automation for processes such as close management, account reconciliations, and compliance activities. The company stated that by using the latest AI technologies, its tools support tasks that range from managing the financial close to maintaining audit readiness and improving accuracy and collaboration among finance teams.
Deloitte Australia's perspective
Deloitte Australia expressed that the alliance marks an important move towards strengthening its finance transformation service offering. The partnership is expected to add further value to advisory and consulting engagements where clients are seeking to modernise their finance functions.
"We are delighted to announce our strategic alliance with FloQast, a collaboration that will significantly enhance the value we deliver to our clients," said Brian Cameron, Director of Accounting and Reporting Assurance at Deloitte Australia. "This alliance underscores Deloitte Australia's commitment to driving finance transformation, where innovative solutions and expertise converge to enhance business performance, elevate operational efficiency, and foster sustained growth for our clients."
The companies plan to implement automated solutions that facilitate more accurate data capture and reduce the time accountants spend on repetitive or manual tasks. According to Deloitte, the adoption of AI-backed workflows in finance teams has the potential to give clients a clearer view of underlying financial trends while meeting regulatory requirements.
Industry reach
The alliance is positioned to service clients across multiple industries. Both advisory and consulting divisions within Deloitte Australia are expected to benefit as they incorporate FloQast's technology into their financial transformation projects.
FloQast stated that its platform supports more than 3,000 global accounting teams and can be deployed to meet varied needs, including close management, account reconciliations, and risk management in compliance-heavy sectors.
This new partnership represents a step in the adoption of AI-driven solutions to address efficiency pressures and regulatory duties in finance departments.
