AlloVir verwendet FloQast for SAP, um Informationsanfragen zu vereinfachen und 2 Tage schneller abzuschließen

AlloVir, a Massachusetts-based cell therapy company specializing in viral diseases, set a goal of modernizing its monthly Close to improve efficiency and eliminate the worries of missing information and manual Close management. With FloQast for SAP S/4HANA Public Cloud, AlloVir has successfully automated its close workflows and request management, resulting in shaving two days off the monthly Close and gaining extra time for other high-value projects. With a low materiality threshold, small team, and publicly-traded reporting standards to meet, Terence Holden, Associate Director of Accounting Operations of AlloVir, knew he needed a workflow automation platform. The question was which one?Holden and his team developed a list of requirements to meet their rapid growth and increasing operational complexity: Seamless integration with SAP S/4HANA Public Cloud; information-request automation; month-end close workflow management; and general project management capabilities for SOX controls and SEC filings.“We had several in-depth demos of FloQast and competitive solutions,” Holden shared. “FloQast stood out because of its innovation and adaptability. It was a better fit for our size and its included ReMind request management feature was a big selling point for us.”Those product features have translated into immediate time-to-value benefits and peace of mind for Holden and his team.

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The benefits to FloQast have been tremendous even for a smaller team. It provides the ability to see in real time the status of the checklist, who’s done what, and where things sit."

– Terence Holden, Associate Director of Accounting Operations

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“We no longer worry ‘Do I have the latest balance from the vendor?’ or ‘Are we missing anything?’,” Holden shared. “Now with FloQast our to-do lists roll forward each month automatically, we can see the status in real-time, and we’ve been able to cut two days from our Close.”

SAP S/4HANA Cloud Integration and FloQast ReMind Deliver Faster Time-to-Value

Holden and his team took on the ambitious task of simultaneously moving to SAP S/4HANA Public Cloud as the FloQast implementation was underway. With the support of FloQast implementation specialists, all went smoothly and better than expected. With FloQast for SAP S/4HANA Public Cloud, data automatically syncs with FloQast to enable account reconciliations for bank accounts, credit card accounts, prepaid expenses, deferred revenue, and other general ledger accounts. Once the AlloVir team handed over their month-end Close checklists, the FloQast team managed the rest.“Implementation went very smoothly and required very little of our time,” Holden said. “The FloQast team, our IT team, and our outside SAP consultants worked well together making sure everything was set up properly from the start.”AlloVir also uses FloQast Remind to schedule automatic information requests from its outside vendors. ReMind automates the time-consuming tasks of requesting information and following up, reducing delays and delivering faster workflow execution for the team.“Our old process would be to send upwards of 15 emails to different vendors, and some would respond, some wouldn’t,” Holden said. “To have a tool that automatically does that in real-time, to see who’s responded and who hasn’t, that’s definitely a huge help for us.”FloQast directly integrates with Microsoft Teams, a feature that Holden and his team rely on daily to respond to review notes, issue commands for status updates, sign off on tasks all directly within Teams, eliminating duplicate work.“Just having the reconciliations from FloQast saved in key files in Egnyte is great,” Holden said. “And with Teams, we can see notes, get status updates, and sign off on tasks without having to toggle in and out. Everything updates automatically.”

Advice for Teams of Any Size:

Holden said the biggest benefits of FloQast have been the confidence in the numbers and controls with the assurance you’re working with the latest, most accurate information.

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If someone makes a change to a reconciliation or SOX control, getting a notification that says, ‘something changed’ is a huge relief,” Holden said. “FloQast changes the status from green to red, and you have to go back and re-sign. Making sure we’re getting signoffs on the latest versions is always a good thing.”

- Terence Holden, Associate Director of Accounting Operations

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Executive leadership at AlloVir has challenged Holden and his colleagues to look for new high-value projects now that the monthly Close has been optimized. The team is putting the extra time to good use.“We’re using the extra 2-3 days saved on the Close each month to work on additional SAP customizations, budget reforecasts, and cost accounting management,” Holden said. When asked about any advice he might have for accounting teams thinking about Close Management, Holden is both practical and emphatic about the decision.