AlloVir Simplifies Information Requests, Closes 2 Days Faster with FloQast for SAP
Key Takeaways
⇨ FloQast’s integration with SAP S/4HANA Cloud, Public Edition, automates and simplifies account reconciliation by directly importing General Ledger trial balances.
⇨ The solution significantly reduces monthly close times, as evidenced by AlloVir, which cut its close process from 7 to 5 days.
⇨ FloQast’s real-time updates and automated notifications enhance workflow efficiency and ensure compliance with SOX controls.
Publicly traded AlloVir, a Waltham, Mass.-based late stage-clinical cell therapy company focused on viral diseases, set a goal of modernizing its monthly Close to save time and eliminate the worries of missing information and manual Close management. With FloQast for SAP, AlloVir has automated Close workflows and request management, shaved two days off the monthly Close, and gained 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: SAP integration; information-request automation; month-end Close workflow management; and general project management capabilities for SOX controls and SEC filings.
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