In a significant move for the accounting technology sector, FloQast, the accounting transformation platform founded by former accountants, recently expanded its AI capabilities, introducing a solution powered by Anthropic’s Claude 3 on Amazon Bedrock. This development represents the latest evolution for a company that has spent a decade growing from a focused month-end close solution to a comprehensive platform addressing the broader needs of the accounting profession.

From Accounting Pain Points to AI Transformation

FloQast’s journey began with co-founder and CEO Mike Whitmire’s firsthand experience with accounting inefficiencies during an IPO process. “I experienced those pains firsthand and then ultimately was like ‘Hey there’s got to be a better way to do this,'” Whitmire explained during a recent appearance on NYSE TV Live. This practical understanding of accountants’ challenges has guided the company’s development over its ten-year history.

What started as a solution for the month-end close process has expanded significantly, driven by customer adoption patterns. “Our customers started using us more broadly, and so we leaned into that and have built a full-on platform for accountants,” Whitmire noted. The company now positions itself as an “accounting transformation platform,” with artificial intelligence serving as its next frontier.

In March 2025, FloQast launched its Auditable AI Agents, a groundbreaking capability that enables accountants to automate complex, recurring workflows. The technology was recognized in the 2025 FinTech Breakthrough Awards, where FloQast earned the title of “Best Finance Automation Platform.”

Addressing Real-World Accounting Complexities

The accounting profession involves far more complexity than outsiders typically recognize. Whitmire illustrated this with a client example: “I was meeting with an accountant and we were talking about using an agent for one of their reconciliation processes. What they do is they have 37 different systems they’re pulling information from. It needs to be gathered in one place, needs to be massaged, manipulated, and then create a journal entry and then post a journal entry.”

This single process, which might consume 40 hours of staff time, can be reduced to just five minutes using FloQast’s AI agents. The platform transforms the accountant’s role from manual processor to strategic reviewer, addressing a critical talent gap in the industry.

At the heart of this advancement is FloQast Transform, a centralized hub where customers can create, test, deploy, and manage AI Agents. While FloQast continues developing agents for all customers, the platform also enables accounting teams to create bespoke automation for their specific needs.

Balancing Automation with Professional Value

The push for automation in accounting comes with understandable concerns about job displacement. However, FloQast sees its technology addressing a different problem: the significant talent shortage in accounting and the overwhelming workloads facing existing professionals.

“There’s a big talent gap in accounting right now, and so we need automation to plug the talent gap and just for starters have accountants go home at a reasonable hour,” Whitmire emphasized. “We’re all very overworked right now.”

This perspective has resonated with accounting leaders like Edwine Alphonse, Senior Controller at Ramp, who stated, “Today’s accountants have an opportunity to focus on higher-level, strategic work, driving more value and increasing their presence within their organizations. Accountants who embrace AI will be more effective and impactful, while those who don’t risk being left behind.”

Measurable Benefits and Future Ambitions

FloQast claims its core platform, even before AI enhancements, enables companies to close their books approximately 30% faster while improving audit efficiency. The addition of AI capabilities can potentially automate “hundreds or thousands of hours within any given accounting department,” according to Whitmire.

Looking ahead, the company has ambitious growth plans that include international expansion beyond its current U.S. offices in Los Angeles, New York, and Chicago. FloQast is growing its presence in London and Australia, with Whitmire expressing a long-held aspiration to take the company public.

“I do want to go public. This has been a goal since I was like in high school,” he shared during his NYSE visit. “I’ve for some reason always wanted to start a company that goes public… I can only hope to do it at FloQast one day.”

The company’s expansion builds upon its Accounting Transformation Platform launched in September 2024, which encompasses four key solutions: Close Optimization, Close Automation, Connected Compliance, and Integrated Record-to-Report. With its AI-powered accounting transformation solution built with Anthropic’s Claude 3 on Amazon Bedrock, FloQast appears positioned to continue its evolution as a key player in accounting technology innovation.