Case Study: Mitek Systems restores financial integrity and accelerates close with FloQast

Mitek Systems Restores Financial Integrity and Accelerates Close with FloQast

Mitek Systems, a global leader in digital identity verification, faced significant compliance challenges and a fragmented, slow financial close process that stretched to over 15 business days. Their accounting team was under pressure with manual workflows, leading to material weaknesses and late filings. To resolve these issues, the company chose to implement FloQast's Close and Compliance Management solution for its flexibility and ease of use.

By implementing FloQast, Mitek Systems established a centralized, transparent framework for its close process. This solution streamlined reconciliations, automated intercompany processes, and leveraged AI-powered variance analysis. As a result, FloQast helped Mitek reduce its month-end close from over 15 days to just 8 and cut its quarterly variance analysis process from a week to two days, restoring robust SOX compliance and transforming its financial operations.

Mitek Systems

Brandon DeSalvo

US Controller