Case Study: Cricut achieves IPO-ready controls and a 30% faster month-end Close with FloQast

Small Cricut Accounting Team Sets Up Big IPO Success With FloQast

Cricut, the consumer crafting platform with $886M revenue (2022), 8.4M users and ~680 employees, relied on a 20-person accounting team to support rapid growth and a planned public offering. Month-end Close was highly manual—60–70 steps tracked in Excel—with limited precision or control, creating stress and risking timelines during aggressive pre-IPO preparation.

Cricut deployed FloQast (integrated with SAP S/4HANA) to automate reconciliations, sync trial balances hourly, manage checklists and dashboards, and centralize SEC/SOX controls via Compliance and Flux modules (with Workiva integration). The change enabled S‑1 preparation in eight months and a successful IPO, cut Close time from 12 to 8 days (>30% decrease), moved final signoffs to mid‑afternoon instead of midnight, and provided full enterprise accounting coverage and easier, lower‑cost audits.

Cricut

Ryan Harmer

Vice President of Accounting and Corporate Controller