PwC UK expands FloQast deal for managed finance services

PwC UK has expanded its partnership with FloQast to offer outsourced finance managed services to UK businesses, shifting its role from adviser and integration partner to operator on the FloQast platform.

Under the new agreement, PwC UK will use FloQast's autonomous accounting software to run parts of clients' finance operations, including month-end close, account reconciliations, accounting operations and compliance work. The service is aimed at organisations looking to outsource finance processes while adding more automation to routine accounting tasks.

The move reflects rising demand from finance teams for help with labour shortages, manual workloads and tighter reporting expectations. Companies are under pressure to close their books faster while maintaining oversight and keeping records audit-ready.

The managed service is intended to give finance leaders direct visibility into the close process through the FloQast system. It is also designed to replace spreadsheet-based processes with a more standardised workflow run by PwC teams on behalf of clients.

The deal also broadens an existing relationship between the two groups. PwC UK had previously worked with FloQast mainly in a consulting and implementation role for customers using the software. The new model instead puts the accounting platform at the centre of PwC UK's delivery of outsourced finance services.

Operational shift

The partnership reflects a wider shift in the accounting and outsourcing market, with professional services firms combining software with managed operations rather than limiting themselves to advisory work or technology deployment. For buyers of outsourced finance services, that can mean a single provider handling staff, process execution and the underlying system.

PwC UK's finance managed services team will use a pre-defined technology stack to reduce the time needed to deploy new finance processes. The companies said implementations could take weeks rather than months, although they did not disclose financial terms or expected client numbers.

The companies highlighted a permanent digital audit trail, greater flexibility to adjust service levels than through direct hiring, and less reliance on manual spreadsheets. They also pointed to improved visibility for chief financial officers and controllers, particularly in hybrid working environments where oversight of the close process can be harder.

FloQast sells workflow automation software for accounting teams. It said the software is used by more than 3,500 accounting teams globally, including HubSpot, Emma Sleep, Huel and lululemon.

The UK agreement gives FloQast another route into the finance outsourcing market by embedding its software in a large professional services provider's managed service offering. For PwC UK, the arrangement adds a software-led delivery model to a part of the business where clients are seeking both cost control and more consistent reporting processes.

Analysts and finance executives have increasingly focused on the operational strain caused by shortages of qualified accounting staff. In response, outsourcing providers and software groups have promoted combinations of automation and managed delivery as a way to reduce back-office workloads without requiring companies to build large in-house teams.

Executive comments

Adam Zoucha, Chief Revenue Officer at FloQast, said the expanded arrangement goes beyond standard outsourcing models.

"PwC UK's managed services, powered by FloQast's autonomous accounting platform, go beyond traditional business process outsourcing to enable organisations to build scalable, resilient finance functions for the most complex close challenges. Together, we combine world-class accounting talent and AI-powered technology to empower finance leaders to reduce compliance burden, stay audit-ready and optimise accuracy and efficiency," said Zoucha.

Tony Price, Partner and PwC UK Finance Managed Services Leader, said the offering is designed around pressure on finance teams to produce better information more quickly.

"Finance leaders are under increasing pressure to provide higher-quality information faster. Embedding FloQast in our Finance Managed Services offering gives our clients a new option to transform their period end through AI-enabled delivery, at pace," said Price.