BOSTON, Aug. 2, 2023 — Gappify and CFGI have formalized a partnership that helps accounting teams automate and streamline the cumbersome monthly accruals process. The combined offering leverages Gappify’s first-to-market Accrual Cloud and the collective experience of the nation’s largest non-audit accounting advisory firm. The partnership will help clients transform their monthly close, reduce compliance risk, and improve the completeness and accuracy of financial data.
“As the nation’s largest non-audit accounting advisory firm and the market leader for Pre-IPO Consulting among Life Science companies, CFGI provides a broad range of services for the Office of the CFO,” said Oscar Palacio, Partner, Finance Transformation, CFGI. “And because these leaders understand the tremendous upside of automation, they have a strong desire to transform their finance functions by leveraging new and innovative solutions. The Gappify Accrual Cloud will enable our clients to elevate their team out of manual spreadsheets, strengthen SOX controls for a potential IPO or Big-4 audit, and drive more accurate reporting. Although the product is industry agnostic, we see particular value for our life sciences clients, an industry with highly complex accruals processes, and for all our clients that prioritize compliance and scalable processes.”
“This is really a perfect match,” said James Hall, SVP of Sales, Gappify. “The total number of financial restatements has increased by almost 300% since 2021, with Accrual issues cited as the third most common root cause. Establishing a strong, documented accruals process is mission-critical for publicly traded and pre-IPO companies. The challenge is even more pronounced for life science organizations, which traditionally have complex accruals and operate with lean teams. We’re thrilled to join forces with a team of industry-leading consultants at CFGI to solve this shared pain point in the accounting field.”
The combined solution allows CFGI’s 1000+ team members, who are typically heavily involved in their clients’ accounting functions, to offer its clients Gappify’s Accrual Cloud to automate the monthly accruals process. CFGI consultants will be trained on implementing and optimizing Gappify, and the combined solution is available for immediate demonstration by contacting either Gappify or CFGI.
Gappify is a cloud-based software provider of accrual automation solutions for mid-market and enterprise accounting teams. The Gappify team consists of CPAs from the Big Four public accounting firms, software innovators, and strategic advisors from some of the world’s largest and most recognized technology companies.
For more information, please visit: www.gappify.com.
CFGI, a portfolio company of The Carlyle Group and CVC Capital Partners, is the nation’s largest non-audit accounting advisory firm. CFGI supports the Office of the CFO and Private Equity Sponsors with all your critical finance and accounting operations. We deliver the people, processes, and technology solutions to solve all your operational finance and technical accounting challenges.
For more information, please visit: www.cfgi.com.
CFGI Media Contact:
Oscar Palacio, Partner
Tel.: +1 (617) 921-3469
Gappify Media Contact:
Charlene Garland, Head of Operations
Tel.: +1 (707) 953-0592