Item: FloQast
Rating: 10
Author: Verified User

Use Cases and Deployment Scope

Through FloQast we're able to keep on top of our reconciliations and are able to keep track of any action points we need to do for future periods. It allows us to highlight anything that's been done wrong and leave comments for other team members to address. It's been made so much easier to reconcile our Balance Sheet with Floqast around as it is very easy to use and very straightforward.

Pros and Cons

Streamlining of processes.
Automation of some reconciliations where balances don't change.
Documentation of comments and feedback for team RE recs made.
Centralized space to reconcile BS accounts and not have to go through folders and files individually through drives.

Support - I had a support team member assigned to me who wasn't consistent with advice and action points.
Sometimes when subsidiaries are refreshed to pick up updates on BS Balances from our accounting software, the previous Excel Sheet balance is picked up (i.e., a couple of months back). It resolves by another refresh.
You can't do partial rollovers of documents.

Return on Investment

Definitely improved collaboration.
This has saved the team time and has proved to be more cost-effective.
Full visibility between the team.

Automation

This has definitely helped us at a great level - we have been able to save so much time with the autorecs. As mentioned earlier we are also soon looking into automatic amortization, which will be such a boon to our team. Engaging with Floqast has got to be one of the best decisions for the team, as it has saved us so much time and has made balance sheet reconciliations so much easier.

Audit Readiness

Definitely by a lot. It's very nice to have the ability to access these reconciliations to get information from certain points in time. It allows full visibility and transparency of transactions - all the ins and outs, all the comments. It's been very beneficial to have Floqast for these reasons.

Key Insights

Do you think FloQast delivers good value for the price?

Yes

Are you happy with FloQast's feature set?

Yes

Did FloQast live up to sales and marketing promises?

I wasn't involved with the selection/purchase process

Did implementation of FloQast go as expected?

I wasn't involved with the implementation phase

Would you buy FloQast again?

Yes

Other Software Used

Weel, Airwallex, NetSuite ERP

Likelihood to Recommend

We mainly use FloQast for month-end close. It's been very helpful as, through the software, we're able to clearly assign recs to the different team members, and we're able to put reconciliations in levels depending on priority. We have full control over the review processes; we have options to enable automatic reconciliations and fixed balances for accounts that don't change until year-end. We're learning about automatic amortization soon, and I am sure that that will be just as helpful with the depreciation of our assets which we will get to at year-end.

Invest on your accountants by investing on FloQast!

Modules Used

Overall Satisfaction with FloQast