Likelihood to Recommend Based on my experience, the application is well suited for the loan professionals to audit the system of the company and seems to be not so flexible when it comes to banks, fintech, and other lenders. Also, sometimes customer support is not available and people always choose the application that has good support 24/7 which seems to be a downside, and lose valuable customers.
Read full review If complex close items need to be done in the correct order or multiple subs, FQ makes it a breeze to track. If your close is simple, or done with only a few people, their system might not be a great benefit. With a team of 20, we need a tool like this to keep everyone on the same page!
Read full review Pros Let me know the loopholes the system has Also helps in loan audits helping understand the client better the application is not just limited to one or two audits but i can create different number of them to improve m companies system. Read full review Provides a clear status of the month end close. Allows us to analyze tasks by team member and reassign as needed. It syncs with our ERP Netsuite to ensure balance sheet reconciliations can be tied out directly. It also connects with Slack to notify users of key deadlines and changes in review status for team tasks. Read full review Cons Sometimes the customer service wont respond. It is only limited to web application Scope is limited to loan professionals and does not include banks and fintechs Read full review A setting to allow for attachments to automatically be opened within the app (Adobe, Excel, etc.) rather than as a separate tab in the browser Some of our tasks are quarterly or annual so assigning a very specific date would be helpful Eliminate the need of "closing" review notes. Once we change the status to Resolved, that should be sufficient. Make Resolved and Closed one and the same Read full review Likelihood to Renew It has proven to enhance our procedures with closing. It is an effective tool that I would recommend to create a more efficient closing procedure and get the team more aligned. It increases the accountability among the staff and helps to keep us on task and on time. It is easy to sign into and has reminder emails for tasks that are coming up or late.
Read full review Usability FloQast is incredibly intuitive and easy to use. The only reason I don't give it a 10 is that the Flux Analysis feature is not great in terms of getting the information into the system. Once it's in, fantastic! But some work is needed
Read full review Reliability and Availability We have only noticed a slight slow down in accessing FloQast on a couple of occasions (near the beginning of a month when many people were likely trying to get online to close their books). The issue has always resolved itself with three to five minutes, so it's never been a hinderance.
Read full review Performance FloQast's performance is great. The pages always load quickly, and reports are completed fast! I've never noticed any slowdown in our ERP from the interface with FloQast.
Read full review Support Rating They are rapid in their response. If they can't immediately offer a solution, they continue to keep in contact with you to let you know where they are in resolving your issues. The staff is friendly & speaks to you in layman's terms, not so high-tech that you can't understand
Read full review In-Person Training The FloQast team members are just so personable. FloQast has clearly done a great job hiring people who are not just good at what they do, but are also fun to work with! They have placed people in the right roles and the customer benefits from this. I have enjoyed every opportunity I've had to work with a FloQast team member on training.
Read full review Online Training The online training is good. But like all online, pre-recorded training, it is never quite as good as in-person or live training where one can ask questions or get clarification. That said, FloQast has an extensive training library and most of the time, if one finds they need help on a topic, it can be answered by going to the online training and watching appropriate recording.
Read full review Implementation Rating Implementation occured before I started with the company (but despite the instruction to skip the question if I did not participate, the site required I put in a rating in order to move on to the next page)
Read full review Alternatives Considered Auditgenius is mainly into financial risk management with its AI tool it prevents any fraudulent clients and also from loan errors, which has helped me find out any loopholes within the system. It also has lots of built-in templates for generating reports as quickly as possible thereby saving good time to look after other aspects
Read full review We evaluated
BlackLine along with FloQast and ultimately decided to sign up with FloQast. Our team really liked the ability to leverage their existing Excel reconciliation templates that could link to the FloQast user interface. Comparatively, the pre-made reconciliation templates that were demonstrated in
BlackLine felt a bit more inflexible and felt like it would invite a longer implementation/conversion timeline.
Read full review Contract Terms and Pricing Model I did not help in the purcase
Read full review Scalability We started using it with one client/customer and now use it with fourteen entities and plan to add two more in the next couple of months. It has made it possible to grow our business without hiring additional personnel. We can do more work with the same number of people
Read full review Return on Investment Its fast and robust that's a key to be quickly analyzing the risks Average to poor customer support at times when most needed Customisable and standard templates available in a click Read full review ROI has been quick. Using Floqast we were able to put off hiring additional headcount for a year due to the efficiencies we were able to garner. Floqast also helped with change management and process documentation. It centralized work papers into one easy to find location where in the past workpapers were disorganized. Read full review ScreenShots