FloQast offers their financial close software to streamline accounting month end close, simply providing automation around reconciliation and eliminating human error, and visibility via a close status dashboard, as well as providing a complete audit trail.
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NetSuite ERP
Score 8.1 out of 10
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NetSuite is a suite of ERP and accounting modules which is sold in various editions aimed at different size customers. The multi-country, multi-currency version is an additional module called OneWorld. Netsuite is a SaaS system and is not offered in an on-premise edition.
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Pricing
FloQast
NetSuite ERP
Editions & Modules
No answers on this topic
No answers on this topic
Offerings
Pricing Offerings
FloQast
NetSuite ERP
Free Trial
No
No
Free/Freemium Version
No
No
Premium Consulting/Integration Services
No
No
Entry-level Setup Fee
Required
No setup fee
Additional Details
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Users subscribe to NetSuite for an annual license fee. The license is made up of three main components: core platform, optional modules and the number of users. There is also a one-time implementation fee for initial setup. New modules and users and can be added as a business grows.
FloQast offers more capabilities and a better user interface. Everything is centralized in one location and can be seen from an overall view. Being able to navigate throughout each period and finding whatever you need to find is convenient on FloQast as well. This is essential …
I like FloQast a lot better, it has input with NetSuite that I think is easy to understand. We use Workiva for quarterly financial reporting, and might be useful to see what FloQast has to offer when it comes to that to prevent us from having to use another software
It is cost effective and also the team from FloQast is very much supportive and are super active when we raise any ticket they resolve the issue as soon as possible. It is also user friendly like the other tools are complicate to set up and to understand but FloQast is easy to …
We started with BlackLine and after a year and limited adoption across the accounting team, changed to FloQast. We had numerous reasons, including difficulty in working with the BlackLine standard reconciliation, time needed to complete the set up for automatic reconciliation …
Having FloQast automatically pulls updates from excel files saved in our shared folders is key instead of having to upload new files as we've done in the past with other comparable products
We found that FloQast fit well into our existing close process and made it much more efficient. Other rooms, such as BlackLine, required a longer and more costly implementation. It also required the use of their reconciliation formats. We did not see the value in that …
Netgain has a product called NetClose which we've considered but ultimately went with FloQast because of simplicity and ease of use. The other product was more technical and hands on.
We evaluated BlackLine when we were considering Floqast. Although BlackLine is very robust and feature rich it was not right for us at the time of our review. We chose Floqast because: 1. It was simple to set up. We were up in running in a few weeks as compared to the 6 month …
FloQast provides support without getting in the way of the process (at the time of considering options, BlackLine got in the way with required journal entry park and post steps). It allows for enough flexibility to adjust between team members for sharing coverage in a small …
FloQast is extremely user friendly and the customer support team is exceptional. FloQast is constantly evolving their product and looking for ways to improve to help organizations create close efficiencies. FloQast solicits direct feedback from customers and works to implement …
Chalk and Cheese! BlackLine took months to implement with little adoption from our users, FloQast was an easy painless implementation, and it was very quickly adopted by our users. FloQast is also so flexible and doesn't require a lot of admin to manage the reconciliation …
BlackLine has a lot of robust features, such as being able to push transactions into NetSuite as well as import bank transactions and NetSuite transactions for bank reconciliation matching. FloQast does not currently push any transactions to NetSuite. FloQast is way more …
FloQast is much easier to use. The system is user friendly which is very beneficial when you are or are training new employees. I think the use is extremely streamlined so there is no question of where the company is at in the closing or reporting process. The …
Due to its comprehensive, cloud-based, and highly integrated suite of applications covering financials, CRM, supply chain, and more, providing a single source of truth for business data. Its scalability is a significant advantage, allowing businesses to easily add modules and …
The freedom to customize is great in NetSuite. A non-customizable system is great because it works as designed from the start but gets very boring and restricted after a while.
NetSuite is significantly more intuitive and user friendly than SAP. SAP navigation was slow and difficult to find what you're looking for without backend codes. With NetSuite, there's a useful global search feature to quickly find what you need and robust capabilities for …
I used another vendor for close management before, and comparing the two, FloQast is easier to use and the site navigation is much easier. The looks and feels of the site are more engaging and pleasant. As mentioned before in the previous question, their Journal Entry posting functionality is not suited for a company with multiple entities since it only allows you to book an entry when debits and credits are hitting the same entity
Best suited for mid-market to lower scale enterprises (under 2,000 employees) especially if migrating from Quickbooks or another fragmented small business system. Also, multi-entity and global operational businesses are very well suited as there is robust functionality around multi-subsidiary, multi-currency and multi-tax controls. Finally, businesses with inventory & supply chain heavy businesses would find the functionality very useful as the system allows warehouse management, lot/batch tracking, fulfillment, etc. Not well suited for startups (a lot of functionality not needed) or very small businesses (under $3mm in revenues). Overkill in complexity and cost and implementation leg-work is necessary relative to the underlying operations of the business. Also, companies with a heavy manufacturing business (shop floor execution) lacks depth with true manufacturing ERPs like Epicor, Infor, etc. and companies expecting consumer grade UX feels like the interface isn't modern or very intuitive right out of the box.
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
The area for the largest improvement needed is the implementation process. Especially when it comes down to an accounting based ERP setup rather than a CRM model. The experts should have accounting backgrounds in addition to the system knowledge for implementation.
There should be more training focused on the Dashboards and the maneuverability of the data focused for each graph or report within the dashboards.
The AP system is a little problematic with more complex company hierarchy. Due to the AP Invoice headers being driven by "main line" but the expense distribution being driven by journal entries - the AP aging is hard to verify the accuracy and can be distorted by different types of transactions.
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.
NetSuite is able to cover all of our needs, spanning multiple departments and managerial levels. We use it daily for a multitude of functions, including creating promotions, estimating inventory, pulling historical reports, forecasting sales, and more. Overall, we're very satisfied with NetSuite as an ERP solution and recommend it to medium to large businesses.
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
NetSuite is a cloud tool, and is easy to implement for mid-sized organizations. It comes with standard forms/ printing layouts, and financial reporting (both summary and detailed), which are very handy for business users. In addition to these, with 99.99% service availability, NetSuite makes it one of the most reliable ERP tools available on the market.
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.
It has been very reliable. I can only think of 1-2 times in 4.5 years that we have had issues getting in, and in each case were able to get back in within 1 hour. There has not been a major downtime
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.
Most of the time the performance is very good. Pages load in a few seconds; financial reports take less than 5 seconds; basic searches take a few seconds. But performance can be sporadic throughout the day and cause the run time to triple.
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
I would like to give 8 rating for NetSuite support and reason for that is below: Whenever we faced any technical or functional issues we tried to reach out to NEtSuite support but response was not immediate. We told them about the urgency of the issue but still we were not getting response on time. Then, we have to reach out to AE to get things resolved.
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.
I had in person training for a day when first got the software. The training was good. The challenge was that there was a large gap between training and when we went live so we forgot quite a lot
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.
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)
I felt NetSuite Professional Services did an excellent job of guiding us in the implementation. I also felt our internal teams were a little resistant to the change and engagement of new software. Had we performed better engaging and buying into the new software, I would be able to rate the implementation better. Therefore, the lower number should not be viewed as a deficiency with the software or the professional services teams, but as an reminder of how important complete buy-in from the local users is.
At the time we picked FloQast, they were the most cost effective and easiest tool to use. Fast forward a little bit, and Numeric has come to market. I really lie Numeric to be honest and feel that their pricing is better and for that lower pricing, they include more functions. However, we continued with FloQast for ease of continuity and my team is time strapped. What that said, FloQast is great - nothing wrong with it other than it could be cheaper.
QuickBooks Online is, by far, a better and easier-to-use product for smaller companies. Only switch to Netsuite if you have to. We switched to NetSuite because we have numerous subsidiaries, and QuickBooks would not be able to handle the complexity.
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
We have been able to scale our business 25X without any major overhaul with Netsuite. Its dashboard setup makes onboarding new employees very easy and allows data to be shared across multiple offices. Its cloud setup does not put any pressure on IT to scale servers or other infrastructure. We have been able to become much more efficient in all aspects of the business.
Floqast has reduced our closing schedule by roughly 15-20% of the time it took us beforehand.
The product has been very beneficial for us during audit time when we can easily demonstrate our control workflows on reconciliation and task approvals.
I can update our CFO at any point in time how we are trending towards close and can coordinate with finance as to the moment journal entries have been completed
