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FloQast

FloQast

Overview

What is FloQast?

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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Learn from top reviewers

FloQast - The Superior Close Tool

Rating: 10 out of 10
October 3, 2024
Vetted ReviewVerified User
We use FloQast to help with our close process. FloQast has assisted with controls, transparency & accuracy. We currently use FloQast to complete reconciliations and checkl...
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Leslie Ann Cunnane, CPA
Contributor - Finance and Accounting
Senior Accountant
Motus
FloQast1 year of experience

FQ Review

Rating: 9 out of 10
June 4, 2024
IncentivizedVetted ReviewVerified User
My company uses FloQast to manage our close process. We use the checklists and reconciliation function. We assign items to users as preparers and reviewers. FloQast links to o...
Continue reading
Verified user
Administrator
FloQast2 years of experience

Significantly reduced our close time from 12-15 WDs to 4-5 WDs

Rating: 10 out of 10
June 4, 2024
IncentivizedVetted ReviewVerified User
FloQast helped us significantly reduce the number of days it took us to close the books. We started out just using the Close checklist and reconcilations and now multiple depa...
Continue reading
Verified user
Director
FloQast2 years of experience

A game changer for the Accounting close process.

Rating: 9 out of 10
January 5, 2024
IncentivizedVetted ReviewVerified User
We use FloQast to manage our close process and other recurring tasks across the Accounting team. We have a 5-day close, which requires us to be efficient. It helps to keep tra...
Continue reading
Derek Mernagh
C-Level Executive - Finance and Accounting
CAO (Chief Accounting Officer)
Motive
FloQast6 years of experience

Great addition to any Accounting team's tool belt

Rating: 9 out of 10
January 2, 2024
IncentivizedVetted ReviewVerified User
Floqast has been an invaluable addition to our month-end close process and allows our remotely distributed team to collaborate and communicate quickly and effectively througho...
Continue reading
Devon Hopkins
Director - Finance and Accounting
Controller
Automox
FloQast2 years of experience
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How FloQast Differs From Its Competitors

Automation

We currently use ReMind for several recurring monthly requests. We also use the auto reconciliation for any accounts that don't have a moving balance MoM. I think that anywhere you can add automation and open up time to spend on other tasks is value added.
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Automation

We have used ReMind. Remind has dramatically saved the amount time spent sending out emails. For example we would reach out to vendors to inquire if any services were rendered that have not yet been billed at the end of the month for accruals. Given the volume of vendors we needed to reach out the …
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Audit Readiness

By providing a centralized close hub it has made our yearly audit easier. Our schedules are all saved in FQ and we can save an additional support files needed in FloQast as well. This has helped internally as well because it shows the items are signed off, a sign off is removed and resigned, and …
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Audit Readiness

We don't give our auditors access to FloQast as they are not performing a controls based audit. However, it is extremely helpful to have all reconciliations and supporting documentation in the well organized FQ folders.
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Automation

FloQast has been a great tool to ensure completeness of non-close related tasks, including tax filings, financial statement review, and business process controls. While the idea of ReMind was very relevant to the use cases of Accounting teams, we didn’t find it more efficient than just using …
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Audit Readiness

This has been a game-changer for audit management. Allowing audit access to view files directly saves the team time to focus on answering more complex audit questions and day-to-day accounting operations. It has also been a great way to track and ensure the completion of business process controls.
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Automation

We can set up automated rules to set up which flux items are critical to review, investigate, and respond to based upon dollar or percentage variances. This has been extremely helpful to allow the team to focus more intently on those areas of greater importance and I have noticed that as a result …
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Audit Readiness

Our auditors were very impressed when we were able to show them our reconciliation documentation and sign-offs and it greatly reduced our time spent on capturing and documenting approvals. We've also incorporated audit workflows into our own process so we can track and assign audit PBC tasks …
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Automation

On an individual level, FloQast Ops workflows has been huge for me as an employee with a large to-do list each week. I am a very organized person, but prior to FloQast I was always concerned I was going to forget a task because I didn't have an efficient way of tracking my to-do items. The …
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Audit Readiness

I have not been directly involved in any of the audit features but I hope to in the future! I do know that other employees in our company use them frequently and only have great things to say. I am confident FloQast's audit readiness tools are as excellent as their other features.
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Automation

FloQast has inserted accountability, real-time deadlines, collaboration, and a much quicker closing process. Our closing was a little chaotic and all over the place before and we now have a smooth and clear path to closing. It is very helpful to see the reminders in my email when I have fallen …
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Audit Readiness

I am not aware to what extent the audit readiness tools have affected our business. I am sure it has provide a much more efficient process with the accumulation of everything in one place. I support the audit procedure but I am not responsible for the actual audit process. As a staff accountant I …
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Automation

We currently, use the standard workflows for the financial close (checklist/reconciliations). As mentioned previously, we've cut down on overhead significantly by using FloQast. We've tested the Flux Analysis and had a demon on Remind but haven't felt that the benefit outways the costs yet. As …
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Automation

We may not be using all the modules of FloQast but the maintenance of the checklist account reconciliations and flux analysis are indeed benefiting us in the timely closure of books of account regularly and running a business effectively.
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Automation

We utilize the Ops workflow for all of our payroll processing, which has helped us stay focused and connected on arguably the most important piece of business operations in regards to it's people. ReMind is also an excellent tool that we just haven't been able to take full advantage of yet
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Automation

FloQast has been very positive giving us transparency as to when items are completed or require attention. The tools how allowed us to stay on target with our time management and our daily or weekly task. Having a check off list helps you stay organized, which helps you complete task efficiently.
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Audit Readiness

FloQast has streamline the process giving all individuals InSite as to any items that may be missing or need attention. We have a semi-monthly and Quarterly check off list to insure we stay in compliance with all taxes.
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Automation

FloQast's implementation with NetSuite saves us countless hours with monthly account reconciliations. Monthly account balances are automatically populated from NetSuite which is then automatically compared to the balance we tag in our account reconciliation excel file. Having an overview of which …
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Automation

It's allowed us to know exactly where we are in the process and hold each other accountable - which ultimately helps get the books done quicker and results out faster.
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Audit Readiness

We had FloQast in place when we did a prior financial audit. It helped immensely with the audit team to show we had a separate reviewer, separate approver, and that reconciliation balances tied back to the balance sheet. Made reconciliation reviews the most efficient part of our audit process.
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Automation

FloQast helps take the manual work out of month end close and our other processes. It catches account balance changes, reminds us what is due on a daily/weekly basis, and keeps us on top of things. We are confident that our workflows are well-documented with FloQast for future audits or process …
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Automation

As we grow in complexity (IPO ready) as well as in international entities, FQ has made it easy to stay on top of all these new and additional steps. As teams grow, easy to add new EE's into the workflow, and even as teams shift, even easier to allocate tasks to other team members. They really have …
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Audit Readiness

We rely on FQ as a sanity check that all documents agree to the TB; no more going through each document to make sure it ties; if the balance ever goes out of balance, it informs us, and we correct it. We can also add Auditors to FQ so they can see the audit trail of the approval process.
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Automation

Reconciliations are much easier to prepare and review. Prior to implementing FloQast, our recs were prepared in hundreds of individual Excel files and saved on our shared drives. Knowing when they were ready to review and keeping track of which were fully prepared and reviewed was one of the main …
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Audit Readiness

FloQast has had a significant impact on our controls. Assignment of tasks, due dates, review processes, review notes, task attachments, etc. have all been written into our accounting key controls. Providing journal entry and reporting support to our internal audit team is now much easier since we …
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Automation

Floqast's automation tools have streamlined our close process and reduced the time needed to maintain monthly excel templates and automated recurring outreach emails. In addition we are able to standardize reconciliation thresholds and enforce them systematically whereas in the past we were …
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Audit Readiness

Floqast centralizes documentation for the financial close which makes it easy for us to pull supporting documentation around entries made.

We aren't there yet but ideally the auditor feature will allow us to grant auditors access to pull files directly from our close tool rather than having our …
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Automation

We use reconciliation management to handle all account reconciliations across all global entities and it allows us to monitor deadlines and ensure any changes are identified and re-reconciled to ensure SOX compliance.
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Audit Readiness

We are able to provide both internal and external auditors with access to Floqast which reduces the number of requests we have to actively manage during audits. Floqast also actively monitors changes to GL or account reconciliations to provide confidence that any changes resulting in unreconciled …
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Automation

Unfortunately, we have not yet utilized these features. However, one of our 2024 goals is to begin using the flux analysis feature in order to store our P&L review in the same location as the balance sheet reconciliations and ensure the final adjustments flow through to represent the final P&L …
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Audit Readiness

One of our internal controls is that all significant balance sheet accounts are reconciled and reviewed. We are able to simply download the balance sheet reconciliation list from Floqast which shows who completed the rec and which date and also who reviewed the rec and the date. This takes 30 …
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Automation

Reconciliation management has been a useful tool in ensuring that our monthly reconciliations stay up to date, even when the numbers start to change. The ReMind tool is also fantastic, and saves you from having to remember to send out the same request over and over. It doesn't seem to bother …
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Audit Readiness

FloQast does allow auditors to access, however our IT does not allow for that. The setup we have in OneDrive though makes it easy to just take a reconciliation and drop it into whatever online portal the auditors use. This was a huge time savor for me, and on top of that you can easily provide one …
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Awards

Products that are considered exceptional by their customers based on a variety of criteria win TrustRadius awards. Learn more about the types of TrustRadius awards to make the best purchase decision. More about TrustRadius Awards

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Pricing

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FloQast

FloQast

N/A
Unavailable

What is FloQast?

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.

Entry-level set up fee?

  • Setup fee required

Offerings

  • Free Trial
  • Free/Freemium Version
  • Premium Consulting/Integration Services

Would you like us to let the vendor know that you want pricing?

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Features

Consolidation and Close

Consolidation of data from multiple entities with currency management, reporting and audit trails.

8.5
Avg 8.4
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Product Details

What is FloQast?

FloQast, an Accounting Transformation Platform created by accountants for accountants, enables organizations to automate a variety of accounting operations. Boasting users among more than 3,000 global accounting teams – including Twilio, Los Angeles Lakers, Zoom, and Snowflake – FloQast enhances the way accounting teams work, enabling customers to automate close management, account reconciliations, accounting operations, and compliance activities. With FloQast, teams can utilize its included AI technology to manage aspects of the close, reduce their compliance burden, stay audit-ready, and improve accuracy, visibility, and collaboration overall. Learn more at FloQast.com.

FloQast Features

Consolidation and Close Features

  • Supported: Financial data consolidation
  • Supported: Journal entries and reports
  • Supported: Multi-currency management
  • Supported: Detailed Audit Trails
  • Supported: Reconciliation Automation
  • Supported: Close Checklist
  • Supported: Customizable Workflows

Additional Features

  • Supported: archiving & retention
  • Supported: workflow management
  • Supported: reporting & statistics
  • Supported: risk management
  • Supported: surveys & feedback
  • Supported: version control
  • Supported: monitoring
  • Supported: access controls / permissions
  • Supported: Variance Analysis
  • Supported: Flux Analysis

FloQast Screenshots

Screenshot of the analytics that displays progress throughout the closeScreenshot of flux analysisScreenshot of reconciliations

FloQast Integrations

FloQast Competitors

FloQast Technical Details

Deployment TypesSoftware as a Service (SaaS), Cloud, or Web-Based
Operating SystemsUnspecified
Mobile ApplicationNo
Supported LanguagesEnglish

FloQast Downloadables

Frequently Asked Questions

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.

BlackLine, Vena, and Wolters Kluwer CCH® Tagetik are common alternatives for FloQast.

Reviewers rate Customizable Workflows highest, with a score of 9.2.

The most common users of FloQast are from Mid-sized Companies (51-1,000 employees).
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Comparisons

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Reviews From Top Reviewers

View all reviews
(1-5 of 130)

FloQast - The Superior Close Tool

Rating: 10 out of 10
October 03, 2024
Use Cases and Deployment Scope
We use FloQast to help with our close process. FloQast has assisted with controls, transparency & accuracy. We currently use FloQast to complete reconciliations and checklist items each month. The platform is easy to use, updates quickly and is overall an effective platform to help us reach our goals. Prior to implementing FloQast we completed our reconciliations in excel and spent a lot of time completing this task across all accounts each month. I credit FloQast with our team reaching a 4.5 day close.
Pros
  • Reconciliations
  • Sign Off Controls
  • Transparency
  • Customer Service
Cons
  • Quickly reviewing reconciliations without having to open a new window.
Likelihood to Recommend
It is clear that FloQast was created by accountants for accountants. The ease of use is excellent. It is great for keeping track of all your monthly checklist items, reconciliations and ongoing projects. We could use FloQast in more areas and I hope we do in the future.

FQ Review

Rating: 9 out of 10
Incentivized
June 04, 2024
Verified User
Administrator in Finance and Accounting
E-Learning Company, 51-200 employees
Vetted Review
Verified User
FloQast
2 years of experience
Use Cases and Deployment Scope
My company uses FloQast to manage our close process. We use the checklists and reconciliation function. We assign items to users as preparers and reviewers. FloQast links to our accounting ERP and automatically updates they balances when refreshed. We also house our reconciliation schedules in FloQast allowing us to quickly tie out and sign off on account balances once reconciled. We also utilize the notes function.
Pros
  • the dashboard and UI is easy to use
  • It has good integration, for example it's compatible with slack for notifications
  • Quick notifications when an account goes out of balance.
Cons
  • Automatic refresh when looking at reconciliations. Currently we need to manually refresh each time
  • The notes function. When a note is unassigned it is automatically closed. We must reopen if we want to leave an open note
  • FloQast Remind used to be easily accessible from the FloQast site, but now it doesn't seem like I can access it from FloQast
Likelihood to Recommend
It is a great tool to centralize and manage the close process. Before my company used FloQast we were managing our close using excel spreadsheets. The whole team has visibility on the progress of checklist items, reconciliations, and open notes.
FloQast is not good at helping identify what is driving a variance in a reconciliation that is still a manual process.

Significantly reduced our close time from 12-15 WDs to 4-5 WDs

Rating: 10 out of 10
Incentivized
June 04, 2024
Verified User
Director in Finance and Accounting
Transportation/Trucking/Railroad Company, 201-500 employees
Vetted Review
Verified User
FloQast
2 years of experience
Use Cases and Deployment Scope
FloQast helped us significantly reduce the number of days it took us to close the books. We started out just using the Close checklist and reconcilations and now multiple departments have built out checklists in the system to help streamline and track their recurring tasks and deliverables.
Pros
  • Automating reminders
  • Facilitates collaboration between different dept users
  • Easy to use flux analysis
Cons
  • Would like to see reminders or follow-up emails for open comments
Likelihood to Recommend
We were previously closing the books in 12-15 days. After using FQ for over just over 2 years, we now close the books in 4-5 days. We've created checklists for our expense AP team to work through, our FP&A team and also financial reporting team.

A game changer for the Accounting close process.

Rating: 9 out of 10
Incentivized
January 05, 2024
DM
Derek Mernagh
CAO (Chief Accounting Officer)
Motive (Information Technology & Services, 1001-5000 employees)
Vetted Review
Verified User
FloQast
6 years of experience
View profile
Use Cases and Deployment Scope
We use FloQast to manage our close process and other recurring tasks across the Accounting team. We have a 5-day close, which requires us to be efficient. It helps to keep track of all of the activities required to close the books, track the status, and also ensure completeness. We also track the status of balance sheet reconciliations using FloQast.
Pros
  • 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.
Cons
  • The file attachments have a size limit, which can be frustrating for teams working with large data sets.
  • Providing a consolidated status of close is not possible, only an entity by entity view.
  • The auto recon feature isn’t that helpful with larger data sets. Still requires human input to finalize and tie out fully.
Likelihood to Recommend
Floqast is an easy tool to implement. It also fits into your existing close process rather than forcing your team to adjust their process to do with the tool. It also helps to reduce the time to close, as all team members have a clear line of sight of their assigned tasks and due dates and provide notifications as functions are reviewed.

Great addition to any Accounting team's tool belt

Rating: 9 out of 10
Incentivized
January 02, 2024
DH
Devon Hopkins
Controller
Automox (Information Technology & Services, 201-500 employees)
Vetted Review
Verified User
FloQast
2 years of experience
Use Cases and Deployment Scope
Floqast has been an invaluable addition to our month-end close process and allows our remotely distributed team to collaborate and communicate quickly and effectively throughout our entire close cycle - from our first journal entries through our reporting package distribution to management. In addition to the checklist module, the reconciliation functionality allows us to always ensure real-time alignment with our ERP, and documents clean review notes and action items. The flux module helps us ensure we can easily investigate and comment on unexpected results and trends or even compare to our budgets/forecasts. It's a great tool for any finance & accounting team to effectively manage your close, I would strongly recommend!
Pros
  • I can easily see at any point in time tasks are still pending completion, what's ready for my review, what reconciliations have been modified and are now out of balance.
  • The analytics section does a great job of highlighting bottlenecks on certain roles/individuals or even on certain days of the close calendar. With ease, we were able to redistribute responsibilities and close on a much more consistent and accurate basis.
  • We've been able to use the Remind functionality quite effectively to obtain unrecorded liability details from key vendors, prompt our engineering team to complete their submissions for capitalized software requirements, and remind spend owners to attach outstanding receipts to credit card transactions.
Cons
  • It would be great to see drill down capabilities between account reconciliations/flux analyses that links to our transactional data in our ERP.
  • I would like to see a litte more customization available in the analytics tab to add custom filter drop downs.
  • I believe this is close to being released, but I'd like to see anticipated time commitments on the task level to be able to easily review capacity type reporting/analytics.
Likelihood to Recommend
I think FloQast is really well suited for most accounting teams that work collaboratively on the closing cycle, but will especially work well for distributed teams that work in multiple time zones. Adoption has really been key for our success in the tool. If your users are committed to marking off items as they complete them, the tool works great. If you can't get members/teams to consistently check-off tasks or reconciliations, it can be a bit challenging to be able to comprehend and analyze the results.
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