#1 most frequent
United States of America
85.8%971 installations of 1,132
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.
Categories & Use Cases
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Screenshot of the analytics that displays progress throughout the close
Top Performing Features
Detailed Audit Trails
Tracing changes to data and processes that were run.
Category average: 8.9
Customizable Workflows
The ability to adapt the software to complete tasks in a particular order according to business needs.
Category average: 8.6
Journal entries and reports
Ability to enter journal entry adjustments and produce reports showing all journal entries for a specific period.
Category average: 8.3
Areas for Improvement
Financial data consolidation
Consolidating data from several entities into a single statement using US GAAP, IFRS or other standards.
Category average: 7.7
Multi-currency management
Ability to handle foreign currency conversions during consolidation.
Category average: 6.7
Who Buys & Uses FloQast
#1 most frequent
Information
24.4%276 installations of 1,129
#2 most frequent
Professional, Scientific, and Technical Services
18.7%211 installations of 1,129
“FloQast acts as a centralized hub that houses all of our monthly, quarterly, and yearly support. It is convenient being able to sign into one location and filter for whatever period is needed to find the supporting document as quickly and efficiently as possible.”
#3 most frequent
Manufacturing
12.9%146 installations of 1,129
#2 most frequent
United Kingdom of Great Britain and Northern Ireland
3.1%35 installations of 1,132
#3 most frequent
Canada
2.9%33 installations of 1,132
Pros
- Streamlines month-end close tracking and progress updates
- Facilitates easy connection of Excel reconciliations to general ledger balances
- Offers robust checklist features for organizing and tracking close tasks
Cons
- User interface and navigation require improvement, particularly dashboards and filtering
- Automation and AI functionality often lack necessary granularity or speed
- Task management features need enhancement for bulk updates and due date modifications
FloQast - great tools to enhance accountability and productivity
Use Cases and Deployment Scope
I use FloQast for month-end close process tracking and completing reconciliations on a monthly basis. This keeps the team on track and increases accountability during the month-end close process. We use these tools on a monthly basis and they greatly outweigh the benefits of an excel tracker or something similar.
Pros
- tracking month-end close items
- tracking reconciliations
- keeping the team accountable during close and post-close
Cons
- the navigation of the site can be improved
- simplified dashboards
- easier filtering across the team
Return on Investment
- Positive impact on keeping the team accountable
- Positive impact on tracking items across the team (one-stop shop)
- Positive impact on transitioning duties across team members
Alternatives Considered
BlackLine
FloQast Close and Compliance
Use Cases and Deployment Scope
We use FloQast for monthly and quarterly close and the compliance module for SOX.
Pros
- It’s fairly intuitive
- centralized repository of files that can be shared internally and externally
- integration with ERP and file sharing
Cons
- we are finding it hard to adopt
- customer support/success is sparse
- the remind feature could use AI for assistance
Return on Investment
- improved visibility
- more standardized processes
- greater ability to share support internally and externally
Alternatives Considered
BlackLine
Other Software Used
Sage Intacct, BILL, SAP Concur
We love FloQast.
Use Cases and Deployment Scope
We use FloQast as our audit software. We have several business units around the world, which adds to our control testing complexity. FloQast enables us to tailor our audit programs to our needs and restrict access to only those users who require it for specific programs.
Pros
- Listen to their customers.
- Flexibility in the software and the way it is used by different customers.
- Innovative. Always adding new ways the software can be used.
Cons
- We would like to be able to add all issues and then send only certain issues to the management team.
Return on Investment
- More standardized communication and processes.
- Streamlined workflows.
Alternatives Considered
Wolters Kluwer TeamMate and AuditBoard
Other Software Used
NAVEX One
FloQast for close management
Use Cases and Deployment Scope
We use FloQast (FQ) to assist with our month end (ME) close tasks and reconciliations. We have all the ME close tasks in the Checklist tab and all the reconciliations in the Recons tab. We also use the Variance Analysis tab for our balance sheet month over month trend analysis. I manage 3 direct reports, so I filter the Checklist and Reconciliations tabs to myself and my 3 direct reports as well as DUE TODAY and LATE, so I know which tasks or recons are due today or late, so I can ensure those tasks and recons get done timely. The late often occurs because a reconciliation has gone out of balance when someone posted a new entry affecting the account that was previously reconciled.
Pros
- Customer Support is always responsive and responds to my emails quickly.
- FloQast allows you to attach support files to the task and also add a comment if the task does not require a journal entry for the month.
- The reconciliations compare the GL balance pulled from Intacct to the Excel spreadsheet you prepare with a tag for the FloQast account being reconciled.
Cons
- When updating the Due Dates in both the Checklist and Reconciliations, it now requires you to highlight the number of days the task or recon is due and type it in. This happened after they updated FQ. Before that, you click on the Gear icon and just click the UP arrow next to the due date (number of days it was due) to increase the date to the next day which was very convenient and fast. Now I have to achieve the same thing in 2 clicks which might not seem like a lot but when you have 3 direct reports asking to move due dates for 9 states for 5 different tasks or recons, this becomes 45 times you have to do so many clicks. I reported this issue to Support. Back then they only updated the Recons to make it more cumbersome to move the due dates, but now both the Recons and Checklist are cumbersome.
- Another issue with FQ is when you want to temporarily update the due dates for the current month by downloading the template and change the due dates on the template and reupload it back to FQ, you have to do it twice. First you have to apply it to the current month. Then you have to upload back the original exported template before the change and apply it to the next month and forward. This is a bit cumbersome.
- The AI functionality to post JE to Intacct is unable to allow intercompany entries which Intacct allows by using Source Entity. If you want the JE option which you have to pay for as an add-on, you have to make sure your debits and credits are booking to the same entity. This is not practical when you have multiple entities.
Return on Investment
- FQ improved visibility of the month-end close. The dashboard shows the percentage of completed items or late items in a pie chart which helps make it easier to see how much is left to do or how close we are to completing all the tasks and recons for the close.
- FQ provides more standardized processes. I like that I can add to the description of the tasks easily and be more detailed including steps to accomplish the tasks. Then I just copy the newly updated tasks and paste them across all the 9 states, so all 3 accountants will have standardized processes to follow.
- FQ improved team collaboration. I use the filter functions to filter to myself and my 3 direct reports and also filter to DUE TODAY and LATE. I let my team know if there are items due today or late that need their attention via Teams chats.
Alternatives Considered
BlackLine
Other Software Used
Sage Intacct, LeaseQuery, Coupa, Adaptive
FloQast An Essential Month-End Close Tool
Use Cases and Deployment Scope
In our organization, FloQast has and will continue to be used as a tool that solves a lot of problems other organizations face when dealing with month-end close:
Disorganized month-end close process
Lack of visibility and collaboration
Audit readiness and compliance
Manual and repetitive tasks
With FloQast, a lot of these inefficiencies are solved in an organized manner. This ensures a streamlined process on a monthly basis and avoids any confusion or chaos when time is of the essence.
Disorganized month-end close process
Lack of visibility and collaboration
Audit readiness and compliance
Manual and repetitive tasks
With FloQast, a lot of these inefficiencies are solved in an organized manner. This ensures a streamlined process on a monthly basis and avoids any confusion or chaos when time is of the essence.
Pros
- Close management
- Reconciliation management
- Compliance management
- Accounting operations
Cons
- Edit access to comments once posted on FloQast as a preparer
- Reconciliations go out of balance and back to being balanced randomly
- Customizable dashboard to rearrange tiles and what is displayed on the homepage
Return on Investment
- Improved team collaboration as everyone has a log in and participates in monthly tasks
- Improved visibility since every tasks' status can be determined at all times without reaching out to the respective preparer or reviewer
- Streamlined workflows with the amount of organization and overall structure of FloQast
Alternatives Considered
BlackLine
Other Software Used
NetSuite ERP, Workiva, Google Workspace, Slack
