FloQast Reviews and Ratings

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.

Likelihood to Recommend

FloQast tackles all things month-end close related. It is nice having a platform that centralizes and organizes all of the monthly tasks and quickly displays what is open still when everything is priority. In our organization, it helps us stay organized and compliant as we navigate through our tasks every month. We can spend more time completing the necessary work monthly rather than trying to find the status of each task.

Use Cases and Deployment Scope

I use FloQast for the Month / Quarter / Annual close process. The business problems that it addresses is giving leadership the ability to see what stage the close is at for multiple teams. We have about 5 tasks for our team that need to be communicated to other teams to begin their process.

Likelihood to Recommend

This really helps the preparer show how quick they did their part and if the item gets delayed at the reviewer stage.

Use Cases and Deployment Scope

Close management and audit checklist for the accounting and FP&A organization. Looking for more automation, accuracy and efficiency in recurring processes, allowing for more time for thoughtful analysis vs data preparation and transformation.

Likelihood to Recommend

For the price it has added tremendous value and is easy to train when we get a new team member. Appreciate it is built by and for accountants.

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.

Likelihood to Recommend

FloQast is well-suited for control testing. They are working on better solutions for operational process reviews. We like that controls are tied to risks, and now we have the frameworks to pull those together. At the same time, I have not given up my Enterprise Risk software because it is currently more robust than the risk software in FloQast.

Use Cases and Deployment Scope

Our company uses FQ heavily for month end close purposes. It helps to track the status of various monthly reconciliations and tasks as part of month end close. It is helpful to track reviews with the preparer and reviewer sign off function. We also use it as support for audit requests.

Likelihood to Recommend

FQ is well suited to tracking the status of monthly reconciliations and tasks, as well as tracking sign off on tasks by the preparer and reviewer.

FQ is less appropriate for viewing support files within FQ. It is easier to view these offline in excel.

Use Cases and Deployment Scope

I've used FloQast for tracking quarterly reporting deliverables. Previously there was no central location with a list of all deliverables and task that needed to be completed for the quarter, including due dates and those who were responsible. Many of our requests were done on an ad hoc basis through email or spreadsheets.

Likelihood to Recommend

Good for the ease of implementation and set-up. Some new features seem to be glitchy and workarounds needed to get to work correctly. Customer support is painfully slow.

Use Cases and Deployment Scope

We use FloQast for monthly reconciliations and keeping track of close items via the checklist. We use the metrics provided via the dashboard and analytics tabs to track certain key performance indicators related to our monthly goals including shortening our close by two days, which was implemented by taking all our close tasks laid out in FloQast and reviewing the current dates and transitioning them into new dates using the bulk upload.

Likelihood to Recommend

FloQast is well suited in the monthly close process of our company. It might be less appropriate for those who do not have the ERP systems that align with FloQast. Excited to learn more about the FloQast variance analysis tool and AI implementation offered. It helps me keep track of due dates as well and helps with on time completeness of tasks for audit purposes

Use Cases and Deployment Scope

My team currently used FloQast as our close tracker and reconciliation portal. We thoroughly enjoy it for both and can manage our monthly, quarterly, and annual processes utilizing this software. I have been in FloQast for years and have been very satisfied with the direction of the company and look forward to potential new releases to expedite close and other procedures.

Likelihood to Recommend

I have experienced close procedures and reconciliations being exclusively being tracked via spreadsheets all the way to software like this. This reduces time and data continuity errors when updates happen.

I have seen some of the new releases where AI can help match items such as cash or asset depreciation. This seems unnecessary as most ERP's have systems in place already to reconcile items like this. I do look forward to some AI matching with other accounts such as my payroll where I have multiple sources of information from a third party payroll system, payroll accruals, employee withholdings, and insurance vendor invoices all needing to be matched and compared to one another across all the departments of the company.

Use Cases and Deployment Scope

FloQast is an excellent tool for keeping track of Audit, Statutory, GAAP, and other deliverables required by our organization. With multiple due dates for different deliverables for the many reporting requirements, FloQast provides one central location to keep track of everything. Nothing falls through the cracks with FloQast. Individual to-do lists and reminder emails ensure that each person on the Finance and Reporting Team knows what is due each day, each week, or each close period.

Likelihood to Recommend

FloQast is a comprehensive tool to track due dates for deliverables ensuring compliance with all reporting requirements for GAAP, Statutory, and other reporting silos. The Dashboard view provides a quick overview for managers of progress towards completion of period reporting. Individual to-do lists keep reporting Team members apprised of upcoming due dates. In my experience I can't imagine a scenario where using FloQast would be less than appropriate.

Use Cases and Deployment Scope

I use FloQast for month-end closing processes. The things that I use the most are the checklist items and the reconciliation items lists. The checklist gives me a list of every single journal entry and report that I need to complete at every month-end closing process. It allows me to see the specifics for "normal" months and for quarterly close months. We can set up items as recurring monthly, quarterly, or on a one-time basis. Same with the reconciliation list, it allows me to see what recons I still need to complete and who has or hasn't signed off on them. I also love that it looks at our totals in Netsuite and links it to our Excel recons and shows us if there is a variance and keeps recons from being approved if there is a variance until it is researched and additional support is provided.

Likelihood to Recommend

I think FloQast is suitable for most scenarios that I have encountered in my work life. I really don't have any good or bad examples. I think it allows teams to separate duties, make checklists, see reports, and organize things in a great way. It has always worked wonderfully for me and what I do.