Excellent user-friendly tool to help with Close and reconciliation Process
We use FloQast in our month-end close process. FloQast helps our team stay organized and on task while closing the month. FloQast also …
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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Popular Features
- Customizable Workflows (92)9.393%
- Financial data consolidation (67)9.090%
- Detailed Audit Trails (77)8.989%
- Journal entries and reports (52)8.181%
Reviewer Pros & Cons
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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
For the latest information on pricing, visithttp://floqast.com/pricing
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- Free Trial
- Free/Freemium Version
- Premium Consulting/Integration Services
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What is FloQast?
FloQast is a Finance and Accounting Operations Platform boasting users among accounting teams that include Twilio, the Los Angeles Lakers, Zoom, and Snowflake. FloQast enhances the way accounting teams manage their Financial Close, Finance and Accounting Operations, and Compliance Programs. With FloQast, teams can utilize AI technology to manage every aspect of the month-end Close, reduce their compliance burden, stay audit-ready, and improve accuracy, visibility, and collaboration throughout the financial function. Learn more at FloQast.com.
FloQast Features
- Supported: Transforms Excel monthly close checklists into a cloud-based collaboration tool
- Supported: Works with the user's general ledger and Excel workbooks to link them dynamically
FloQast Screenshots
FloQast Integrations
FloQast Competitors
FloQast Technical Details
| Deployment Types | Software as a Service (SaaS), Cloud, or Web-Based |
|---|---|
| Operating Systems | Unspecified |
| Mobile Application | No |
| Supported Languages | English |
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.
Reviewers rate Customizable Workflows highest, with a score of 9.3.
The most common users of FloQast are from Mid-sized Companies (51-1,000 employees).
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Reviews and Ratings
(207)Attribute Ratings
Reviews
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Score 9 out of 10
Vetted Review
Verified User
- Tracking deadlines
- Calling out variances between schedules and GL
- Team Collaboration
- Variance Analysis Capabilities
- Customization of Dashboards
March 04, 2024
Accountant's Best Friend during Month End Close
Score 10 out of 10
Vetted Review
Verified User
- Analyzing workload
- Tracking deadlines
- Calling out variances between schedules and GL
- Notifications of your items due that day
January 10, 2024
FloQast - best in class
- Close process
- SOX compliance
- Auto-rec
- ReMind for accruals
- Continue building out auto-recs
- Improved SOX reporting
January 06, 2024
FloQast is the Month End Hero!
- Managing Month End Close.
- FLUX
- Customer Service- Their reps are so prompt in responding to questions (FAST).
- Compliance Module- Hard to manage Prepare/Review/Filing Deadline for Tax filings.
- Prepaid Module- Limiting unwanted changes (Audit Trail).
- A little cheaper.
January 05, 2024
A game changer for the Accounting close process.
- 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.
- 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.
January 04, 2024
Amazing Tracking Tool
- Tracking of close tasks thanks to the monthly close calendar option
- Review - tasks are stamped with the reviewer name & date reviewed
- Ease of review - attachments are uploaded, account balances are populated via communication with the ERP, Note feature allows for review comments
- 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
January 04, 2024
FloQast = Easier financial Close and team management!
- Customizing tasks on checklist (Description, preparer, reviewer, due date, etc.
- Reconciliation preparation, review signoffs and review notes documentation
- Analytics on task/reconciliation completion/on track/incomplete/late.
- The flux analysis. This is a great idea for simple company structures. [...] has 25+ subsidiaries and the Flux analysis can only be viewed as a BS or IS by Subsidiary. If there was a way to view the flux at a consolidated level by unique sub/account combo, it would be more helpful. Currently, it is more clunky than useful for our application.
- Mass checklist/reconciliation updates or creation. We've had issues with successfully uploading data in an accurate way.
- A way to automate account recon creation when new accounts are created in the accounting software. The Completeness check is a good controll to identify accounts in the accounting software that have not been added in FloQast but the next step would be to have an easier or automated solution for adding those accounts to NetSuite. Again, this is coming from a company with alot of subsidiaries and we keep adding more and large number of accounts often need to be added to FloQast all at once.
January 04, 2024
Great month-end software with excellent customer service and and an ever evolving product offering.
- The core solution functions well and helps us ensure all the relevant deliverables are completed.
- Excellent customer service. Always quick to help and striving to improve the product.
- Great user interface and well-functioning cloud-based solution.
- Make it easier and less cost-prohibitive to use additional modules.
- Reduce the number of folders required to be maintained on OneDrive (i.e. sub-folders for different workflows instead of separate folders).
January 03, 2024
Highly innovative and user friendly tool to manage your checklists and account reconciliations for period close activities.
- Creating a checklist of the activities to be completed for any period close.
- Summary of signed-off and open account reconciliations for user and manager.
- Integration with ERP system for updation of Trial balance.
- More controls on quality of reconciliations needed to sign off.
January 03, 2024
Great MEC tool and standard workflow tool
- Customizable
- Dynamic
- Intuitive
- Hiding inactive entities
- Linking reconciliations to work steps
January 02, 2024
The best!
- Great for audit support
- Great tool for monthly and annual close
- Great for tracking where the efficiency and inefficiencies are
- A calendar look to see all tasks/projects in one view
January 02, 2024
Great addition to any Accounting team's tool belt
- 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.
- 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.
January 02, 2024
Great month end task tracker
- Organize files for every month and roll forward
- Task tracker
- Monthly reconciliation and comparison
- Trend analysis
- Floqast is very simple and intuitive to use. It takes very little time to onboard and get started with a simple close process but it offers a breadth of features for power users and more complex organizations.
- We have a great relationship with our account manager and they have been very receptive to our feedback. It feels like Floqast is a true partner with us and helping us to grow.
- Centralizes all documentation for our end users.
- Floqast Autorec feature is helpful for simple accounts but may prove to be problematic for large or complex accounts because of its reliance on its proprietary matching algorithms. More options and control over the reconciliation rulesets may help to alleviate this issue.
- Floqast does not have a journal entry workflow which means that Floqast can not function as a one stop shop for the close. You will need to operate within your ERP.
- It will be nice to have the ability to tap into other data sources like our banks or our data warehouse.
January 02, 2024
Save time and your eyes!
- The autorec is amazing.
- I like that I can assign tasks and have others check it over.
- Year end is a breeze now.
- Limits on autorec accounts.
- Customize the autorec's more
January 02, 2024
Easy to use and great for tracking the progress of the Month End Close Activities also Reminders!
- letting us know when this have become off balance
- Keeping Track of our to do list
- that transaction that change the reconciliation
- To notify of new comments
January 02, 2024
Ensure your multi entity accounting close is on track
- GL Integration
- Reporting
- Compliance
- Variance analysis only shows 2 months. Really would like to see a trend of at least 3 months
- Wish in refreshing the variance analysis you can refresh multiple companies / reports at once.
- Wish child entity variance analysis would post on the face of the consolidated entities.
January 02, 2024
Amazing close management!
- Financial close management
- Seamless integrations
- Consistently impactful product development/enhancement
- We've struggled to use the flux analysis, but that has more to do with our ERP
January 02, 2024
A Great Close Management Tool
- Ease of implementation
- Simplifies management of teams during close
- Easy to use interface for monitoring tasks and reconciliations
- Not able to handle all disaggregations available in ERP
- Could improve on ability to delegate tasks
December 31, 2023
Efficient and user friendly
- Simplicity to navigate across entities
- User friendly
- Efficiency in accounting for several items at once
- Improving the flux analysis format/capabilities in FloQast for it to match the format of our financial statements would be very helpful.
- N/A
- N/A
December 30, 2023
FloQast makes the close process quick and seamless
- Reminds you of tasks that are coming up due
- Refreshes quickly
- It's easy to use
- Sometimes it doesn't refresh and I have to come back to it later in the day
- At first, it was hard to find the folders and tasks assigned to me because I wasn't familiar with the filters
December 30, 2023
Transform your close!
- Repetitive cycles and processes
- Task management
- Visibility and progress tracking
- Sign-offs and reviews
- Switching between types of cycle/process could be better
December 30, 2023
Modern close management tool with seamless application.
- Integration with Google documents.
- Integration with Netsuite data.
- Facilitate feedback on account reconciliations.
- Provides ongoing status on month-end close process.
- FloQast cannot pull in balances for certain equity accounts (CTA, retained earnings).
December 29, 2023
Floqast Review
- Easily syncs with ERP system to ensure updated balances are reflected
- Alerts team members when their reconciliation no longer ties to the balance sheet
- Provides a centralized place for review notes and responses
- The cost is per user so as you grow this software can become quite expensive
December 29, 2023
Increased efficiency, visibility, and collaboration - your future self will thank you for using FloQast!
- Allows the user to stay organized, consolidating all tasks into one place
- Allows the user to see quickly and obviously if an account balance has changed since it's been reconciled, which is great if there are multiple QB users
- Allows the user to set deadlines for weekly and close tasks so you always know when an item is due
- Gives you a snapshot of your close and/or weekly progress in the dashboard so you know exactly what needs to be tackled
- I would love to see a more customizable dashboard, where users could change the color themes and make it a bit more tailored to them
- When uploading a new trial balance, it can take a few "refresh" clicks before the new balances are uploaded - this is a very minor thing, but that could be a bit faster
- I believe the minimum user amount is currently six users - it would be really cool to see a small business version of FloQast for a lower rate so smaller companies could still access these features