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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How FloQast Differs From Its Competitors
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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
Pricing
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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
Offerings
- Free Trial
- Free/Freemium Version
- Premium Consulting/Integration Services
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Product Details
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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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(205)Attribute Ratings
Reviews
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September 13, 2023
I'm spoiled now - can't go back to life without FloQast
Score 10 out of 10
Vetted Review
Verified User
Our firm provides accounting and close services to a wide variety of clients. FloQast is the number tool used in our business. It not only provides for an incredibly smooth close every month, organizing us as a team, streamlining communications, and keeping us audit ready all year long. It also includes all kinds of great tools for everyday workflow organization. With a 5 person team, we are able to close the books for multiple businesses within 15 days.
- FloQast makes it easy to assign each and every balance sheet account to an individual for reconciliation each month, with another person for review. Deadlines are assigned, and it is simple to track and follow up. No more having things "fall through the cracks" or be accidentally forgotten.
- Document storage occurs simply with FloQast. It is so easy to attach any documentation related to reconciliation or tasks. This makes finding everything you need for an audit request so simple!
- Anytime changes need to be made to assignments or new accounts need to be added to the monthly reconciliation list, it is incredibly easy for the account administrator to make the changes. These tasks are not cumbersome at all.
- The process of getting the monthly trial balance ready for the flux analysis could be improved. Right now, that is cumbersome. It may be because we use QB Desktop
- The home page is still a little overwhelming to look at when one has a lot of entities. But FloQast is continually making upgrades and changes, so I expect this will continue to improve
- The way FloQast organizes the Close and keeps track need to happen and then when they DID happen
- Storing all documentation pertaining to account reconciliations in one place
- The ability to communicate with team members through notes and the storage of those notes for historical purposes
- Checklists - Close and Non-Close
- Flux Analysis
95.71428571428571%
9.6
- We look more professional and competent with FloQast
- Clients can visually see how the close is going by looking at the analytics in FloQast
- We use FloQast Reminders to communicate automatic reminders to clients, and this increases trust in our ability to get things done without fail
The ability to use FloQast as a "communication" tool within our company and with our clients is fantastic. We can see where each team member is in the close process, leave notes, and update the status of our progress continually. We do the same when working with the accounting team in a client's office. It provides a very streamlined and professional means of getting the close done even when we all work in remote locations.
We are basically audit ready year around except for a few tasks that related to the notes to the financials. When it's audit time, we don't do anything special for the year-end close that we don't do on a monthly basis already. It makes the year-end close a lot less stressful when it's something you already do every month.
- BILL and DivvyHQ
It isn't really the same thing at all. Totally different use. I have never seen or used another product that comes close to FloQast in function.
10
All accounting/bookkeeping
2
There are two of us that we consider "power users" and do most of the support. People skills: friendly, kind, teachers/mentors (we don't just fix things, we teach them what went wrong and how to fix it so that we are developing their FloQast skills too), patient.
- Audit prep for each client
- Close and non-close checklists
- We love that we are audit ready every month
- The notes are a great communication tool
- We'd like to see the Flux Analysis interface improved so it can be used more effectively
No
- Price
- Product Features
- Product Usability
Price is always a factor - let's be honest. No matter how much one may drool over a great product, if you can't afford it, you can't afford it. But in order to even consider a product, it has to be worth wanting and FloQast is amazing! It just has the features I desire and they make sense. Accounts were clearly involved in the design.
I was not involved in the selection process. I came on board to this little boutique CAS firm that already had it and was delighted when I started using it. Never want to work without it again!
- Don't know
- Implementation occured before I started with the company
- Online Training
- In-Person Training
If you are starting fresh with no previous experience, FloQast offers best practice templates to get you started. You edit those templates to meet your specific needs or naming conventions. From there, you will find FloQast so intuitive that when you will soon be editing and and tweaking your lists and folders with ease.
No - we have not done any customization to the interface
No - we have not done any custom code
We haven't found a need to customize.
I am not in charge of the services we purchase and do not know if we purchased premium support
Yes
Yes. I just went through the normal channels.
I would love to give back 50 bonus points if FloQast support would not just fix issues (which they always do) but would offer to contact me and walk me through how to fix the issue myself. That is what I would prefer. I always ask how to fix it myself and once one the team members did so and I loved them for it!! I want to learn how to really know this product and use it fully. So, I prefer fixing the problem myself. Some people may prefer having the issue resolved for them, I get that. But it would be so awesome to have the option if one wants to learn to have the team member take time to explain it. (It will save them time in the future!)
- Tracking the entire team's progress during the month end close
- Tying out reconciliations to the general ledger
- Creating checklists
- Adding or deleting reconciliations as needed
- Pulling in the monthly information for the Flux Analysis
- QuickBooks Online
Ties directly to the chart of accounts. Very simple.
- QuickBooks Desktop
We wish it could integrate with QuickBooks desktop, but to be honest, it isn't that hard to download a trial balance and upload it to FloQast when needed.
- File import/export
As I'm not heavy into IT, I don't have any advice on this. It has seemed easy to me.
We do some beta testing for FloQast and in consideration for that, they sometimes provide us with special pricing on the products we beta test.
FloQast is not difficult to deal with. They are customer focused and pleasant.
No
- We haven't upgraded. I believe we started on a fairly current version.
- FloQast in constantly putting out little tweaks and upgrades. So, I'm always expecting good things and surprises that I didn't see coming! They never think of the product as complete.
No
No
February 03, 2023
FloQast has provided great value
Score 10 out of 10
Vetted Review
Verified User
We have used FloQast to provide visibility to our global reconciliation management and monthly close process. It has provided a centralized storage location for reconciliations and related documentation and the signoffs and TB variances provide confidence that nothing has been overlooked.
- Very easy to launch
- Configurable by regular accountant users. No need for specialists
- While very easy to implement and maintain, they have resources dedicated to helping you implement and then maintain / expand utilization.
- Ability to index reconciliations and supporting documents with hyperlinks within the documents.
- Administration changes directly in the reconciliations.
100%
10.0
- Provides maximum visibility into all team member status
- tracts changes made in TB after reconciliations have been completed
Cost and seemed so complicated to launch
40
All finance and accounting
4
all accountants
- centralized documentation
- comparison to TB
- visibility of status
- other none close related workflows such as payroll and tax
- autorec
No
- Price
- Product Features
- Product Usability
- Product Reputation
none
- Implemented in-house
No
- Implementation was so easy and very well supported by FloQast
- Online Training
- In-Person Training
- No Training
We had great training from FloQast
Lean on the dedicated support team
No - we have not done any customization to the interface
No - we have not done any custom code
no
No - didn't know this was a thing, but regular support seems like premium
They provide a response almost immediately. makes it very easy to keep on track when working on projects.
- In reconcliation admin editing.
- not found any
- no
- no
- File import/export
FloQast team will take care of this
good terms
they are extremely easy to deal with
No
- n/a
- n/a
No