FloQast

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.

We have been mainly using Flux Analysis and it has greatly improved how we present financial results and call out any variances month over month.

ReMind helped reduce email traffic following up on accruals, which gave A/P team ~ 10 hours month in time savings which could be used on higher value add work.

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 thought of it all!

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 emails and Slack to contact key business partners.

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 issues that drove our decision to add FloQast.

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 previously mentioned, the variance analysis(Flux) is a bit clunky for our use case and the remind feature needs to be implemented with more team (outside of accounting) to really be useful. We are not at that point and we never may be there because FloQast is more of a financial management tool than an operational management tool. For smaller companies/workforces it may be easier to implement ReMind.

We have plans to create new "Close" checklists for the Payroll processing teams and the FP&A teams, so they can utilize FloQast features.

It has helped us streamline month-end processes.

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.

Saves time and improves accuracy through automated matching of trial balance with supporting detail

FloQast ops is a great tool to use to save time. By setting up the different tasks/projects, it helps create a timeline where I can follow to see if we are on track to complete certain tasks/projects. It takes some time to set up, but once done, it is great.

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 we are getting more thoughtful and detailed analysis on those flux items.

N/A

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 reliant on managers to enforce things. This allows managers and staff to focus on the work and analytics instead of compliance.

The automation tools and reconciliation management have saved time, I haven't had to hire another person to keep up.

I only use the Reconciliation Management and this has been great, to get notified once something is out of balance. This also, keeps us on track for reconciliation being 100% completed with oversight (approvals).

Have not really used much automation within FloQast besides the inherent ability for FloQast to read a ledger balance and compare it to an excel reconciliation balance.

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

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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It really helps you to stay accurate and to not forget about any tasks or reconciliations

We use FloQast Ops workflows for several processes, and having the repeating cycles populate each month makes a huge difference for efficiency.

One of the simplest features on the face of it, the document roll-forward, is also one of the most powerful - it removes the tedium of endless creating new folders, copying & pasting documents, and then renaming them.

Similarly, the Reconciliation Management means we have automatically refreshing reconciliations connected to our ERP while still using excel as the primary tool.

N/A for our business.

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 fluxes.

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 non-close items in FloQast really revolutionized my work flow and I feel so much more efficient, as well as confident that I am completing all my tasks, on-time, and nothing is slipping through the cracks. On a broader scale, FloQast's Reconciliation Management features have completely revamped how our company approaches month-end close. We are so much more organized, accurate, and efficient, and I can confidently say I am able to get close tasks done more quickly because of FloQast's features. The task deadlines, reconciliation features, and team approvals are particularly helpful for me.