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FloQast

FloQast

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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Recent Reviews

FQ Review

9 out of 10
June 04, 2024
Incentivized
My company uses FloQast to manage our close process. We use the checklists and reconciliation function. We assign items to users as …
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FloQast User Review

10 out of 10
May 27, 2024
It is the best tool for tracking reconciliations, tasks and flux analysis. FloQast helps to track your tasks and monthly reconciliations …
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Amazing Tracking Tool

9 out of 10
January 04, 2024
Incentivized
We use FloQast to manage all aspects of our close and post-close processes. It allows for tracking of our tasks so that we know at any …
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Awards

Products that are considered exceptional by their customers based on a variety of criteria win TrustRadius awards. Learn more about the types of TrustRadius awards to make the best purchase decision. More about TrustRadius Awards

Popular Features

View all 5 features
  • Customizable Workflows (97)
    9.2
    92%
  • Detailed Audit Trails (82)
    9.0
    90%
  • Financial data consolidation (69)
    8.9
    89%
  • Journal entries and reports (52)
    8.1
    81%

Reviewer Pros & Cons

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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

Offerings

  • Free Trial
  • Free/Freemium Version
  • Premium Consulting/Integration Services

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Features

Consolidation and Close

Consolidation of data from multiple entities with currency management, reporting and audit trails.

8.5
Avg 8.3
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Product Details

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: archiving & retention
  • Supported: workflow management
  • Supported: reporting & statistics
  • Supported: risk management
  • Supported: surveys & feedback
  • Supported: version control
  • Supported: monitoring
  • Supported: access controls/permissions

FloQast Screenshots

Screenshot of the analytics that displays progress throughout the closeScreenshot of flux analysisScreenshot of reconciliations

FloQast Technical Details

Deployment TypesSoftware as a Service (SaaS), Cloud, or Web-Based
Operating SystemsUnspecified
Mobile ApplicationNo
Supported LanguagesEnglish

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.

BlackLine, Vena, and Wolters Kluwer CCH® Tagetik are common alternatives for FloQast.

Reviewers rate Customizable Workflows highest, with a score of 9.2.

The most common users of FloQast are from Mid-sized Companies (51-1,000 employees).
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Comparisons

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Reviews and Ratings

(207)

Attribute Ratings

Reviews

(1-25 of 129)
Companies can't remove reviews or game the system. Here's why
June 04, 2024

FQ Review

Score 9 out of 10
Vetted Review
Verified User
Incentivized
  • the dashboard and UI is easy to use
  • It has good integration, for example it's compatible with slack for notifications
  • Quick notifications when an account goes out of balance.
  • Automatic refresh when looking at reconciliations. Currently we need to manually refresh each time
  • The notes function. When a note is unassigned it is automatically closed. We must reopen if we want to leave an open note
  • FloQast Remind used to be easily accessible from the FloQast site, but now it doesn't seem like I can access it from FloQast
Score 8 out of 10
Vetted Review
Verified User
Incentivized
  • FloQast is able to navigate our complex corporate structure to pull account balances from every entity accurately. It hasn't been incorrect so far.
  • FloQast keeps everything organized. I find it very helpful to be able to filter on a particular tags. For example, specific 10Q tasks which are only needed quarterly are tagged "q_preparation." It just keeps it simple.
  • Because some close tasks must be done before other close tasks can be started, FloQast allows me to be notified when that individual has signed off on their completed task, allowing for maximum efficiency.
  • Refreshing all of our entities' account balances in the Reconciliation Module can take a while or sometimes even get stuck and never complete. I imagine we don't have nearly as many entities as some larger companies. I believe there is some room for improvement there.
Score 10 out of 10
Vetted Review
Verified User
  • FloQast helps to track your tasks and monthly reconciliations in a very easy and efficient manner.
  • It also helps set deadlines on tasks which are time sensitive
  • It saves time and all reconciliation activity for multiple entities can be viewed in one place by management.
  • Reminder email for flux analysis is not sent even if someone is assigned to a particular task.
  • Out-of-balance recons need to be notified to the owner in real time.
Score 9 out of 10
Vetted Review
Verified User
Incentivized
  • Account reconciliations
  • Month end close checklists
  • Ensuring we're all on the same page, know our status and what our blockers are
  • Offer more services as standard with it's base pricing
  • Be as price competitive with some of it's newer competitors
  • The webpage with all it's filters can get a little cluttered so it could be cleaned up
Score 10 out of 10
Vetted Review
Verified User
Incentivized
  • 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.
Derek Mernagh | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Incentivized
  • 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

Score 9 out of 10
Vetted Review
Verified User
Incentivized
  • 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
Score 10 out of 10
Vetted Review
Verified User
Incentivized
  • 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.
Score 9 out of 10
Vetted Review
Verified User
Incentivized
  • 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).
Score 9 out of 10
Vetted Review
Verified User
Incentivized
  • 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 02, 2024

The best!

Score 10 out of 10
Vetted Review
Verified User
Incentivized
  • 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
Score 9 out of 10
Vetted Review
Verified User
Incentivized
  • 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.
Score 10 out of 10
Vetted Review
Verified User
Incentivized
  • 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.
Michael Dim, CPA | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User
Incentivized
  • 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.
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