FloQast definitely recommended for price
August 06, 2018
FloQast definitely recommended for price
Score 9 out of 10
Vetted Review
Verified User
Overall Satisfaction with FloQast
FloQast is being used by the finance and accounting department. It is used to layout the discrete tasks in order for the accounting department to close out the month-end process. It addresses the problem of tracking what tasks need to be done, when they were finished, reconciliation of balance sheet accounts to the work paper schedules, and seeing where the bottleneck lies when evaluating why month-end may take a long time.
- When you lay out the discrete tasks that need to be done for the month, you can assign someone to be the task owner and another person to be the reviewer. In those tasks, you can set the deadline that the task needs to be finished and a deadline when the task needs to be reviewed. In this way, you can track where the bottleneck lies. There is a good audit trail.
- Since FloQast integrates to many ERPs, the trial balance from your ERP gets fed into FloQast. FloQast will have the final balance sheet numbers for the month, for which you can upload balance sheet schedules that will tie and reconcile to your financial statements.
- It would be nice to set FloQast tasks to have dependencies against other tasks. In that way, it can help locate bottlenecks.
- It would be nice to have better reporting function in which you can see how many days late a task was finished and create some sort of analytics.
- Each quarter, we set a goal to speed our close process by one day and by the end of the year, we've sped it up by 5 business days for which the board is very pleased as they are getting the financials in a timely manner.
- It has allowed the department clarity into what each person does. It forces each person to take ownership of their task.
- We are forced to reconcile our schedules to balance sheets so our audit has finished more quickly and is less of a headache.
We have not used or evaluated any other products besides using an Excel file that is shared by the accounting team. When there is a dedicated software that has assigned tasks and will flag balance sheet schedules that don't match, you are forced to correct them. If done by Excel, there is no check for these and it gets harder for people to follow through to using Excel.