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I'm spoiled now - can't go back to life without FloQast
Updated September 13, 2023

I'm spoiled now - can't go back to life without FloQast

Jolie Trogdon | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User

Modules Used

  • FloQast Close
  • FloQast Flux

Overall Satisfaction with FloQast

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
  • 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.
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.

Do you think FloQast delivers good value for the price?

Yes

Are you happy with FloQast's feature set?

Yes

Did FloQast live up to sales and marketing promises?

I wasn't involved with the selection/purchase process

Did implementation of FloQast go as expected?

I wasn't involved with the implementation phase

Would you buy FloQast again?

Yes

Any company looking to organize chaos in their accounting department for reconciliation ownership/responsibilities and close processes would love this product. And anyone who simply likes a tool that speaks to organization. Even if you are already highly organized, this tool will make you so happy!

FloQast Feature Ratings

Consolidation and Close
9.6
Financial data consolidation
10
Journal entries and reports
9
Multi-currency management
8
Detailed Audit Trails
10
Reconciliation Automation
10
Close Checklist
10
Customizable Workflows
10

Using FloQast

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
I personally can't imagine doing business without it now.

Evaluating FloQast and Competitors

  • 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!

FloQast Implementation

Implementation occured before I started with the company (but despite the instruction to skip the question if I did not participate, the site required I put in a rating in order to move on to the next page)
  • Don't know
  • Implementation occured before I started with the company

FloQast Training

  • Online Training
  • In-Person Training
The FloQast team members are just so personable. FloQast has clearly done a great job hiring people who are not just good at what they do, but are also fun to work with! They have placed people in the right roles and the customer benefits from this. I have enjoyed every opportunity I've had to work with a FloQast team member on training.
The online training is good. But like all online, pre-recorded training, it is never quite as good as in-person or live training where one can ask questions or get clarification. That said, FloQast has an extensive training library and most of the time, if one finds they need help on a topic, it can be answered by going to the online training and watching appropriate recording.

Configuring FloQast

FloQast allows you to configure your close and other business processes to fit your needs within the confines of a structured organization that makes sense and follows best practices. The structure helps keep teams on track while still allowing for a wide variety of business models with varying needs, structures and sizes.
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.

FloQast Support

Every time I've contacted support the response has been quick and effective
ProsCons
Quick Resolution
Good followup
Knowledgeable team
Problems get solved
Kept well informed
No escalation required
Support understands my problem
Quick Initial Response
None
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!)

Using FloQast

FloQast is incredibly intuitive and easy to use. The only reason I don't give it a 10 is that the Flux Analysis feature is not great in terms of getting the information into the system. Once it's in, fantastic! But some work is needed.
ProsCons
Like to use
Relatively simple
Easy to use
Technical support not required
Well integrated
Consistent
Quick to learn
Convenient
Feel confident using
Familiar
None
  • 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

FloQast Reliability

We started using it with one client/customer and now use it with fourteen entities and plan to add two more in the next couple of months. It has made it possible to grow our business without hiring additional personnel. We can do more work with the same number of people.
We have only noticed a slight slow down in accessing FloQast on a couple of occasions (near the beginning of a month when many people were likely trying to get online to close their books). The issue has always resolved itself with three to five minutes, so it's never been a hinderance.
FloQast's performance is great. The pages always load quickly, and reports are completed fast! I've never noticed any slowdown in our ERP from the interface with FloQast.

Integrating FloQast

No difficulties in the integration with QuickBooks Online.
  • 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.

Relationship with FloQast

I was not in on this process in person, but from the stories I hear, it is all glowing praise.
The team at FloQast makes us feel special even though we are a very small firm. Somehow they make us feel like one of their most important clients despite our small size.
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.
I did not help in the purcase
FloQast is not difficult to deal with. They are customer focused and pleasant.

Upgrading FloQast

  • 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.