Item: FloQast
Rating: 10
Author: Verified User

Overall Satisfaction with FloQast

Use Cases and Deployment Scope

We use FloQast to keep our period-end closes organized and on track. All steps required to get us from point A to Z during close are documented and assigned to preparers and reviewers. We also use FloQast to assess bottlenecks in the process, identify where folks on the team may be struggling, or help teammates see where everyone is and pitch in where needed.

Pros and Cons

Pros

Quick and easy implementation
Customer service is fantastic
UX is modern and easy to use

Cons

Identification of hardcoded numbers being used to link back to tie out. For instance, if a reconciliation foots using a formula - and that should tie to the GL - I don't want someone being able to manually override. It's possible to have a spreadsheet with one number in it linked back to FloQast and everything would display green. Obviously, that's what the review is for but would love for FloQast to identify potential hardcoded numbers linked to the tie-out.
I would love for FloQast to have more reconciliation template resources available to customers. They have a few they offer to customers as a general guide, but it would be HIGHLY valuable if they could approach new and existing customers with a library of industry-leading best-practice reconciliation templates. I would argue most people are approaching FloQast because they want to make their close a better experience. If during the implementation, their implementation team identified areas where the customer could strengthen reconciliations and provide plug-and-play templates, that would be a huge value add.
Linkable GAAP guidance. I would like (not love) to have the ability to link relevant GAAP guidance to several of our balances/reconciliations. Furthermore, I would love for that link to flag the team if there are new developments that need to be considered and include key adoption dates that are dynamic based on the fiscal year-end.

Return on Investment

Reduced time to close
Reduced training time
Allows for a leaner team
Scalable processes

Automation

Reconciliation management has allowed us to scale up/down with the business without losing sight of the things we have to get done. With changes in staff over time, FloQast has reduced the time to train because everything is consistently stored in the same spot, checklists are maintained, and the tool is easy to adopt and navigate. Additionally, it's helpful to receive email prompts if/when a reconciled balance becomes unreconciled. That automated alert has saved me more times than I care to admit.

Audit Readiness

The FloQast audit readiness allows me to confidently go into an audit knowing we have all of our ducks in a row. We know our reconciliations are complete, tie-out, have been reviewed, etc... I imagine it also brings confidence to our auditors that we know what we are doing. If we routinely kick off an audit having all of our reconciliations ready for them and neatly packaged... it makes the audit experience a hell of a lot better.

Key Insights

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?

Yes

Did implementation of FloQast go as expected?

Yes

Would you buy FloQast again?

Yes

Likelihood to Recommend

FloQast is well-suited for any accounting team with a remote workforce. When the world stopped in March of 2020, accounting still had to close the books... FloQast empowered the team to deliver on our obligations to the business without scabling to know who is doing what and when. FloQast is also really strong at quick implementations for a team that desperately needs to put something powerful in place but not reinvent the wheel. Let's face it, the accounting team traditionally runs lean. We don't have time for a 6-month implementation.

FloQast may not be the best tool for you if you have hundreds of business units, a global presence, and multiple books you have to maintain/tie out. They do a good job if you have some of that, but you will probably need something more robust if you have a massive team so reconciliations and workflows could be standardized across the organization.

FloQast Feature Ratings

Comments

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