Great product for Month-end Close

We use FloQast for month-end closing. I am a user and also an approver. GL accounts are grouped in different folders. In Checklist, all journal entries are listed as tasks and are assigned to users and approvers with deadlines. The users upload journal entries proposal for approvers to review and approve. All balance sheets accounts reconciliations are performed under Reconciliation tab. The users upload reconciliation schedule of each account for approvers to review and approve. The trail balance is uploaded periodically for reconciliation. Communications among users are done through notes. After all entries are posted and all accounts are reconciled, I run P&L under Flux Analysis for variance analysis. FloQast is a very good tool for accounting workflow automation, document retention, approval tracking and is very helpful for audit preparation.

I use FloQast Flux Analysis to perform monthly financial analysis - mainly P&L. I can quickly identify the accounts with material variance and leave notes in explanation section for management to review. You can build different reports such as P&L Month over Month, P&L YTD over Previous YTD, P&L current month over PY month. You can also refer to historical analysis.

FloQast makes our year-end audit much easier as it stores journal entries and reconciliation schedules. For most of the PBC items, we can just upload the documents from FloQast. We can also give access to the auditors during audit time. This improves the efficiency, results in faster audits and reduces our workload.