Item: FloQast
Rating: 9
Author: Jordan Kerr, CPA

Overall Satisfaction with FloQast

Use Cases and Deployment Scope

We use FLoQast to help manage our monthly close. This includes task management, schedule reconciliations, and tie-outs to the general ledger in our accounting system (FinancialForce) and for our Quarterly Reviews and Year-End audits.

FloQast helps our team stay organized, tracking where every task is at and what bottlenecks we may have in any given reconciliation or subsidiary schedule, and has helped us reduce our days to close.

Pros and Cons

Pros

Task Management for Close Items (Assignment of Preparers and Reviewers)
Syncing Subsidiary schedule tie-outs from Excel files in OneDrive to the accounting system general ledger for live reconciliations
Close analytics

Cons

Integrations with other task management tools (e.g., Asana) so users can capture FloQast and their other "to-do's" in one place.
Better ways to limit access to components for auditors (right now, it's all-or-nothing access, and I would prefer to keep some tasks/items as 'internal only').
Real-time notifications would be nice. They have the system scheduled to send notifications at scheduled times during the day, which can be a problem if someone is waiting to start their task based on when someone else has completed theirs.

Return on Investment

FloQast has allowed our team to reduce the time it takes us to close our books on a monthly basis
FloQast has allowed our team to be more collaborative and eliminate miscommunication of responsibilities
FloQast allows for easier reconciliation and fewer mistakes between static subsidiary schedules managed in Excel workbooks and the General Ledger

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

Other Software Used

Salesforce CMS, FinancialForce Accounting, Emburse Chrome River Invoice, DocuSign CLM, Jira Software, DocuSign

Likelihood to Recommend

FloQast is a fantastic tool when working with any size team. It helps to replace the "Excel" file containing a list of tasks you need to complete each month and helps to make the monthly close an actual collaborative team experience. Some of the integrations with other systems are still being developed, so some manual steps may need to be taken depending on your accounting/ERP system.

FloQast Feature Ratings

Comments

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Dynamic and Robust Monthly Close Platform for All Shapes and Sizes of Organizations

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