Item: FloQast
Rating: 10
Author: Verified User

Use Cases and Deployment Scope

We use the reconciliation and flux analysis modules the most. Reconciliations are greatly improved with visibility into all recons from a dashboard and knowing when recons are complete, if there are reconciling items to investigate, and tracking progress across the department. The flux analysis module has replaced a manual process that didn't always get completed fully or timely.

Pros and Cons

Reconciliations and integration with accounting software
Flux analysis module clearly shows material changes and is customizable
Close checklists are helpful in tracking progress and making sure everything gets done

ReMind feature has some limitations and could be more user friendly
Some sections don't allow attachments, such as the Flux analysis module
Trial Balance completeness in the reconciliations can be useful but if accounts are added after it is run, there is no notification.

Return on Investment

Reduction in total close days
Some features have been on and off line, so some stability issues with some of the nice-to-have stuff, but not too difficult to work around
Much better visibility and progress tracking for close
Available automation for email requests using ReMind feature

Automation

We have seen a reduction in the time to close, mainly due to Reconciliation Management and Close Checklists. The Flux Analysis module is also helpful, but hasn't been as beneficial in reducing time to close. All the tools work together pretty well, though there is room for improvement with linking things like ReMind with checklist items. It would also be great to be able to link journal entries to accounts directly to assist with reconciliations.

Audit Readiness

We have not used FloQast for PBCs yet with the exception of reconciliations. We do plan to use checklists and audit trails for control testing, and giving auditors access to the reconciliation and flux analysis modules.

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?

I wasn't involved with the selection/purchase process

Did implementation of FloQast go as expected?

Yes

Would you buy FloQast again?

Yes

Likelihood to Recommend

I've been involved in the implementation of FloQast in two companies, one small, one very large. Both have been very smooth and staff has been quickly brought up to speed on using the tools within FloQast. It has lead to shorter close timelines, less missed tasks and entries, and increased visibility for managers. The Reconciliation module is the most important feature for my team.

Awesome close tool that helps accountants keep their sanity

Modules Used

Overall Satisfaction with FloQast