Close Made Seemless with FloQast!
March 22, 2023
Close Made Seemless with FloQast!
Score 8 out of 10
Vetted Review
Verified User
Modules Used
- FloQast Close
- FloQast Flux
- FloQast Analyze
Overall Satisfaction with FloQast
FloQast helped me and the accounting team manage the monthly close process very closely. With FloQast, we are able to create a detailed checklist of month-end activities and assign them different activities, change the due dates, and assign reconciliation duties. It also allows us to work and collaborate online on flux files.
- Filter Checklist items by user, account, folder and due date.
- Reassign tasks or recons in bulk easily.
- Excellent customer service as they respond quickly to issues and even on holidays sometimes.
- Make the close process easier with simple to-do list and reconciliations.
- Sometimes the reconciliations take a long time (more than 5 minutes) and produces errors.
- The UI could use an update to allow comparisons to previous periods.
- Reconciliation file size limitations need to be increased. Currently the limit is only 2MB whereas some of our recon files are over 50MB large.
- Improved team collaboration on monthly and quarterly flux analysis.
- Save us money on audit hours by providing us with an audit trail. This allows our company to easily retrieve audit documentation.
- Floqast is also flexible from a price point because we can deactivate inactive users (employees on leave) and easily reactivate their privileges instantly.
We have not used any of these FloQast automation tools, such as the Ops workflows, ReMind or Management. We would love a training from FloQast on how to do so. I am confident that these tools can be a value to our close process in we understand how to implement them in our day-to-day activities.
We have provided access to FloQast to our internal auditors, and they have the ability to view our checklist, users, and reconciliations are compliant with our Standards of Operations. In addition, senior management has access to FloQast and they are able to provide reconciliation files, rollforwards, user-lists, and monthly close reports to auditors when needed.
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
FloQast Feature Ratings
Using FloQast
7 - The Accounting team has access to checklist and reconciliations and complete the assigned activities on a monthly basis before or on the due date. The accounting manager then can go in and review the activity, check the general ledger and verify that the reconciliation is complete and accurate. This is important because we have quarterly flux analysis that needs to be submitted to corporate accounting on time.
Finance can also check the process and review certain items and balances and request more feedback if necessary.
Internal Audit has a process as well, and they ensure that our department is audit ready and activities are segregated. IT also has a roll which is add new users, remove users, and troubleshoot any errors.
Finance can also check the process and review certain items and balances and request more feedback if necessary.
Internal Audit has a process as well, and they ensure that our department is audit ready and activities are segregated. IT also has a roll which is add new users, remove users, and troubleshoot any errors.
- Monthly checklist
- Reconciliations
- Quarterly reporting