FloQast is one of the best workflow and document management tools that I've used
March 17, 2023
FloQast is one of the best workflow and document management tools that I've used
Score 9 out of 10
Vetted Review
Verified User
Modules Used
- FloQast Close
Overall Satisfaction with FloQast
We mainly use FloQast for month-end close and reporting checklist, reconciliation and documentation. As our company is publicly traded, we have SEC reporting requirements with many working papers to maintain. FloQast makes our closing workflow very smooth and organized. There is also SOX compliance requirement and FloQast helps maintain periodic internal control checklist items in a very efficient way.
- Set due date for each checklist item, and assigned users get email notifications when items are coming or past due.
- The application is very user friendly and intuitive. We can easily modify or add items to better fit our business need; the filter function also allows us view anything assigned to us on a monthly basis.
- We can invite external auditors to the application, where they can review and pull up necessary documents for testing purposes without modifying the files. It saves a lot of time with traditional file exchanging with auditors.
- Pretty rare, but there were a few incidences where the documents uploaded are not synced properly to the FloQast account.
- Streamlined workflows
- Improved team collaboration
- More standardized processes
We use FloQast reconciliation management and remind tools. The reconciliation automation has improved accuracy and reduced our time to close significantly. Each month, we import the GL from our accounting system, and maintain different reconciliation workpapers to tie out calculated balance to the GL balance stored in FloQast. The system would flag anything that's out of balance for us to review and revisit.
There are different tags we can add to each checklist item, such as journal entry, high risk, or internal control. With the standardized monthly/quarterly process, it is very easy to pull up documents when it comes to audit requests. Also during the SOX audit/walk-through process, we can also filter any "internal control" related items for the auditors. Each item also has users' sign off trail.
CaseWare Working Papers is not cloud based, which adds difficulties with intranet connection requirements. FloQast being cloud based is very easy to access. Also FloQast's reconciliation management and checklists management modules are more user friendly compared to Caseware. Rolling forward Caseware at year end can also be cumbersome or problematic.
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