Month-End Close (Auto-Pilot) ON.
March 20, 2023
Month-End Close (Auto-Pilot) ON.
Score 9 out of 10
Vetted Review
Verified User
Modules Used
- FloQast Close
- FloQast AutoRec
- Beta version of Floqast SOX
Overall Satisfaction with FloQast
I primarily use FloQast to manage the month-end close process at my company. Being an Accounting Manager, FloQast helps us gather insight as to the bottlenecks that delay the close. FloQast helps us tracks our reconciliations and our close checklist items; all items are necessary to be SOX compliant. In addition to this, there are features like Auto-Reconciliation, which save us a significant amount of time during the close. In the near future, we plan to use FloQast's SOX reporting tool to ensure SOX compliance every month.
- The Auto-Reconciliation feature saves us time which is crucial to the close.
- The close tool is easy to use and update, which is crucial to capturing changes to processes.
- Their close tool also syncs to the ERP system, ensuring that reconciliations are consistent with final figures in the GL.
- SOX reporting - We are currently working on setting up a SOX reporting tool.
- They might want to incorporate a Fixed Asset Reconciliation feature, as there are only Prepaid reconciliations.
- Auto-reconciliation feature does not sync with all cash accounts.
- This tool has allowed for much more collaboration amongst different parties responsible for the close. Allowing us to track progress and identify bottlenecks.
- Automation Reconciliations - This has saved us significant time allowing for process improvements in other areas.
- FloQast SOX - is starting to take shape and has allowed us to link our evidence to specific control activities. Ensuring we are SOX compliant.
With a significant amount of cash accounts eligible for the automation feature, there has been a significant amount of time savings. While the number of transactions is not a lot in some of the accounts the ability of FloQast to link to our ERP system has been crucial.
We are utilizing a beta version of the FloQast SOX compliance tool and while it has not been fully implemented it should create a more streamlined process for ensuring SOX compliance.
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?
I wasn't involved with the implementation phase
Would you buy FloQast again?
Yes