FloQast or bust.
March 20, 2023
FloQast or bust.
Score 10 out of 10
Vetted Review
Verified User
Modules Used
- FloQast Close
- FloQast AutoRec
- FloQast Flux
Overall Satisfaction with FloQast
Floqast gives us visibility into our month-end close. We can track where we are ahead or falling behind schedule. Floqast allows us to automate our account reconciliations, such as our cash and prepaid accounts.
Pros
- Organize tasks and track sign-offs.
- Reconciling GL accounts and ensuring completeness of account reconciliations.
- Preparing flux analysis.
- Tracking review notes.
Cons
- Providing a "memo for next time" or being able to write a review comment for subsequent periods.
- Provide ways to add secondary reviews on quarter-end months.
- Integrate a chart of accounts from our ERP.
- We can track who or what areas are falling behind on our close.
- Ability to see the progress of closing faster.
We've been able to use Floqast to determine what is either a crucial SOX control or what GL accounts we need to focus our attention on. Everything else has either been determined immaterial or moved to a workflow (non-close) so that we can still keep track of those tasks while not impacting the close timeline.
A centralized storage system has been a game changer; we are able to find files easily in a sensible folder structure or by clicking directly on the files from the FloQast app. We also provide our auditors the close analysis reports and/or screenshots of our sign-offs as evidence of review.
At a previous job that used SAP as the ERP, we used SAP Runbook for account reconciliation management and Microsoft Sharepoint Excel for tasks/journal entry tracking and flux analysis. The SharePoint files were manual to maintain, and in most cases, the staff had to sign out the file to update, then sign it back in to make it available for the next person to update. It was a terrible system. A lot of times, people would forget to sign the file back in and had left for the day. So we had to make a copy and merge the files once the original file was available again. This isn't the case with FloQast; everything close related is in one application, and multiple users can do their work at the same time.
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
Comments
Please log in to join the conversation