Close Fast with FLoQast
Updated December 22, 2023

Close Fast with FLoQast

DeAnn Burnett | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User

Modules Used

  • FloQast Close

Overall Satisfaction with FloQast

We use FloQast for our monthly close processes. It provides deadlines and reminders for our reconciliations. It has provided us an opportunity to close our month up much quicker and more efficiently. Our users are tied into a deadline for their reconciliations now and there are approvers to ensure that the reconciliations are complete and concise. We are all working together now to finish up month end processes.

Pros

  • Holds accountability to the user
  • Provides deadlines and reminders
  • Allows an accumulation of reconciliations in one place
  • We use it for 3 different companies close procedures

Cons

  • I would like to see the Xcel files not converted to a google form
  • I would like if my search preferences were kept the same
  • I would like to see only items that are pertinent to me
  • collaboration has improved because we now have approvers that check our work
  • we used to take 15 days to close the prior month and we are down to 10 days
  • we used to use an excel file to check off our tasks, we now have the actual task right there attached to the check off.
FloQast has inserted accountability, real-time deadlines, collaboration, and a much quicker closing process. Our closing was a little chaotic and all over the place before and we now have a smooth and clear path to closing. It is very helpful to see the reminders in my email when I have fallen behind or missed checking off a reconciliation. We often use the note tool to provide assistance to each other.
I am not aware to what extent the audit readiness tools have affected our business. I am sure it has provide a much more efficient process with the accumulation of everything in one place. I support the audit procedure but I am not responsible for the actual audit process. As a staff accountant I do not have experience with these tools
I use Quickbooks for a much smaller scale business tracking. I think that FloQast is much better for the high volume business. Quickbooks seems to me to be more of a basic for beginners type bookkeeping software. FloQast is better equipped for multiple users and tasks. I may not be using Quickbooks to its full potential but I am positive that FloQast is developed with a bigger business scope in mind.

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

I have found FloQast to be most helpful in our month end closing procedures. It has provided a more functional space for us to accumulate our reconciliations. It allows us to view the reconciliations that are due and the reconciliations that are late. We are able to work together and provide support to each other when items are falling behind. I can't say I have experienced a scenario where it is less appropriate.

FloQast Feature Ratings

Consolidation and Close
10.0
Financial data consolidation
10
Journal entries and reports
10
Multi-currency management
Not Rated
Detailed Audit Trails
Not Rated
Reconciliation Automation
10
Close Checklist
10
Customizable Workflows
10

Using FloQast

6 - the Company Controller, Accounting supervisor, Two Accounts Payable personnel, and Myself. We all complete our bank reconciliations and check-off list for monthly close. We verify the tasks of others to ensure that it is balanced and complete. I have several check off lists, such as monthly aging reports, depreciation reporting, bank reconciliations, and many more.
6 - A person should have computer skills and especially Excel training. It is pretty easy to navigate when you get the hang of going in between several entities. It is pretty easy to figure out from my stand point. I think the hardest part is getting the Trial balance updated several times throughout the day in order to check off the tasks.
  • decrease time it takes to perform monthly close
  • monthly check off list to make sure all tasks are complete
  • aligns deadlines to ensure closing procedures flow appropriately
  • communication tool between users
  • accountability has increased
  • innovate team efforts
  • increase the amount of check off list so it isn't secluded to monthly close procedures
  • further decrease the time it takes to close
  • increase efficiency in other daily tasks
It has proven to enhance our procedures with closing. It is an effective tool that I would recommend to create a more efficient closing procedure and get the team more aligned. It increases the accountability among the staff and helps to keep us on task and on time. It is easy to sign into and has reminder emails for tasks that are coming up or late.

Evaluating FloQast and Competitors

Yes - We still use Monday.com but it was not as useful as we thought. Some portions of the company still use Monday.com. Accounting software like FloQast is much more dialed in to the needs and procedures that increase our efficiency with closing. With the check off lists and having to have things reconciled and balanced, monday.com was not as effective.
  • Ease of Use
We have different age ranges and skill sets employed here. When you have a software that anyone with some Accounting knowledge has, and it is pretty self-explanatory it is easy to adapt. You know where to go for reports. You know where to go to switch entities. You know how to dial down the search so only your tasks populate.
I wouldn't change it.

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