Best of public accounting software to organize the chaos of being in industry doing the close
September 20, 2023
Best of public accounting software to organize the chaos of being in industry doing the close
Score 10 out of 10
Vetted Review
Verified User
Modules Used
- FloQast Close
- FloQast AutoRec
- FloQast Flux
Overall Satisfaction with FloQast
We use FloQast to track and smoothly manage the month-end close and reporting process. It saves time wasted contacting each other for status updates and makes it easier to spot pinch points and opportunities to speed up close. It centralizes what was three different close checklists. It stores documentation in our cloud (control of documents is important to us), making it easier to review remotely and permission auditor access. It makes it easier to document not just what is to be done but how and why, which has helped significantly with transitioning duties from old to new team members, either piecemeal over time or in one click transition from an old associate to a new one. It is extremely logical and intuitive, requiring almost no training to get up and running, which has really helped with adoption by users. It is easy to use for standardizing as well as for flexible for easily adding ad-hoc items that come up. Our team loves it, our management loves it, our IT loves it, and our auditors praise us for having it.
- Status tracking team members progress
- Syncing with NetSuite for accurate amounts in real time
- Open items and review questions
- I have none, they're constantly thinking of more value to add though
- Has cut close time in half
- Has helped keep audit fees from growing as fast
- Has improved the speed of onboarding and training
- Has reduced the rollforward work of setting up for the next month end
- Has made it easier to visualize how holidays would impact upcoming month-end processes
FloQast's AutoRec feature fixed bugs that would creep into our amortization schedules and makes a visual review of amortization periods possible, efficient, and effective. Half of our auditor's Flux Analysis questions were related to incomparable account groupings. Being able to provide the Flux report from FloQast saved a lot of time and headaches for us and our auditor.
Our auditors highlight to our audit committee how much they appreciate having FloQast access, and it has significantly helped with the level of effort required to support our financial audits, especially in the remote work environment we are in today.
FloQast provides support without getting in the way of the process (at the time of considering options, BlackLine got in the way with required journal entry park and post steps). It allows for enough flexibility to adjust between team members for sharing coverage in a small team (there is a toggle option to turn off strict sign-off). It allows you to continue using the files you've already built to do the recs and JE calcs (at the time of considering BlackLine restricted to building and rolling forward their own files). It is very, very easy to set up and use (Vena's strict workflows did not appear to be as easy to set up and manage).
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
FloQast Feature Ratings
FloQast Support
Pros | Cons |
---|---|
Quick Resolution Good followup Knowledgeable team Problems get solved Kept well informed No escalation required Immediate help available Support understands my problem Support cares about my success Quick Initial Response | None |
We selected the default level of support.
Yes - I was resolved to our satisfaction and in a timely fashion. The product has never slowed down our close process.
The support team provides detailed explanations that are understandable. Every interaction with support has been positive.
Using FloQast
Pros | Cons |
---|---|
Like to use Relatively simple Easy to use Technical support not required Well integrated Consistent Quick to learn Convenient Feel confident using Familiar | None |
- Organization of the folder structure and tabs
- Links between steps and resulting reconciliations
- Ease of filtering for focusing on high risk areas, review steps or production steps
- Connecting review notes to particular files (as opposed to emailing questions and referencing files)
- None, I personally like to have multiple browser tabs open filtered in different ways to easily see the things I want to see