FloQast decreases time to close giving more time for high ROI activities
December 28, 2023
FloQast decreases time to close giving more time for high ROI activities
Score 10 out of 10
Vetted Review
Verified User
Modules Used
- FloQast Close
- FloQast AutoRec
- FloQast Flux
- FloQast Analyze
- FloQast Connect
- FloQast ReMind
Overall Satisfaction with FloQast
Our company uses FloQast in the Finance and Accounting department to help with many processes including our month-end close, billing, payroll processing, FP&A, reporting, and taxes. This product helps with maintaining controls, establishing workflows, enabling easy collaboration, and ensuring proper procedures are followed in all our processes. It also provides for backup for our outside auditors.
- Integration with ERP system to ensure proper reconciliations with backup documentation
- Controls to ensure all procedures followed, signed off, and reviewed
- Collaboration both within FloQast and with outside parties through ReMind
- Large reconciliation are made easier through AutoRec features
- Facilitates recurring entries for prepaids, amortization, and depreciation with AutoRec features
- Tracks progress of month-end close and provides information regarding bottlenecks
- Lacks project management functionality, though I believe this is currently being developed
- Lacks FP&A integrations
- Ordering checklist items can be difficult
- Doesn't take into consideration dependencies in checklist items
- Before using FloQast, took at least two days of one of our staff's time just to set up comparisons between ERP system and backup and then make sure it was always up-to-date
- Decreased month-end close time on average by 3 to 4 days allowing the Finance team more time during the month to improve processes
- Decreased time spent gathering auditor requests for backup as backup was already available and shared through FloQast
FloQast Remind has allowed us to automate recurring requests for month-end close. Variance Analysis has allowed us to improve our reviews and catch potential issues before going to CFO for reviews. AutoRec has saved us time and money with some of our more voluminous reconciliations and automating prepaids, intangible amortization, and depreciation. Developing all our processes in Ops workflows has allowed us to decrease errors and ensure procedures are followed.
By being able to share a read-only version of FloQast with our outside auditors, our auditors have been able to review our internal controls and supporting documentation for account balances at year end which have decreased our company's staff time, thus allowing them to spend more time on higher ROI activities.
Before FloQast, we used Google Sheets to keep track of all supporting documentation and then compared that to our ERP trial balance during our month-end close process. This process was manual and required much more work. Internal controls surrounding this process was lacking. Many accounting entries including prepaids, amortization, and depreciation were kept in Google Sheets with a greater potential for mistakes in formulas. FloQast provided internal controls, automated processes, and decreased the time spent on month-end closes.
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