Floqast Review

We primarily use Floqast as our financial close tool. This tool provides much needed visibility and aligns expectations as to who is performing which tasks and the date they are expected to be completed. This also allows management to easily check on the progress of the close without checking with each individual. Lastly, it ensures the balance sheet reconciliations tie to the final balance due to the sync with our ERP system.

Unfortunately, we have not yet utilized these features. However, one of our 2024 goals is to begin using the flux analysis feature in order to store our P&L review in the same location as the balance sheet reconciliations and ensure the final adjustments flow through to represent the final P&L fluxes.

One of our internal controls is that all significant balance sheet accounts are reconciled and reviewed. We are able to simply download the balance sheet reconciliation list from Floqast which shows who completed the rec and which date and also who reviewed the rec and the date. This takes 30 seconds to download and is then sent to the auditors as support.