Floqast is a simple yet effective close management tool for the ages
January 02, 2024
Floqast is a simple yet effective close management tool for the ages
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
We use Floqast to manage our monthly and quarterly close process. The main modules we use are Close, Autorec, Remind and Analytics. Floqast has made tracking tasks and outstanding items easier and allowed the team to identify blockers that impacted our close. It allowed us to automate a lot of simple recurring tasks like outreach emails, reminders, as well as ensuring reconciliations are always in sync with our ERP.
- Floqast is very simple and intuitive to use. It takes very little time to onboard and get started with a simple close process but it offers a breadth of features for power users and more complex organizations.
- We have a great relationship with our account manager and they have been very receptive to our feedback. It feels like Floqast is a true partner with us and helping us to grow.
- Centralizes all documentation for our end users.
- Floqast Autorec feature is helpful for simple accounts but may prove to be problematic for large or complex accounts because of its reliance on its proprietary matching algorithms. More options and control over the reconciliation rulesets may help to alleviate this issue.
- Floqast does not have a journal entry workflow which means that Floqast can not function as a one stop shop for the close. You will need to operate within your ERP.
- It will be nice to have the ability to tap into other data sources like our banks or our data warehouse.
- ROI has been quick. Using Floqast we were able to put off hiring additional headcount for a year due to the efficiencies we were able to garner.
- Floqast also helped with change management and process documentation. It centralized work papers into one easy to find location where in the past workpapers were disorganized.
Floqast's automation tools have streamlined our close process and reduced the time needed to maintain monthly excel templates and automated recurring outreach emails. In addition we are able to standardize reconciliation thresholds and enforce them systematically whereas in the past we were reliant on managers to enforce things. This allows managers and staff to focus on the work and analytics instead of compliance.
Floqast centralizes documentation for the financial close which makes it easy for us to pull supporting documentation around entries made.
We aren't there yet but ideally the auditor feature will allow us to grant auditors access to pull files directly from our close tool rather than having our staff pull PBC support.
We aren't there yet but ideally the auditor feature will allow us to grant auditors access to pull files directly from our close tool rather than having our staff pull PBC support.
We evaluated BlackLine when we were considering Floqast. Although BlackLine is very robust and feature rich it was not right for us at the time of our review. We chose Floqast because:
1. It was simple to set up. We were up in running in a few weeks as compared to the 6 month ramp quoted by BlackLine.
2. Competitive pricing for the feature set.
3. Support was simple. Floqast does not require a dedicated IT staff to make full use of the platform as compared to BlackLine.
1. It was simple to set up. We were up in running in a few weeks as compared to the 6 month ramp quoted by BlackLine.
2. Competitive pricing for the feature set.
3. Support was simple. Floqast does not require a dedicated IT staff to make full use of the platform as compared to BlackLine.
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