FloQast = Easier financial Close and team management!
January 04, 2024
FloQast = Easier financial Close and team management!
Score 10 out of 10
Vetted Review
Verified User
Modules Used
- FloQast Close
- FloQast AutoRec
Overall Satisfaction with FloQast
I and my team use FloQast daily for our monthly close checklist and account reconciliations. We've loaded each team member's daily tasks into the FloQast checklist. I hold meetings during our financial close and throughout the month to follow up on regular tasks. As a manager, the checklist is a valuable tool in communicating expectations and holding team members accountable. The check list significantly boosts efficiency across our teams on the regular tasks leaving us more time to coordinate and sort out the unnusual tasks. It is very simple to add tasks and customize the tasks for whatever needs to be done. The built in analytics of completion for checklist tasks and account reconciliations help me quickly understand what work my team has done and what we need to focus on going forward. I use the % completion analytics by team member frequently to ensure we are going in the right direction. The reatures of FloQast are expecially helpful in a remote work environment. Again, very valuable as a manager/leader.
- Customizing tasks on checklist (Description, preparer, reviewer, due date, etc.
- Reconciliation preparation, review signoffs and review notes documentation
- Analytics on task/reconciliation completion/on track/incomplete/late.
- The flux analysis. This is a great idea for simple company structures. [...] has 25+ subsidiaries and the Flux analysis can only be viewed as a BS or IS by Subsidiary. If there was a way to view the flux at a consolidated level by unique sub/account combo, it would be more helpful. Currently, it is more clunky than useful for our application.
- Mass checklist/reconciliation updates or creation. We've had issues with successfully uploading data in an accurate way.
- A way to automate account recon creation when new accounts are created in the accounting software. The Completeness check is a good controll to identify accounts in the accounting software that have not been added in FloQast but the next step would be to have an easier or automated solution for adding those accounts to NetSuite. Again, this is coming from a company with alot of subsidiaries and we keep adding more and large number of accounts often need to be added to FloQast all at once.
- [...] has a large accounting team and FloQast has been the main software tool used to drive accountability and keep us on track as a larger team
- FloQast checklist and reconciliation due dates enable us to outline each step of the close in order to produce accurate and complete financial statements regularly
- FloQast has significantly reduced the overhead(Cost and time) of close management but centralizing the whole team's efforts into a single software.
We currently, use the standard workflows for the financial close (checklist/reconciliations). As mentioned previously, we've cut down on overhead significantly by using FloQast. We've tested the Flux Analysis and had a demon on Remind but haven't felt that the benefit outways the costs yet. As previously mentioned, the variance analysis(Flux) is a bit clunky for our use case and the remind feature needs to be implemented with more team (outside of accounting) to really be useful. We are not at that point and we never may be there because FloQast is more of a financial management tool than an operational management tool. For smaller companies/workforces it may be easier to implement ReMind.
We have plans to create new "Close" checklists for the Payroll processing teams and the FP&A teams, so they can utilize FloQast features.
We have plans to create new "Close" checklists for the Payroll processing teams and the FP&A teams, so they can utilize FloQast features.
The nature of FloQast is audit readiness. Helps us prepare for the audit all year long. Documenting Reconciliations, signing off on controls/tasks, etc.
- Netgain Technology and LLC
Netgain has a product called NetClose which we've considered but ultimately went with FloQast because of simplicity and ease of use. The other product was more technical and hands on.
Do you think FloQast delivers good value for the price?
Not sure
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