Item: FloQast
Rating: 9
Author: Verified User

Overall Satisfaction with FloQast

Use Cases and Deployment Scope

We use FloQast to manage all aspects of our close and post-close processes. It allows for tracking of our tasks so that we know at any given moment if we are on schedule with our monthly close. It allows for easy review of journal entries and reports. In addition, FloQast allows us to track and review our reporting deliverables to the business.

Pros and Cons

Pros

Tracking of close tasks thanks to the monthly close calendar option
Review - tasks are stamped with the reviewer name & date reviewed
Ease of review - attachments are uploaded, account balances are populated via communication with the ERP, Note feature allows for review comments

Cons

A setting to allow for attachments to automatically be opened within the app (Adobe, Excel, etc.) rather than as a separate tab in the browser
Some of our tasks are quarterly or annual so assigning a very specific date would be helpful
Eliminate the need of "closing" review notes. Once we change the status to Resolved, that should be sufficient. Make Resolved and Closed one and the same

Return on Investment

Improved visibility
Time savings - ability to re-organize our close to save time thanks to the all-encompassing view of the workload
Improved communications - leaving review notes on tasks is more efficient than email

Alternatives Considered

BlackLine

I used BlackLine many years ago but found it to be a waste of time. I didn't like being required to use the BlackLine format for reconciliations. The one size fits all mentality never quite works out when it comes to accounting - every business does things a little differently. FloQast allowed us to keep our own reconciliation format, modified only slightly with adding a code that allows the software to read the rec balance.

Key Insights

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

Other Software Used

Microsoft Excel, Adobe Acrobat, Microsoft Dynamics 365

Likelihood to Recommend

FloQast is extremely useful when it comes to set tasks that rarely change month to month. It is less useful for ad hoc requests and one offs that probably won't be repeated on a regular basis. It could be used to track one-offs but depending on the size of the organization, that could turn out to be a large number of work items that shouldn't need that level of tracking.

FloQast Feature Ratings

Comments

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Amazing Tracking Tool

Modules Used