A game changer for the Accounting close process.
January 05, 2024
A game changer for the Accounting close process.
Score 9 out of 10
Vetted Review
Verified User
Modules Used
- FloQast Close
- FloQast AutoRec
Overall Satisfaction with FloQast
We use FloQast to manage our close process and other recurring tasks across the Accounting team. We have a 5-day close, which requires us to be efficient. It helps to keep track of all of the activities required to close the books, track the status, and also ensure completeness. We also track the status of balance sheet reconciliations using FloQast.
- Provides a clear status of the month end close.
- Allows us to analyze tasks by team member and reassign as needed.
- It syncs with our ERP Netsuite to ensure balance sheet reconciliations can be tied out directly.
- It also connects with Slack to notify users of key deadlines and changes in review status for team tasks.
- The file attachments have a size limit, which can be frustrating for teams working with large data sets.
- Providing a consolidated status of close is not possible, only an entity by entity view.
- The auto recon feature isn’t that helpful with larger data sets. Still requires human input to finalize and tie out fully.
- Has helped to reduce time to close from 7-8 days to 5 days .
- Allows all entities to follow the same process globally. This has reduced risk and allowed great oversight at the parent entity level.
- This has allowed the accounting team to provide real-time updates to the CFO and FP&A on close status.
FloQast has been a great tool to ensure completeness of non-close related tasks, including tax filings, financial statement review, and business process controls. While the idea of ReMind was very relevant to the use cases of Accounting teams, we didn’t find it more efficient than just using emails and Slack to contact key business partners.
This has been a game-changer for audit management. Allowing audit access to view files directly saves the team time to focus on answering more complex audit questions and day-to-day accounting operations. It has also been a great way to track and ensure the completion of business process controls.
We found that FloQast fit well into our existing close process and made it much more efficient. Other rooms, such as BlackLine, required a longer and more costly implementation. It also required the use of their reconciliation formats. We did not see the value in that investment for what we perceived as a less-suited tool for our team.
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