Item: FloQast
Rating: 8
Author: Ricky Hirschi, CPA

Overall Satisfaction with FloQast

Use Cases and Deployment Scope

We use FQ to help manage the close, recons, and other processes. FQ helps provide a checklist for close than makes sure no step is missed. It helps with the recon process. It also helps with SEC and regulatory reporting, listing all the required workbooks and evidencing review and approval of workbooks.

Pros and Cons

Pros

Reconcillations
Close Management
Project Management

Cons

The tags are a bit hard to remember when starting out
Recurring tasks that happen quarterly, but a month prior to QE, are not the easiest to setup.
Subledger mapping seems to be difficult to do.

Return on Investment

More efficient close
easier recon process
better collaboration between teams

Automation

I haven't had much luck with the automation tools yet. The team is struggling to back SL data to feed into recons automatically. ReMind looks useful under particular circumstances. Otherwise, I haven't used too many of the automation tools, we could look into using more.

Audit Readiness

I don't think I have used these yet.

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?

I wasn't involved with the implementation phase

Would you buy FloQast again?

Yes

Other Software Used

Workiva, Oracle Fusion Cloud ERP

Likelihood to Recommend

FQ works really well for recons, and it helps with close management. It does have some assumptions about how the process should work. For example, there isn't a very good way to mark an item as having comments open for the preparer to review. Additionally, tasks that are recurring, but not in QE are a bit hard to set up. Otherwise, the software works really well.

FloQast Feature Ratings

Comments

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Great software!

Modules Used