Item: FloQast
Rating: 9
Author: Jeff Diedrich

Overall Satisfaction with FloQast

Use Cases and Deployment Scope

We switched from BlackLine to FloQast after struggling to get acceptance to using BlackLine. We were looking for a couple of things, month end close tracking with signoffs, all reconciliations in a single location, tracking/progress updates and easy of use. FloQast met those for us. We changed due to BlackLine not being as user friendly. FloQast was easy to use since our reconciliations were already in Microsoft Excel.

Pros and Cons

Pros

Ease of connecting an Excel reconciliation to the general ledger balance
Ease of connecting to our general ledger/multiple ERPs
Ease of setting up and updating checklists

Cons

The ability to cover multiple companies - For example we needed a work around to our intercompany general ledger accounts to balance. FloQast could not compare accounts across multiple companies
Connection to the subledger - There is not a connection directly to the fixed asset subledger to verify that the subledger balance equals the general ledger, indicating it is in balance and can be automatically signed off
Automated reconciliation process - we tried, but it was not granular enough to work accurately so we went back to a manual reconciliation - this is one item BlackLine excelled at

Return on Investment

Improved visibility - Ability to see current status of the close and to look at reconciliations
Easy of looking at all reconciliations - previous we have multiple drives with multiple different locations, now they are all in a single location

Automation

Reconciliation management and current status are the key items that have assisted us/improved our close process.

Audit Readiness

We provided our financial statement auditors access to FloQast. This allowed them to locate reconciliations without our assistance and the requirement to upload to their share point site. We did not use for PBC support, but are considering this in the future.

Alternatives Considered

BlackLine

We started with BlackLine and after a year and limited adoption across the accounting team, changed to FloQast. We had numerous reasons, including difficulty in working with the BlackLine standard reconciliation, time needed to complete the set up for automatic reconciliation of general ledger accounts and overall difficulty in using their system.

Key Insights

Do you think FloQast delivers good value for the price?

Yes

Are you happy with FloQast's feature set?

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 Dynamics 365 Business Central, NetSuite ERP, SAP Concur

Likelihood to Recommend

Connecting Excel reconciliations to the general ledger balance is very easy. All you need to do is an an anchor and it pulls in the reconciliation value to compare to the general ledger value. Sign offs are very easy also. The dashboard that shows status if very nice to see where you are and it allows you to drill in and look at the late or uncompleted reconciliations or checklist items. As stated earlier, the biggest drawback is handling multiple companies and intercompany. There is not a way to connect intercompany accounts across all companies and identify if you net to zero or not. We had to do some custom creation to make this happen.

FloQast Feature Ratings

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2025 FloQast Review

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