Item: FloQast
Rating: 10
Author: Verified User

Overall Satisfaction with FloQast

Use Cases and Deployment Scope

We use FQ for close checklist and account reconciliations. The tool allows for tracking progress, organizing close, and ensuring completeness and timeliness of close tasks. FQ alerts us when account recons go out of balance after they were signed off on, and it sends out reminders and alerts about items coming due or past due.

Pros and Cons

Pros

Account reconciliation sign offs and alerts
Easy rolling forward of the account reconciliations to the next month
Close checklist management
Filtering for close checklist or recons that you want to check on
Effective emails/alerts, not overbearing, just the right level of communication

Cons

When scrolling through reconciliations at some point you get to the bottom and have to click load more to see remaining ones. Whey not just load them all at once?
Add Refresh button on checklist tab so that after you signed off on a few items and you want to see which ones are still left, you can just click refresh to get to that rather than having to reload the page in the browser.

Return on Investment

Allows us to catch unreconciled changes in account balances before we close
Ensures we complete all close taska and don't miss any important steps.
Cuts down time on rolling forward reconciliation files
Keeps great audit trail of close tasks and reconciliations

Automation

We do not use ops workflows, ReMind or Flux Analysis. Reconciliation Management is a huge help for us. It organizes and documents our reconciliations. FQ is linked directly to our trial balance and to the reconciliation files so we get timely feedback on all the status of all the balance sheet accounts

Audit Readiness

FQ helps with audit support by documenting our close checklists with sign off date/time stamps. Same goes for the reconciliations. It helps us to ensure all accounts are reconciled. There is a completeness of reconciliations function for that. The system is great for accessing recons via handy links to every reconciliation we prepare. It is easy to navigate and get to any of our monthly close documents linked to FQ.

Alternatives Considered

BlackLine

I used BlackLine a while ago with a different company and only for 3 months or so. From what I recall, it was fairly similar in functionality and service offering to what FQ offers. That was a good while ago, but I do like the layout and functionality in FQ. It didn't take long to figure it out and get used to it.

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?

I wasn't involved with the selection/purchase process

Did implementation of FloQast go as expected?

I wasn't involved with the implementation phase

Would you buy FloQast again?

Yes

Other Software Used

Microsoft Excel, Epicor BisTrack, Epicor Financial Planning and Analysis (FP&A), Epicor ECM, Epicor EDI

Likelihood to Recommend

FQ is great for organizing your close checklist and tracking close activities. It requires and logs sign offs, and it sends out emails/alerts. Reconciliation feature helps manage the account reconciliation process to where it automatically update and compares GL balance to our reconciliations and alerts us when recons go out of balance.

FloQast Feature Ratings

Comments

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FQ is a great tool for accounting month-end close process

Modules Used