Item: FloQast
Rating: 10
Author: Verified User

Overall Satisfaction with FloQast

Use Cases and Deployment Scope

Our organization uses FloQast for account reconciliations, tracking of SOX controls, tracking of financial reporting deadlines, and tracking various other non-control and non-reporting accounting functions needed to be performed. The FloQast Dashboard easily shows how track the team is on meeting close and reporting deadlines and what items are still outstanding. The checklist functionality helps keep track of deadlines and making sure the organization is compliant.

Pros and Cons

Pros

Close Workflow Dashboard
Checklist functionality
Reporting Ops Workflow

Cons

Filters on the checklist and reconciliation page taking up half the screen
Adding custom filter tabs as a quick filter (similar to how "Assigned to You", "Following", "Late", etc. are set but custom to how you want)
Setting frequency on checklist items (especially non-SOX items) is restricted to certain roles

Return on Investment

Easy to keep track of recurring items and saves time by not having to search for those items
Saves time with the auto reconciliation feature for various accounts
Allows for collaboration during close by seeing others workloads and being able to assist where needed

Automation

Our organization has started using FloQast Ops for financial reporting deadlines approximately a year ago. In that year, we have been able to streamline and automate report deadlines and not rely on Excel. Various team members who use FloQast for close functionality can easily see the deadlines for financial reporting in the same space and adds another level checks in place.

Audit Readiness

The main audit readiness function the organization has used so far is the account reconciliation features. All account reconciliations are set up and linked to FloQast and it is easy for internal audit team members to gather support and ensure we are following the policy in place. The internal audit team is also able to see notes on the account reconciliations which adds another layer of evidence of review.

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

Workiva, Workday Financial Management

Likelihood to Recommend

FloQast has been great with the account reconciliation process and allows the internal audit team and other team members to easily find support for testing. Also within the account reconciliation process, it's easy to see what is open, what comments are outstanding and prior comments on the reconciliations. The checklist functionality is great to help keep track of SOX control due dates, other system due dates, and keep track of when other non-SOX and non-reporting items need to occur and not bog down your own calendar.

FloQast Feature Ratings

Comments

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FloQast is a multipurpose wonder tool for all users

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