FloQast

My main use case for FloQast is to streamline my close checklist and reconcile all the balance sheet accounts.

I use FloQast to streamline my close checklist and reconciling accounts. It contains all the listings of my month-end close tasks and the team's month-end close tasks, organized by days to show which tasks are to be performed on each day. It keeps us honest and reminds us from time to time what tasks are due on what day. It is useful for the whole team in that if there are any dependencies in close, we can add that on FloQast and it will remind the person the dependency is on to make sure that the second person's deadline is not delayed because of another dependency.

For month-end close reconciliations, it is beneficial to have it connected with the ERP system, whether it be NetSuite or QuickBooks. It pulls the data directly and provides me with any variance in my reconciliation right on one sheet where I can review all the reconciliations together.

FloQast has impacted my organization positively by making it easier. It has been easier to assign tasks to people and hold them accountable. Having a clean checklist makes people more efficient and there is clear segregation of duties. My month-end close has been smoother and faster since we started using FloQast.

The month-end close came down from seven to five days since we implemented FloQast and everybody started using it.

I think FloQast has a very user-friendly interface. It has increased the productivity for the team.

The best features FloQast offers is the reconciliation option and having the data straight from the ERP. Having the balance sheet balances straight from the ERP into the system is very helpful.

I have used FloQast with QuickBooks and NetSuite, and it has made it easier for me to reconcile the accounts.

FloQast can be improved regarding the data from reconciliation itself. It takes a minute or some time to pull the data from the reconciliation using the hashtag, and that can be improved. I feel that moving documents from one folder to the next month's folder is slightly confusing if somebody added a document in the existing folder. Carrying forward the documents can be confusing or time-consuming in certain cases.

Regarding FloQast's AI capabilities, I have used the AI reconciliations, and it is good. I think it can be improved and can be much better. It sometimes has issues reconciling very complex transactions where multiple payments went out in multiple tranches, for example, payroll. It sometimes has difficulty reconciling the payroll transactions with the bank transactions. However, I think it is a good start, and they have a long way to go.

I have been using FloQast for two years.

I chose a rating of seven out of ten because FloQast is a pretty good system. There are some things that can make it a nine or ten.

Regarding FloQast's AI capabilities, I think it is a pretty secure system. I am not sure if there have been any leaks, but assuming there have not been, I do not have any concerns.

My advice to others looking into using FloQast is that it is a pretty good system to streamline your month-end checklist and close, but it is not a magic system that will just change the way people work. It is a good tool to assign tasks to people. People are still doing the same work, just more organized. There are some AI tools that can help you with the reconciliation of cash or some journal entries, but it is not going to change a lot of your work that you are doing day-to-day. It is mainly for organizing your work, creating checklists for you, pulling all the reconciliations on one page, and you can review everything together instead of going into different folders. It is more of an organizational tool than anything else.

My main use case for FloQast is month-end close.

During the month-end close process with FloQast, I am reconciling accounts, maintaining a checklist for my team, monitoring the real-time status of month-end close, and linking it to our support.

FloQast has positively impacted our organization by decreasing our month-end close time from 10 days to five days.

The reduction in close time has affected my team and the organization overall by making things a lot more clear and streamlined. Our preparer can log in at the beginning of the day, see what is on their to-do list, what is high priority, and at the higher level, it allows us to focus on our value-add tasks and not focus so much on the rudimentary administrative month-end close task of compiling checklists and compiling support, as FloQast more or less automates all that for us.

The best features FloQast offers include the ability to tie back to the actual support via custom mapping fields, which is really helpful because it helps the reviewer drill down into what the source numbers are if there is any sort of variance during the reconciliation process.

The custom mapping feature makes my workflow easier and more efficient because, as a preparer, it streams directly to FloQast via a custom mapping field, and for the reviewer, it is easy to drill down and see where the preparer got the number from, so there is no confusion.

FloQast could be improved with more robust automations, meaning if a reviewer marks it reviewed in the support, that could be reflected in FloQast as well, and vice versa.

I have been using FloQast for three years.

FloQast is stable.

FloQast's scalability is widely scalable; there is no upper ceiling, as it is based on how many GL accounts you have, so any company can use this, and you just plug and play.

The customer support for FloQast is great.

Previously, I used Notion before FloQast, but Notion was very manual, and FloQast is an upgraded version of that and is obviously more designed for accounting and finance folks.

I have seen a return on investment with FloQast, as it reduced our month-end close from 10 to five days, which obviously is a huge win that gives us value-added time back.

I was not present during the pricing, setup cost, and licensing process, but I have not heard any complaints from upper management during or before when this happened.

Before choosing FloQast, I did not evaluate other options.

My advice to others looking into using FloQast is to definitely take your time to go through the training documentation and onboarding to understand how the software works. I would rate this product an 8 out of 10.

For our main use case with FloQast, we utilize it for month-end close tracking, reconciliation, and close management, as well as our fluxes.

A specific example of how I use FloQast for month-end close and fluxes is that throughout our close, we use it for our daily sign-up management meeting to see how the team is tracking to meet our deadline for month-end close. We track all of our balance sheet reconciliations and ensure all of the accounts are reconciled timely and accurately, along with having the flux module integrated with NetSuite to perform more automated fluxes.

The best features that FloQast offers are definitely the intuitive dashboard, user-friendly interface, and how easy it is for the team to track all the balance sheet reconciliations.

The dashboard in FloQast is intuitive and user-friendly because it is very easy to display different views if we want to see how the team is doing with a specific area of accounting such as prepays or if we want to filter to how the team is doing on day one, day two, see what is past due, what is late, what is on time, and what is coming up. We can also filter it to a specific team member who needs help, who is on track, or a top performer, so tracking every detail at a very granular level is very helpful for management.

FloQast has positively impacted my organization by helping our month-end close be more streamlined. At my previous company, it helped us go from a 15-day close to a 10-day close and then a 6-day close.

The transition from 15 days to 6 days happened because FloQast helped keep everything organized and centralized, holding team members accountable, and allowing management, team members, and all stakeholders a centralized place for us to store all of our month-end close tasks, ensuring nothing gets missed, ensuring timeliness, completeness, and accuracy.

I think FloQast could be improved, especially their flux module, by having a more powerful feature to allow teams to flux at a more granular level, such as a vendor level detail flux.

I have been using FloQast for about 7 years.

The advice I would give to others looking into using FloQast is that user adoption is key, ensuring every single accounting staff member and management are leveraging the tool because if not everyone is using it, then there is really no point in purchasing this tool. I would rate FloQast a 9 overall.