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Great platform for more efficient closeout
What do you like best about the product?
I like the best that FloQast that It makes your closeout proses more organized and systematic. There no need to keep separate spreadsheets and notebooks to make sure you completed all the necessary tasks. My favorite feature is when you can use the prior month data as a base for your next month closeout and simply roll forward all the documents. This way I can simply use one spreadsheet for the whole year or have a ready to use template from the prior month.
What do you dislike about the product?
There is, honestly, not many downfalls of the FloQast that I can point out. I'm pretty satisfied with all the features of this platform. The only downfall that I could distinguish is that rolling forward feature could be used only ones and if you forgot to select one necessary file you'll have to go through manual prosses of moving the file yourself.
What problems is the product solving and how is that benefiting you?
It definitely brought our closeout prosses to a new level. I feel like it made me personally become more organized and systematic in everyday tasks. Before FloQast there was not really a monthly closeout in our company. There would be an only yearly closeout that was extremely complicated to do. Now having a monthly closeout our year close is just a piece of cake.
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FQ is very easy to work with, interfaces with Google drive are simple.
What do you like best about the product?
Best of all is that you can learn to use it very quickly.
What do you dislike about the product?
Some times I need to correct holidays according to my calendar.
What problems is the product solving and how is that benefiting you?
Maintain accounts and closing tasks controlled and allocating them to each owner.
Very easy to use and reconcile the items.
What do you like best about the product?
Very easy to use and reconcile the items and easy to maintain the data.
What do you dislike about the product?
Never shown the detailed errors once reconciliations not done.
What problems is the product solving and how is that benefiting you?
We can maintain the data in one place and easy to find the same.
Recommendations to others considering the product:
Yes
Floqast Changed My Life
What do you like best about the product?
I like the navigation, the ability to update assignments on the fly, the auto replication of the folders each month, the ability to easily roll forward standard documentation.
What do you dislike about the product?
I dislike the fact that I cannot make tasks dependent on each other.
What problems is the product solving and how is that benefiting you?
Faster more complete close. It's like having a project manager helping me to manage the close each month. Also great for sharing documentation with auditors.
I am an admin and user as well. It is wonderful to keep an eye on books closure part
What do you like best about the product?
Track over books, User Interface, Easy to use, Accuracy and simplified dashboards, balance out notification to ensure that some entries have been posted this is also great
What do you dislike about the product?
Nothing as on date. But i would like to see some controls over the FloQast notification process there should be some process to get the enable/disable the notification for individual reconciliation (as per risk rating)
What problems is the product solving and how is that benefiting you?
We keep an eye on account reconciliation. We have also seen the timing of team when they do signoff in terms of on time or late etc.
There are other benefits as well such as - It work as a detective control to ensure that if something has gone wrong the same can identified and corrected at later stage. Also auto reconciliation for zero account is great where user dont have to upload reconciliation everything which save time and increase efficiency.
Also it work as a backup at the time of audits instead of sharing individual reconciliation we can share all reconciliation with them in one which save time and increase the efficiency of both i.e. User and Auditors.
There are other benefits as well such as - It work as a detective control to ensure that if something has gone wrong the same can identified and corrected at later stage. Also auto reconciliation for zero account is great where user dont have to upload reconciliation everything which save time and increase efficiency.
Also it work as a backup at the time of audits instead of sharing individual reconciliation we can share all reconciliation with them in one which save time and increase the efficiency of both i.e. User and Auditors.
Recommendations to others considering the product:
Guys FloQast is a great software where you can monitor the things at one place. Since it is based upon spreadsheet model we need to ensure that our teams upload the right data along with accurate reconciliation. FloQast is not limited to monthly closing but it is more than that i.e. Audit efficiency, Data backup etc. etc.
Easy to get started and derive value right away.
What do you like best about the product?
The data sits on my own network. Also, the software is easy to get up and running and manage.
What do you dislike about the product?
Not so easy to change preparers in prior periods without throwing ALL the changes into prior periods.
What problems is the product solving and how is that benefiting you?
Better visibility into what is not complete and where the gaps are. Efficient management of process, evidence based and not just, "yep, I'm done."
Recommendations to others considering the product:
Don't choose an alternative without first looking into FloQast
FQ is an invaluable tool for our organization.
What do you like best about the product?
FQ helps our team to prioritize, organize and track financial close progress.
What do you dislike about the product?
I would love if FQ had the ability to incorporate a closing calendar.
What problems is the product solving and how is that benefiting you?
It offers visibility to the CFO org as well as the Accounting team of areas of responsibility and workflow during the close process.
Excellent tool for month and quarter closes
What do you like best about the product?
It integrates to pull the GL balances from our ERP system for the month that we will be able to quickly tie and reconcile to these GL accounts. The UI is very user friendly we easily follow through the checklist and reconciliations. It also centralizes the management of the month and quarter closes, stores all the documentation in one place, and gives us greater confidence that it’s accurate and complete.
What do you dislike about the product?
Not much feature or functions for consolidations
What problems is the product solving and how is that benefiting you?
Cut our time for month and quarter closes by more than 5 days.
Recommendations to others considering the product:
can design and develop more features for consolidation accounting and reporting
FloQast Improves Month-End Close Efficiency
What do you like best about the product?
I love that reconciliation balances are automatically updated in FloQast. It makes it easy to identify when a reconciliation no longer matches the G/L. FloQast is very intuitive. You're able to add comments and ask questions all within the system. You get notifications when accounts go out of balance. You can easily tell what items you should be working on based on the due dates assigned to each task. You can add tasks with different due dates whether it is monthly, quarterly or annually which is helpful especially when keeping up with tax filing due dates. FloQast also has a perm file feature where you can store all of your important documents.
What do you dislike about the product?
I can't think of any downsides to FloQast.
What problems is the product solving and how is that benefiting you?
FloQast is way more awesome than keeping track of close in Excel or Word. All close items are tracked in a centralized system where the entire team can access at the same time. It is extremely easy to refer to prior months. There is definitely a significant time savings by using FloQast.
Great tool to streamline and improve the financial close process
What do you like best about the product?
FloQast worked with our existing tools - Box for cloud storage and NetSuite ERP - and connected them to create a seamless one stop dashboard for monitoring the financial close process. Because it uses the existing tools and didn't create extra steps, adoption by the team was instant and enthusiastic! Gone are the days of excel close checklists, Trello/planner tasks, or any other form of checklist. FloQast gives instant visibility to status to all members of the team, eliminates email thrash around close, and is especially useful during the current remote work situation.
The reconciliation module makes it very easy to see where account recons stand, and where there are issues that need to be investigated.
The entire platform is customizable, flexible, and so easy to use. Support from FloQast during the implementation and training, and ongoing have been great as well.
The reconciliation module makes it very easy to see where account recons stand, and where there are issues that need to be investigated.
The entire platform is customizable, flexible, and so easy to use. Support from FloQast during the implementation and training, and ongoing have been great as well.
What do you dislike about the product?
Nothing, honestly it has worked so well for our entire team.
What problems is the product solving and how is that benefiting you?
streamlining financial close, shaving days off of the process. Much better communication between team members on status of checklist items and reconciliations, and easier for other team members to jump in and help out if another team member is behind. Review notes give you the ability to get out of email for close tasks/questions and stay in the application, so that everyone on the team has access to the comments/questions.
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