FloQast
FloQastReviews from AWS customer
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User-Friendly Features Make Month-End Close a Breeze
What do you like best about the product?
Floqast helps to manage the monthend close checklist and the Balance Sheet Reconciliation balance is constantly updated. And we use the Flux analysis functions. All the features are very user friendly.
What do you dislike about the product?
I used to be able to re-assign the preparer in Flux analysis, but I no longer have the capability unless I am the admin person.
What problems is the product solving and how is that benefiting you?
Floqast helps to make the reconciliation and flux analysis process more efficient. In the past, we need to constantly run reports in Netsuite to get the latest balance. With Floqast, the balance is updated constantly or we can refresh the balance by clicking the button.
Floqast Streamlines Close Process, Needs Better Completeness Checks
What do you like best about the product?
Floqast has allowed our team to shorten our close time frame from around 12 business days down to 7. The various dashboards have allowed our team to track progress in real time, limiting the need for manual check ins on status updates. It was very easy to implement, requiring the lowest lift of some of our other platform integrations, and has been very easy to train new users on. Our company uses JEM and its been great to be able to integrate actual journal entries right into their corresponding checklist item. Lastly, we haven't required support often but in the times we have the team has been very responsive and provided valuable feedback very quickly.
What do you dislike about the product?
Definitely would like to run a completeness check for any income statement accounts, uploading a reconciliation to compare to our ERP system's balances allows us to ensure that new account activity is captured & there aren't any transactions that were accidentally booked to a inactive or infrequently used account. Currently we are only able to run this for balance sheet accounts
What problems is the product solving and how is that benefiting you?
Floqast is allowing us to centralize our close process, something that was manually managed via excel sheets before. They are also starting to venture into the AI space, something all accountants are dipping our toes into. The approach has been really great so far, almost a forced approach to go slow and get really comfortable with the AI product in order to gain confidence moving forward
User-Friendly Platform That's Easy to Understand
What do you like best about the product?
the platform is user friendly and easy to understand. I like the ease of the checklists and the reminders for overdue items.
What do you dislike about the product?
I don't like that only one person can be in the amortization at a time. I think there should be a view only option for a second user.
What problems is the product solving and how is that benefiting you?
Floqast allows us to complete month end close in a timely manner ensuring all tasks are complete. Additional it helps us to track our compliance controls.
Useful Features, Initial Learning Curve
What do you like best about the product?
I find FloQast's checklist functionality and timely reminders really useful, as it sends notifications directly to my email about what's coming due. This keeps me organized and on track with deadlines. I also appreciate the integration with Slack, which is a very useful feature for sending out reminders, enhancing the coordination and communication within my team. Additionally, the automation capabilities, particularly for reconciliation purposes, are highly valuable. The potential for integrating artificial intelligence to deepen the balance sheet reconciliation process makes FloQast an attractive tool for our needs. Its effectiveness has kept it as our top choice over other vendors.
What do you dislike about the product?
Initially, getting around FloQast can take efforts from admin perspective, indicating a learning curve when starting out. From a reconciliations perspective, I would make the software more reporting heavy by incorporating multiple aspects such as aging in balance sheet reconciliations, lag status, and the quality of reconciliations directly on FloQast. Additionally, I see a need for more customization of the filters on the checklist and reconciliation to better fit individual needs.
What problems is the product solving and how is that benefiting you?
I use the product for checklist and balance sheet reconciliations, finding its timely reminders and Slack integration enhance my workflow efficiency.
FloQast Streamlines Month-End Close and Reduces Team Stress
What do you like best about the product?
FloQast assists the month end close process in a way that genuinely reduces stress for accounting teams. The checklist functionality keeps everyone on the same page about what needs to be done and by when, which holds members accountable on their responsibilities.
The reconciliation module similarly helps save significant time on repetitive tasks. Ensure accounting teams reconcile significant accounts and assist with understanding the variance module
The reconciliation module similarly helps save significant time on repetitive tasks. Ensure accounting teams reconcile significant accounts and assist with understanding the variance module
What do you dislike about the product?
As a preparer I would like to be able to create recurring tasks on the checklist module. I dont understand why a preparer can create single month tasks but a manager/admin needs to be the one to make it recurring
What problems is the product solving and how is that benefiting you?
Improving internal controls to ensure area are covered during monthly close journal entries and through reconciliations and variance analysis. All of which are items our auditors want to ensure are being completed each month
Provides Awesome Features that Accountants Need!
What do you like best about the product?
FloQast has significantly enhanced the closing process for both me and my team. It provides valuable metrics that help us monitor our progress during the close, and it streamlines reconciliations by connecting account balances directly from our reconciliations to FloQast. What I appreciate most is the ability to easily see whether I am ahead of or behind schedule, which makes managing deadlines much more straightforward.
What do you dislike about the product?
While I have very few complaints about FloQast, there are some nuances and aspects that require workarounds to make the software fit my needs. For example, I can't easily generate a list or report of entries that have been approved but not yet posted. To address this, we've been using the notes section to run reports on these entries, and we've also considered using tags as an alternative solution. Another area that presents more of a knowledge gap for me is the use of the remind features in FloQast. I believe this feature has a bit of a learning curve, but it could be a valuable automation tool for certain close processes. Although I haven't fully explored this tool, I did spend about 10 to 15 minutes once trying it out and realized it would take some time to learn or to identify practical use cases. More training and standard operating procedures around this feature would be helpful. Another downside would be not being able to add subtasks or mark an entry partially complete. For example, for weekly entries it would be nice to mark those 25% complete if 1 out of 4 entries are completed. This could help reduce some volume of checklist items in FloQast.
What problems is the product solving and how is that benefiting you?
FloQast has been especially helpful in ensuring that reconciliations are submitted on time. I find the notifications it sends when something goes out of balance to be particularly important.
Effective for Reconciliation, Needs Improved Reporting
What do you like best about the product?
I find FloQast incredibly useful for monitoring the close process and managing account reconciliations, especially given the multiple entities we work with. The software effectively consolidates account reconciliations in one location, ensuring they are prepared and reviewed by designated personnel. I particularly appreciate the reporting and reconciliation features as they significantly aid my role, providing useful evidence during our financial statement audits and making reporting smoother. These features also assist in identifying fluctuations month over month, quarter over quarter, and period over period, especially for significant flexes. The reconciliation process is not only very helpful but is also a key factor influencing my decision to consider purchasing FloQast again. Additionally, I utilize FloQast alongside NetSuite, which showcases the product's integration capability, essential for seamless workflow in our operations.
What do you dislike about the product?
I find the current reporting setup limiting, which doesn't provide the most beneficial reporting for my needs.
What problems is the product solving and how is that benefiting you?
I use FloQast to monitor and consolidate account reconciliations across multiple entities, ensuring they are prepared and reviewed properly, which aids in financial audits and helps identify financial fluctuations.
Seamless Integration and AI Empowerment
What do you like best about the product?
I truly appreciate how FloQast significantly streamlines financial tasks with its AI tools, allowing us to efficiently prepare financials for our diverse clients. The platform reduces the need for direct communication among team members, as everything is accessible through FloQast, ensuring seamless updates and clarity on task statuses. The recent introduction of new AI tools has elevated our service level and enhanced team communication even further. FloQast's dependency management, rules, and notes facilitate a high level of accuracy in our financial reporting, fulfilling the service expectations of our clients. I find the setup process notably simple, and the ease with which it connects to popular financial systems like Xero, NetSuite, QuickBooks Online, and Intact Sage is remarkably smooth, ensuring that post-connection issues are minimal. The auto-matching feature is incredibly beneficial for managing various data sets, while the prepaid amortization feature simplifies addressing challenging journal entries unique to each client. This functionality minimizes cumbersome manual tracking and allows the accountants to focus on verifying balances accurately. FloQast enabling notification alerts for balance sheet changes is highly valued, as it decreases unnecessary communication and allows real-time updates for immediate handling. Overall, it empowers me to dedicate more time to management tasks, confident in the reliability of FloQast’s numbers. With these comprehensive tools, our firm can enhance our client advisory services remarkably, adapting to the rapid technological advancements in the accounting industry.
What do you dislike about the product?
I wish FloQast was more tailored to client advisory services firms allowing more functions for managing multiple clients. The current setup seems more focused on individual firm financials rather than offering robust support for client services. Another issue is the lack of flexibility in switching between accrual and cash basis within FloQast, which complicates verifying balances when clients operate solely on a cash basis, as FloQast primarily pools accrual basis data.
What problems is the product solving and how is that benefiting you?
I use FloQast to streamline financial tasks, reducing team communication needs by centralizing information. It helps manage balance sheet changes efficiently, allowing more time for strategic management due to reliable numbers.
Transparent Audit Trails, but Reconciliation Formatting Can Be Tricky
What do you like best about the product?
I appreciate that there is a helpful audit trail available for every item. This feature adds a layer of transparency and makes it easier to track changes.
What do you dislike about the product?
When working with the Reconciliations function, I’ve noticed that the workbooks require a very particular cell format for pulling balances. This requirement can occasionally lead to confusion.
What problems is the product solving and how is that benefiting you?
We rely on FloQast for our month-end close process. The ability to track the number of items and monitor progress provides valuable insights, helping us remain organized throughout the close period.
FloQast Streamlines Month-End Close, Minor Glitch with Approvals
What do you like best about the product?
FloQast was implemented right before I started at my current company. The Checklist feature is incredibly helpful in making sure that all of the team's work items are complete. When I run our month-end close meetings, I will filter on items that are not yet prepared and are due that day or are past due. I also appreciate how easy it is to review checklist items. Uploaded support is easily accessible.
What do you dislike about the product?
One thing that has bothered me is occasionally, I will not be able to mark a checklist or reconciliation as approved; this generally happens after disconnecting/reconnecting to internet throughout the day. It is easily solved by restarting my computer, but this is not ideal during close.
What problems is the product solving and how is that benefiting you?
It solves task management with our close checklist. It also solves reconciliation organization and approval workflows.
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