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FQ Review Q1 24
What do you like best about the product?
Organisation
Controls and review checklist
Reconciliations
Quarter/Year end use
Controls and review checklist
Reconciliations
Quarter/Year end use
What do you dislike about the product?
Noting to note at moment. Everything seems to work as hoped.
What problems is the product solving and how is that benefiting you?
Reconciling final numbers
Controls checklist
Accountability and audit trail
Controls checklist
Accountability and audit trail
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Enhancing Transparency in Financial Closings
What do you like best about the product?
Customizable checklists and task assignments
Centralized platform for document sharing
Built-in controls and audit trails for every relevant accounting area
Automated reconciliations and reminders tothe other departments
Centralized platform for document sharing
Built-in controls and audit trails for every relevant accounting area
Automated reconciliations and reminders tothe other departments
What do you dislike about the product?
initial setup of Trial balances and might be challenging
Missing features - no flexibility for setting the message dates manually for Remindes
(ICO) reconciliation between entities is not automated yet
Missing features - no flexibility for setting the message dates manually for Remindes
(ICO) reconciliation between entities is not automated yet
What problems is the product solving and how is that benefiting you?
Automated Workflow Management - streamlines the closing process by automating repetitive tasks and ensuring nothing is overlooked
Minimizes errors and ensures adherence to requirements of the internal controllers and external auditors
Minimizes errors and ensures adherence to requirements of the internal controllers and external auditors
Great software with very helpful team
What do you like best about the product?
It's very simple to use and get to grips with. The UI is slick and it has clearly been designed with all the right things in mind. The FloQast team are quick to respond and very helpful, they understand the issues or queries you have from a financial/audit perspective and are great at taking on feedback and further enhancing the product. It quickly became a huge benefit to us rather than another task/process that takes up time.
Implementation was very straightforward, we opted to do it ourselves so that we could gradually add balances to our month end process as we got used to the system, but the team were available for any questions as and when they arose.
Implementation was very straightforward, we opted to do it ourselves so that we could gradually add balances to our month end process as we got used to the system, but the team were available for any questions as and when they arose.
What do you dislike about the product?
There is currently a small issue with the completeness report and recognising different accounting books and their balances, however again the team have been really responsive and have recognised what the issue means and they are working to provide a solution.
Other than that I can't fault it, it's been a great addition to our finance teams processes
Other than that I can't fault it, it's been a great addition to our finance teams processes
What problems is the product solving and how is that benefiting you?
Formalising month end close process and enabling us to achieve a target of reconciling every balance sheet GL code in the portfolio. We now have greater visibility over month end progress, fewer balances overlooked which we anticipate will assist a lot in our first audit post implementation. It is also great for building formalised processes for other finance functions with checklist tasks being used to closely monitor how key tasks are progressing.
Great tool to track tasks and reconciliations
What do you like best about the product?
Great tool to track tasks and reconciliations
What do you dislike about the product?
Need to work better in Auto reconciliations
What problems is the product solving and how is that benefiting you?
Track tasks and reconciliations
FloQast is quite user friendly and has a high degree of functionality
What do you like best about the product?
It has been useful tool in reconciling accounts such as bank accounts with a large number of transactions. Also, good for keeping track of spreadsheet related balance sheet recs.
What do you dislike about the product?
It would be nice if account numbers in a spreadsheet could move across to a different folder within FloQast.
What problems is the product solving and how is that benefiting you?
It is helping to save time with more automated bank reconciliations. It is also helping with the transparency of the balance sheet reconciliation and month end close process.
T Reviews FQ
What do you like best about the product?
The structure and the UI, it makes looking for things very easy.
What do you dislike about the product?
I can't say much. I woudl say the Notes feature is a little bit clunky.
What problems is the product solving and how is that benefiting you?
The problem is organize all this info and FQ aids in that process.
Outstanding Close Management Platform
What do you like best about the product?
Simplicity - FloQast is very straightforward and leverages our excel workbooks
What do you dislike about the product?
One potential improvement we'd like to see added in the future is a dependency feature.
What problems is the product solving and how is that benefiting you?
FloQast helps us manage our close process to make sure no steps are missed, ensure that reviews take place, and that our G/L accounts reconcile to our workbooks.
FloQast is a game changer
What do you like best about the product?
FloQast is more than a tool to manage reconciliations. Positioned correctly in your finance function, it is a command and control tool.
I have used FloQast at the centre of a finance transformation of a basketcase. In a period of a few months it has assisted with supporting a redistribution of responsibilities amongst the team, improve month-end management, reduced days to report, with a significant improvement in the accuracy and completeness of our workpapers and results.
I have used FloQast at the centre of a finance transformation of a basketcase. In a period of a few months it has assisted with supporting a redistribution of responsibilities amongst the team, improve month-end management, reduced days to report, with a significant improvement in the accuracy and completeness of our workpapers and results.
What do you dislike about the product?
They do not use a test database so it is important to understand your target design or when you understand the full potential of the platform, it may lead to rework.
What problems is the product solving and how is that benefiting you?
Financial close practices, an extensive range of deliverables for reporting to management, board, shareholder and financiers, plus quarterly dividends, debt payments for each asset in our portfolio. Its checklist functionality has enabled me as CFO to be able to monitor the state of all key milestones in a complex business on a monthly, quarterly and annual basis in a manner that was very difficult in an excel environment.
There are other products that do the month-end reconciliation function well, but no others that also combine task, responsibility and deliverable monitoring in a manner designed for a CFO / Finance leader.
There are other products that do the month-end reconciliation function well, but no others that also combine task, responsibility and deliverable monitoring in a manner designed for a CFO / Finance leader.
Excellent tool with amazing features
What do you like best about the product?
I like that all of our reconciliations are in one shared folder! Previously, we had them saved all over the drive and it is also helpful within floqast you can click a link and a google sheet verison of the rec is available at all times. The checklist and sign off features are great too. This helps us keep up with what tasks are still pending and the timining of the sign offs to let us know if we need to adjust our checklist.
What do you dislike about the product?
With Floqast AutoRec feature there are some limitations. I have noticed that it has a hard time matching items that aren't 1:1 as far as amounts so if on the debit side there were 3 items that made up 1 item on the credit side, it's doesn't function as well as I would like since we have many of these cases with our Revenue.
What problems is the product solving and how is that benefiting you?
Organization, compliance, timeliness, more efficient processes.
Accounting Manager with Reconciliation, Checklist, Variance Analysis, Reporting & Compliance modules
What do you like best about the product?
The direct integration with our NetSuite ERP and the ability to refresh our balances on an ad-hoc basis is great. We often have last minute adjustments, so to be able to update our Reconciliations or Variance Analysis as soon as those are posted in NetSuite helps us. Other systems only refresh on a periodic schedule, so it's nice not to have to wait for that to occur to update our records.
Setting up new rec's/checklist items is easy and the process is very intuitive which helps when we have employee turnover or changes in roles. Being able to set checklist items at varying frequencies is great, since we have tasks that are performed daily/weekly/bi-weekly/monthly etc.
Setting up new rec's/checklist items is easy and the process is very intuitive which helps when we have employee turnover or changes in roles. Being able to set checklist items at varying frequencies is great, since we have tasks that are performed daily/weekly/bi-weekly/monthly etc.
What do you dislike about the product?
The biggest downside is the files being stored as Google Sheets, rather than MS Excel. Many of our schedules are built is MS Excel using functionality that Google Sheets does not have, or is not great with maintaining, i/e linking between documents, pivot tables and complex formulas. If a file is opened directly from Floqast it opens as a Google Sheet, corrupts the file and automatically saving it, creating the potential for losing hours of work since the files have to be re-created
What problems is the product solving and how is that benefiting you?
Ensuring all account reconciliations are completed each period that we require by having everything in a single repository, rather than having to manually compare our financial statements to files stored in a shared folder.
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