FloQast
FloQastReviews from AWS customer
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Does well what is is meant to cover and is easy to pickup
What do you like best about the product?
Reconciliations all use Excel but don't require specific format so really easy to train and use
What do you dislike about the product?
System security is not ideal. Have to create separate entities in system to segregate security which can create administrative issues and force to go between a lot of entities.
What problems is the product solving and how is that benefiting you?
FloQast has become our one source of truth for close documentation around all 3 of our entities. Entities are not on same core systems which has also given us the ability to see all close documentation in one place.
Recommendations to others considering the product:
Be sure you take the time to think about how your company will use the software so that as you roll out and train you are not changing processes on the users. FloQast seems to push to implement quickly and than adjust as you go. While that can be done, I believe it confuses users. Take the time to figure out how you want to implement before rolling out.
Great customer service
What do you like best about the product?
The FloQast support is the fastest and most responsive support team I've ever worked with from a vendor. Answers are quick and helpful. The experience far surpasses the support teams of other companies we work with.
What do you dislike about the product?
Some necessary functionality that could enhance the user experience is still in development. Since we've been on FQ, several new features have been pushed out that make using the product better, but there are still more on the way.
What problems is the product solving and how is that benefiting you?
In our start-up environment where the speed of change is lightning fast, FQ helps us stay on top of the close and identify new areas and accounts requiring attention. It allows the accounting team to hold ourselves accountable to close, and also allows us to hold other operational teams accountable for their workflow steps as well. It provides great visibility into progress across the organization.
Recommendations to others considering the product:
N/A
Organize your close and minimize close time with FloQast
What do you like best about the product?
FloQast eliminates the need for excess meetings and spreadsheet tracking for the monthly close process, while improving the accuracy of account reconciliations.
What do you dislike about the product?
The set-up time, depending on the number of entities/ subsidiaries can be a bit overwhelming. However the customer success team and account representatives make this process as painless as possible.
What problems is the product solving and how is that benefiting you?
We have decreased our close time since first implementation from form 30 to less than 15 days on our old system. We have recently implemented a new accounting system, and FloQast was a great tool that we used to help organize our monthly close in a new system with a new subsidiary organization. We have increased documentation quality and accuracy, the benefits of which we realize when investigating old transactions and preparing for our upcoming audit.
Recommendations to others considering the product:
I highly recommend using FloQast. From implementation to continuous management and updates based on business needs, it has been a pleasure to use.
Great tool for managing monthly close
What do you like best about the product?
No more papers and things are rollforwarded automatically. Can see status of close.
What do you dislike about the product?
Some people still like paper support for the monthly close and harder to share with people with no FloQast license.
What problems is the product solving and how is that benefiting you?
No more paper and better transparency on progress of close.
Streamline the month-end close
What do you like best about the product?
FloQast enhances transparency for outstanding to-dos and unreconciled accounts
What do you dislike about the product?
The success of this tool depends on the full adoption from your team.
What problems is the product solving and how is that benefiting you?
Transparency, visibility, collaboration, completeness in preparation and review of month-end work papers
Great software to keep track of your month-end close
What do you like best about the product?
FloQast provides alerts on tasks that are due so that nothing is missed for the monthly close. It also syncs to your accounting system so that supporting documents are reconciled with the ledger in real time. Once the reconciliation is checked off, any entries to that ledger will create an alert so that late or erroneous entries are caught. It also provides analytics to show the progress of the monthly close, what items are remaining, tasks that are past due, etc...FloQast helps to also save our monthly supporting files shared folders in a uniform format. With the click of a button, you can rollforward prior months supporting files to the current month.
What do you dislike about the product?
Only issue I found was when members were deactivated. Their previously assigned tasks just sit in there and no alert is sent to notify active members.
What problems is the product solving and how is that benefiting you?
Everyone on the team are assigned tasks and reconciliations that they are in charge of. FloQast provides a schedule so that everything needed to properly close the month are completed in the assigned dates. FloQast has definitely shaved a few days off our close and also provides assurance that what we report is correct (in all material respects of course).
Recommendations to others considering the product:
If you want to close the month with a great amount of assurance, FloQast is a must have. It also provides structure to your monthly close by assigning tasks and deadlines to team members so that things are completed when needed.
Floqast- Dermavant Review
What do you like best about the product?
The support team & our client manager are both extremely knowledgeable and there is always a quick turnaround on all the requests we have had.
The ability to update any sort of setting, add new accounts, edit approvers, etc. Instead of having to make changes manually or one at a time, there is the ability to download an excel report, update it and then do a quick upload. We have gone through many changes in our company, and this feature has really been able to save us a lot of time.
The ability to update any sort of setting, add new accounts, edit approvers, etc. Instead of having to make changes manually or one at a time, there is the ability to download an excel report, update it and then do a quick upload. We have gone through many changes in our company, and this feature has really been able to save us a lot of time.
What do you dislike about the product?
When updating reconciliation files, sometimes I have to refresh online multiple times for the changes to update in Floqast.
This has only proven to be an issue when there are last minute entries and we need the changes to reflect quickly to close the books. Aside from that, Floqast does update/refresh those files daily!
This has only proven to be an issue when there are last minute entries and we need the changes to reflect quickly to close the books. Aside from that, Floqast does update/refresh those files daily!
What problems is the product solving and how is that benefiting you?
In the process of getting started with FloQast and having to reconcile all of our GL accounts, we have come across several entries that have incorrectly been booked in the past; giving us the opportunity to correct entries. Based on monthly variances, we have also been able to notice when entries were not booked or were accidentally missed. The real benefit here has really been to have a second check in place by conducting deeper reviews of all our accounts through the submission of our reconciliations!
Recommendations to others considering the product:
To really spend time on the initial integration!
Unfortunately, I was not part of the initial integration with my own company since I came on board after the fact. But once I was on board & scheduled calls/training with our account manager, we were really able to find ways to improve how my company was using Floqast and even found more tools/resources that I didn't even know Floqast provided!
Unfortunately, I was not part of the initial integration with my own company since I came on board after the fact. But once I was on board & scheduled calls/training with our account manager, we were really able to find ways to improve how my company was using Floqast and even found more tools/resources that I didn't even know Floqast provided!
Very easy to use
What do you like best about the product?
Syncing functionality and reconciliations
What do you dislike about the product?
Fort and colors, I’d recommend making it easy to use
What problems is the product solving and how is that benefiting you?
Refreshing trial balances
Floqast is a great tool for anyone looking to improve their month close processes.
What do you like best about the product?
The system is extremely user friendly and helps me see my team's progress at a glance. I like that all of our support documents are housed in one location and tie directly to the FSLI's to which they are attributed. I also like that the time to implement was not very intrusive and the Floqast team has been incredibly helpful in answering all of our questions throughout our engagement.
What do you dislike about the product?
I'm hopeful for increased automation features in the future like the auto rec feature. I also wish there was a bit more assistance with the initial set up of tasks (recommending best practices, set). Setting up checklists and reconciliations for multiple entities creating some redundancies within our system and it would've been nice to have a review done by the Floqast team as they helped us implement the system. Otherwise no major complaints!
What problems is the product solving and how is that benefiting you?
Adding more visibility to our close process and deadlines, holding team members accountable, housing all support files in one location and creating an audit trail. We've reduce our month close time by four business days and have been able to better split up responsibilities between team members based on timing and workload.
Recommendations to others considering the product:
Definitely recommend for anyone looking to increase the efficiency of their accounting close processes. Fairly easy to implement and great for managers looking to clearly define expectations and hold team members accountable to tasks and deadlines. Everyone we've worked with at FloQast has been super kind and helpful and they continue to roll out new features that improve our overall experience.
Good but needs improvement
What do you like best about the product?
The reconciliation feature is the best part about Floqast. It's great to be able to look in one place to ensure that our recs tie to our GL. Reviewing accounts after all entries have been posted is greatly improved with Floqast.
What do you dislike about the product?
It's not very robust, I always want more out of it. We also have a tough time of getting all teammates to update their status within floqast. I also wish I could edit assignments within the reconciliation page. This feature was recently added for the checklist page, but I want it for the rec page too.
What problems is the product solving and how is that benefiting you?
Ensuring accounts are reconciled and keeping a timeline (with the checklist function). The reconcilation feature is a lifesaver for team members who are completing the recs, it used to be a nightmare ensuring that all recs were tied out and floqast makes it a lot easier on the reviewer so the final stages of our close are quicker and a little smoother.
Recommendations to others considering the product:
It will help you keep your close more organized and smooth the review process at the end of the close.
The support team is great - they always answer my questions quickly and have a solution for me.
Reconciliations are easier than ever with Floqast.
The support team is great - they always answer my questions quickly and have a solution for me.
Reconciliations are easier than ever with Floqast.
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