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Great software, very user friendly.
What do you like best about the product?
I like how easy FloQast is to use. The user interface is very simple and easy to follow, which often can be the reason team members have a hard time using a system.
What do you dislike about the product?
I wish it could be a bit more customized.
What problems is the product solving and how is that benefiting you?
We have achieved great efficiency in our month end close and review process.
Recommendations to others considering the product:
It is a great product and can help achieve great efficiencies.
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The Close Solution You didn't know you Needed
What do you like best about the product?
This software has made my monthly close process into something I used to dread into something that can be done with ease. It's nice to see your progress as you go through the close for the different entities. I have the ability to reconcile accounts from Sage Intacct to our various statements and spreadsheets that are sent monthly. I am sent notifications when reconciliations are no longer in balance. I'm able to give auditors access to the system so they can see what has been signed off on, including reconciliations, as well as access to all documents saved within the system. You can implement a prepare and reviewer process so that specific items have to be signed off on by specific people within a department. The software solution does not have to be used just for monthly accounting close, but can be used to track other checklists for standard processes that need to be completed for various projects.
What do you dislike about the product?
The software is great and I've had very few issues with it. I do wish that you don't have to do a monthly reconciliation push to see if any numbers have changed. It would be nice if you refresh in one month that it refreshes all months to ensure everything is still balanced.
What problems is the product solving and how is that benefiting you?
We no longer have a paper and manual close process. It has eliminated the need to keep our monthly backup and financials in a binder. It is all kept online and accessible to all parties that need it. Our VP of Finance and CIO direct access to the monthly close process. It provides an extra layer of security that our financials are correct.
Recommendations to others considering the product:
Floqast is a great product. I recommend making sure that your accounting software can be integrated directly with the system. If you're looking to eliminate much of the manual paper close process, then this is the right software for you. It was the software I didn't know I needed.
Making Month End close less painful
What do you like best about the product?
I really appreciate the quick and helpful response from our client representative- Brittany & Brooke. They are awesome!
What do you dislike about the product?
Not much. we do have difficulties sync files ones in a while, but Brittany and Brooke have always been able to help us troubleshoot.
What problems is the product solving and how is that benefiting you?
Streamlining month-end close action items.
Great tool for managing the close process
What do you like best about the product?
Floqast helps to solve the eternal question of what's done and what's not done and do all the reconciled balances tie to the GL?
What do you dislike about the product?
There are some minor things I think they could improve on, but nothing worth mentioning here.
What problems is the product solving and how is that benefiting you?
We've utilized Floqast to assign specific tasks and due dates for every part of the close.
Recommendations to others considering the product:
I would recommend Floqast to any company with multiple companies and dozens of reconciliations to track each month.
FloQast is a great product!
What do you like best about the product?
It is extremely user friendly, easy to implement, and gives the necessary management visibility to the entire closing process.
What do you dislike about the product?
We have been using it for just over a year, but I can not say that there is any specific feature that I dislike. They are constantly making updates, so anything I may have complained about has been addressed.
What problems is the product solving and how is that benefiting you?
We have eliminated weekly status meetings with the CFO. We have also formalized a systematic closing process that the entire team has access to. Prior to FloQast, we did not have a documented process. It was very haphazard.
Recommendations to others considering the product:
I highly recommend FloQast if you have no true month-end process or want to improve your current process.
More than a close management solution
What do you like best about the product?
This software has made my monthly close process a lot easier. With Floqast I use 1/3rd the amount of paper I did previously. Everything is accessible in one place. It gives me the ability to reconcile my GL account balances to my workbooks. It will alert me if something is out of balance, saving headaches during the audit. The auditors are able to access the system, so they are able to access the monthly backup as well as the reconciliation history.
What do you dislike about the product?
I currently have not had any issues with Floqast. Floqast has been a great additional tool here.
What problems is the product solving and how is that benefiting you?
Eliminating a paper close process to an electronic process. It gives our VP of Finance and CIO direct access to see where we are at any point in the close process and see that we are reconciling our GL accounts and they are correct. It provides insight to the fact that the closing task has been completed and the process has been approved by the VP of Finance.
Recommendations to others considering the product:
If you are looking to automate your monthly close process and eliminate the manual process headache, then this software is for you. It connects directly with Sage Intacct so we can see that our account balances are the same as our workbooks as well as our monthly statements. It was a product I didn't realize I needed until I had it. It has saved me a lot of time during my monthly close process and it will save you time as well. What's even better is they charge by user, not by entity, so if you are like us where you have far more entities then users, then it will save you time and money.
Floqast is a solid product and easy to use
What do you like best about the product?
Probably it's ease to implement and use.
What do you dislike about the product?
The ability to add more attributes for sorting both checklist items and recons would be good. A SOX related module where you can tie in your controls to either checklist or recons would be great.
What problems is the product solving and how is that benefiting you?
The biggest benefit is better visibility to the close cycle and ensuring work is done before we file our SEC documents.
Highly recommend as it's communication and organization is amazing!
What do you like best about the product?
I love how organized Floqast is with the folder structured to match your balance sheet. All your reconciliations to your balance sheet are within the proper folder makes it so easy to review each month and find corresponding support. In addition, I like that you are alerted of any changes made to balances after they have been signed off on.
What do you dislike about the product?
There isn't much I do not like, however once in a while it can be a little slow at updating or pulling information from our accounting software and reconciliations.
What problems is the product solving and how is that benefiting you?
We are more organized, catch backdated transactions, and are more efficient. I also love our communication within the system as it's easy to find if you ever need to reference it later.
Streamlined Our Close and Strengthened Controls
What do you like best about the product?
We have used FloQast for two years and have seen significant software improvement, both in utility of the application but also in the addition of value added features that have enhanced our close, both from a timing perspective, but also from strengthening of our controls over financial reporting. Add-ons such as Flux Analysis have been welcomed features for our organization. We are a public company so having a grounded ledger account understanding of changes in balances is critical. Other features such as appointing preparers and reviewers on a quarterly or annual basis (rather than monthly) have allowed us to focus on the proper cycling for reconciliations (key v. non-key) during a quarter. Lastly, the technical support we have received from FloQast has been tremendous. Our emails to TS are received and responded to within hours if not within minutes. We are pleased with FloQast as it fits well within our twelve person accounting group and has been, as I said previously, a game changer.
What do you dislike about the product?
I previously voiced a dislike to the lack of analytics, an area that FloQast has addressed and truly sought to add value to its customers. My one continued callout, and one I do not think FloQast is looking to action relates to optimizing screens so that FloQast can be used on a mobile device. Having the ability to review on my phone is critical, but is currently challenging as the application is not optimized. Navigating from screen to screen is clumsy as a result, and at times frustrating. Given the mobile age that we live in, having mobile functionality is important especially to reviewers who can execute their responsibilities at a point and time of choosing.
What problems is the product solving and how is that benefiting you?
Historically we had a close process that lacked accountability for deadlines and uniformity in presentation of reconciliations. Our close process is uniform in approach, which allows for cross-training opportunities during close. We also leverage FloQast with our auditors, which has reduced the amount of time we incur on PBC list items. Auditors have access to pull reconciliations, as needed, and have the ability to test controls around our financial close without having to burden our staff with requests.
Recommendations to others considering the product:
While FloQast is not the largest vendor in the financial close space, it is a very stable platform and incredibly easy to use and update. The organization continuously looks to improve the offering by expanding the tools we have (flux analysis, reconciliation, etc.) to close and monitor close. We find the application to be fairly and competitively priced for the value we receive.
FloQast is a great application
What do you like best about the product?
FloQast helps us organize and manage our month-end close and provides visibility to all team members of current status and open items.
What do you dislike about the product?
There isn't much to dislike about FloQast.
What problems is the product solving and how is that benefiting you?
FloQast has helped us streamline and speed up our month-end close process.
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