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Excellent Tool to Manage Your Close
What do you like best about the product?
FloQast gives me (Corporate Controller) the ability to monitor my staffs progress on our financial close at all points during the close. It is fully integrated with our accounting G/L and makes storing and organizing backup documentation extremely easy. The analytics tool allows me to understand where the hold ups are occurring and where we might potentially need to allocate more resources.
What do you dislike about the product?
Could use some enhanced features. It has been somewhat difficult to gain full adoption from my team as they aren't used to logging into a new software. While it's a great tool to organize our close, the features of the product are still somewhat basic.
What problems is the product solving and how is that benefiting you?
I was trying to get off Excel to manage our close and something that was integrated with our Accounting G/L. FloQast was easy to implement and centralized all of our close tasks in one software. It helps us organize, monitor and analyze all the processes involved in closing our books.
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Surprisingly Effective New Product
What do you like best about the product?
I really like the hash-tag capabilities because it makes reconciliations seamless.
What do you dislike about the product?
I wish I could rename folders within the application.
What problems is the product solving and how is that benefiting you?
The product helped our team effectively transition from a quarterly close to a monthly close process.
Recommendations to others considering the product:
The tool's greatest strength is it's flexibility. Reconciliations are still performed in Excel (which is the life blood of accounting) yet can be organized and tracked in real-time using FloQast's easy-to-use dashboard interface. You get as much out of the product as you put into it. The more time you devote into integrating the Company's processes into your FloQast account, the better your end result will be come audit time.
FSCP improvements. #FloQast
What do you like best about the product?
The ability to instantaneously obtain status information on the FSCP.
What do you dislike about the product?
Review notes are not linked to a particular cell in the reconciliation.
What problems is the product solving and how is that benefiting you?
We have less status meetings. My team is meeting their deadlines.
Recommendations to others considering the product:
Its a great program that provides real time information and helps with our review process.
Great tool to streamline month-end close
What do you like best about the product?
Floqast significantly helped us reach our month-end close deadline of 5 business days. With the checklists and users, we are easily able to see where we stand and what still needs to be completed. We put in some time to make sure we have a solid checklist with proper due dates relative to our procedures and that has helped immensely. Also, Floqast provides an easy place to store and tie out reconciliations to our GL.
What do you dislike about the product?
There isn't much I dislike. I think it could use some new features, although I'm not exactly sure what to suggest. I just feel like it's been essentially the same product for a few years now.
What problems is the product solving and how is that benefiting you?
Our close prior to Floqast was a little messy. Once we fully adopted the product and had it set up with everything we needed, it has helped us hit our close deadline on time every month.
Recommendations to others considering the product:
Make sure you really put the time into setting up a good checklist and you will see the benefits.
Really impressed!
What do you like best about the product?
The user interface is fresh, welcoming, and inviting. I can glance at the dashboard and instantly know what needs my attention.
What do you dislike about the product?
I am looking forward to MORE! The product is exactly what it was promised to be, but I can't wait for more features so that I don't have to implement other solutions to do something that I know FloQast can do better.
What problems is the product solving and how is that benefiting you?
The monthly close and review process has improved substantially. The checklists and sign-offs in FloQast provide real time communication which frees up my team to do other tasks. The auto-reconciliation feature has decreased preparation and review time.
Recommendations to others considering the product:
Don't be intimidated by implementation. The FloQast team delivered what they promised regarding implementation.
Great enhancement to our close process
What do you like best about the product?
FloQast streamlines the entire close process and provides excellent visibility and accountability to all involved. The interface is intuitive and very user friendly. The notes feature allows for easy tracking of review comments and documentation. The FloQast team is also very knowledgeable, attentive, and enjoyable to work with.
What do you dislike about the product?
I have been using the product for about 3 months and am very satisfied.
What problems is the product solving and how is that benefiting you?
Prior to implementing FloQast we had an very manual reconciliation and close process. Reconciliations were printed, signed by hand, and maintained in a binder. The close calendar was maintained in excel. This resulted in a large administrative effort each month. Since implementing FloQast we have been able to remove almost all of the administrative work. This has allowed people to focus on closing faster and spending their time on value added activities.
Recommendations to others considering the product:
I recommend you do a Demo.
Great software with even better customer service
What do you like best about the product?
The software is great and really filled a need for our company in streamlining the period-end close process and providing transparency to all members of the finance and accounting team. The software is very user friendly. In addition, we really like the customer service they have provided. They did a tremendous job of communicating with our team throughout the implementation process and providing training. We have had questions subsequent to going live and their team has responded very quickly and always found a solution. Lastly, they appear to be a company that is always looking for ways to build in more features and make the software more robust.
What do you dislike about the product?
Nothing to dislike. Initially our update times for account balances were taking a long time; however, the Floqast team solved the issue and they take less than 30 seconds now.
What problems is the product solving and how is that benefiting you?
We have eliminated the risk that an account reconciliation is not prepared or signed off. Our close process has been a lot smoother since getting on the Floqast platform. Also, Floqast has eliminated the need for our team to have daily meetings to discuss status of items.
Visibility, Delegation & Organization
What do you like best about the product?
My favorites features are the dashboard and the organization of the tasks and reconciliation schedules. At a glance I can see how far we are into the close process and then I can drill down to see which areas (cash, AR, AP etc) are completed or delayed. Not only can I view the areas, but I can further see which user is up to date or behind schedule which is a great people management tool as well.
The Excel reconciliation schedules are organized and all located within the system so I don't have to hunt for them on our internal server. The schedules roll forward into the next month very easily. As a reviewer, it is easy for me to review the completed schedules online, complete with PDF support as needed, and either ask questions via the review notes or approve the schedule as is.
The Excel reconciliation schedules are organized and all located within the system so I don't have to hunt for them on our internal server. The schedules roll forward into the next month very easily. As a reviewer, it is easy for me to review the completed schedules online, complete with PDF support as needed, and either ask questions via the review notes or approve the schedule as is.
What do you dislike about the product?
I have used this tool for about three months and so far have not yet found anything that I dislike.
What problems is the product solving and how is that benefiting you?
Accountability of assigned tasks has improved. We formerly had our tasks on an Excel list but this list was easily misused-resorted incorrectly, rows accidently deleted or written over. FloQast prevents this from happening. Any user can see where we are at, who did what, and who didn't do what. This improved teamwork.
FloQast created efficiency by being able to pull any reconciliation schedule and provide it to the auditors. We could also provide the auditors with proof of when it was completed and reviewed with the time and date stamp.
FloQast created efficiency by being able to pull any reconciliation schedule and provide it to the auditors. We could also provide the auditors with proof of when it was completed and reviewed with the time and date stamp.
Recommendations to others considering the product:
I first heard of FloQast during an IMA (Institute of Management Accountants) continuing education webinar about streamlining the month end close. I recommended implementing this product to my company's CFO. He saw the benefits and the rest was history. I could not imagine functioning without FloQast going forward. The implementation did not take a lot of time. The support team at FloQast is great to work with. We had several role transitions due to turnover and it was simple to add the new users and reassign the tasks. The new users commented on how easy it was to use, how easy it was to find what tasks were assigned to them and to know when the tasks were due.
FloQast has been amazing, from the initial setup to the software itself. There's nothing better.
What do you like best about the product?
Everything really. To list a few: The ability to sync with Box or equivalent. The ability to refresh a single account reconciliation balance from NetSuite without having to refresh the entire trial balance or source documents. The filters on task assignments.
What do you dislike about the product?
Not having the option to backdate a close item in the checklist if you simply forgot to check an item off when it was due.
What problems is the product solving and how is that benefiting you?
Faster close with extreme accountability of sticking to a close cycle.
Recommendations to others considering the product:
Choose FloQast. It will be the best decision you ever made with regards to managing your close process.
Big FloQast Fan
What do you like best about the product?
It's user-friendly and requires very little training. I am an executive-level accounting consultant and was hired to tackle several month-end issues for a tech company in Silicon Beach. My final project was to implement FloQast for the company and everyone loved it.
What do you dislike about the product?
Nothing comes to mind. I do look forward to a future release with capabilities that allow administrators to give auditors specific access to the company's data and reconciliations.
What problems is the product solving and how is that benefiting you?
Consolidation and streamlining of our month-end process. Controller can quickly see where the month-end process is at.
Recommendations to others considering the product:
If you compare to ART SkyStem or another competitor, it will be immediately obvious that FloQast is a superior product.
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