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Best Software for Accounting Close Process
What do you like best about the product?
Ease of Use - User Friendly / Very flexible to attain our specific goal / Very reliable (wherever you are at work/home) / Improves work efficiency tremendously / Software maintenance is at the minimum.
I don't see any side-effects on this product (well though product for the Accountants) - excellent job on keeping the financial information intact and with integrity!
Build effective communication and TEAMWORK!
I don't see any side-effects on this product (well though product for the Accountants) - excellent job on keeping the financial information intact and with integrity!
Build effective communication and TEAMWORK!
What do you dislike about the product?
Need a bit of improvement on some of the functionalities we have observed which is not currently producing the way we wanted.
What problems is the product solving and how is that benefiting you?
Track all reconciliations and organized them.
Improve work efficiency.
Build effective communication within the Accounting Team.
Financial Integrity.
Reliable data.
Improve work efficiency.
Build effective communication within the Accounting Team.
Financial Integrity.
Reliable data.
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FloQast has simplified close procedure, streamlined reconciliations, and provided ample visibility.
What do you like best about the product?
The reconciliation process is by far the best feature for our team. Being able to auto-reconcile specific accounts, and gain visibility into potential issues with others has made reviewing much smoother than our previous software. With the click of a button, FloQast sees the most up to date information from our GL and we have instantaneous insight into problem areas.
What do you dislike about the product?
The standard dashboard is very useful from a reviewer and department head point of view, but our team has provided feedback that it would be very useful to be able to customize the dashboard to make something more meaningful for them. However, the team over at FQ has been in regular contact with us and has been more than willing to hear our suggestions for future features.
What problems is the product solving and how is that benefiting you?
We have completely solved any unreconciled accounts, and have significantly increased the efficiency of our close process.
Adding close visibility and automation easily
What do you like best about the product?
FloQast has brought us a tool that allows me to have increased visibility to the close while being very easy to use. As a part of a growing company, other areas of the business had scaled but the accounting processes stayed the same. With FloQast, we have real-time visibility into our close checklist and account reconciliation process.
What do you dislike about the product?
We were one of the first to use the OneDrive integration. There were a few hiccups in getting started but it has been nothing but smooth sailing ever since.
What problems is the product solving and how is that benefiting you?
We had a lack of visibility into the close process. With FloQast, we have a very easy place to check and see how the close is coming. We also had limited visibility into our account reconciliation. Wiht FloQast, we have been able to increase the number of recs we are doing while making it easier to complete some of them with auto-reconciliation.
Recommendations to others considering the product:
We looked at competitors but ultimately decided on going with FloQast. Several key things we considered were the ease of implementation, not having to change many processes, and being able to get the product live quickly. We were to complete the implementation and go-live within a few weeks.
CPA Firm with a BPO Practice, looking to continually improve our services to the non profit sector
What do you like best about the product?
We started with FloQast at the beginning of 2016. We are currently running service delivery for 20 clients on the tool. Ultimately this will be our main production engine, driving standardized service delivery and process efficiencies.
Our engagement teams that have used the tool are big fans. FloQast facilitates efficient delegation and review for our team that is increasingly spread across the world serving clients who are spread across the country.
We view FloQast as an essential component of our outsourcing play and are excited to check back in with this forum as its impact matures in our business.
Our engagement teams that have used the tool are big fans. FloQast facilitates efficient delegation and review for our team that is increasingly spread across the world serving clients who are spread across the country.
We view FloQast as an essential component of our outsourcing play and are excited to check back in with this forum as its impact matures in our business.
What do you dislike about the product?
FloQast was not initially programmed for specific use by a BPO. To the credit of their ability to listen and hustle, they have made significant changes for the benefit of businesses like ours. They have made strides in our ability to monitor our performance across multiple clients and have many ideas in the queue for future advancement. We appreciate their responsiveness to our input.
What problems is the product solving and how is that benefiting you?
We partnered with FloQast as part of a move to improve service delivery through standardization. The early returns are very good, we can delegate and track delivery of our statement of work much better than we could in the past.
Recommendations to others considering the product:
BPO users of the cloud based tools supported by FloQast should strongly consider this solution. Advantages include monitoring performance, course correcting when necessary, documenting reviews, and driving efficiency.
FloQast is an easy to use tool that helps streamline processes
What do you like best about the product?
FloQast has a simple layout that makes it very easy to use the product. This tool allows you to easily create checklists and track the status throughout the close process. Additionally, for reconciliations an automatic email will be sent to you when it is out of balance. The sign off tool is great to allow you to assign tasks to specific individuals and help implement controls by assigning preparers and reviewers.
What do you dislike about the product?
One aspect of FloQast that is more time consuming is if you need to add a preparer or reviewer, you have to re-add all the individuals to the specific task.
What problems is the product solving and how is that benefiting you?
The largest benefit is that it has made transitioning team roles and responsibilities to new team members easy and has made the overall close process more efficient.
Recommendations to others considering the product:
FloQast is a great tool and I highly recommend implementing it if you would like to make your processes simple and efficient.
Wish we had implemented FloQast a year ago!
What do you like best about the product?
The training, implementation support, and ease of use are three of the highlights about using FloQast. We were up and running within a minimum amount of time on our part. The outcome far outweighs the few hours of pre-work to begin using the software.
What do you dislike about the product?
Personally, there isn't anything I dislike!! However, the rest of the team is surprised how easily and quickly I can now follow up with them!
What problems is the product solving and how is that benefiting you?
Both our external auditors and executive team have commented that the completeness of the month-end close checklist, timing of reconciliations and standardization of templates were below minimum standards. FloQast solved these issues and more in the first month after implementation.
Recommendations to others considering the product:
See above comments. I highly recommend!
FloQast
What do you like best about the product?
FloQast has helped increase the transparency in our overall close process and keep key stakeholders updated on progress. It assists in finding where bottlenecks are occurring so we can redeploy resources as necessary and ensure timelines are met. Reconciliations are centralized and completion / review status is easily viewed.
What do you dislike about the product?
Nothing material we dislike. There are features they are currently developing related to the reconciliation functionality which will be nice to have once released.
What problems is the product solving and how is that benefiting you?
Ensure close deadlines are met
Electronic reconciliations w/ sign off capabilities
Ease of updates to close tasks based on vacation & holiday schedules / staffing changes
Electronic reconciliations w/ sign off capabilities
Ease of updates to close tasks based on vacation & holiday schedules / staffing changes
FloQast
What do you like best about the product?
Before FloQast, all journal entries were on paper. Now, anyone with access to Floqast can find the information they need, wherever they are. This has also helped with our annual audit. The auditors can access the information, which minimizes the questions they have for us.
What do you dislike about the product?
After using FloQast for 6 months, we have not had an area that we dislike. Any time we have questions, customer service has always been very helpful on helping us find the answers. One improvement could be to have emails sent when users complete a journal entry. Then, the admin. staff know to login to approve.
What problems is the product solving and how is that benefiting you?
Our goal is to start going electronic and reduce the need for paper. Also, to allow access to staff when they are offsite and need information.
Recommendations to others considering the product:
If you want a paperless system to complete your month end journal entries, then FloQast is a great solution. You can upload your trial balance at the end of your process and reconcile your accounts to see any discrepancies. You can also see the status of journal entries and what staff members need to complete.
FloQast - An accounting tool necessary for BPO practices
What do you like best about the product?
FloQast provides a monthly checklist for closing procedures, as well as monthly reconciliation sign-offs that enable us to provide a consistent and organized monthly close process for each of our client entities. Without this tool, we would be manually tracking each checklist and the close status of each entity. The tool is very user friendly and also easy to administer. I love having a percentage complete overview of each client's close status.
What do you dislike about the product?
I would like FloQast to provide a BPO summary dashboard in order to manage the close from an overall perspective for our clients. I would also like for them to add a layer of access between user and admin so that the accounting managers could manage the checklist items for their teams. Finally, I would like for FloQast to be able to alert me, as the Controller of the division, when there are balance sheet accounts missing from the client reconciliations.
What problems is the product solving and how is that benefiting you?
The ease of managing our close process for all of our clients with FloQast has increased our ability to provide more efficient and accurate month end close results. I can't imagine how we would scale our BPO services without a tool like FloQast. The team at FloQast is super supportive and involved every step of implementation and they empowered us to do future implementations on our own since we have so many to perform.
Very easy system to implement and use
What do you like best about the product?
what I like best is the system allows users to continue to use their beloved excel spreadsheet without changing to a fixed format that other system requires a preparer to perform. Update and maintain the system is rather easy
What do you dislike about the product?
Lack of security for sensitive files might be a problem for some. Box or Google drive doesn't allow file to be saved with password and this can be time consuming for preparer to delete or modify the file to protect the infomation.
What problems is the product solving and how is that benefiting you?
The dashboard allows everyone to be able to see the progress for the month end is nice.
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