FloQast
FloQastReviews from AWS customer
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Nice solution to organizing month-end
What do you like best about the product?
I love that the GL balances pull in automatically from NetSuite (and other systems) to be compared to the reconciliation balances. Seeing the status of all recons and having a way to track progress real-time is great. They keep adding features as well, like the variance analysis tool.
What do you dislike about the product?
There’s not a lot to dislike. It’s a pretty easy interface and easy to learn. But I do wish you could download the reconciliation setup templates for all entities at a time rather than one at a time. It would make updating admin details easier.
What problems is the product solving and how is that benefiting you?
I like that it simplifies comparing recons to the Gl balance and provides a way to see the status of everything by user at a quick glance.
Consistency & Transparency in close process
What do you like best about the product?
Seeing all tasks and their status in one place. Using review notes to email someone when a task they are waiting for has been complete. Visibility into everyone's responsibilities.
What do you dislike about the product?
We've been hoping for many months to get customizable tags, so we can tag tasks certain ways based on our specific business. Customizable tasks have just arrived! We haven't had a chance to try them yet.
What problems is the product solving and how is that benefiting you?
Consistency with the month-end close; transparency into status of the close. More efficient - reduces need to email people back and forth to see status.
Decrease Close Time Significantly
What do you like best about the product?
The ability to house your closing checklist and reconciliations across multiple subsidiaries in one handy interface helped to decrease our close time by 5 days.
What do you dislike about the product?
The only issue that we have is not having the ability to have dependencies on the checklist items.
What problems is the product solving and how is that benefiting you?
Decreasing close time, better disbursement of tasks, and full accountability.
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.
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.
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