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Excellent and Easy To Use Financial Close Software
What do you like best about the product?
FloQast has a simple, user friendly interface, and is a great tool for ensuring all of our balance sheet accounts are appropriately reconciled. Previously, if a journal entry was booked into our ERP (NetSuite) without the owner of the reconciliation knowing it, we ran the risk of our reconciliations being out of balance. With FloQast, that problem is solved as I can get real-time ERP data compared to the current version of our Excel reconciliations to ensure they're reconciled.
FloQast also serves as an excellent close calendar. Previously our close calendar was a rather ugly Google Doc, shared by the team. FloQast organizes each section however you with, then has various prepare/review steps for each team member. The interface is simple, elegant, and intuitive and my team members had a really easy time getting up to speed on how to use it. Everything can be customized to meet your team's needs.
The flux analysis functionality is also a huge time saver for our team. Previously we'd download financials from the ERP, line them up, calculate formulas and manually add explanations. Then we'd have a meeting with 20+ folks to go over all fluxes. But with FQ we can set up flux limits that require explanations, assign accounts and have review done easily, and have made that meeting we used to have no longer necessary as all communication can be done within the platform.
FloQast also serves as an excellent close calendar. Previously our close calendar was a rather ugly Google Doc, shared by the team. FloQast organizes each section however you with, then has various prepare/review steps for each team member. The interface is simple, elegant, and intuitive and my team members had a really easy time getting up to speed on how to use it. Everything can be customized to meet your team's needs.
The flux analysis functionality is also a huge time saver for our team. Previously we'd download financials from the ERP, line them up, calculate formulas and manually add explanations. Then we'd have a meeting with 20+ folks to go over all fluxes. But with FQ we can set up flux limits that require explanations, assign accounts and have review done easily, and have made that meeting we used to have no longer necessary as all communication can be done within the platform.
What do you dislike about the product?
Not a lot to dislike about FloQast. If there were more around plugging into reports/templates/powerpoint slides for BOD presentations, for example, that would be a nice feature.
What problems is the product solving and how is that benefiting you?
Ensuring our reconciliations are in sync with our ERP balances is a huge help that has sped up our close process as we don't have to repeatedly open multiple Excel reconciliation documents and ensure they still tie to our GL. And having all the steps outlined within the platform that we need to complete on a monthly/quarterly basis has been a huge help - we'll never forget anything and can add or remove steps as necessary. It also helps to ensure that every item requiring a review is actually reviewed. As mentioned above, flux analysis has saved a ton of time. All my teams have really loved FloQast.
Recommendations to others considering the product:
I would recommend you take note of what you like or don't like about FloQast and communicate this to the team - it is clear that they really listen to their customers and make enhancements to the platform based on customer feedback.
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