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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.
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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.
Month End Close software unlike anything else on the market
What do you like best about the product?
Unlike other integrations I've been through, FloQast was incredibly easy to set up. Especially with our ERP. It is very intuitive and so easy to use with minimal training. It has helped my Finance & Accounting team of 12 users make our month end close process more efficient and ensures we are always in sync and communicating throughout the close. Having the close checklist and reconciliations all in one place with deadlines and timestamps of submissions and reviews is a nice change from the old tick and tie, sign-off, paper days.
What do you dislike about the product?
Nothing. FloQast has been one of the better business partners I have worked with, in that they are constantly considering our suggestions and actually implementing them.
What problems is the product solving and how is that benefiting you?
We have more visibility and a nice global view of the close and reconciliations. It is organized, centrally managed. keeps the team on their toes, and helps us collaborate and ensure the most efficient close.
A wonderful tool to have for month end close
What do you like best about the product?
Smooth system implementation with on-going enhancement;
Easy communication with vendor as the product is managed/supported by a team with solid accounting background/knowledge;
Converts closing calendar to work day calendar for each month end close;
Month end check list for each individual and reminder for open items;
Automatically reconcile BS account balance between source schedule and TB
Easy communication with vendor as the product is managed/supported by a team with solid accounting background/knowledge;
Converts closing calendar to work day calendar for each month end close;
Month end check list for each individual and reminder for open items;
Automatically reconcile BS account balance between source schedule and TB
What do you dislike about the product?
Nothing to dislike. As a fairly new user, we continue to explore all the features it has to offer.
What problems is the product solving and how is that benefiting you?
Better visibility to the progress of the closing;
Consolidate check list from all team (AP, AR, Rev, Payroll, GL, Int'L, etc) at one loaction;
Help user to better focus and prioritize daily work during close;
Create tracking record to help identify areas with weak control that require more attention (i.e. recon/ review is missing):
Better collaboration among team
Consolidate check list from all team (AP, AR, Rev, Payroll, GL, Int'L, etc) at one loaction;
Help user to better focus and prioritize daily work during close;
Create tracking record to help identify areas with weak control that require more attention (i.e. recon/ review is missing):
Better collaboration among team
Recommendations to others considering the product:
This is a product designed and supported by a team with solid accounting background and knowledge ( many are CPAs and used to be accountants). So they definitely speak the same language as their customers. Often time, I find their offering is one step ahead of our ask, which shows the thorough understanding they have about our needs and pain. FloQast has been a great partner for us to achieve a more smooth, accurate and timely close. I would recommend it to any accounting team who is looking to improve their month end close process.
Floqast is an amazing, well-thought out product!
What do you like best about the product?
I love that it pulls balances directly from our accounting software package, Intacct and updates nightly. I refresh multiple times a day during the month-end close process.
What do you dislike about the product?
Honestly nothing I can think of. I love all the new features they came out with recently.
What problems is the product solving and how is that benefiting you?
We have a month-end close process now that we adhere to. Quicker closes. Used to be 20+ days and our last close was 8 days. Shooting for a 7-day close.
Recommendations to others considering the product:
Create your month-end close process in Excel first. Ask all involved parties for input. Select your goal close-by date and work backwards from there.
FloQast has helped to organize our close process and improve the efficiency of the tie out process.
What do you like best about the product?
The system has helped to organize our close process and improve the efficiency of the tie out process. Each person involved with the close can easily see what tasks are open and prioritize tasks to ensure a timely completion. Tying out the balance sheet to reconciliations previously was paper based – all reconciliations were printed, signed off on and put in a binder. With FloQast, we have the ability to sign off electronically and tie out within the system.
What do you dislike about the product?
There is a file size limitation in place where FloQast cannot pull in a balance from the reconciliation if the file is over a certain size (around 10MB). This was higher as recently as March 2016. This may not be an issue for other users but some of our reconciliations are well over 10MB given the size of the data sources being used.
What problems is the product solving and how is that benefiting you?
We have been able to successfully streamline our financial close process and will soon bring our international subsidiaries on board to offer better support and real time review to their reconciliations. This has definitely helped us unify the close process across our growing company.
Recommendations to others considering the product:
FloQast is constantly providing new features and improvements to existing features. They are very receptive to user feedback.
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