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Helpful software to organize monthly close and keep on task
What do you like best about the product?
The reconciliation of the GL accounts helps me keep track on monthly close and lets me know if anything is posted to throw it off.
What do you dislike about the product?
I wish I could use it for more areas outside of monthly close processes.
What problems is the product solving and how is that benefiting you?
Helps to complete all monthly tasks that were missed before and lets us know if anything changes after we reconcile it.
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Make Month End Close Easier
What do you like best about the product?
The immediate integration with our ERP for updates and progress of month end close tasks and reconciliations is awesome!
What do you dislike about the product?
Often, certain tasks are dependent on the completion of others. It would be convenient to establish a dependency schedule that restricts later tasks until the prerequisite one is done.
What problems is the product solving and how is that benefiting you?
Floqast allows users to see what other month end close items have been completed to allow them to move forward with their month end close tasks.
FloQast - A Beacon of Hope
What do you like best about the product?
FloQast is something that we use almost every single day. It keeps our close process on track and keeps us in the mindset to be preparing for the next close. It is incredibly useful to have something that keeps track of everything that needs to get done for us to close our books. My favorite feature of FloQast is the reconciliation tab. We used to track things in spreadsheets, which was ok. The pain point, though, was when something would change in NetSuite after we had manually updated the balance on our spreadsheet and had considered it reconciled. There was no way for us to be notified or to know that something had changed unless we manually updated the balance again. This meant that we would have to open up our spreadsheets and updated balances nearly everyday throughout the close cycle. This would be across many different files for every balance sheet account. Bit of a nighmatre. FloQast has completey automated that process for us, since it checks the balances for us and lets us know as soon as something no longer reconciles. Then we can go look into what caused the difference and make updates.
What do you dislike about the product?
FloQast has been a bit complicated to implement. We have over 20 subsidiaries, and it has had a hard time differentiating those. We've been able to come up with a few workarounds, but it would definitely be nice to have the ability to switch between subs while maintaining one, overall dashboard.
What problems is the product solving and how is that benefiting you?
See the previous section where I discuss all of the things I love about FloQast and how it benefits me and my team.
Transparent and Time Management
What do you like best about the product?
I like that FloQast help create transparency between management and the team members on work completion. It helps the team and company overall understand and meet deadlines efficiently.
What do you dislike about the product?
The layout of FloQast online and the amount of time it takes to update the GL schedules from the WorkDay source. It only updates every hour. I wish it would update withing 5 minutes.
What problems is the product solving and how is that benefiting you?
Time management, transparency on projects/tasks, efficiency
VP, Financial Systems
What do you like best about the product?
It is easy to use and makes the closing process easier especially since the system alerts us when updates are needed, like balance changes and when items are ready for approval
What do you dislike about the product?
It is not always easy to navigate. For example, when I open FloQast it defaults to the January folder instead of the current open month
What problems is the product solving and how is that benefiting you?
Improved communication with team
FloQast Variance Analysis
What do you like best about the product?
The implementation of FloQast variance analysis went very smoothly! The team met with us to understand our specific business needs and left us a version of the product that was very easy for myself to explain to the greater accounting team
What do you dislike about the product?
FloQast doesn't have all the functionality I would like. It would be great if certain numbers could be linked within FloQast- for example if a number changes in one reconciliation it would change in another one. I also would like to see updates in the variance analysis that would allow us to see prior period responses in the current period window
What problems is the product solving and how is that benefiting you?
FloQast allows us to have insight on how our financial close process is going (dashboards, etc.) and allows us to evidence review in a way that is easy to digest for financial statement audits. It greatly helps organization and segregation of duties during our financial statement close process.
FloQast Revolutionized Our Close Process
What do you like best about the product?
FloQast best helps us by keeping a close watch on account balances even after they're reconciled. If anything changes post-rec, FloQast sends a message to us so we can resolve it before closing the books.
What do you dislike about the product?
FloQast automatically refreshes only once per day. I'd like Floqast to complete multiple auto-refreshes each day just in case something changes during the day, and we miss it. I don't have time to login and manually refresh multiple time per day.
What problems is the product solving and how is that benefiting you?
The biggest way FQ helps us is that it stays on top of account reconciliation, minimizing errors, and cutting close time into a fraction of what it took before FQ.
A Month End Close Ally
What do you like best about the product?
Centralized Close and Reconciliation Process with Preparer, Reviewer and Timeline Steps
What do you dislike about the product?
Manual Process for Adding New GLs each month
What problems is the product solving and how is that benefiting you?
Centralized Repository for housing Reconciliations - Easy to use and navigate the U.I
FloQast is the ultimate close checklist tool on the market.
What do you like best about the product?
FloQast is an ever-evolving tool that allows for incredible customization and ease of use. It is intuitive and can easily be added into any company's process flow.
What do you dislike about the product?
There's not a lot to dislike about the tool.
What problems is the product solving and how is that benefiting you?
We use FloQast as our checklist and process flow for everything from monthly close, to technical accounting, equity processes and reporting cycles. Having everything in one location is incredibly helpful.
FloQast is an amazing tool.
What do you like best about the product?
My favorite piece of FloQast is the AutoRec Amortization for Prepaid Expenses.
What do you dislike about the product?
The only downside to using FloQast is it does take a little time to input and check everything off each month and it can be a little intimidating until you learn how to use it; but once you learn it, it is actually very easy.
What problems is the product solving and how is that benefiting you?
This is helping our team with auditing and also with making sure all accounts are reconcilled and not just the basic checking accounts and credit cards.
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