FloQast
FloQastReviews from AWS customer
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Huge improvement for our month-end close process!
What do you like best about the product?
Overall the implementation was easy. The platform is user-friendly for the end user (preparer), which requires little training. Customer support has been great, they are very responsive. It integrates easily with Sage Intacct.
What do you dislike about the product?
It is somewhat difficult to add or edit tasks in bulk at the top level for multiple flows, in our case 30+ entities. It requires a full export/import of ALL.
What problems is the product solving and how is that benefiting you?
This has taken our month-end tasks out of Excel. This helps with tracking, training, and accountability. We have also implemented flows for auditing rent rolls, paying taxes, etc.
Consolidated team tasks
What do you like best about the product?
ability to see all acounts and whether they have been reconciled or not and also able to list tasks and assign to team members and managers.
What do you dislike about the product?
Not necessarily user friendly upon first use. Definitely need to explore and navigate different screens to get a feel of the set up.
What problems is the product solving and how is that benefiting you?
No account is left behind! can easily determine what accounts need attention.
Its an excellent month end tool that has no comparison to others
What do you like best about the product?
I like the fact that you can plan ahead, see a schedule, modify it and work with it as a guidance to get your tasks completed on time
What do you dislike about the product?
Can't make a change to current month tasks
What problems is the product solving and how is that benefiting you?
Being late with tasks and reconciliations. We also are using it to track our monthly Tax filing which is helping us to avoid late payments penalty and interest hence saving the company money.
Ideal for Month-End Close and Balance Sheet Reconciliation Management
What do you like best about the product?
That it can refresh GL balances in real time.
What do you dislike about the product?
We don't use all of the functionality available. I would not say that we don't like them, but do not need them.
What problems is the product solving and how is that benefiting you?
N/A
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.
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.
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