FloQast
FloQastReviews from AWS customer
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Easy automation of the close process
What do you like best about the product?
The ability to organize and document all work papers.
What do you dislike about the product?
It's sometimes difficult to find settings such as team settings, trial balance completeness check etc
What problems is the product solving and how is that benefiting you?
Documenting and organizing the close process
Great product!
What do you like best about the product?
The most helpful feature is having all tasks and reconciliations in one place to sign off on. It helps not to miss something during a month-end or quarter-end close. It also allows us to have a more accurate status tracker each month.
What do you dislike about the product?
I don't have any real complaints - the system works pretty well.
What problems is the product solving and how is that benefiting you?
Floqast is helping us keep adequate SOX controls and allowing us to stay on track with all tasks needed on a monthly basis. Knowing what is due and what is upcoming is a great help for both managers and staff. It is also great for understanding where we are in the close process and what is left to get done.
Floqast makes the close process more managable and pulls everything onto one user friendly platform.
What do you like best about the product?
I like that Floqast has many different ways to view the data within the system, which allows you to filter to your specific needs. I also like that you can link documents to multiple account numbers, which makes completing monthly recons much easier.
What do you dislike about the product?
To many notifications for current month recons. Each time an account balance changes we receive notification. Is there a way to group these notifications together and allow the user to specify how often they want to receive them?
What problems is the product solving and how is that benefiting you?
Providing more insight to all users of the close process in one centralized system. This has allowed us to identify bottlenecks and make changes as needed. It also reduces the time spent pulling support for our auditors.
We have been using FloQast for just over a year now - a rec that took 16 hrs now takes 5
What do you like best about the product?
I really like the matching feature of FloQast - it helps to simplify what I have to do manually.
What do you dislike about the product?
For a few things, I'm still waiting on the AI to fully kick in
What problems is the product solving and how is that benefiting you?
FloQast is helping to get the reconciliations done quicker so we have more time to review.
Know what I need before I do
What do you like best about the product?
I love that FQ is always proactivly creating new helpful tools to help me with my processes.
What do you dislike about the product?
I would like to see the lists displayed in different format options. Somtimes the items are roo big.
What problems is the product solving and how is that benefiting you?
Helping not only with close but also other non-month end processes.
Review
What do you like best about the product?
Reconciliations and the data retention m
What do you dislike about the product?
Would like to see more comparisons (3 months)
What problems is the product solving and how is that benefiting you?
No issues.
Keeps me organized
What do you like best about the product?
I love the filtering functionalities on the checklist and reconciliation tabs to be able to see where my team currently stands in month-end close items. We have increased our use of FloQast checklist items and it keeps us organized to not have to remember small tasks every month if the system is reminding us to do so. Lots of brain space is saved when not having to remember to do 150+ items during close.
What do you dislike about the product?
I wish there was a way to view the checklist items and reconciliation due dates in the same tab. I also think the Flux section could use a little better design to be able to see an explanation on a laptop screen without having to scroll to the right.
What problems is the product solving and how is that benefiting you?
I love using the ReMind feature for accruals to send vendors emails on a monthly basis in order to get accurate unbilled balances per Vendor. Having this automated is extremely helpful.
Checks all the boxes and helps complex processes run smoothly
What do you like best about the product?
Having a checklist of tasks month by month helps maintain consistency and remove any ambiguity regarding what needs to be done. Comparing actual to expected sign-off dates allow for benchmarking and improvement plans.
What do you dislike about the product?
Refresh can be clunky and take a while. When using the Flux analysis I would love an option as preparer to filter for the items I have checked off, even if the reviewer has not checked off, instead of an all or nothing filter that indicates if the item is either completely done or still needs review.
What problems is the product solving and how is that benefiting you?
Managing all close tasks and ensuring all tasks are completed each month. Due dates and sign off allows us to set goals then compare to our expectations for improvement ideas.
Floqast really helps to keep tack of closing process
What do you like best about the product?
Editing each task is easy so I can change as our requirements change for some months.
It is great to have workflows for not just closing but for audit.
It is great to have workflows for not just closing but for audit.
What do you dislike about the product?
The assignee for flux analysis disappeared and we don't know why.
What problems is the product solving and how is that benefiting you?
Making To-do lists itself is a lot of work. Having an automatically updated list monthly is very helpful.
FloQast Streamlined our Month-End Close Process & Documentation
What do you like best about the product?
We had been using spreadsheets to track our month-end close tasks, which were cumbersome, had to be manually rolled forward each month, and necessitated a lot of emails back and forth when tasks were ready for review or if there were follow-up questions and answers. Approvals were done via email as well. Now with FloQast all of our tasks are organized in a close checklist that is rolled forward for us each month, and preparer and reviewer sign-offs are documented and maintained in the system as well as comments and notes. Everything is centralized in one place, so I don't have to search for key documentation on various network drives or in emails. All of our account reconciliations are included (utilizing our own excel spreadsheets) and it is so easy to check for completeness to make sure we've covered all accounts. We also use the Flux Analysis feature to review and explain key variances each month as we close. Our CFO is a huge fan of the Analytics tab, which calculates key close metrics by area, user, etc. so that we can track our progress during close (no more emails asking for status updates), improvements in the timing of the close, check for bottlenecks, and so on.
What do you dislike about the product?
It is another software for your team to learn; that said, it is pretty intuitive and our team picked up on how to maneuver through the tasks and features very quickly.
What problems is the product solving and how is that benefiting you?
We have reduced our month-end close time since implementing FloQast, and the whole team has better visibility into status at any given time. We have much better documentation of sign-offs for internal controls purposes. I can analyze variances earlier in the close process using the Flux Analysis functionality, because it is linked and refreshed with the same trial balance used for reconciliations - I don't have to compile/update one myself manually in a spreadsheet.
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