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Senior Director and Assistant Controller
What do you like best about the product?
Its a very easy software to use and meets all our needs for reconciling close to 700 accounts across 30 entities.
What do you dislike about the product?
To be honest, everyone in my team loves it and we don't have any reservations about Floqast.
What problems is the product solving and how is that benefiting you?
Reconcilation for all balance sheet accounts for all our international businesses. Super easy to use and the customer service is top notch. I use Customer Service regularly and they get back to me right away with answers. One of the best if not best customer service I have ever experienced at a firm. Love the system. Now we need to look into Floqast Flux Analysis module to see if it meets our needs.
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FloQast has been a great tool to manage your close with multiple team members.
What do you like best about the product?
The ability to see exactly where the close is each month. Managing multiple clients it is very easy to understand where each one is with there respective deadlines. This helps us across our portfolio of clients.
What do you dislike about the product?
Only downside with FloQast is it does not directly integrate with most systems yet for loading TB's. This is coming down the pipeline so this will not be an issue soon enough.
What problems is the product solving and how is that benefiting you?
We are able to keep an efficient and timely close on all of our clients in our portfolio. This helps managers understand where each close is without having to dig into each clients system each time.
Recommendations to others considering the product:
This is an awesome tool to help you be organize and efficient in monthly closes especially with large teams. You can keep notes in this system to see historical items so if you do have turnover it is easier for someone to pick up and start going. It has helped us get our lower level staff more organized while learning the consulting environment for multiple clients.
Great platform for more efficient closeout
What do you like best about the product?
I like the best that FloQast that It makes your closeout proses more organized and systematic. There no need to keep separate spreadsheets and notebooks to make sure you completed all the necessary tasks. My favorite feature is when you can use the prior month data as a base for your next month closeout and simply roll forward all the documents. This way I can simply use one spreadsheet for the whole year or have a ready to use template from the prior month.
What do you dislike about the product?
There is, honestly, not many downfalls of the FloQast that I can point out. I'm pretty satisfied with all the features of this platform. The only downfall that I could distinguish is that rolling forward feature could be used only ones and if you forgot to select one necessary file you'll have to go through manual prosses of moving the file yourself.
What problems is the product solving and how is that benefiting you?
It definitely brought our closeout prosses to a new level. I feel like it made me personally become more organized and systematic in everyday tasks. Before FloQast there was not really a monthly closeout in our company. There would be an only yearly closeout that was extremely complicated to do. Now having a monthly closeout our year close is just a piece of cake.
FQ is very easy to work with, interfaces with Google drive are simple.
What do you like best about the product?
Best of all is that you can learn to use it very quickly.
What do you dislike about the product?
Some times I need to correct holidays according to my calendar.
What problems is the product solving and how is that benefiting you?
Maintain accounts and closing tasks controlled and allocating them to each owner.
Very easy to use and reconcile the items.
What do you like best about the product?
Very easy to use and reconcile the items and easy to maintain the data.
What do you dislike about the product?
Never shown the detailed errors once reconciliations not done.
What problems is the product solving and how is that benefiting you?
We can maintain the data in one place and easy to find the same.
Recommendations to others considering the product:
Yes
Floqast Changed My Life
What do you like best about the product?
I like the navigation, the ability to update assignments on the fly, the auto replication of the folders each month, the ability to easily roll forward standard documentation.
What do you dislike about the product?
I dislike the fact that I cannot make tasks dependent on each other.
What problems is the product solving and how is that benefiting you?
Faster more complete close. It's like having a project manager helping me to manage the close each month. Also great for sharing documentation with auditors.
I am an admin and user as well. It is wonderful to keep an eye on books closure part
What do you like best about the product?
Track over books, User Interface, Easy to use, Accuracy and simplified dashboards, balance out notification to ensure that some entries have been posted this is also great
What do you dislike about the product?
Nothing as on date. But i would like to see some controls over the FloQast notification process there should be some process to get the enable/disable the notification for individual reconciliation (as per risk rating)
What problems is the product solving and how is that benefiting you?
We keep an eye on account reconciliation. We have also seen the timing of team when they do signoff in terms of on time or late etc.
There are other benefits as well such as - It work as a detective control to ensure that if something has gone wrong the same can identified and corrected at later stage. Also auto reconciliation for zero account is great where user dont have to upload reconciliation everything which save time and increase efficiency.
Also it work as a backup at the time of audits instead of sharing individual reconciliation we can share all reconciliation with them in one which save time and increase the efficiency of both i.e. User and Auditors.
There are other benefits as well such as - It work as a detective control to ensure that if something has gone wrong the same can identified and corrected at later stage. Also auto reconciliation for zero account is great where user dont have to upload reconciliation everything which save time and increase efficiency.
Also it work as a backup at the time of audits instead of sharing individual reconciliation we can share all reconciliation with them in one which save time and increase the efficiency of both i.e. User and Auditors.
Recommendations to others considering the product:
Guys FloQast is a great software where you can monitor the things at one place. Since it is based upon spreadsheet model we need to ensure that our teams upload the right data along with accurate reconciliation. FloQast is not limited to monthly closing but it is more than that i.e. Audit efficiency, Data backup etc. etc.
Easy to get started and derive value right away.
What do you like best about the product?
The data sits on my own network. Also, the software is easy to get up and running and manage.
What do you dislike about the product?
Not so easy to change preparers in prior periods without throwing ALL the changes into prior periods.
What problems is the product solving and how is that benefiting you?
Better visibility into what is not complete and where the gaps are. Efficient management of process, evidence based and not just, "yep, I'm done."
Recommendations to others considering the product:
Don't choose an alternative without first looking into FloQast
FQ is an invaluable tool for our organization.
What do you like best about the product?
FQ helps our team to prioritize, organize and track financial close progress.
What do you dislike about the product?
I would love if FQ had the ability to incorporate a closing calendar.
What problems is the product solving and how is that benefiting you?
It offers visibility to the CFO org as well as the Accounting team of areas of responsibility and workflow during the close process.
Excellent tool for month and quarter closes
What do you like best about the product?
It integrates to pull the GL balances from our ERP system for the month that we will be able to quickly tie and reconcile to these GL accounts. The UI is very user friendly we easily follow through the checklist and reconciliations. It also centralizes the management of the month and quarter closes, stores all the documentation in one place, and gives us greater confidence that it’s accurate and complete.
What do you dislike about the product?
Not much feature or functions for consolidations
What problems is the product solving and how is that benefiting you?
Cut our time for month and quarter closes by more than 5 days.
Recommendations to others considering the product:
can design and develop more features for consolidation accounting and reporting
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