FloQast
FloQastReviews from AWS customer
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FloQast Streamlines Month-End Close and Reduces Team Stress
What do you like best about the product?
FloQast assists the month end close process in a way that genuinely reduces stress for accounting teams. The checklist functionality keeps everyone on the same page about what needs to be done and by when, which holds members accountable on their responsibilities.
The reconciliation module similarly helps save significant time on repetitive tasks. Ensure accounting teams reconcile significant accounts and assist with understanding the variance module
The reconciliation module similarly helps save significant time on repetitive tasks. Ensure accounting teams reconcile significant accounts and assist with understanding the variance module
What do you dislike about the product?
As a preparer I would like to be able to create recurring tasks on the checklist module. I dont understand why a preparer can create single month tasks but a manager/admin needs to be the one to make it recurring
What problems is the product solving and how is that benefiting you?
Improving internal controls to ensure area are covered during monthly close journal entries and through reconciliations and variance analysis. All of which are items our auditors want to ensure are being completed each month
Provides Awesome Features that Accountants Need!
What do you like best about the product?
FloQast has significantly enhanced the closing process for both me and my team. It provides valuable metrics that help us monitor our progress during the close, and it streamlines reconciliations by connecting account balances directly from our reconciliations to FloQast. What I appreciate most is the ability to easily see whether I am ahead of or behind schedule, which makes managing deadlines much more straightforward.
What do you dislike about the product?
While I have very few complaints about FloQast, there are some nuances and aspects that require workarounds to make the software fit my needs. For example, I can't easily generate a list or report of entries that have been approved but not yet posted. To address this, we've been using the notes section to run reports on these entries, and we've also considered using tags as an alternative solution. Another area that presents more of a knowledge gap for me is the use of the remind features in FloQast. I believe this feature has a bit of a learning curve, but it could be a valuable automation tool for certain close processes. Although I haven't fully explored this tool, I did spend about 10 to 15 minutes once trying it out and realized it would take some time to learn or to identify practical use cases. More training and standard operating procedures around this feature would be helpful. Another downside would be not being able to add subtasks or mark an entry partially complete. For example, for weekly entries it would be nice to mark those 25% complete if 1 out of 4 entries are completed. This could help reduce some volume of checklist items in FloQast.
What problems is the product solving and how is that benefiting you?
FloQast has been especially helpful in ensuring that reconciliations are submitted on time. I find the notifications it sends when something goes out of balance to be particularly important.
Effective for Reconciliation, Needs Improved Reporting
What do you like best about the product?
I find FloQast incredibly useful for monitoring the close process and managing account reconciliations, especially given the multiple entities we work with. The software effectively consolidates account reconciliations in one location, ensuring they are prepared and reviewed by designated personnel. I particularly appreciate the reporting and reconciliation features as they significantly aid my role, providing useful evidence during our financial statement audits and making reporting smoother. These features also assist in identifying fluctuations month over month, quarter over quarter, and period over period, especially for significant flexes. The reconciliation process is not only very helpful but is also a key factor influencing my decision to consider purchasing FloQast again. Additionally, I utilize FloQast alongside NetSuite, which showcases the product's integration capability, essential for seamless workflow in our operations.
What do you dislike about the product?
I find the current reporting setup limiting, which doesn't provide the most beneficial reporting for my needs.
What problems is the product solving and how is that benefiting you?
I use FloQast to monitor and consolidate account reconciliations across multiple entities, ensuring they are prepared and reviewed properly, which aids in financial audits and helps identify financial fluctuations.
Seamless Integration and AI Empowerment
What do you like best about the product?
I truly appreciate how FloQast significantly streamlines financial tasks with its AI tools, allowing us to efficiently prepare financials for our diverse clients. The platform reduces the need for direct communication among team members, as everything is accessible through FloQast, ensuring seamless updates and clarity on task statuses. The recent introduction of new AI tools has elevated our service level and enhanced team communication even further. FloQast's dependency management, rules, and notes facilitate a high level of accuracy in our financial reporting, fulfilling the service expectations of our clients. I find the setup process notably simple, and the ease with which it connects to popular financial systems like Xero, NetSuite, QuickBooks Online, and Intact Sage is remarkably smooth, ensuring that post-connection issues are minimal. The auto-matching feature is incredibly beneficial for managing various data sets, while the prepaid amortization feature simplifies addressing challenging journal entries unique to each client. This functionality minimizes cumbersome manual tracking and allows the accountants to focus on verifying balances accurately. FloQast enabling notification alerts for balance sheet changes is highly valued, as it decreases unnecessary communication and allows real-time updates for immediate handling. Overall, it empowers me to dedicate more time to management tasks, confident in the reliability of FloQast’s numbers. With these comprehensive tools, our firm can enhance our client advisory services remarkably, adapting to the rapid technological advancements in the accounting industry.
What do you dislike about the product?
I wish FloQast was more tailored to client advisory services firms allowing more functions for managing multiple clients. The current setup seems more focused on individual firm financials rather than offering robust support for client services. Another issue is the lack of flexibility in switching between accrual and cash basis within FloQast, which complicates verifying balances when clients operate solely on a cash basis, as FloQast primarily pools accrual basis data.
What problems is the product solving and how is that benefiting you?
I use FloQast to streamline financial tasks, reducing team communication needs by centralizing information. It helps manage balance sheet changes efficiently, allowing more time for strategic management due to reliable numbers.
Transparent Audit Trails, but Reconciliation Formatting Can Be Tricky
What do you like best about the product?
I appreciate that there is a helpful audit trail available for every item. This feature adds a layer of transparency and makes it easier to track changes.
What do you dislike about the product?
When working with the Reconciliations function, I’ve noticed that the workbooks require a very particular cell format for pulling balances. This requirement can occasionally lead to confusion.
What problems is the product solving and how is that benefiting you?
We rely on FloQast for our month-end close process. The ability to track the number of items and monitor progress provides valuable insights, helping us remain organized throughout the close period.
FloQast Streamlines Month-End Close, Minor Glitch with Approvals
What do you like best about the product?
FloQast was implemented right before I started at my current company. The Checklist feature is incredibly helpful in making sure that all of the team's work items are complete. When I run our month-end close meetings, I will filter on items that are not yet prepared and are due that day or are past due. I also appreciate how easy it is to review checklist items. Uploaded support is easily accessible.
What do you dislike about the product?
One thing that has bothered me is occasionally, I will not be able to mark a checklist or reconciliation as approved; this generally happens after disconnecting/reconnecting to internet throughout the day. It is easily solved by restarting my computer, but this is not ideal during close.
What problems is the product solving and how is that benefiting you?
It solves task management with our close checklist. It also solves reconciliation organization and approval workflows.
Checklist, Autolink, and Variance Analysis Make Tasks Effortless
What do you like best about the product?
1. The checklist function which could track monthly task by due date so that we will never foget what we need to do
2. The autolink function which could grab the reconciliation number from the BOX directly. So that we don't need to update it manually if we want to update the Reconciliation.
3. The variance analysis function which also could grab amount and generate the fluxes very easily.
2. The autolink function which could grab the reconciliation number from the BOX directly. So that we don't need to update it manually if we want to update the Reconciliation.
3. The variance analysis function which also could grab amount and generate the fluxes very easily.
What do you dislike about the product?
We encountered an issue when adding new accounts or updating location numbers, as it seems the Variance Analysis function did not capture the amounts correctly.
What problems is the product solving and how is that benefiting you?
The main problem that FQ solving is to end the manual close processes and provide a very timely&useful due date tracking.
Simple and Organized, But Comment Navigation Needs Improvement
What do you like best about the product?
I like the simplicity of FQ. Everything is clearly set up in checklist/reconciliation sections that note due dates and tasks. I like the reminders FQ sends throughout the week, so it is nearly impossible to forget about a task.
What do you dislike about the product?
Sometimes it is hard to find a task when I have left a note and someone else has commented on it. I will click the email to view comment but it still doesn't take me directly to the comment, I have to find it.
What problems is the product solving and how is that benefiting you?
FloQast keeps me on time and within deadlines. It gives me on overview of what I need to do and when I need to complete it by.
Excel-Based Efficiency with FloQast Shines Bright
What do you like best about the product?
I find FloQast to be incredibly user-friendly and intuitive, particularly appreciating its Excel-based functionality, which seamlessly integrates with our existing workflows. This has been a major advantage as our team extensively uses Excel, and it eliminates the need to transfer data into other formats, unlike with BlackLine where additional and sometimes cumbersome steps were required. The ability to attach Excel files directly and proceed without any hassle has streamlined our reconciliation processes significantly. FloQast has become an essential part of our monthly close and reconciliation processes, providing clear visibility into the status of reconciliations and including features like review notes which simplify managing deadlines and follow-ups. Moreover, I appreciate the ease of setup based on feedback from my team that it was very easy and intuitive to set up. FloQast’s capacity for managers to make notes directly within the support file greatly enhances the efficiency of the review process, eliminating the need to return files to the preparer for further clarification, thus making the entire reconciliation process more streamlined. These features make FloQast an indispensable tool that greatly enhances our productivity and organizational efficiency.
What do you dislike about the product?
I find it challenging that downloading Excel files from SharePoint takes time, which can be frustrating as a reviewer. I'm still trying to determine whether this is a drawback of FloQast itself or just our internal Sharepoint set up issue. We are still investigating
What problems is the product solving and how is that benefiting you?
We use FloQast for balance sheet reconciliations, simplifying processes and improving organization across entities. Its Excel-based format aids in ease and efficiency, providing clear visibility and making reconciliation management straightforward.
Organized Task Lists and Smart AI, Minor Automation Hiccups
What do you like best about the product?
I like how organized the task list is for JE's and recs. The AI as well is great in variance analysis. I use it to point me in the right direction, as well as check to see if what I came up with is on the right track.
What do you dislike about the product?
There is not much I am frustrated with in FloQast. Only thing is software "temperament" when trying to add more automation. I suppose that is with any software. FloQast is pretty great.
What problems is the product solving and how is that benefiting you?
Depreciation has been automated more so. The reconciliation for depreciation is so fast now. We are saving a lot of time on this front. Once we figure out how to automate the depreciation JE this process will be even better.
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