We use FQ for close checklist and account reconciliations. The tool allows for tracking progress, organizing close, and ensuring completeness and timeliness of close tasks. FQ alerts us when account recons go out of balance after they were signed off on, and it sends out reminders and alerts about items coming due or past due.
Pros
Account reconciliation sign offs and alerts
Easy rolling forward of the account reconciliations to the next month
Close checklist management
Filtering for close checklist or recons that you want to check on
Effective emails/alerts, not overbearing, just the right level of communication
Cons
When scrolling through reconciliations at some point you get to the bottom and have to click load more to see remaining ones. Whey not just load them all at once?
Add Refresh button on checklist tab so that after you signed off on a few items and you want to see which ones are still left, you can just click refresh to get to that rather than having to reload the page in the browser.
Likelihood to Recommend
FQ is great for organizing your close checklist and tracking close activities. It requires and logs sign offs, and it sends out emails/alerts. Reconciliation feature helps manage the account reconciliation process to where it automatically update and compares GL balance to our reconciliations and alerts us when recons go out of balance.
VU
Verified User
Account Manager in Finance and Accounting (Building Materials company, 501-1000 employees)
We have 10 operating companies and it's been very difficult to track the status on everybody's month-end close. FloQast has been a huge help for us in this regard, because we can very easily go in and see how each company is progressing, and allows us real-time visibility into what roadblocks people are running into and how we can support them.
Pros
Month-end close - very easy to track the status
Organization - very easy to locate documents and reconciliations pertaining to a particular account
Preparer/Reviewer - very easy to tell who is assigned which tasks.
Cons
Honestly not much, I really enjoy using it and it's been a huge timesaver!
Likelihood to Recommend
Very good for managing month-end close, especially with multiple subsidiaries. Very helpful, especially with lots of team members across the country, in being able to track where everything is at, how each team member is progressing in their tasks, etc. Might not be as helpful for a small team, but even then I could still see it being beneficial.
VU
Verified User
Professional in Finance and Accounting (Construction company, 501-1000 employees)
We use FloQast to track and smoothly manage the month-end close and reporting process. It saves time wasted contacting each other for status updates and makes it easier to spot pinch points and opportunities to speed up close. It centralizes what was three different close checklists. It stores documentation in our cloud (control of documents is important to us), making it easier to review remotely and permission auditor access. It makes it easier to document not just what is to be done but how and why, which has helped significantly with transitioning duties from old to new team members, either piecemeal over time or in one click transition from an old associate to a new one. It is extremely logical and intuitive, requiring almost no training to get up and running, which has really helped with adoption by users. It is easy to use for standardizing as well as for flexible for easily adding ad-hoc items that come up. Our team loves it, our management loves it, our IT loves it, and our auditors praise us for having it.
Pros
Status tracking team members progress
Syncing with NetSuite for accurate amounts in real time
Open items and review questions
Cons
I have none, they're constantly thinking of more value to add though
Likelihood to Recommend
If you're tracking close steps in Excel or on paper, you need this. If your team is more than two people and especially if they don't sit next to each other, this will keep you connected. If you want to go paperless, this will help. If you have auditors, this will be half of your PBC list.
VU
Verified User
Manager in Finance and Accounting (Construction company, 201-500 employees)
