#1 most frequent
United States of America
85.8%971 installations of 1,132
What is FloQast?
FloQast offers their financial close software to streamline accounting month end close, simply providing automation around reconciliation and eliminating human error, and visibility via a close status dashboard, as well as providing a complete audit trail.
Categories & Use Cases
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Screenshot of the analytics that displays progress throughout the close
Top Performing Features
Detailed Audit Trails
Tracing changes to data and processes that were run.
Category average: 9.1
Customizable Workflows
The ability to adapt the software to complete tasks in a particular order according to business needs.
Category average: 8.8
Financial data consolidation
Consolidating data from several entities into a single statement using US GAAP, IFRS or other standards.
Category average: 8.7
Areas for Improvement
Multi-currency management
Ability to handle foreign currency conversions during consolidation.
Category average: 8.4
Journal entries and reports
Ability to enter journal entry adjustments and produce reports showing all journal entries for a specific period.
Category average: 8.3
Who Buys & Uses FloQast
#2 most frequent
United Kingdom of Great Britain and Northern Ireland
3.1%35 installations of 1,132
#3 most frequent
Canada
2.9%33 installations of 1,132
Pros
- Streamlines month-end close processes and tracking
- Provides real-time visibility into close progress and task assignments
- Facilitates reconciliation management with general ledger balances
Cons
- Challenges with direct subledger integration for automated reconciliations
- Limited flexibility in task setup for recurring items
- Difficulty with mass edits to checklists
We love FloQast.
Use Cases and Deployment Scope
We use FloQast as our audit software. We have several business units around the world, which adds to our control testing complexity. FloQast enables us to tailor our audit programs to our needs and restrict access to only those users who require it for specific programs.
Pros
- Listen to their customers.
- Flexibility in the software and the way it is used by different customers.
- Innovative. Always adding new ways the software can be used.
Cons
- We would like to be able to add all issues and then send only certain issues to the management team.
Return on Investment
- More standardized communication and processes.
- Streamlined workflows.
Alternatives Considered
Wolters Kluwer TeamMate and AuditBoard
Other Software Used
NAVEX One
2025 FloQast Review
Use Cases and Deployment Scope
We switched from Blackline to FloQast after struggling to get acceptance to using Blackline. We were looking for a couple of things, month end close tracking with signoffs, all reconciliations in a single location, tracking/progress updates and easy of use. FloQast met those for us. We changed due to Blackline not being as user friendly. FloQast was easy to use since our reconciliations were already in Microsoft Excel.
Pros
- Ease of connecting an Excel reconciliation to the general ledger balance
- Ease of connecting to our general ledger/multiple ERPs
- Ease of setting up and updating checklists
Cons
- The ability to cover multiple companies - For example we needed a work around to our intercompany general ledger accounts to balance. FloQast could not compare accounts across multiple companies
- Connection to the subledger - There is not a connection directly to the fixed asset subledger to verify that the subledger balance equals the general ledger, indicating it is in balance and can be automatically signed off
- Automated reconciliation process - we tried, but it was not granular enough to work accurately so we went back to a manual reconciliation - this is one item Blackline excelled at
Return on Investment
- Improved visibility - Ability to see current status of the close and to look at reconciliations
- Easy of looking at all reconciliations - previous we have multiple drives with multiple different locations, now they are all in a single location
Alternatives Considered
BlackLine
Other Software Used
Microsoft Dynamics 365 Business Central, NetSuite ERP, SAP Concur
FloQast for close management
Use Cases and Deployment Scope
We use FloQast (FQ) to assist with our month end (ME) close tasks and reconciliations. We have all the ME close tasks in the Checklist tab and all the reconciliations in the Recons tab. We also use the Variance Analysis tab for our balance sheet month over month trend analysis. I manage 3 direct reports, so I filter the Checklist and Reconciliations tabs to myself and my 3 direct reports as well as DUE TODAY and LATE, so I know which tasks or recons are due today or late, so I can ensure those tasks and recons get done timely. The late often occurs because a reconciliation has gone out of balance when someone posted a new entry affecting the account that was previously reconciled.
Pros
- Customer Support is always responsive and responds to my emails quickly.
- FloQast allows you to attach support files to the task and also add a comment if the task does not require a journal entry for the month.
- The reconciliations compare the GL balance pulled from Intacct to the Excel spreadsheet you prepare with a tag for the FloQast account being reconciled.
Cons
- When updating the Due Dates in both the Checklist and Reconciliations, it now requires you to highlight the number of days the task or recon is due and type it in. This happened after they updated FQ. Before that, you click on the Gear icon and just click the UP arrow next to the due date (number of days it was due) to increase the date to the next day which was very convenient and fast. Now I have to achieve the same thing in 2 clicks which might not seem like a lot but when you have 3 direct reports asking to move due dates for 9 states for 5 different tasks or recons, this becomes 45 times you have to do so many clicks. I reported this issue to Support. Back then they only updated the Recons to make it more cumbersome to move the due dates, but now both the Recons and Checklist are cumbersome.
- Another issue with FQ is when you want to temporarily update the due dates for the current month by downloading the template and change the due dates on the template and reupload it back to FQ, you have to do it twice. First you have to apply it to the current month. Then you have to upload back the original exported template before the change and apply it to the next month and forward. This is a bit cumbersome.
- The AI functionality to post JE to Intacct is unable to allow intercompany entries which Intacct allows by using Source Entity. If you want the JE option which you have to pay for as an add-on, you have to make sure your debits and credits are booking to the same entity. This is not practical when you have multiple entities.
Return on Investment
- FQ improved visibility of the month-end close. The dashboard shows the percentage of completed items or late items in a pie chart which helps make it easier to see how much is left to do or how close we are to completing all the tasks and recons for the close.
- FQ provides more standardized processes. I like that I can add to the description of the tasks easily and be more detailed including steps to accomplish the tasks. Then I just copy the newly updated tasks and paste them across all the 9 states, so all 3 accountants will have standardized processes to follow.
- FQ improved team collaboration. I use the filter functions to filter to myself and my 3 direct reports and also filter to DUE TODAY and LATE. I let my team know if there are items due today or late that need their attention via Teams chats.
Alternatives Considered
BlackLine
Other Software Used
Sage Intacct, LeaseQuery, Coupa, Adaptive
FloQast review
Use Cases and Deployment Scope
I use FloQast for the Month / Quarter / Annual close process. The business problems that it addresses is giving leadership the ability to see what stage the close is at for multiple teams. We have about 5 tasks for our team that need to be communicated to other teams to begin their process.
Pros
- Preparer and reviewer tracking
- carrying forward past tasks to current period
- Useful filters to see team and broader close timelines
Cons
- The ability to add a note on the item so leadership knows why its not ready yet "Waiting for xx report from finance"
- Dynamic reminders to close out completed tasks
- ability to request date changes from the sub user view
Return on Investment
- Reduced time to close
- Public company rediness
- Compliance
Alternatives Considered
Microsoft Planner
Other Software Used
Microsoft Excel, Microsoft Planner, Slack
Usability
Helpful for month-end close
Use Cases and Deployment Scope
Our company uses FQ heavily for month end close purposes. It helps to track the status of various monthly reconciliations and tasks as part of month end close. It is helpful to track reviews with the preparer and reviewer sign off function. We also use it as support for audit requests.
Pros
- Linking to Netsuite data
- Helping to track monthly reconciliations
- Preparer and reviewer sign off functions
Cons
- Re-syncing can sometimes take a long time. Automatic background refreshes would be helpful.
- Review notes can sometimes be easily missed
Return on Investment
- Helpful for tracking month end close
Other Software Used
Coupa, NetSuite ERP
