FloQast

Score9.4 out of 10

212 Reviews and Ratings

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

Media

Screenshot of the analytics that displays progress throughout the close

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Screenshot of the analytics that displays progress throughout the close

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: 8.7
Financial data consolidation
Consolidating data from several entities into a single statement using US GAAP, IFRS or other standards.
Category average: 8.7

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

Samantha Webster, CPA, CFE View profile

Enterprise Risk and Audit Director in Corporate at Laticrete International, Inc (1001-5000 employees employees)

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

Jeff Diedrich

VP, Controller in Finance and Accounting at Libra Solutions (501-1000 employees employees)

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

Verified User

Manager in Finance and Accounting (201-500 employees employees)

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

Verified User

Administrator in Finance and Accounting (1001-5000 employees employees)

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

Verified User

Employee in Finance and Accounting (501-1000 employees employees)

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

Wolters Kluwer CCH® Tagetik

Vena

BlackLine

FloQast

What is FloQast?

Categories & Use Cases

Media

Key Features

Top Performing Features

Detailed Audit Trails

Customizable Workflows

Financial data consolidation

Areas for Improvement

Multi-currency management

Journal entries and reports

Reviews

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Usability

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