FloQast Review

PROS: Floqast reconciliated our ERP (SAP Business By Design) and Excel soft-copies with incredible efficiency, and there was automatically more time for us to perform qualitative review of financial statements. Needless to say, we've mastered tackling reconciliation differences detected via tie processes and manual ticks. Now, we have a single location from where support schedules and document comments and reviews. There is no need of hard-copy reconciliation binders for our auditors, because review and sign-off evidence is directly accessible via FloQast.

CONS: Unlike real-time closure, the program doesn't close periods permanently, and it leaves them open for changes.

PROS: I was impressed by the reconciliation refresh tool that provides immediate access to GL balances from NetSuite and Box.com

CONS: An ideal improvement would be a Lock feature, meaning that once an item is signed and confirmed, it can no longer be modified unless the admin considers it necessary. I think that would help us to track and report audit logs (what I have in mind is SOX compliance). I would also appreciate textual notifications when a closed recon balance is changed.

PROS: If I could rank it higher tha 10, I would do it-FloQast has been indispensible ever since we started using it! It makes close processes transparent, and increases productivity and functionality within our Accounting team. There is a great support team to thanks for patient explanations and solutions, and creative innovations all the time. It helped us to take close checklists out of Excel, but that's just a small part of its capacity. It is our main productivity tool, and our most reliable task manager!

CONS: It would be awesome if we could perform GL reconciliations within the tool. I think that would be the biggest FloQast improvement ever!

PROS: We are an F&A team providing services for multiple companies. Even if we're working with so many companies at once, we manage to perform a 5 day close, and it is all because we have Floqast to do end close tracking and TB to Subledger tie out. We spend signinficantly less time, being aware of where we stand in the process all along. That's how our team meets deadlines with such efficiency.

CONS: All the changes we thought were necessary were either executed by the Floqast team, or included on their list of future rollouts. We are absolutely satisfied.

PROS: Inutitiveness, first of all. Feels like a business's second nature, just like something we've always done. It is tailored the way we would like it to be, and provides unshakable balance between functionality and usability.

CONS: There is really nothing I can think of. FloQast is flawless ever since we bought it, and it has a reliable support team to count on.

PROS: Our month end close process is really improved. I think the ones that appreciate it the most are our accountants, because the process is completely in their hands, and they always make sure that all employees are well-informed on their tasks, deadlines, and responsiblities. Reconciliations are housed under a single roof, meaning that they are always accomplished on time. Overall, an easy and innovative product that helps our company's growth.

CONS: GL accounts are being included in the FQ through the ERP system, meaning that a lot of useless verfication is involved. It would be much easier if we could sign off as preparers or reviewers of reconciliations.

PROS: Generally speaking, FloQast is an amazing product! It is the best bet of one company to follow progress closely, and to make sure employees are doing a quality job on time. It is very easy and intuitive, it tracks day-to-day tasks and recurs monthly tasks, and keeps management organized because everyone knows what he/she should do. Account balances are immediately fed upon updating (unlike the usual 24 h), while reconciliation balances are effortlessly tied to GL balances. It is perfect for startups that need organzied management.

CONS: I think there is a lot that needs to be done, but that's not such a problem because their support team is really responsive and open for suggestions. The moments I would like to see in future are: locking periods dows (would be a great incentive for public institutions to use it), giving non admins permission to add non-recurring tasks (JEs that need to be sign-off for reviewing), having real-time info on completed tasks upon completition (this way youhave to refresh the page inroder to see them), being able to customize even alerts and notifications, and finally there should be a multi-level approval procedure depending on JE's materiality.

PROS: I enjoy having the close standing in one place, and to know exactly what has been done and what hasn't. The information is accessible to every team member, which is how we manage to save so much time. As a manager, I know how difficult reviewing can get, and that's why I appreciate this software so much.

CONS: I'm missing on some critical features, at least such that could improve controllership for upper managers as myself. I wish I had more space to personalize a product according to our needs, or at least to know more details on tasks' deadlines.