Floqast Review
December 29, 2023
Floqast Review
Score 9 out of 10
Vetted Review
Verified User
Modules Used
- FloQast Close
- FloQast AutoRec
Overall Satisfaction with FloQast
We primarily use Floqast as our financial close tool. This tool provides much needed visibility and aligns expectations as to who is performing which tasks and the date they are expected to be completed. This also allows management to easily check on the progress of the close without checking with each individual. Lastly, it ensures the balance sheet reconciliations tie to the final balance due to the sync with our ERP system.
- Easily syncs with ERP system to ensure updated balances are reflected
- Alerts team members when their reconciliation no longer ties to the balance sheet
- Provides a centralized place for review notes and responses
- The cost is per user so as you grow this software can become quite expensive
- Floqast allowed us to reduce our close time by 3 days by reviewing the workflow, pulling items forward and ensuring there were no bottlenecks.
- Floqast ensures our balance sheet reconciliations tie to the final FL balance supporting our internal control environment.
Unfortunately, we have not yet utilized these features. However, one of our 2024 goals is to begin using the flux analysis feature in order to store our P&L review in the same location as the balance sheet reconciliations and ensure the final adjustments flow through to represent the final P&L fluxes.
One of our internal controls is that all significant balance sheet accounts are reconciled and reviewed. We are able to simply download the balance sheet reconciliation list from Floqast which shows who completed the rec and which date and also who reviewed the rec and the date. This takes 30 seconds to download and is then sent to the auditors as support.
Do you think FloQast delivers good value for the price?
Yes
Are you happy with FloQast's feature set?
Yes
Did FloQast live up to sales and marketing promises?
Yes
Did implementation of FloQast go as expected?
Yes
Would you buy FloQast again?
Yes