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FloQast has helped to organize our close process and improve the efficiency of the tie out process.
What do you like best about the product?
The system has helped to organize our close process and improve the efficiency of the tie out process. Each person involved with the close can easily see what tasks are open and prioritize tasks to ensure a timely completion. Tying out the balance sheet to reconciliations previously was paper based – all reconciliations were printed, signed off on and put in a binder. With FloQast, we have the ability to sign off electronically and tie out within the system.
What do you dislike about the product?
There is a file size limitation in place where FloQast cannot pull in a balance from the reconciliation if the file is over a certain size (around 10MB). This was higher as recently as March 2016. This may not be an issue for other users but some of our reconciliations are well over 10MB given the size of the data sources being used.
What problems is the product solving and how is that benefiting you?
We have been able to successfully streamline our financial close process and will soon bring our international subsidiaries on board to offer better support and real time review to their reconciliations. This has definitely helped us unify the close process across our growing company.
Recommendations to others considering the product:
FloQast is constantly providing new features and improvements to existing features. They are very receptive to user feedback.
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FloQast Review
What do you like best about the product?
I like how this product shows visual progress of our month end close process and that it helps to enhance the accuracy and completeness of the close.
What do you dislike about the product?
I dislike some of the functionality of the software and the rollforward feature could use some updating. The rollforward feature could use a makeover to make it more useful.
What problems is the product solving and how is that benefiting you?
We are solving several monthly SOX issues with this product by having clearly defined segregation of duties within our accounting department and making sure that all areas of our close process are completed and in a timely fashion.
Gamechanger in the period-end close process
What do you like best about the product?
Keeps the team organized & holds everyone accountable to their assigned deadlines. Enables you to leave & respond to review notes directly within a task.
What do you dislike about the product?
Do not like how many times I have to click through pages to get where I want. For example, in order to filter for my assigned open tasks, I have to click to the checklist, then click a button to bring up filter options, click the filter I want. When I click "Checklist" the filters should already be there & then I can click directly to my open tasks.
What problems is the product solving and how is that benefiting you?
FQ is addressing the streamlining & organization of our close process. We have significantly reduced the time it takes to now close & as everyone is held accountable for their tasks, we see where the bottlenecks are.
Floqast
What do you like best about the product?
My favorite feature is the alert to if something that was previously reconciled and signed off on changes. Also, they have worked with us directly for any changes our auditors require!
What do you dislike about the product?
Very few things. There are some suggested improvements but they seem to be very responsive to customer suggestions.
What problems is the product solving and how is that benefiting you?
We are keeping track of deadlines, close tasks, and documenting it for SOX purposes.
Recommendations to others considering the product:
This is a great tool to close the books and not lose track of anything.
FloQast has made the month end process more accurate, complete and more streamline.
What do you like best about the product?
FloQast has helped our month end process to become much more organized. Each member of the team knows where the process stands as well as what needs to be done. Tasks are always completed because of the checklist feature and accounts are always reconciled because of the the reconciliation feature.
What do you dislike about the product?
There is not much to dislike about this system. Every part of FloQast is easy to understand, update and work with during the month end process.
Update times to add documents to the system can tend to take some time to upload and reconcile.
Update times to add documents to the system can tend to take some time to upload and reconcile.
What problems is the product solving and how is that benefiting you?
Delegating tasks has become a much easier process as well as having a proper and complete review of the tasks completed. The month end process has become more streamline as well as complete and accurate.
Recommendations to others considering the product:
FloQast is always improving. There is always new updates and improvements made to the system.
Blackline will not have any customers in 5 years
What do you like best about the product?
Software is very easy to use and adds a ton of organization and value to our company. We have been able to get a great jump start on close each and every month and have much greater visibility into where we stand.
What do you dislike about the product?
Nothing noted, product has functioned very well.
What problems is the product solving and how is that benefiting you?
Close has been much more efficient and we shaved off days from our close process.
Recommendations to others considering the product:
Better bang for buck than blackline!!
A "Must Have" for any Accounting Organization wanting to Implement Best Practices
What do you like best about the product?
After using the platform for almost six years now and implementing at 2 different companies, FloQast continues to WOW me with each new release. The product features they are producing are spot on with the daily demands and opportunities to streamline that most accountants are looking for. Ease of use is at the forefront of the platform to where I don't have to spend hours training/onboarding new employees. It brings desperately needed controls, organization, and simplicity to the close process to allow for knocking days (or weeks) off the close process. The other KEY selling point they don't tell you is that it can be used for just about anything. We have utilized the platform for reconciling billing runs (using AutoRec), manage audits, payroll processing workflow, acquisitions, etc. The possibilities are endless!
What do you dislike about the product?
Absolutely nothing. I'd buy this product again and again.
What problems is the product solving and how is that benefiting you?
Visibility, controls, extremely long close, organization, dysfunctional excel checklist, and recons being done ad hoc are all the main problems we were solving for with our implementation of FloQast. Both times putting in FloQast, we have been able to drastically shorten close and ensure the financials are more accurate than we ever were before.
Recommendations to others considering the product:
Do it!
Excellent and Easy To Use Financial Close Software
What do you like best about the product?
FloQast has a simple, user friendly interface, and is a great tool for ensuring all of our balance sheet accounts are appropriately reconciled. Previously, if a journal entry was booked into our ERP (NetSuite) without the owner of the reconciliation knowing it, we ran the risk of our reconciliations being out of balance. With FloQast, that problem is solved as I can get real-time ERP data compared to the current version of our Excel reconciliations to ensure they're reconciled.
FloQast also serves as an excellent close calendar. Previously our close calendar was a rather ugly Google Doc, shared by the team. FloQast organizes each section however you with, then has various prepare/review steps for each team member. The interface is simple, elegant, and intuitive and my team members had a really easy time getting up to speed on how to use it. Everything can be customized to meet your team's needs.
The flux analysis functionality is also a huge time saver for our team. Previously we'd download financials from the ERP, line them up, calculate formulas and manually add explanations. Then we'd have a meeting with 20+ folks to go over all fluxes. But with FQ we can set up flux limits that require explanations, assign accounts and have review done easily, and have made that meeting we used to have no longer necessary as all communication can be done within the platform.
FloQast also serves as an excellent close calendar. Previously our close calendar was a rather ugly Google Doc, shared by the team. FloQast organizes each section however you with, then has various prepare/review steps for each team member. The interface is simple, elegant, and intuitive and my team members had a really easy time getting up to speed on how to use it. Everything can be customized to meet your team's needs.
The flux analysis functionality is also a huge time saver for our team. Previously we'd download financials from the ERP, line them up, calculate formulas and manually add explanations. Then we'd have a meeting with 20+ folks to go over all fluxes. But with FQ we can set up flux limits that require explanations, assign accounts and have review done easily, and have made that meeting we used to have no longer necessary as all communication can be done within the platform.
What do you dislike about the product?
Not a lot to dislike about FloQast. If there were more around plugging into reports/templates/powerpoint slides for BOD presentations, for example, that would be a nice feature.
What problems is the product solving and how is that benefiting you?
Ensuring our reconciliations are in sync with our ERP balances is a huge help that has sped up our close process as we don't have to repeatedly open multiple Excel reconciliation documents and ensure they still tie to our GL. And having all the steps outlined within the platform that we need to complete on a monthly/quarterly basis has been a huge help - we'll never forget anything and can add or remove steps as necessary. It also helps to ensure that every item requiring a review is actually reviewed. As mentioned above, flux analysis has saved a ton of time. All my teams have really loved FloQast.
Recommendations to others considering the product:
I would recommend you take note of what you like or don't like about FloQast and communicate this to the team - it is clear that they really listen to their customers and make enhancements to the platform based on customer feedback.
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