FloQast is a simple, yet effective way to ensure that your close deadlines are complete, your BS reconciles, and you have all the support in one place. I have been thoroughly impressed with the team there and how they strive to make their product better and ensure you have everything you need to be successful. I have used other software that offer the same thing, but FloQast surpasses these other products. It is user friendly and only took one 45 min training and our accounting team was good to go, As part of the implementation process, they ask for your feedback and ideas on how they can make it better. They then take those ideas and ask for input from other clients to see if it is something that would be beneficial across the board.
I have also been impressed by the instant results my company has seen:
- Our close went incredibly smooth
- Less confusion as to what was completed
- Balance sheet accounts got reconciled within a certain time window and weren't put off indefinitely
- Gathered all our GL support in one simple location for use in the audit
- Ensured that at least 2 sets of eyes had looked at all the recons
These were just some of the benefits. I look forward to continuing our partnership with FloQast and seeing what else they have in store for making the tool even more effective and beneficial.
Honestly, there is not much to say that is negative. There are some features I wish it had which I have discussed with the team at FloQast. They have made it a priority to get input from other clients and plan to have these features rolled out by the end of the year. I don't think you will get that kind of support from some of the bigger companies that provide similar solutions.
Before FloQast, we were operating our close functions out of an excel spreadsheet. Often times you had to wait until someone got out to update your stuff, or you just forgot to update your task status. This led to a lot of confusion as to where we really were when closing the books. This has all changed. The checklist gives you alerts when you have items that are past due. More than one person can be changing things at the same time. It shows you a close status. It is overall just a huge upgrade from what we were doing.
As far as reconciliations go, there was no accountability for us to do recs on a monthly, quarterly, or annually basis. Often times, things would come up and recs got pushed to the side which led to a headache at year-end getting ready for our audit. Now with FloQast, we have the accountability we needed to get recs completed AND reviewed while having all the support in one location so it is easy to find later. It is going to make the audit a lot easier and have cleaner financial statements at YE and not require us to reopen the books multiple times when we find errors.