FloQast - Detailed Review
Finance Tools
FloQast - Product Overview
Introduction to FloQast
FloQast is a financial close management software that simplifies and streamlines the month-end close process for accounting teams. Here’s a brief overview of its primary function, target audience, and key features:Primary Function
FloQast is designed to manage the month-end close process, helping teams organize, automate, and collaborate on various close tasks such as reconciling bank statements, reviewing journal entries, and preparing financial statements. It integrates seamlessly with existing workflows, particularly those using Microsoft Excel or Google Sheets, to ensure a smooth and efficient close process.Target Audience
FloQast is primarily targeted at accounting teams within medium to large-sized companies. The majority of its customers are based in the United States, with a significant presence in industries such as Computer Software, Information Technology and Services, Internet, and Financial Services. The customer base includes companies of various sizes, with 55% being medium-sized, 31% large (over 1000 employees), and 13% small (under 50 employees).Key Features
Close Checklist Organization
FloQast helps build and manage a financial close checklist using predefined or customized templates, ensuring all tasks are tracked and completed collaboratively.Account Reconciliations
The software offers FloQast Reconciliation Management, which provides a centralized view of account-level reconciliation status, automated transaction matching, and tracking of reconciling items.Automated Workflows
FloQast automates tedious tasks such as tie-outs and reconciliations, leveraging artificial intelligence to match transactions and eliminate manual work. This includes features like FloQast AutoRec™, which automates reconciliations with AI.Variance Analysis
FloQast Variance Analysis allows users to assess variances from prior periods and compare final account balances to budgetary amounts, providing detailed reports according to set thresholds.Compliance Management
FloQast Compliance Management embeds financial controls into daily tasks, automates the synchronization of risk and control matrices (RCM), and improves process narratives and flowcharts.Collaboration and Communication
The platform enhances team communication and accountability through features like FloQast ReMind™, which automates follow-up emails and task confirmations. It also provides a single-page summary of close progress with FloQast Analyze™.Integration
FloQast integrates seamlessly with Enterprise Resource Planning (ERP) systems and cloud storage providers, allowing it to layer on top of existing processes with minimal disruption. By focusing on automation, collaboration, and visibility, FloQast helps accounting teams work more efficiently and ensure they are always audit-ready. FloQast - User Interface and Experience
Intuitive Interface
FloQast’s platform is built by and for accountants, ensuring that the interface is straightforward and easy to use. The system offers an “Accountant-First” approach, meaning it is designed with the specific needs of accountants in mind. This results in a modern, intuitive user interface that focuses on function over form, making it easier for users to manage accounting tasks and track progress from a single interface.
Ease of Use
Users have consistently praised FloQast for its ease of use. The platform received a 96% rating from customers in this area, indicating that the software is highly accessible and simple to implement. A significant 71% of users reported that they were able to go live with the system in less than a month, with some even achieving this in less than a day. This ease of setup is a major advantage, as it allows teams to quickly adopt and start using the software.
User Experience
The overall user experience with FloQast is highly positive. Customers have given the platform high marks for customer satisfaction, with an average rating of 4.8 out of 5 and a G2 Satisfaction Score of 97. Users appreciate the responsive and knowledgeable support team, with many feeling treated like family and receiving immediate responses to their questions. The platform’s ability to anticipate and meet customers’ needs is also a significant factor in its high satisfaction ratings.
Administrative Features
For administrators, FloQast has introduced features that enhance collaboration and management. For example, the “FloQast Access” feature allows admins to easily manage user access, deactivate users, reset passwords, and change user roles. Additional features include a team member search function and pagination to prevent cognitive overload, making it clearer for admins to manage their teams.
Collaboration
FloQast is built to improve collaboration among accounting and finance teams. The platform allows teams to monitor month-end close checklists and track all accounting tasks efficiently. The user interface is designed to facilitate smooth workflow management, ensuring that teams can close the books faster and more accurately.
Conclusion
In summary, FloQast’s user interface is intuitive, easy to use, and highly praised by its users. The platform’s focus on simplicity, customer satisfaction, and administrative ease makes it a valuable tool for accounting and finance teams.
FloQast - Key Features and Functionality
FloQast Overview
FloQast is a cloud-based financial management platform that leverages AI and automation to streamline and improve the financial close process for accounting teams. Here are the main features and how they work:Financial Close Management
FloQast Close is a key feature that helps accounting teams complete their monthly accounting work more efficiently. It allows users to:Track Tasks
Automate Workflows
Improve Accuracy
Reconciliation Management
FloQast’s reconciliation features are enhanced by AI Transaction Matching, which:Automates Transaction Matching
Multi-Source Integration
Flexible Rule Creation
Exception Handling
Audit Trail
Reporting and Compliance
FloQast offers several features to enhance reporting and compliance:Standard and Custom Reporting
Audit and Compliance
Compliance Management
Collaboration and Teamwork
FloQast enhances collaboration within accounting teams by:Assigning Tasks
Centralized Data
Real-Time Insights
AI Integration
FloQast’s AI-driven features are integral to its functionality:AI Transaction Matching
Automated Workflows
Scalability and User Experience
FloQast is designed to be scalable and user-friendly:Scalability
User-Friendly Interface
Additional Features
Other notable features include:Variance Analysis
Task Progress Tracking
Information Requests
FloQast - Performance and Accuracy
Evaluating FloQast
Evaluating the performance and accuracy of FloQast, a leading close management software, reveals several key strengths and some areas for improvement.
Performance
FloQast is renowned for its ability to streamline and accelerate the financial close process. Here are some notable performance highlights:
Implementation Speed
FloQast stands out for its rapid implementation time, with users reporting that it takes less than 30 days to implement, compared to 120 days for legacy solutions.
Time Savings
On average, accounting teams using FloQast close their books three days faster and see a 26% reduction in close time. This is achieved through automating tedious tasks and providing real-time visibility into the close process.
Productivity and Efficiency
FloQast’s AI Transaction Matching feature automates many reconciliation tasks, freeing accountants to focus on more strategic activities. This leads to increased productivity and speed in the close process.
Accuracy
Accuracy is a critical aspect of FloQast’s performance:
Error Reduction
By automating data checks and verifying each step of the close process, FloQast helps avoid human errors, leading to a 39% increase in close accuracy.
Data Integrity
The software ensures data accuracy and completeness, maintaining audit trails and centralizing evidence capture, which is crucial for compliance and financial reporting.
Limitations and Areas for Improvement
Despite its strengths, FloQast has some limitations and areas that could be improved:
Role Separation
Users have noted that FloQast does not allow for the clear separation of tasks between the person preparing the accounts and the person reviewing them, which can be frustrating.
Usability Issues
Some users find administrative tasks complicated and time-consuming. The platform can sometimes be slow or hard to use, and tasks like adding new subsidiaries or setting up reconciliations can be tricky.
Limited Visibility
There are reports that FloQast does not provide a full picture of the work within the platform, making it challenging to see everything at once.
Customer Support
FloQast’s customer service has been criticized for delays in issue resolution, which can be a significant drawback for users needing timely support.
Cost
FloQast can be pricey, which might be a barrier for some organizations looking for more cost-effective solutions.
Additional Considerations
Integration
While FloQast integrates well with ERPs and existing tools, switching between different platforms (like BOX and FloQast) can be time-consuming and annoying.
Compliance Management
FloQast has enhanced its compliance management features, providing greater automation and visibility. However, ensuring clear instructions and responsibilities for control execution remains an area where users might need additional support.
In summary, FloQast excels in speeding up the financial close process and improving accuracy through automation and integration. However, it faces challenges related to role separation, usability, visibility, customer support, and cost. Addressing these areas could further enhance the user experience and overall performance of the software.
FloQast - Pricing and Plans
FloQast Pricing Structure
FloQast’s pricing structure is based on several key factors, including company size, the number of users, and the specific needs of the finance team. Here’s a detailed breakdown of what you can expect:Subscription-Based Model
FloQast operates on a subscription-based model, typically requiring an annual commitment. The costs vary by tier, with larger organizations or those needing more complex functionalities generally paying a higher rate.Pricing Tiers
While FloQast does not publicly list its pricing tiers, third-party sources indicate the existence of several tiers, such as Business, Corporate, and Enterprise. Here’s a general outline of what each tier might include:Business Tier
This tier is generally for smaller organizations and includes basic features such as close management, account reconciliation, and some level of automation. The cost can start around $12,000 annually.Corporate Tier
This tier is suited for mid-sized companies and offers more advanced features, including flux analysis and audit readiness. Pricing can range from $14,600 to $28,500 annually, depending on the headcount and specific needs.Enterprise Tier
Designed for large organizations, this tier includes comprehensive features such as advanced reconciliation management, variance analysis, and extensive integration with ERP systems. The annual cost can exceed $70,000 for large-scale operations.Features Available in Each Plan
Each tier and plan can include various features, such as:Close Management
Assists in managing the close process through workflow and task tracking.Account Reconciliation
Automates reconciliations and eliminates manual errors.Flux Analysis
Tracks and explains account fluctuations.Audit Readiness
Centralizes documents and ensures audit trail compliance.FloQast ReMind
Automates reminders for confirming tasks, requesting information, and reimbursing expenses (this may be an add-on in some plans).Headcount-Based Pricing
The pricing also varies based on the organizational headcount. For example:Headcount of 200
An organization with a headcount of 200 might pay between $14,600 to $28,500 annually.Headcount of Over 1,000
An organization with over 1,000 employees might pay between $34,200 to $70,300 annually.Per User Pricing
Some sources indicate a starting price of $150 per user per month, especially for the Corporate tier. Adding another user can cost around $125 per month with the Business plan.Additional Costs
There may be additional fees for:Onboarding and Training
To help finance teams transition smoothly.Advanced Support or Add-Ons
Such as dedicated support and custom training sessions.ERP Integration
The cost of which depends on the ERP system being integrated.Free Options
FloQast does not offer a free plan or a free trial. To get a precise quote, interested users need to schedule a demo with the FloQast team and discuss their specific needs and team size.Summary
In summary, FloQast’s pricing is highly customizable and depends on various factors, including company size, the number of users, and the specific features required. There are no free options available, and potential users must engage with FloQast directly to obtain a detailed quote. FloQast - Integration and Compatibility
Integration with ERP Systems
FloQast integrates with major Enterprise Resource Planning (ERP) systems such as Microsoft Dynamics, SAP, Oracle NetSuite, QuickBooks Online, Sage Intacct, and Infor. These integrations allow for the automatic import of financial data, including account balances, directly into FloQast, reducing manual data entry and minimizing errors.
Cloud Storage and Collaboration Tools
FloQast supports integrations with cloud storage solutions like Dropbox, Google Drive, Microsoft OneDrive, and Microsoft SharePoint. It also integrates with collaboration tools such as Microsoft Teams and Slack, enabling real-time notifications and improved team collaboration.
Accounting Software
FloQast has a specific integration with Xero, which automates the transfer of General Ledger trial balances and dynamically syncs with the Xero Chart of Accounts. This ensures accurate and complete balance sheets and simplifies audit processes by providing exportable reconciliation data in Excel format.
Workflow and Financial Reporting Platforms
FloQast integrates with workflow and financial reporting platforms like Workiva, allowing for comprehensive management of accounting operations and financial reporting processes.
AI-Powered Reconciliation
FloQast’s AI Transaction Matching feature automates many tedious tasks associated with transaction reconciliation, integrating with existing financial systems to improve the accuracy and timeliness of financial reconciliations.
Microsoft Ecosystem
FloQast is particularly well-integrated with the Microsoft ecosystem, supporting Microsoft Dynamics 365 Finance and Operations, Excel, and OneDrive. This integration provides a single place to manage accounting operational workflows, enhancing velocity and accuracy across accounting operations.
Compliance Management
FloQast embeds controls in the financial close process, automating the synchronization of risk and control matrices (RCM) and process narratives and flowcharts. This ensures that financial processes adhere to required compliance frameworks.
Cross-Platform Compatibility
FloQast is compatible across various platforms and devices, making it accessible for accounting teams to manage their operations from anywhere. It supports multiple editions of Microsoft Dynamics 365 and is available in all supported countries and languages.
Conclusion
In summary, FloQast’s extensive integration capabilities with ERP systems, cloud storage, collaboration tools, and other financial software make it a versatile and efficient solution for streamlining accounting processes and enhancing financial management practices.
FloQast - Customer Support and Resources
Customer Support Overview
FloQast offers a comprehensive suite of customer support options and additional resources to ensure its users receive the assistance they need to maximize the benefits of their finance tools.Implementation and Onboarding
FloQast provides a seamless onboarding experience through its Professional Services team or an exclusive network of Partner Implementers. This process is lightweight and fast, ensuring customers can quickly get started with the platform. Additionally, personalized Integration Support is available to configure all interconnected systems accurately and securely.Ongoing Support
After implementation, customers receive ongoing care from the Accounting Success Management team. This team focuses on understanding client-specific goals and equips customers to adopt new and existing FloQast features to achieve their business outcomes. For any technical issues, FloQast offers a dynamic and responsive technical support experience with certified Product Support Specialists available globally.Training and Education
FloQast provides on-demand resources through FloQademy, an online learning portal. This platform is designed to empower Finance and Accounting teams to onboard, engage, and expand their knowledge of FloQast solutions. Courses offered through FloQademy are eligible for Continuing Professional Education (CPE) and Continuing Professional Development (CPD) credits, supporting both product knowledge and professional development.Integration Support
For users needing to integrate FloQast with their ERP systems, solutions like the CrossCountry API connector are available. This connector automates subledger uploads and general ledger reconciliations, reducing manual work, improving accuracy, and enhancing efficiency. This integration support is particularly beneficial for smaller IT teams with limited bandwidth.Additional Resources
FloQast integrates seamlessly with various systems, including Microsoft Finance and Operations, Excel, OneDrive, and Microsoft Teams. This integration provides a single place to manage accounting operational workflows, enhancing collaboration and operational excellence.AI-Driven Solutions
FloQast’s new Accounting Transformation Platform includes AI-driven solutions such as FloQast Close, FloQast Compliance Management, and FloQast Ops. These solutions automate critical processes, provide actionable insights, and drive new efficiencies, helping accounting teams deliver more value with fewer resources.Conclusion
In summary, FloQast’s customer support is multifaceted, covering implementation, ongoing support, training, integration, and the use of AI-driven solutions to streamline accounting operations. These resources are designed to help customers achieve their business goals efficiently and effectively. FloQast - Pros and Cons
Pros of FloQast
FloQast, an AI-powered platform for accounting teams, offers several significant advantages:Efficiency and Speed
- FloQast significantly reduces the time required for the monthly closing process by automating tasks such as error-checking and workflow management.
- It helps in tracking tasks, automating workflows, and improving accuracy, making the close process faster and more efficient.
Enhanced Collaboration
- The platform facilitates teamwork by allowing users to assign tasks, track progress, and communicate within the system. This ensures everyone is on the same page and can see updates in real-time.
Accuracy and Compliance
- FloQast ensures high accuracy by automating data collection and checking for mistakes in financial data. It also helps in maintaining balanced accounts and catching errors before they become problems.
- The platform aids in compliance management by tracking compliance tasks, improving visibility, and reducing audit work. It also helps in SOX compliance and audit readiness.
Integration and Customization
- FloQast integrates well with ERP software and Excel, making it easy to share information and use existing processes. The platform is also customizable to meet specific needs, particularly in financial reporting and variance analysis.
Security and Visibility
- The software provides excellent security measures and real-time visibility into the close process, helping controllers accelerate cycle times and meet audit requirements confidently.
Cons of FloQast
Despite its many advantages, FloQast also has some notable drawbacks:Cost
- FloQast is expensive, especially for small businesses. The pricing can be a significant barrier, with estimates around $125-$150 per person per month for Business and Corporate plans.
Limited Functionality
- The platform is primarily designed for closing and does not offer comprehensive accounting functions. It lacks the ability to separate the tasks of the person preparing the accounts from the person reviewing them, which can be frustrating.
Usability Issues
- Some users find administrative tasks complicated and time-consuming. The platform can sometimes be slow or hard to use, and setting up new subsidiaries or checklist items can be tricky.
Limited Visibility and Separation of Roles
- FloQast does not provide a full picture of the work within the platform, making it challenging to see everything at once. Additionally, it does not allow for the clear separation of roles between preparers and reviewers, affecting analytics and task management.
Customer Support
- The customer support for FloQast is often criticized for being unreliable, leading to delays in issue resolution. This can be a significant concern for users who need prompt assistance.
Setup and Additional Fees
- Setting up FloQast can be time-consuming and not always easy. There is also a setup fee required, and additional users may incur extra monthly fees.
FloQast - Comparison with Competitors
FloQast Overview
FloQast is a cloud-based accounting software that specializes in streamlining financial close processes, including cash flow management, bank reconciliation, and audit readiness. It is known for its ease of use and time-saving features like automated reconciliation and templatized checklists for task management.Unique Features of FloQast
- Workflow Management: FloQast excels in managing and tracking workflows, particularly in the financial close process.
- Audit Readiness: It helps keep financial records organized and ready for audits.
- Compliance: FloQast reduces the compliance burden by automating several aspects of the month-end close process.
Alternatives and Competitors
DOKKA
- AI-Powered Automation: DOKKA stands out with its complete, closed-loop automation for the financial close process, including reconciliations, journal entries, and real-time reporting. It uses AI to eliminate repetitive tasks and ensure greater accuracy.
- Faster Implementation: DOKKA can be implemented in as little as 4 weeks, which is significantly faster than FloQast.
- Pros: Affordable usage-based pricing, seamless ERP integration, and collaborative document management.
- Cons: Not as feature-rich in standalone task management as FloQast.
BlackLine
- Financial Close Automation: BlackLine automates financial close processes and is known for its comprehensive support options, including 24/7 live support and a knowledge base.
- Features: Automated reconciliations, journal entry management, and compliance reporting.
- Pros: Strong support, cloud-based deployment.
- Cons: Generally more expensive with longer implementation times compared to DOKKA.
OneStream
- AI-Powered Financial Management: OneStream offers AI-driven financial management, centralizing processes such as financial close, consolidation, budgeting, and reporting.
- Features: Transaction matching, task management, people planning, and capital planning.
- Pros: AI-enabled insights, easy-to-use interface, unified system for finance processes.
- Cons: Can be pricey for some users.
Vena Solutions
- Excel-Based Interface: Vena Solutions is known for its Excel-based interface, which is appealing to users familiar with traditional spreadsheet tools.
- Vena Copilot: This AI-driven solution automates data analysis and insights, streamlining FP&A processes.
- Features: Data integration, forecasting tools, and collaborative features.
- Pros: Intuitive approach to data interpretation, strong integration capabilities.
- Cons: Additional licenses may be required, which can be costly.
Trintech
- Automated Reconciliations: Trintech specializes in automated reconciliations and offers 24/7 live support and a knowledge base.
- Features: Financial close automation, compliance reporting.
- Pros: Strong support, cloud-based deployment.
- Cons: Generally more expensive with longer implementation times.
Key Differences
- Automation Level: While FloQast focuses on workflow management and task tracking, DOKKA and OneStream offer more comprehensive automation of the financial close process using AI.
- Implementation Time: DOKKA has a significantly shorter implementation time compared to FloQast and other competitors like BlackLine and Trintech.
- Integration and Interface: Vena Solutions stands out with its Excel-based interface, making it user-friendly for those familiar with Excel. In contrast, FloQast is more specialized in its workflow management capabilities.
- Cost and Scalability: DOKKA offers affordable usage-based pricing, which is beneficial for small to mid-sized finance teams, whereas some competitors like OneStream and BlackLine can be more expensive and are often suited for larger enterprises.
FloQast - Frequently Asked Questions
Frequently Asked Questions about FloQast
What is FloQast and what does it do?
FloQast is a cloud-based software that streamlines and automates the financial close process for accounting teams. It helps businesses close their books faster and more accurately by integrating with leading ERP systems, automating tasks such as reconciliations and journal entries, and providing real-time collaboration tools and analytics.How does FloQast integrate with other accounting systems?
FloQast integrates seamlessly with popular accounting systems like QuickBooks, NetSuite, SAP, and Microsoft Dynamics 365 Finance and Operations. This integration allows users to import financial data directly into the FloQast platform, ensuring smooth and accurate data transfer.What are the key features of FloQast?
Key features of FloQast include automated reconciliations, journal entries, and variance analysis; customizable workflows, task assignments, and deadlines; a Close Analytics tool for insights and performance tracking; and centralized document management. Additionally, FloQast offers tools like FloQast AutoRec for AI-powered reconciliations and FloQast Ops for managing accounting operations beyond the close process.How does FloQast improve the financial close process?
FloQast improves the financial close process by automating manual tasks, reducing human error, and increasing efficiency. It provides real-time visibility into the close process, enhances collaboration among team members, and offers customizable reports and dashboards to track key metrics and identify bottlenecks.What is FloQast AutoRec and how does it work?
FloQast AutoRec is an AI-powered reconciliation solution that automates the process of reconciling transactions without requiring any rules definition. It helps accounting teams accurately and efficiently reconcile high-risk and high-transaction-volume accounts, saving hours or even days of work each month. AutoRec must be enabled by the FloQast Setup Team and is turned on at the account level.How does FloQast generate revenue?
FloQast generates revenue through a subscription-based model. Companies pay a recurring fee to access FloQast’s tools and features, with pricing varying based on company size, the number of users, and the specific functionalities required.What are the pricing models for FloQast?
FloQast operates on a subscription-based pricing model that requires an annual commitment. The cost varies by tier, with larger organizations or those needing more complex functionalities generally paying a higher rate. Pricing is customized based on factors such as company size, the number of users, and additional support or add-ons.Does FloQast offer any additional tools or services?
Yes, FloQast offers several additional tools and services, including FloQast Ops for managing accounting operations, FloQast Flux for automating Flux Analysis reports, and FloQast ReMind for automating manual requests for information. These tools extend the functionality of the core platform to support various aspects of accounting operations.How user-friendly is FloQast?
FloQast is designed with a user-friendly interface, making it easy for accounting teams to use and deploy. However, there may be an initial learning curve to master all the features. The platform also offers tutorials and onboarding services to help teams transition smoothly.What kind of support does FloQast offer?
FloQast provides onboarding and training services to help finance teams get started. Additionally, they offer optional add-ons such as advanced training sessions and dedicated support, which can be added to the base package for an additional fee.Is FloQast suitable for all sizes of organizations?
FloQast is suitable for both small and large organizations. However, the pricing may be cost-prohibitive for smaller firms. The platform’s scalability and customizable options make it adaptable to various organizational needs. FloQast - Conclusion and Recommendation
Final Assessment of FloQast
FloQast is a highly regarded AI-driven finance tool that significantly streamlines and automates the accounting close process, making it an invaluable asset for accounting teams.Key Benefits
- Close Management and Automation: FloQast integrates seamlessly with existing Excel checklists and automates tasks such as trial balance tie-outs, reconciliations, and workflow management. This automation reduces manual labor and enhances the efficiency of the month-end close process.
- Integration and Compatibility: The software integrates well with ERP systems, allowing for real-time updates and seamless communication through tools like Slack. This integration makes it easier to manage and monitor the close process.
- AI-Powered Features: FloQast AI takes on manual tasks, such as reconciliations and variance analysis, enabling accountants to focus on more strategic roles. It also automates tasks like writing emails and vetting responses, which can lead to up to 40% automation across all close tasks.
- Collaboration and Document Management: The platform offers robust collaboration tools, document management, and a clear audit trail, which are essential for maintaining transparency and compliance during the accounting process.
- Ease of Use and Setup: FloQast is praised for its ease of use and setup. Users have reported that the software can be implemented and go live in under a month, with some setups completed in less than a day. It also has a high user satisfaction rating, with a 96% ease of use rating and a 4.8 out of 5 overall satisfaction score.
Who Would Benefit Most
FloQast is particularly beneficial for:- Accounting Teams: The automation and workflow management features make it ideal for teams looking to streamline their month-end close processes.
- Finance Departments: The integration with ERP systems and real-time updates ensure that financial data is accurate and up-to-date.
- Small to Large Enterprises: Given its scalability and ease of implementation, FloQast can be useful for businesses of various sizes.