Overview of FloQast
FloQast is a comprehensive financial close management software designed to optimize and automate accounting workflows, enhancing the efficiency and accuracy of accounting teams. Here’s a detailed look at what FloQast does and its key features:
What FloQast Does
FloQast is tailored to streamline and manage various aspects of the accounting process, particularly focusing on the month-end close, reconciliations, compliance, and financial reporting. It helps accounting teams to collaborate more effectively, automate repetitive tasks, and ensure audit readiness.
Key Features and Functionality
Automation and Workflow Management
- FloQast automates common accounting workflows such as the close process, reconciliations, compliance, and reporting. It uses intelligent checklists to create a single source of truth, tracking tasks, due dates, reviewers, and preparers in a central location.
Collaboration and Visibility
- The platform facilitates cross-departmental collaboration, allowing tasks, roles, sign-offs, and information to be shared seamlessly across teams. It provides real-time, top-down insights through an Accounting Ops Dashboard, enabling teams and managers to monitor goals, tasks, and completion status.
Reconciliation Management
- FloQast Reconciliation Management offers a centralized view of account-level reconciliation status and tie-outs, integrating with workpapers in Excel or cloud storage. It automates the matching of transactions for different accounts and tracks reconciliation items within the accounting workflow.
Close Process Management
- FloQast Close helps manage the month-end close process by organizing tasks, preparers, and sign-offs. It provides a collaborative close checklist, review notes, and ensures accuracy and audit-ready transparency.
Variance Analysis
- FloQast Variance Analysis allows accountants to track variances from previous close periods and compare final account balances with budgetary amounts. This feature is crucial for informing financial reporting and performing flux analysis and budget variance analysis.
Compliance Management
- FloQast Compliance Management integrates financial controls into daily tasks, automates the synchronization of risk and control matrices (RCM) to process narratives and flowcharts, and improves process-based control (PBC) processes. It also helps define and execute testing plans to ensure continuous audit readiness.
Reporting and Analytics
- FloQast Analyze provides at-a-glance visualizations for greater close efficiency, offering a single-page summary of progress on close completion against set deadlines. Users can filter data by process, custom tags, checklist, and prepared items.
Project Management
- FloQast Projects is an extension that centralizes the management of ad-hoc, day-to-day projects, including recurring close and compliance tasks. It features a Projects Dashboard for clear accountability, a comprehensive tasks list, and the ability to track timelines and create new projects efficiently.
Integrations and Customization
- FloQast integrates seamlessly with various ERP systems, whether cloud-based (like Oracle NetSuite or Sage Intacct) or on-premise (like Microsoft, SAP, or Workday). It also supports multi-currency transactions and allows administrators to customize the platform to accommodate unique processes, including creating custom objects, fields, rules, calculations, and views.
Security and Access Management
- The platform ensures that sensitive financial data is kept secure, housed in the user’s own document storage systems. It also features robust user, role, and access management, granting access to select data and features based on user roles and groups.
In summary, FloQast is a powerful tool that streamlines accounting operations by automating workflows, enhancing collaboration, and providing real-time visibility and compliance management. Its suite of products and features is designed to make accounting teams more efficient, accurate, and audit-ready.