Is your month-end close process slow and stressful? Do you want to improve accuracy and efficiency in your accounting team? FloQast is an accounting workflow automation platform. It helps optimize and automate the month-end close. It can also help with connected risk & compliance, and integrated record-to-report. This review will help you decide if FloQast is the right solution for your accounting team.
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About FloQast:
FloQast is an “Accounting Transformation Platform.” It’s designed for controllers and accounting teams. It helps automate and streamline accounting workflows, especially the month-end close. It’s built by CPAs. It integrates with your existing tech stack. It is trusted by over 3,000 global companies. The software is designed to look and feel like what accountants are used to, but without the heavy IT involvement.
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Benefits of FloQast:
- Faster Close: Reduce time-to-close by 30% on average.
- Improved Accuracy: Automate tasks and reduce manual errors.
- Increased Efficiency: Reduce reconciliation time by 38% on average. Reduce time for audit process by 23% on average.
- Better Collaboration: Work with your team and external auditors more effectively.
- Enhanced Visibility: Track progress and identify bottlenecks easily.
- Stronger Controls: Improve internal controls and compliance.
- AI-Powered: Use AI to improve efficiency and accuracy and shift accountants from preparers to reviewers.
- Free CPE with FloQademy: Access over 60 hours of free on-demand CPE/CPD content.
Features of FloQast:
- Close Management: Manage and track all month-end close tasks in one place.
- Reconciliation Management: Automate account reconciliations.
- Compliance Management: Streamline compliance workflows and improve internal controls.
- Audit Readiness: Prepare for audits more easily.
- Reporting: Generate reports on close performance and other key metrics.
- Variance Analysis: Analyze fluctuations and identify potential issues.
- Journal Entry Management: Streamline the journal entry process.
- AI Transaction Matching: Use AI to match transactions automatically.
- Consolidation: Manage consolidations more efficiently.
- Analyze: Analyze and review financial data.
- ReMind: Request management system to automate requests across teams.
- Integrations: Integrates with popular ERP systems (NetSuite, Sage Intacct, Microsoft, SAP) and other tools.
- Scalability & Usability: Built to scale with your business.
- Trust and Security: Meets high standards for data security and privacy.
- Professional Education and Training Courses (FloQademy): Access free CPE/CPD content and training.
- Solutions by Role: Solutions for CFO & CAO, Controller, Accounting Manager, Compliance Manager, Internal Audit Manager, and Outsourced Advisory Services.
- Solutions by Workflow: Solutions for Financial Close, Account Reconciliations, Audit Findings, Controls and Risk Management, SOX Compliance, Audit Readiness, Reporting, FP&A, and Pre-IPO.
Pros and Cons of FloQast:
Pros
Cons
How FloQast Works:
- Connect Your ERP: Integrate FloQast with your ERP system.
- Set Up Your Close: Define your close tasks and checklists.
- Assign Tasks: Assign tasks to team members.
- Automate Workflows: Automate reconciliations, journal entries, and other tasks.
- Track Progress: Monitor the close process in real time.
- Collaborate: Work with your team and auditors within the platform.
- Analyze: Review reports and identify areas for improvement.
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Alternatives to FloQast:
Here are some other accounting workflow automation platforms:
BlackLine:
A leading provider of cloud-based financial close management solutions. It offers a wide range of features for automation, reconciliation, and reporting. It is suitable for large enterprises.
Trintech:
Another major player in the financial close management space. It provides solutions for account reconciliation, journal entry management, and compliance. It is also geared towards larger organizations.
Oracle Financial Consolidation and Close Cloud Service:
Part of Oracle’s suite of cloud applications. It helps automate the financial consolidation and close process. It is a good option for businesses already using Oracle.
Workiva:
A cloud platform for connected reporting and compliance. It offers solutions for financial reporting, ESG reporting, and audit management. It is suitable for public companies and regulated industries.
Planful:
A cloud-based platform for financial planning and analysis (FP&A). It offers features for budgeting, forecasting, reporting, and modeling. It is a good option for businesses that need strong FP&A capabilities.
