FloQast is a Software as a Service (SaaS) application that works with Microsoft Excel. It uses process management, reporting, and collaboration to automate the month-end closing of an organization’s financial books. The product provides accounting teams with checklists and tie-outs linked to Excel workbooks and the client of organizations’ enterprise resources planning (ERP) system. This automates reconciliations and, ultimately, shortens the financial close process.
The financial close management software operates with cloud document storage systems Box, Google Drive, Dropbox, Microsoft OneDrive, Egnyte, NetSuite, and Sage Intacct financial applications. It is compatible with ERP/General Ledger systems, including Oracle, SAP, Microsoft (Dynamics GP, Dynamics NAV), Sage, Epicor, QuickBooks, FinancialForce, and others.
Overview of FloQast
FloQast delivers an Accounting Operations Platform that enables organizations to operationalize accounting excellence. Trusted by more than 2,300 accounting teams – including Twilio, Los Angeles Lakers, Zoom, and Snowflake – FloQast was built by accountants, for accountants to enhance the way accounting teams work.
The platform enables customers to streamline and manage the Financial Close, Finance and Accounting Operations, and Compliance Programs. With FloQast, teams can manage every aspect of the month-end Close, reduce their compliance burden, stay audit-ready, and improve accuracy, visibility, and collaboration throughout the financial function.
Seamlessly integrated with ERPs and leveraging the tools accountants use every day, such as Excel, FloQast’s cloud-based, AI-enhanced applications let accountants focus on what matters most–helping the business make better decisions. It can get accounting teams up and running in as little as two weeks.
The FloQast app includes the following features:
- FloQast Review Notes are fully integrated with Microsoft Teams. When a new Review Note is created, its assignee receives a Teams notification including the context and content of the new note. The assignee can then reply to the Review Note, and change its status, directly from the Teams notification. It maintains a complete record of the Review Note, regardless of whether any updates were made in the app or via Microsoft Teams.
- Users can receive important Late notifications from FloQast via Teams.
- Users can get a full list of features available in the app by typing “Help” in the FloQast direct message thread.
FloQast Solutions
FloQast Close
FloQast™ Close provides a single place for teams to manage month-end Close tasks. It enhances accountability, improves accuracy, and effective collaboration from anywhere.
With FloQast, accounting teams of any size can see the status of every task. Track outstanding to-dos from a single dashboard, ensure team members meet deadlines, and identify opportunities to reallocate resources to guarantee the Close finishes on time each month.
- Shorten Your Close: Give your team time to focus on more strategic projects by improving coordination and automating workflows. FloQast customers report an average 26% reduction in Close time.
- Trust Your Numbers: Ensure reporting is accurate and complete the first time with integrated sign-offs, automated trial balance tie-outs, and alerts if balances change. FloQast customers report an average increase of 39% in Close data accuracy.
- Improve Transparency and Collaboration: Give your team a better way to Close the books together. Let everyone involved instantly view the status of all tasks, see notes, and easily communicate from wherever they are working. FloQast customers report a 28% reduction in effort to Close the books.
- For the CAO: FloQast automates tedious work for the team to optimize accounting operations, accelerate the Close process, and ensure smoother audits. Quickly see numbers and empower leadership teams to make faster, more successful strategic decisions.
- For the Controller: Standardize Close processes. With FloQast, spend less time worrying about the status of the Financial Close, accounting errors, and manual account reconciliations, and more time being a strategic business partner to the CFO. A happy Controller means a happy accounting team.
- For the Accounting Manager: FloQast is your single place to manage the month-end Close, aligning people, processes, and documents in one collaborative platform. Grant your team members visibility, to see the whole Close, not just their pieces.
FloQast Reconciliation Management
FloQast™ Reconciliation Management is an advanced workflow automation solution that works with FloQast Close to deliver end-to-end account reconciliation management. It allows controllers and their teams to automate and manage the end-to-end reconciliation process with a centralized solution trusted by accountants and auditors worldwide.
Increase financial velocity and accuracy of the Financial Close while managing the risk of misstatement.
Reconciliation Tracking gives accountants a centralized view of the reconciliation status of each account with balance comparisons, preparers, reviewers, and sign-off dates. FloQast sends automatic notifications when reconciliations are due, items are ready for review, or the platform detects an unexpected out-of-balance condition.
- Optimize the Reconciliation Strategy and Process: Select an approach that will best address the risks unique to each account and best practices to ensure consistency and continuity as your organization scales.
- Choose Your Reconciliation Method: Some processes can and should be automated, while others require manual – but efficient – management. FloQast Reconciliation Management lets you choose the best method for your organization.
- Manage All Reconciliations in One Place: FloQast Reconciliation Management provides a single dashboard to monitor reconciliations in real time. See a quick summary or dive into the details, check the status of your reconciliations, and understand the impact on your Financial Close.
FloQast Flux
FloQast™ Flux Analysis automates the time-consuming process of building a report while giving you the flexibility to meet your unique business needs. It offers a better way to perform monthly flux analysis by automating the data collection and sign-off process.
Integrated directly into FloQast’s Close Management Software and ERP, FloQast Flux lets accounting teams work on flux analysis even before the Close is complete.
Create reports that automatically refresh each period according to your chosen thresholds and assignments. FloQast flux reports summarize variances and their explanations in a way that’s easy to understand and share with management for review.
- Increased Automation: FloQast automatically pulls your reports, notifying you when something is material. Leave explanations in real-time as you are completing your reconciliations.
- Improved Collaboration: Work together with your team — track sign-offs and communication to deliver your flux reports on time.
- Strategic Alignment: Get your team out of the weeds and into analysis. Present the CFO board-ready reporting with input from the whole team.
- Automatic Notifications: Reduce your back-and-forth by automatically notifying people when an item needs attention. FloQast flags balance sheets and income statements when teams reach materiality thresholds. It alerts preparers when a fluctuation needs an explanation, and logs evidence of every sign-off.
- Collaborate Across Teams: Easily see explanations, leave review notes, and see what’s outstanding. Team members can work on flux analysis anytime, share explanations at the individual account or group levels, and use Review Notes to collaborate efficiently.
FloQast Analyze
Controllers are constantly challenged to Close faster, yet rarely have the visibility to identify and remove bottlenecks. FloQast™ Analyze helps find opportunities to optimize workload and visualize progress against Close deadlines.
FloQast Analyze gives full visibility into the Close process. This eliminates the need for constant meetings and status reports and identifies gaps before they impact progress. View each entity’s progress toward Close completion on a single-page summary. This includes which entities have successfully Closed their books, are on track to get there, or are already late.
- Track Efficiency Improvements: Identify how Close-related trends are progressing over time. FloQast helps you use historical financial data to promote a culture of accountability and continuous improvement.
- Remove Bottlenecks: Leverage analytics tools to pinpoint gaps or bottlenecks in workload allocation, allowing you to more effectively manage your team without having to micromanage.
- Know Where You Stand: Obtain real-time insight as to whether your Close is ahead of or behind schedule. Instantly access data for detailed management reports.
FloQast Compliance Management
FloQast™ Compliance Management reduces financial compliance complexity by streamlining financial controls together with the Close for always-on audit-ready compliance. Compliance done right delivers business integrated controls making your compliance program more efficient and less costly.
- Reduced Complexity: Embed continuous controls capture into critical business processes like the financial close for clear visibility into control ownership and execution.
- Lower Risk: Push controls accountability where it belongs – with business process owners – while increasing visibility into testing status and control effectiveness.
- Faster Audits: Reduce your audit burden with centralized audit evidence and testing. This automates your PBC processes for better transparency, collaboration, and assurance.
FloQast Ops
FloQast™ Ops is a workflow manager that extends the power of FloQast Close. This provides greater control over accounting operations and optimizing workflows across every function. It streamlines accounting operations beyond just the monthly Close, providing greater visibility, control, and collaboration throughout every crucial accounting workflow.
Achieve greater operational control, improved workload management, and enhanced transparency from a trusted, centralized source of information.
- Centralized Visibility: Leverage a centralized Accounting Ops Dashboard to manage by exception. Balance workloads and reduce stress related to missed deadlines and business disruptions.
- Cross-Department Collaboration: Working efficiently across teams has never been easier. FloQast lets you collaborate on tasks and share information seamlessly with colleagues and stakeholders on a single platform.
- Single Source of Truth: Centralize and organize documentation the way you choose with a flexible platform that captures every detail. Leave notes with feedback and annotations for future audit support.
- Cross-Functional Collaboration: Improved collaboration happens with clearly defined tasks, roles, and deadlines. From staff to management, cross-functional departments work in concert across accounting operations. FloQast’s Accountant-First platform integrates with your personal collaboration tools like email, Slack, and MS Teams.
FloQast ReMind
FloQast™ ReMind is a request management solution that automates the time-consuming tasks of requesting information and following up. This removes bottlenecks and delivers faster workflow execution.
It is a practical, agile solution that takes minutes to set up. It saves accountants hours of manual follow-up each time information is needed.
- Reduce Time to Benefit: Set up a FloQast ReMind request in minutes and realize the quick-hit benefits to save your team hours.
- Automate Manual Tasks: Enhance productivity by eliminating manual follow-up messages, allowing your team to focus on higher-value work.
- Improve Visibility: Enable your team to manage their requests by exception, get up-to-date status for supporting documentation, identify bottlenecks, and optimize their workflows.
- Optimize Requests: Optimize workflows with flexible controls over internal and external requests. FloQast lets you categorize multiple requests into logical tasks for easier tracking, bottleneck identification, and exceptions, so you can quickly take action.
Benefits of Using FloQast
Modernize Without Disruption
FloQast works the way accountants work, from folder structure to checklists to interface. It has a highly intuitive accounting-first design that is familiar and easy to use.
The platform also embraces the tools accountants love – like Excel – and integrates them seamlessly into the process flow.
Speed and Accuracy
Accelerate processes by automating tasks, checklists, and data gathering, with orchestrated workflows and centralized documentation that aligns the team and eliminates sloppy handoffs and errors.
Transparency and Productivity
Achieve full transparency with a holistic operational view that is always current without interrupting your team to chase down the latest status updates.
No More Trade-Offs
FloQast frees controllers from the perpetual tradeoffs that hinder operational excellence. This enables both speed and accuracy through automation, orchestrated workflows and centralized documentation. It also provides control and flexibility through more predictable cycle times and continuous audit readiness, as well as full transparency that is always current.
All of these without interrupting productive work to chase down the latest status updates.
Strategic and Tactical Execution
Delegate the day-to-day tasks with confidence. Foster collaboration and accountability without micromanagement, so you can elevate your focus to deliver more go-forward guidance and value to the business.
Control and Flexibility
Drive high-precision accounting operations – predictable cycle times and minimal audit risk – along with the flexibility to give the business the information it needs right now without jeopardizing deadlines.
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