What Is FloQast?
FloQast is a software company that allows accounting teams to automate their workflow and complete tasks more efficiently. At its core, the FloQast solution is a cloud-based platform that helps organizations streamline their financial closing process, ensure the accuracy of financial documents, and provide teams with a fully functional dashboard that fosters intradepartmental collaboration. Within the dashboard, teams can find task management features, collaboration tools, and the ability to integrate with a number of accounting systems. FloQast aims to help organizations improve their accounting processes by enabling them to focus strategically on individual tasks.
Currently, FloQast has a global reach and is assisting a number of renowned organizations and enterprises with their financial reporting processes. Whether it’s supporting businesses by ensuring the accuracy of their balance sheets or providing them with an effective cross-collaboration tool, FloQast empowers accounting teams to enhance their workflows. Take a look at the table below to identify some of the current companies that FloQast is currently providing accounting support for.
What Is FloQast Used For?
With FloQast being a predominant software platform for accounting teams, it is distinctly used for three reasons. FloQast allows accounting departments to collaborate effectively, organize their workflow to complete tasks faster, and automate accounting processes to eliminate manual reconciliation.
- Foster Team Collaboration
- Organize Company Workflows
- Automate Accounting Processes
The software creates an all-inclusive centralization platform where team members, managers, and executives can repeatedly generate consistent success with workflows, communicate about deadlines, prepare for audits, and document important financial data needed to drive a successful business.
Who Uses FloQast?
When it comes to understanding who uses FloQast, it is important to note that this is a managerial accounting platform that is indicated for any kind of industry. On a deeper level, FloQast intends to target the following users within a specific industry:
- Corporate Controllers
- Accounting Managers
It supports executives and corporate controllers alike by supporting their need to oversee the dozens of responsibilities an accounting or financial department has. Together, corporate controllers and executives can collaborate on FloQast to optimize operations, track the closing process of various deals, create checklists to share with team members, and deliver presentable financial information to a C-suite team.
Furthermore, account managers can use FloQast to assign tasks to senior and junior accountants, identify which employees are performing, and automate e-mail reminders to reduce the need for meetings, reminders, and requests to achieve accounting goals. In addition, junior and senior accountants within the department can leverage FloQast with accounting managers to submit completed checklists with assigned tasks, identify reconciliations that need to be closed, and overall reduce the manual labor that is needed to navigate old, legacy-driven accounting processes.
What Does FloQast Do?
By offering seven unique solutions, FloQast is able to streamline accounting procedures and enable team members to focus on what is relevant. Below, you can learn from a quick summary of the seven offerings that FloQast offers and how it can achieve your accounting goals.
- FloQast Close: The FloQast Close product assists accounting teams with completing closing tasks that are due at the end of the month by providing status updates, completing reconciliations, and assigning checklists to individual accountants.
- FloQast Ops:Ops is an operationally focused solution that gives managers and other leading personnel the privilege to oversee all organizational accounting activity through dashboards, a feedback system, and document review.
- FloQast Remind: Remind allows accounting teams to automatically notify each other of status updates, request for missing information, and generate pre-crafted messages to send out department-wide.
- FloQast Reconciliation Management: Reconciliation Management pairs with FloQast Close to automatically compare the data between documents, thus streamlining the close process to meet end-of-month deadlines.
- FloQast Flux: Flux provides accounting teams with a closing report that details material information after a deadline has occurred.
- FloQast Analyze: Analyze leverages machine learning technology to deliver intelligent insights about whether or not accounting teams are meeting their deliverables on time.
- FloQast Connect: Connect is the integration product that FloQast has developed to support Enterprise Resource Planning (ERP) inside large corporations.
How Does FloQast Work?
With FloQast primarily operating as an accounting task management platform, it can help a plethora of businesses streamline their financial departments with heightened efficiency. Let’s take a deep dive into the basics of how FloQast might work in a company:
- First, the user sets up their chart of accounts and account mapping in FloQast. This allows the software to understand how the company’s financial transactions should be organized and categorized.
- Next, a user will integrate FloQast with their company’s ERP, accounting software, and banking information. This allows the software to import financial data to automate workflows.
- When a team has an end-of-month close deadline, they can use FloQast to create a checklist of tasks that need to be completed during the process. This could include tasks such as reconciling bank statements, reviewing and approving journal entries, and preparing financial statements for auditing.
- As tasks are completed, an accountant can mark them complete in the FloQast dashboard application. This helps track progress, automatically notify team members of status updates, and ensure that everything is being completed on schedule.
- Once all tasks on the checklist are complete, an accountant can use FloQast to review and sign off on the financial statements. This ensures that the financial statements are accurate and complete, prevents manual miscommunication, and helps to streamline the audit process.
Overall, FloQast is designed to help businesses improve the efficiency and accuracy of their financial close process by providing a centralized platform for managing tasks, accessing financial data, and reviewing and approving financial statements. Take a look at the table below to identify the core features that each of the seven FloQast products has to offer for accounting teams.
|Audit Trail||Financial Analysis|
|Balance Sheets||Task Management|
What Does FloQast Integrate With?
FloQast has been specifically built to integrate with ERPs, also known as Enterprise Resource Planning systems. The connection between FloQast and ERP enables large corporations to seamlessly integrate the accounting platform into their current network. With the help of FloQast Connect, businesses can integrate with the software to complete the closing process quicker, automate parts of the accounting process, and ensure the integrity of their financial information.
For companies looking to integrate FloQast into their ERP, it currently works with the following systems:
- Sage Intact
- Oracle NetSuite
- Microsoft Dynamics
Who Are FloQast’s Competitors And Alternatives?
There are several competitors to FloQast in the market for financial close management software. Some of these include Workiva, Vena, BlackLine, Prophix Software, Adrea, Planful, and more. These tools also offer features such as task management, data integration, and financial statement review, but each alternative may differ in terms of pricing, features, functionality, and user experience.
- Workiva: A cloud-focused software platform focused on providing teams with accounting, regulatory, and ESG tools to manage financial data.
- Vena: Focuses on helping companies measure the performance of accounting and other financially-related tasks in Excel.
- BlackLine: BlackLine is a centralized workspace for accounting personnel to evenly distribute close activities, analyze financial reporting information, and reduce manual error.
- Prophix Software: An operational management platform designed to help companies analyze personal financial data and become more profitable.
- Adra: Adra is a software solution that targets accounting teams looking to increase the speed and efficiency of their closing process without the constant need for spreadsheets.
- Planful: An accounting management system that helps enterprise clients with budgeting, consolidating, and reporting company-wide financial data.
FloQast’s pricing model consists of scheduling a demo to receive a sales quote. This means that in order to determine the cost of using FloQast for their business, a potential customer must first schedule a demonstration of the software with a FloQast sales representative. During the demonstration, the sales representative will show the potential customer how FloQast works and discuss the specific needs and requirements of their business. Based on this information, the sales representative will then provide the potential customer with a quote for the cost of using FloQast. The quote will likely include a variety of factors, such as the number of users, the complexity of the company’s financial processes, and any additional features or services that may be required. In this way, FloQast’s pricing model is customized to the specific needs and budget of each potential customer.