The 10 Best FloQast Alternatives & Competitors (2024 Comparison)

By Sruthy

By Sruthy

Sruthy, with her 10+ years of experience, is a dynamic professional who seamlessly blends her creative soul with technical prowess. With a Technical Degree in Graphics Design and Communications and a Bachelor’s Degree in Electronics and Communication, she brings a unique combination of artistic flair…

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Updated April 12, 2024

Review the top FloQast Alternatives in the market to pick the best FloQast Competitor that offers top-notch financial reporting and close management capabilities:

FloQast is arguably one of the more popular accounting software being used worldwide today. Personally, there is a lot I like about FloQast. Its ability to manage and streamline elements of the financial close process is perhaps second to none.

With this software by your side, you’ll have absolutely no issues automating aspects of the month-end close. It helps you stay audit-ready, significantly reduces compliance burden, and helps a finance team get better visibility and control over their finance-related functions.

Alternatives to FloQast: Top-Rated List

FloQast Alternatives

I recognize that FloQast has its imperfections as well. Using it is challenging. The software also takes its sweet time when updating certain financial reports.

Some may even find the software too pricey. While I believe FloQast is ideal for managing reconciliation and financial close, there are areas where it may leave a few accounting and finance professionals disappointed.

Luckily, FloQast isn’t the only software in the market that offers excellent financial reporting and close management capabilities. In this article on FloQast Alternatives, I would like to suggest the top alternatives that could match or even surpass FloQast.

FloQast logo

[image source]

So, without much further ado, let’s get started.

Who is this Article For?

The FloQast Alternatives I am about to recommend serve the needs of today’s accounting and finance teams. Below are just a few individuals and entities that could benefit from this article:

  • Accounting and Finance Teams
  • Audit Teams
  • Compliance Teams
  • CFOs
  • Small to Large Enterprises
  • Organizations subject to regulatory compliance

What Factors Should One Consider When Looking for an Alternative to FloQast?

Below are a few factors that I suggest you consider to find the right software for your accounting
needs:

#1) Ease of Use: You need software that is easy to use, particularly one that features a centralized interface. It should be easy to navigate and require little to no technical prowess from its users.

#2) Automation: Good FloQast alternatives will feature robust automation. So look for solutions that can automate a higher proportion of manual tasks involved across the financial close process, such as accruals, provisions, and reclassifications, which typically account for 40-50% of the manual effort involved in the close.

#3) Integration: The software you choose should integrate seamlessly with other existing systems like general ledgers, reporting tools, and ERPs. There are also different levels of integration.

Pick a solution that works directly within the framework of the ERP application itself and doesn’t involve having to work outside of ERP and then import data back into it. It should also be able to pull imperative data from multiple sources.

#4) Collaboration: Go for tools that offer strong collaboration features. It should allow multiple team members to work together on a particular finance-related function without hassle. The best FloQast Alternatives will have an in-built workflow to ensure a fully managed finance close process.

#5) Scalability: Opt for tools that are easy to scale. You want software that can evolve as your business grows and accommodate its growing needs.

#6) Audit Trial: Make sure the software you choose provides you with a solid audit trial. Also, ensure the software helps you maintain compliance with standards like IFRS, GAAP, etc.

#7) Reporting: Look for tools that offer detailed financial reports in real-time. The reports should be customizable and offer actionable insights that lead to better decision-making.

#8) Security: When choosing financial software, security features are something you cannot ignore. Ensure the software you choose takes the security of your financial data seriously with measures like encryption, data backup, and role-based access control.

Market Trends: According to Verified Market Research, the global accounting and financial reporting software market will witness significant growth in the period between 2022 and 2030. The market is estimated to reach a value of $36,556 Million by 2030 at a CAGR of 12.81%.
Financial-Reporting-Software
Expert Advice:
  • User-friendliness is something I often prioritize in software. I would advise you to do the same when looking for the best FloQast alternatives.
  • Go through each feature a software offers. Make sure the tool you choose meets the specific needs of your finance team.
  • Go for tools that help you maintain compliance with essential regulatory standards.
  • Make sure your software is bolstered by robust security features.
  • Always prioritize quality over price. Look for software that offers a free demo.
  • =>> Contact us to suggest a listing here.

    List of the Best FloQast Alternatives

    1. Record-to-Report Automation by Redwood
    2. BlackLine
    3. Trintech
    4. OneStream
    5. Vena
    6. Workiva
    7. Planful
    8. Sage Intacct
    9. FreshBooks
    10. Prophix

    Comparing Some of the Top FloQast Competitors

    NameBest forDeploymentSupportRating
    Record-to-Report Automation by RedwoodStreamlining
    financial close
    processes for
    large enterprises
    to achieve a
    continuous or
    touchless
    close
    On premises or
    Cloud-Based
    Email, Help Desk, Phone support, 24/7 live rep5/5
    BlackLineautomating financial close processesCloud-basedPhone support, 24/7 live rep, knowledge base, email, help desk, chat4.5/5
    TrintechAutomated ReconciliationsCloud-based24/7 Live Rep, Knowledge base4.5/5
    OneStreamAI-Powered Financial ManagementCloud-Based, Windows, LinuxEmail, Phone Support, 24/7 live rep, Knowledge Base, FAQ4.5/5
    VenaExcel-based interfaceCloud-Based, Windows, LinuxEmail, Phone Support, Help Desk, 24/7 live rep, Knowledge Base, FAQ4.5/5

    Detailed review:

    #1) Record-to-Report Automation by Redwood

    Best for streamlining Financial Close Processes for a continuous touchless close.

    Redwood

    Redwood Record-to-Report Automation specializes in enhancing R2R closure procedures.
    Its primary function is to bring automation to intricate financial tasks, drastically lowering the
    need for manual input. The outcome is quicker financial closings, improved precision, and
    guaranteed compliance.

    How does it work:

    At the heart of Redwood’s efficacy is its exceptional automation technology. It transforms
    financial operations by automating over 90% of the tasks involved in financial closing.
    Previously manual and laborious activities, such as authorizations, allocations, adjustments,
    data matching, ledger entries, intercompany dealings, compliance verifications, etc., are now
    executed with minimal human input. Redwood turns complex financial activities into
    streamlined, automated workflows.

    Features:

    • Optimized Financial Closing: Automate more than 90% of record-to-report operations.
    • Integrated SAP Functionality: Fully compatible with SAP, maintaining its security parameters, and avoiding data manipulation.
    • Security and Compliance: Adheres to ISO 27001, SOC 2, and SAP’s security benchmarks.
    • Extensive Automation Capabilities: Covers intercompany dealings, accruals, allocations, adjustments, ledger entries, and account reconciliations.
    • Enhanced Efficiency: Automates updates to checklists and executes subsequent tasks for a smooth financial close.
    • Insightful Data Analysis: Provides valuable insights for strategic decision-making.
    • Established Success: Widely recognized by major corporations for enhancing financial operations.

    Support: Round-the-clock assistance through live representatives, chat, email, phone, along with
    training options including live online sessions, webinars, and comprehensive documentation.

    Deployment: Available as both cloud-based (SaaS) and on-premises solutions.

    Why we selected Redwood Finance Automation:

    Our choice of Redwood Record-to-Report Automation as a leading alternative to FloQast
    is based on several key aspects:

    • Efficiency: Redwood’s 90% automation capability is comprehensive and significant and allows finance teams to focus on strategic analysis rather than routine tasks.
    • Effortless SAP integration: Redwood seamlessly operates within SAP, eliminating the need for data extraction, manipulation, and reintegration.
    • Comprehensive Coverage: Redwood’s automation extends to a wide range of financial tasks, even to most tasks that occur outside the ERP, leaving no room for manual processes.
    • Proven Success: Large organizations with complex close processes like Siemens, Arla Forvia, and others have achieved excellence with Redwood, providing a testament to its effectiveness.
    • High-Level Efficiency: With its capability to automate 90% of tasks, Redwood enables financial teams to pivot from mundane activities to focus on strategic analysis.
    • Smooth SAP Integration: Redwood’s integration within SAP negates the need for data extraction and manipulation.
    • Broad Scope: Its automation extends across various financial operations, minimizing manual interventions.
    • Track Record of Success: Its efficacy is proven by its adoption in the complex financial environments of large corporations like Siemens and Arla Forvia.

    Pros:

    • Effortless SAP Integration: Ensures data integrity within SAP.
    • Extensive Automation: Significantly cuts down on manual tasks.
    • Instant Insights: Facilitates informed decision-making.
    • Efficient Process Management: Manages intercompany transactions, accruals, allocations, adjustments, ledger work, and reconciliations.
    • Flexible Deployment: Compatible with both cloud and on-premises setups.
    • Automated Task Management: Efficiently tracks and executes closing checklists.
    • Inbuilt Auditing Functions.
    • Compliance and Security Assurance.

    Cons:

    • None of note.

    Verdict: Redwood Record-to-report Automation is highly recommended for large enterprises managing numerous local entities. It’s an excellent choice for those aiming to maximize automation in their financial close, as Redwood offers comprehensive ranging automation within the process.

    Pricing:

    • Demo Available at No Cost.
    • Please contact us for detailed pricing information.

    #2) BlackLine

    Best for automating financial close processes.

    BlackLine

    BlackLine is another cloud-based solution that can help you with accounting process automation. The software can help you in three major finance-related areas. These entail financial close management, accounts receivable automation, and intercompany financial management.

    The software is quite robust for AR automation. It can streamline the processes that involve collecting cash, managing cash flows, and offering credit. I like how it can expedite the entire cash application process by accurately matching customer payments to invoices.

    BlackLine also does a good job of centralizing, streamlining, and automating end-to-end intercompany operations. The software helps you ensure cash precision by streamlining intercompany transactions. That said, financial close management is where this tool shines.

    This is one of the FloQast Alternatives that will help you manage and orchestrate the entire financial close process by effectively automating accounting workflows. Thanks to the centralized workspace, it is very simple to perform month-end accounting activities with this software.

    How Blackline Works:

    1. Users are provided with several modules that help streamline specific financial processes.
    2. For instance, you can use the account reconciliation module to automate processes about consolidation and other financial close processes.
    3. The software can also integrate with various ERPs.
    4. Once automated, you can monitor the progress of automated processes via a centralized hub.

    Features:

    • Account Reconciliations: The software helps your finance team standardize the reconciliation process and gain better control over it.
    • AR Intelligence: The software takes payment data and produces actionable, real-time insights from it that can help manage risks and improve operational performance.
    • Intercompany Balance and Resolve: The software can centralize and automate intercompany reconciliations, as well as dispute management.
    • Financial Reporting: It can help you perform group-level and pre-consolidation analysis in real time.

    What I Like About BlackLine:

    BlackLine offers a centralized hub that can effectively unify and automate various financial close processes without hassle. The customizable dashboard and role-based reporting are just some things that I adore about BlackLine.

    Pros:

    • Centralized dashboard
    • Expedites the financial close management process considerably
    • Helps organizations meet regulatory requirements
    • Improves financial reporting

    Cons:

    • The customer support can be subpar sometimes.

    Our Review: BlackLine is a solution that I would recommend to medium and large-sized organizations. Although great at streamlining processes associated with accounts receivable and intercompany finance management, the software is perhaps ideal for centralizing and orchestrating month-end close processes.

    Price: Call BlackLine’s team for a custom quote or request a free demo.

    Website: BlackLine


    #3) Trintech

    Best for automated reconciliations.

    Trintech

    Trintech makes it to my list because of the impeccable visibility it grants an organization in its close-related tasks.

    Just like FloQast, Trintech is good at streamlining your company’s month-end reconciliation and close processes. The level of automation Trintech offers can save you a lot of time, which can be better utilized elsewhere.

    The software provides you with real-time visibility into your closing processes. This allows your finance team to monitor the progress of your running processes as well as identify issues that could slow them down. You have enough data to reduce significantly the days to close, as well as eliminate risks.

    You have complete freedom to set guidelines for tasks, thus assuring better management of risk and time. Speaking of saving time, Trintech provides your finance teams with some much-needed reprieve by automatically reconciling accounts.

    All your accounts are merged in one place, thus allowing you to check the status of your balance sheet reconciliations.

    The necessary data for improvement is also provided to you. You essentially get a detailed audit trail that can help significantly reduce errors during month-end reconciliations.

    How Trintech Works:

    1. Trintech offers various modules, each designed to automate specific aspects of the financial close process.
    2. Once launched, you can design workflows that automate account reconciliation, journal entries, task management, etc.
    3. Once automated, you can check the progress of your running processes via the centralized dashboard.
    4. You can also refer to detailed audit trails to track the changes made during the financial close process.

    Features:

    • Automated Reconciliations: The software automates the account reconciliation process, thus granting users better control over their financial close process.
    • Financial Close Management: You can manage your entire financial close cycle via a centralized hub. The software eliminates risks that come with manual intervention.
    • Transaction Matching: The software can automatically match transactions, thus saving time, reducing errors, and standardizing processes across organizations.
    • Reporting and Analytics: You are provided with a customizable dashboard for better visibility with real-time reporting for better decision-making.

    Why I Like Trintech:

    Trintech is on par with Redwood and BlackLine for the robustness of its functionality. The automation is solid, granting you better control and visibility over the entire close process.

    Further Reading => Top Rated Trintech Alternatives to Look For

    Pros:

    • Considerably expedites the financial close process
    • Eliminates manual accounting processes
    • Customizable dashboard
    • Real-time reporting

    Cons:

    • The integration between modules can be improved further.

    Our Review: Better risk management and excellent reporting are two of the biggest benefits I experienced while using Trintech.

    The software does a great job of improving workflows and collaborations. This is a software I’d recommend to both start-ups and large enterprises who wish to automate their financial close processes.

    Price: Contact the Trintech team for a custom quote. Alternatively, you can book a demo via their official website.

    Website: Trintech


    #4) OneStream

    Best for AI-Powered Financial Management.

    OneStream - FloQast Alternatives

    Like the tools I’ve already mentioned above, OneStream also helps its users streamline the financial consolidation process. The software helps centralize various finance processes, such as financial close, consolidation, budgeting, planning, reporting, etc.

    The best aspect of this software is undoubtedly its AI, which empowers your finance teams with actionable, real-time insights. These insights prove useful in facilitating agile decision-making. The software can gather and validate data from multiple sources. The software is also excellent at accelerating time to value, thanks to its in-built financial intelligence.

    You are provided with a thorough statistical view of your financial statements. This involves a risk-adjusted balance sheet. It is also very easy to create detailed audit trails using this software. These trails can provide you valuable insight into subjects like who approved reconciliations and when they were approved.

    The software considerably speeds up the financial close process. You don’t have to wait for the corporate close to finish. You have total freedom to begin reconciliations as soon as trial balances are submitted.

    Features:

    • Transaction Matching: The software can match transactions from multiple sources. This allows finance teams to immediately identify and fix differences.
    • Task Manager: Finance teams can orchestrate workflows both inside and outside the software.
    • People Planning: The software facilitates detailed employee and contractor-based planning for expenses related to travel, employees, benefits, and more.
    • Capital Planning: Get detailed plans for capital assets and other related expenses. This includes maintenance, depreciation, and insurance.

    Why I Like It:

    OneStream is one of those rare AI-powered finance solutions that are thriving today. Its ability to deliver AI-enabled actionable insights and unify various finance processes gives it an easy edge over FloQast.

    Pros:

    • AI-enabled insights
    • Easy-to-use interface
    • A unified system for finance processes
    • Excellent support

    Cons:

    • Some users may find the price to be a tad bit high

    Our Review: OneStream is a solution that efficiently unifies various finance processes under a single pane of glass for better reporting and decision-making. OneStream’s most appealing aspect is its scalable AI, which is purpose-built for finance.

    Price: Contact OneStream for a custom quote or sign up for a free demo.

    Website: OneStream


    #5) Vena

    Best for Excel-inspired interface.

    Vena

    Vena is software that’ll immediately streamline and simplify tedious finance-related tasks as soon as you launch it. The software equips you with a user-friendly workflow builder. You can use it to design workflows that can automate various finance processes. The workflow builder can track and audit each step within your processes.

    For instance, you can establish a workflow wherein an auto-reminder is sent to your finance team to remind them of a pending task.

    Similarly, you can establish a workflow that outlines each step integral to the creation of your company’s annual budget. Another invaluable aspect of Vena is its ability to centralize data.

    The software can gather data from multiple sources, like your CRM or ERPs. You’ll be granted access to any spreadsheet across your department to gather data crucial for the execution of the financial close process. The software also features an Excel-like interface. This adds to the software’s ease of use.

    The interface operates in the same way Excel does. So you’ll have absolutely no issue using this software while performing key finance-related tasks.

    Features:

    • Budgeting: The software allows you to make budgets based on any requirements, regardless of whether it is zero-based or driver-based.
    • Financial Reporting: The software helps in creating key reports by linking various financial statements from multiple sources.
    • Operational Planning: The software features advanced analysis capabilities. It is very simple to create and share data with Vena.
    • Management Reporting: You can use the software to report on variances while managing your financial tasks.

    Why I Like It:

    Vena simplifies key finance processes and automates various repetitive tasks effortlessly. What distinguishes Vena from other tools on this list is its Excel-based interface, which makes the tool easy to use and convenient for data consolidation.

    Pros:

    • Easy to scale
    • Excel interface
    • Create reports at a faster pace
    • Workflow builder

    Cons:

    • I did encounter minor performance issues.

    Our Review: Vena is a great tool for finance-led planning. It is excellent at unifying processes across businesses and helps you gain greater visibility over your processes.

    Vena is a great tool for proper budgeting, planning, and financial close management, from tracking reconciliations to streamlining complex consolidation processes.

    Price: Contact Vena’s team for a custom demo. Alternatively, you can request a free demo.

    Website: Vena


    #6) Workiva

    Best for real-time financial reporting.

    workiva

    Workiva is a cloud-based financial reporting software known for streamlining compliance and other business processes. The software is most popular for its collaborative capabilities. It is a tool that your finance team can use to work together on various finance-related processes in real-time.

    Collaboration is one of Workiva’s stand-out features. The software makes it very convenient for team members to gather data, review financial reports, and ensure compliance. It streamlines the entire review and approval process, making it ideal for financial close management.

    You’ll have no problem editing or updating financial reports using this platform. It is also compatible with various data sources like ERPS and general ledger systems. This integration makes pulling data directly from other platforms very simple. Data visualization is another area where Workiva shines.

    The ability to create interactive graphs and charts allows you to present financial information in a much more comprehensive fashion.

    Features:

    • Data Linking: The software connects easily with multiple data sources and systems like ERPs and budgeting solutions, allowing you to pull data from these sources directly.
    • Auto-Updates: Thanks to linked data. When changes are made, the system updates financial data everywhere simultaneously. The software can auto-update docs, spreadsheets, etc.
    • Strong Collaboration: The software allows collaboration on financial documents in real time. The software facilitates real-time editing and digital reviews in the cloud.
    • Data Visualization: Present key financial data in the form of interactive charts and graphs, thus making critical information more understandable.

    What I Like About Workiva:

    Workiva is a software designed to streamline financial reporting. It cuts a major chunk of manual work related to financial reporting and helps you stay on top of various regulations and standards.

    Pros:

    • Helping with regulatory compliance
    • Integrates well with various data sources and systems
    • Real-time reporting
    • Easy to use

    Cons:

    • The support underwhelmed me.

    Our Review: Overall, I feel Workiva hits all the right notes to earn a spot on my list. It is easy to use and shines for its excellent financial reporting and collaborative capabilities.

    Price: Contact Workiva’s team for a custom quote or to request a free demo.

    Website: Workiva


    #7) Planful

    Best for built-in Financial Intelligence.

    Planful - FloQast Alternatives

    Planful can accurately consolidate your financials together. The software immediately grants you a better view of your financial performance as soon as it is launched. It expedites the entire process, thus providing your finance team more time to focus on other integral aspects of your business.

    You can rely on the software to automate data load and validation. This can help you establish a baseline and considerably streamline the financial close process. Doing so ensures that your reports convey accurate results promptly.

    Planful’s native AI/ML-based close software can automatically detect anomalies, thus helping you mitigate risks considerably.

    The software comes with purpose-built financial intelligence, thus ensuring high forecasting accuracy. You’ll also have no issue scaling the software as your company grows. The software arms your finance team with all the tools they need to manage complex finance-related processes.

    Features:

    • Financial Reporting: The software offers actionable insights in real-time in a timely fashion to encourage business growth.
    • Accounting Automation: The software offers you an easy-to-use solution that automates month-end close while ensuring agile reporting and significantly reducing risk.
    • Sales Planning: You are provided with the tools necessary to plan your sales, track progress, and make adjustments in real-time based on market insights.
    • Collaboration: The software facilitates collaboration planning to maximize workforce potential and business growth.

    Why I Like This Software:

    Planful offers everything I have come to expect from a solid financial close software. It can easily connect to various data sources and facilitates the automation of various tasks associated with the financial close software. It also helps that the software can be deployed quickly while also being easy to scale later on.

    Pros:

    • Quickly integrates with any data source system
    • Quick to deploy and adopt
    • Easy to use and very secure
    • It can load any type of data

    Cons:

    • Better documentation can considerably improve user experience.

    Our Review: With Planful, you get comprehensive financial close software that does a phenomenal job expediting financial processes. Like FloQast, the tool facilitates robust automation, grants you better control over your close processes, and mitigates risks associated with the process.

    Price: Contact the Planful team for a custom quote or request a free demo.

    Website: Planful


    #8) Sage Intacct

    Best for AI-powered accounting.

    Sage Intacct - FloQast Alternatives

    Initially, my only reason to include Sage Intacct was its AI-powered capabilities. While using the software, I realized the software had so much more to offer. Once launched, the software can cut down your month-end close by up to 66%.

    Sage Intacct does a good job of expediting this otherwise tedious process.

    The AI-based automation eliminates manual work and with that also reduces risks like human errors. You are immediately granted real-time visibility into your business financials, which is essential for better decision-making. The software also makes it very simple to categorize data and transactions for seamless tracking.

    The software also saves you a ton of time by automating redundant AP and AR tasks. That said, no feature impressed me the most than Sage Intacct’s AI-powered general ledger. This ledger brings the best AI and automation have to offer to the table. Thanks to this ledger, you can expect considerably improved data accuracy and optimized accounting processes.

    Features:

    • Dynamic Allocation: The software fully automates allocations, thus granting you greater visibility into the performance of segments within your business.
    • Fixed Assets: The software manages your entire asset lifecycle in one place. Intacct automates various processes to expedite month-end close.
    • Centralized Dashboard: Intacct serves as a centralized accounting software that can streamline a business’s global operations.
    • AP and AR Automation: The software can automate and streamline various repetitive accounts payable, and accounts receivable tasks.

    Pros:

    • Centralized dashboard
    • Real-time multi-dimensional reporting
    • Expedite the financial close process
    • AI-powered general ledger

    Cons:

    • Owing to the price, the software may not be suitable for start-ups.

    Our Review: As a suitable FloQast alternative, Sage Intacct offers a lot that impressed me. The AI-powered general ledger is a definite stand-out. The robust dashboard and excellent reporting further add to Intacct’s appeal. This is yet another great software for expediting the financial close process.

    Price: Contact the Sage Intacct team for a custom quote. Alternatively, you can request a free demo.

    Website: Sage Intacct


    #9) FreshBooks

    Best for end-to-end accounting.

    FreshBooks - FloQast Alternatives

    FreshBooks is a popular accounting software that can easily go toe-to-toe with FloQast when it comes to managing the financial close process. The software arms you with all the tools you need to create insightful reports.

    These reports provide you with all the information you need to learn how your business is performing.

    FreshBooks also features some intuitive collaborative capabilities. The software lets you invite more than 10 accountant team members with just a few clicks. This team will be able to run reports, file taxes, update journal entries, and more on your behalf. What makes it a good alternative to FloQast, however, is its ability to reconcile books quickly.

    You are granted the ability to approve, change, or import transactions directly from your bank account. The software considerably automates the entire process of reconciliation.

    Features:

    • Automated Bank Reconciliation: Expedite the approval, change, and importing of transactions directly from bank accounts.
    • Collaboration: Invite up to 10 team members to collaborate with you on important financial documents.
    • Streamlined AP: Import reports related to expenses directly from your bank account. Run reports like cash flow statements to assess business health.
    • Transaction Tracking: The software allows you to track each type of transaction and apply them to future invoices.

    Pros:

    • Easy to use
    • Excellent Android and iOS app
    • Time tracking

    Cons:

    • May not be suitable for businesses with complex requirements.

    Our Review: FreshBooks helps you prepare comprehensive financial reports with the utmost accuracy for a seamless month-end close process. This is great software for small to medium-sized enterprises who seek flexible accounting software to orchestrate their reconciliation, consolidation, and other financial-related processes.

    Price: The software offers 4 pricing plans. They are as follows:

    • Lite: $4.25/month
    • Plus: $7.50/month
    • Premium: $13.75/month
    • A custom plan is also available.

    Website: FreshBooks

    Further reading =>> FreshBooks vs QuickBooks – A Comparison


    #10) Prophix

    Best for Financial Consolidation.

    Prophix - FloQast Alternatives

    Prophix was designed to streamline the month-end close process for businesses of all kinds. It leverages the best industry practices to simplify complex consolidation processes. It can be used to automate processes like sub-consolidation and multi-currency translation.

    The software is also super-fast at executing complex account consolidations.

    Hand-down one of the best aspects of this software is its ability to deliver fully customizable audit reports. This feature allows users to expedite both internal and external audit processes. The software is also compatible with various data sources and systems. As such, you’ll have no issue pulling data from multiple sources.

    Features:

    • Financial Close: The software automates reconciliation, consolidation, reporting, and other crucial aspects of the financial close process.
    • Reporting: The software gathers data from multiple sources and presents you with accurate reports to make better decisions.
    • Inter-company management: The software streamlines inter-company reconciliation. This results in closes that are relatively more accurate and fast.
    • Anomaly Detection: The software detects and reports on anomalies plaguing the close process, thus expediting the process effectively.

    Pros:

    • Robust integrations
    • Easy to use
    • 24/7 support

    Cons:

    • Documentation can be improved.
    • Did encounter a few minor performance issues.

    Our Review: Prophix facilitates error-free data gathering, helps you conduct audits with impeccable traceability, and consolidates faster with automated data collection. Although the documentation was a bit confusing, I had no issues performing complex account consolidations while using the software.

    Price: Contact Prophix for a custom quote or free demo.

    Website: Prophix


    How We Chose the FloQast Alternatives on this List?

    I started by making a list of everything I needed from an accounting software specializing in financial close management. For a tool to make my list, it needed to perform all the key functions that FloQast is popular for. A user-friendly interface was also very important to me. I also gave collaboration and security features some serious consideration.

    I further narrowed down my list of FloQast Alternatives by comparing all popular accounting automation tools against each other based on the features they offered and prices. Finally, those FloQast Alternatives/tools that were easy to use, came loaded with advanced features, and offered a reasonable price were chosen.


    Frequently Asked Questions

    1. What is FloQast software used for?

    FloQast is an accounting software known for its workflow automation and financial close management capabilities. It is software designed by a team of accountants and caters to the needs of finance and accounting teams. It considerably simplifies the month-end close while also streamlining the audit process.

    2. What is the workflow of accounting software?

    Workflow of accounting or workflow accounting refers to a method that entails the monitoring and tracking of accounting processes and tasks.
    This is an essential process undertaken by finance teams to gain greater visibility over the status of their accounting processes. It tells them what the deadline of a particular task is, how close a process is to completion, and who is doing what task.

    3. What is reconciliation software?

    A typical account reconciliation software will automate various processes like validating account balances, making entries, checking for errors, and more. It is a useful tool that helps you verify the accuracy of account balances. This is done by comparing a company’s external accounting system with its internal records.

    4. What is financial analysis software used for?

    As the name suggests, financial analysis software helps you assess your finance-related data. Finance teams and businesses can use this data to understand the health of their business and make imperative decisions.
    While such software is designed for accounting, it can serve non-accounting professionals as well, especially those who want to understand their business better.

    5. What are the 5 steps of workflow automation?

    The 5 steps of any successful workflow automation entail:
    Identification of repetitive tasks
    Defining business goals
    Selecting the right automation solution
    Training users
    Measuring KPIs to improve workflow


    Conclusion

    As far as leading accounting tools go, FloQast is a top name for many folks around the world. Its capabilities related to financial close management are truly remarkable. However, no software is perfect and the same applies to FloQast.

    Despite its excellent functionality, some company’s tool offers adequate features to meet their specific requirements.

    So even though you are a fan of FloQast, it will be in your best interest to keep certain alternatives in mind. Thankfully, there isn’t a shortage of good accounting tools out there that can easily match FloQast in terms of quality. The 10 FloQast Alternatives I’ve suggested in this article do a good job of streamlining the entire month-end close process. They are also easy to scale and facilitate robust integrations.

    As for my recommendation on FloQast Alternatives, I would suggest going with Redwood. This software is one of the best finance-based automation tools I’ve used and can help expedite your financial close process significantly.

    Suggested reading =>> Top Financial Consolidation Software

    Research Process:

    • We spent 25 hours researching and writing this article so you can have summarized and insightful information on which tool will serve you best.
    • Total FloQast Alternatives Researched: 25
    • Total FloQast Competitors Shortlisted:10
    =>> Contact us to suggest a listing here.

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