New FloQast features are released regularly to help accountants work smarter, not harder. Below is a running list of product updates. Please click any of the links to learn more about a specific area of the application. As always, you may contact your Setup lead, your dedicated Accounting Success Manager, or support@floqast.com for help getting started with these features and more.

 

December 2024

Compliance Management: Assign Guest Users as Control Owners

You can now assign guest users as control owners in Compliance. This feature is ideal for tracking control ownership without requiring full access to the FloQast Compliance product. Similar to Evidence Requests and Certifications, guest users can be created as contacts and assigned as primary or secondary control owners. Additionally, certifications can be sent directly to guest control owners.

 

Variance Analysis Intacct Enhancements

We’ve introduced powerful new Variance Analysis enhancements for Intacct users:

• Rapid Refresh: Reports now refresh in seconds, drastically improving performance.
• Transactions: View and export the transactions behind your account balances.
• AI Explanations: Use AI-driven insights to pinpoint the sources of your variances.
• Trends: Analyze up to 12 periods of historical data to identify long-term variance patterns.

These enhancements are available for Intacct users onboarded onto FloLake. For more details on setting up FloLake, reach out to your ASM.

 

French and German Language Support

FloQast now supports French and German, along with customizable date and number formats. You can set these preferences in Profile Settings (located under your user avatar).

 

AI Matching Enhancements

AI Matching now includes new features to improve usability and data integrity:

• Concurrent Access Control: Recs can only be accessed by one user at a time, with sessions expiring after 20 minutes of inactivity.
• Lock Period After Roll Forward: Users can view, but not modify, data from the previous period once it has been rolled forward.
• Table Multi-Sort: Sort unmatched transactions across multiple columns, including reference fields.
• Shift + Select: Quickly select or deselect multiple transactions by holding the Shift key.
• Select All Across Searches: Select all transactions conveniently, even across multiple searches.

These enhancements provide a more efficient and reliable experience for managing transaction matching.

 

Compliance Management: Scoping Enhancements

We've introduced new features in our Scoping module to improve your workflow:

• Linked Risks Panel: Similar to the 'Linked Controls' panel, the new 'Linked Risks' panel automatically populates risks based on the selected processes. You can customize which risks are linked to each FSLI via the side drawer.
• Risk Badges in the Controls Panel: We've added Risk badges to the 'Linked Controls' panel. You can now see, based on your RCM, which risks are associated with your controls, improving the completeness and accuracy of your linkages and assessments.
• Filtering Capabilities: New filters allow you to search for FSLIs or explanations, narrow down line items by specific processes, risks, or controls, and use quick filters to improve efficiency and streamline decision-making.

 

Compliance Management: Image Upload and Annotate Support for Tests

You can now upload and annotate image file types, including .jpg, .jpeg, .jfif, .pjpeg, .pjp, and .png, directly on the Annotations page. Previously limited to PDFs, this update allows you to work with a wider range of file types without needing to convert them to PDF first.

 

Compliance Management: Quick View

Introducing Compliance Quick View, now available in all compliance modules except Scoping, Frameworks, and Policies. This feature makes navigating and accessing details across compliance modules smoother and more efficient. When you click on an item, a side panel will now open, displaying all relevant details and linked records—whether it’s a control linked to a narrative, a risk linked to a control, or issues linked to a test. This works for rows in table views and badges, allowing you to view key data without leaving your current screen.

 

Xero Integration for Reconciliations

We’re excited to announce the new Xero integration for FloQast Reconciliations! This integration streamlines your reconciliation process by allowing you to connect your Xero account directly to FloQast. Key features include:

• Entity Creation and Authentication: Easily link your FloQast account to Xero through a guided flow to create and authorize entities.
• Reconciliation Setup: Add reconciliations from your Xero accounts, with support for both non-recurring and recurring workflows, including monthly frequencies.
• Balance Matching: Automatically pull trial balance data from Xero, ensuring balances in FloQast match your Xero records for accuracy.
• Completeness Report: Identify unaccounted-for accounts with activity, providing visibility into missing reconciliations directly within FloQast.

This integration brings enhanced automation and accuracy to your reconciliation workflows, making it easier to manage your financial data across platforms.

 

Custom Roles

Admins and Sys Admins can now create custom roles by customizing specific permissions on the Manager and Advanced User FloQast roles. Once created, these custom roles can be assigned to individual team members. Events related to creating and updating custom roles, as well as team member assignments, are captured in the audit log and reflected on the team member export.

For more details, check out our help article and for a complete breakdown of user roles, view our User Type Guide.

 

Compliance Management: Multi-file Support for Narratives and Flowcharts

You can now upload multiple files per process for Narratives and Flowcharts, with options to assign users and set due dates for each file. A Linked Controls Roll-up table summarizes conflicts across all files, and you can drill down into individual files for more detail. In cloud storage, subfolders will be created to organize files and versions within the Narratives and Flowchart folders.

 

Compliance Management: Frameworks

Introducing the Compliance Frameworks module! This new feature enables you to track and manage compliance across multiple frameworks, reducing manual effort and streamline control assessments. Admins and Managers can now upload custom frameworks, map controls to specific requirements, and manage framework data directly within FloQast.

Key Features:

• Upload Framework Requirements: Use an Excel template to upload any compliance framework, including SOC2, ISO, NIST, and more.
• Map Controls to Requirements: Link controls to framework requirements to demonstrate compliance and reduce duplication across frameworks.
• Framework Management: View, edit, and delete frameworks within the Frameworks module.

This update helps you expand beyond SOX compliance to address diverse industry standards, ensuring better visibility and control across all your compliance initiatives.

 

Variance Analysis Review Notes Icon Update

We’ve updated the review notes icon in Variance Analysis! The number displayed on the icon now reflects only unresolved review notes, making it easier to focus on outstanding items. This change applies to the non-virtualized report table.

 

Compliance Management: Slack and Teams Items Due Soon Notification

We’re excited to introduce the first steps toward integrating Compliance Notifications into Slack and Teams! You can now manage notification preferences by turning email notifications on/off or choosing where to receive updates. This feature will roll out in stages by notification type, starting with “Due Soon” notifications in this release. Stay tuned for more updates as we continue enhancing how you stay informed!

 

AI Explanation Templates in Variance Analysis

We’re excited to introduce AI Explanation Templates in Variance Analysis! You can now save and manage templates to tailor AI-generated explanations for material variances. Start with a default template applied across all reports and accounts, or create custom templates for specific line items, customizing instructions, dimensions to analyze, and more. Templates save your preferences and roll over each period. This feature is live for Admins and Managers.

 

November 2024

Compliance Management: Custom Fields for Tests

You can now customize and manage test data more effectively with enhanced features, including a refined default Test page view with hover states. Add, remove, and reorder columns, apply filters from the filter drawer, and view custom fields in the Test drill-down. Additionally, custom fields can now be edited using the "Revise Tests" import functionality.

 

Journal Entry Cloning

You can now streamline your data input process by cloning existing journal entries! This feature allows you to copy over key details from an existing entry, reducing repetitive data entry. Certain fields—such as Journal Entry ID, Transaction Date, and Debit/Credit amounts—will not be cloned, ensuring accurate and customized entries.

 

Checklist Events in Audit Report

"Checklist - Task Level Settings" has been added as an option for the audit report to help track any changes made to your checklist tasks such as re-assignments, deadline shifts, etc. The new events for checklist are captured beginning November 19, 2024.

 

AI Transaction Matching: Multiple Reference Fields

One of the most requested features for AI Transaction Matching is now live! You can now upload and display unlimited additional reference fields, both for visual reference and to enhance AI-driven rules. Highlights include the ability to rename reference fields, support for File Upload and integrations (e.g., NetSuite, Trovata), and use of additional data in customized AI rules, matches, and exports. This feature improves auto-match percentages by leveraging more data attributes in the rule criteria and simplifies exception handling, making transaction matching even more efficient and user-friendly.

 

Compliance Management: Link Key Systems to Multiple (or no) Processes

You can now link key systems to multiple processes—or no process at all—directly within the platform and via bulk import. This update provides greater flexibility in setup and organization, allowing you to reflect scenarios where a key system (e.g., NetSuite) is used across multiple processes. The dropdown in the platform and the bulk import template have been updated to support this change.

 

Linking Documents to Reconciliations

You can now link supporting documents, such as PDF bank statements, directly to your reconciliations in FloQast. All document types are supported and securely stored in your cloud storage. Documents are stored in monthly process folders, not the linked documents folder. Files with the #FQ anchor will automatically link to reconciliations and update tie-out data. If documents are added directly to the cloud folder, they’ll display “added by Google Drive” instead of the user’s name. Adding documents will also trigger a recs refresh to identify updates tied to the anchor. You can attach multiple files at once by selecting them through the file explorer menu.

 

October 2024

Compliance Management: Manually Send a Reminder in Certifications

A new enhancement in Compliance Certifications allows you to manually send reminders to those who haven’t completed their certification—either individually or in bulk. This feature will make it easier to keep everyone on track.

 

Compliance Management: Tests Enahancements

We’ve two new features for Compliance Tests users:

• Highlighting in Annotations: You can now highlight key information directly in the annotations page to improve visibility during file review.
• Replying to Review Notes: You can now reply to review notes within the annotation page, allowing for a streamlined, single-view discussion.

We hope these enhancements enable increased collaboration within the Compliance Tests module.

 

Compliance Management: PBC now Evidence Requests

We have updated our nomenclature and PBC is now Evidence Requests so that this functionality is more clear to a wider audience. We have adopted this term everywhere where PBC used to appear.

 

Journal Entry Management: Automated and Ad Hoc Reversals

Effortlessly manage your journal entry reversals with FloQast. Simply check “Schedule Reversal” when creating an entry, set the reversal date, and Journal Entry Management will automatically generate a reversing entry on your behalf. If you prefer more flexibility, use the streamlined Ad Hoc Reversals process - just find your entry, click “Reverse,” and Journal Entry Management will flip the amounts for you. Both the original and reversing entries are linked, making it easy to track and manage your financial records. Depending on your ERP connection, these reversals may be reflected directly in your ERP.

 

Compliance Management: Custom fields for Issues

We’ve added the ability to create global custom fields for use in Issues, allowing you to tailor your documentation for different use cases. You can edit custom fields directly in the app or through bulk import, and they are viewable on the drill-down page of Issues. This update offers more flexibility in how you manage and evaluate issues.

 

Journal Entry Management Exports

You can now export all Journal Entry (JE) information, making it easier than ever to share with your auditors and streamline your reporting processes. The export is located on our new search page!

 

Variance Analysis Class and Location Dimensions for NetSuite

Variance Reports now support the Class and Location dimensions for NetSuite, giving you more control over how you slice and analyze your data. This is the first phase of our rollout to add additional NetSuite dimensions, giving finer control in defining variances period over period.

 

Compliance Management: Policy Management

We’re introducing the new Policy Management module to streamline how you manage, update, and link policies and procedures within FloQast. This module allows you to create and categorize policies, assign users, upload policy documents, and set up sign-offs to lock completed policies for added oversight. You can also filter and export policies, manage review notes, and easily navigate between policies for editing and updating.

 

Compliance Management: FSLI (Financial Statement Line Item) Scoping

We’ve introduced a new module to help Internal Audit teams centralize and streamline their FSLI scoping process. Previously, users had to perform their scoping assessments in Excel, outside of FloQast, which limited visibility and integration. With this new solution, you can now input your financial statement data, perform scoping assessments based on both quantitative and qualitative factors, and link the data directly to relevant processes and controls.

 

Journal Entry Management Searchable Table

We’ve introduced powerful new search, filter, and sort capabilities in Journal Entry Management. You can now click through status charts to view filtered entries and easily navigate the 25 most recently updated JEs from the homepage table. Search by JE number or memo, sort by amount, and filter by status or preparer to take quick action. Use quick filters like "My Task" and "Ready for My Review" to find your work faster.

 

September 2024

AI Transaction Matching

We’re introducing FloQast AI Transaction Matching to revolutionize your reconciliation process. This new solution uses AI-driven automation to efficiently match transactions across multiple data sources with high accuracy, reducing the need for time-consuming manual reconciliation.

Key features include:

• Flexible rule creation using natural language
• Highlighting exceptions
• Comprehensive audit trails
• Support for high-volume processing

Seamlessly integrated with the FloQast platform, AI Transaction Matching helps you gain real-time insights into your transaction data and simplifies complex matching scenarios.

Explore our solution overview to learn more.

Help article

 

Checklist and Reconciliation Dependencies

We’ve introduced the ability to create dependencies between Checklist and Reconciliation tasks, providing better visibility on how tasks affect downstream and upstream processes. Admins and Managers can set up task dependencies, allowing users to see if their task is ready to start or if it's holding up another process. Dependencies can be created across entities and workflows with support for various frequencies (monthly, quarterly, annual, custom). You will receive visual indicators and warnings for tasks blocked by incomplete upstream items, with soft and hard sign-off blocking to prevent premature sign-off. As an entity level setting, Admins will also be able to choose whether incomplete dependency states issue warnings during sign off (soft block) or fully prevent the completion of the downstream task (hard block).

 

Compliance Management: Statuses on Key Reports and Key Systems

We’ve added new statuses to Key Reports and Key Systems, including options like "Out of Scope," "Not Started," "In Progress," "Reliable," and "Unreliable." Admins, Managers, and Advanced Users can view, edit, and filter these statuses. You can mark Key Reports or Key Systems as in scope or out of scope via bulk import. Additionally, the status of Key Reports will now be displayed in Control Tests, providing a more comprehensive view of reliability during testing.

 

Variance Analysis Transaction Detail Enhancements

We’ve added the ability to export Variance Analysis Transaction Details to Excel, a highly requested feature that simplifies accessing your data without the need to return to NetSuite for complex reports. This enhancement also includes a Journal Entry link back to NetSuite, allowing you to easily view Journal Entry details while writing your flux analysis explanations.

 

Compliance Management: Testing Annotations

The ability to annotate files directly within the Tests module is now available! This feature streamlines the testing process, allowing you to add boxes, reference attributes, link pages, and sync test sheet results with annotations—all within the FloQast app. No more uploading and downloading files for annotation in external tools like Adobe Acrobat. This feature currently supports PDF files.

 

Entity Roles

We’ve introduced Entity Roles to provide more flexible access control across different entities. Previously, users had a single Account Role governing access across workflows and entities, but now Admins and Sys Admins can elevate a user’s role on a per-entity basis. For example, a user can be an Advanced User in one entity but a Manager in another, allowing them to control details like assignees and due dates for that specific entity as a Manager. The Entity Role will apply to the Checklists and Reconciliations, though it currently does not affect Admin Settings access.

For more details, check out our help article and for a complete breakdown of user roles, view our User Type Guide.

 

Compliance Management: Attach Documents to Certifications

You can now attach documents to compliance certifications! Admins and Managers can include reference documents for recipients to review when completing certifications. Additionally, they can set whether recipients are allowed or required to attach supporting documents. Recipients can attach documents while responding, and Admins/Managers can view all uploaded files by recipient or by question. This applies to both standard certifications and control reviews, helping ensure comprehensive documentation throughout the certification process.

 

Rec Certifications

We’ve introduced Reconciliation Certifications to provide assurance that reconciliation information is complete and accurate according to stakeholder standards. Admins and Managers can now define certification statements that preparers and reviewers must attest to as part of their rec sign-off process. Certification statements are set the entity level (all recs will display the certification statements) and the language can be unique for preparers vs. reviewers. The audit trail is captured in-app, in rec exports, and in audit logs, ensuring transparency throughout the process. For more information, check out our help article.

 

Tie Out Improvements on the Entity Dashboard

We’ve enhanced the Tie Out data on the Entity Dashboard to provide clearer insights into what needs action. Previously, the dashboard displayed a basic count of Recs that Tied Out. Now, we’ve added counts for Unreconciled Recs and broken out items in Redo status, helping you better focus on tasks that require attention. We also added direct links to filtered views for easier navigation. Please note, the Redo status is only available for Entities with Strict Tie-Out enabled.

 

Compliance Management: Control Dashboard Filtering and Inline Drill-down

We’ve added powerful new filtering options and an inline drill-down view to the Controls performance chart! You can now filter by control owners, key controls, or any custom field, and even build and save filter sets. The dashboard will clearly show how it’s being filtered, and you can navigate to the controls page with filters intact. This update enhances your ability to analyze controls directly within the dashboard without navigating away. Please note, these filters apply only to controls, not risks or issues, and dashboard charts are not customizable at this time.

 

Variance Trends Graph and Export

You can now access account trending data directly in the Variance Analysis report as a 12-month trend graph and in the report export. This feature is available for Month-over-Month Flux Reports. To use it, hover over the right side of any individual account and click the Graph button to view the trend data. For TB Upload customers, ensure the previous 12 months of Trial Balance files are uploaded for accurate results.

 

Variance Analysis Bulk Edit Group-Level Assignments and Materiality

You can now apply materiality, assignments, and due dates to multiple account groups in bulk within a Variance Analysis report. This feature streamlines the process of updating group-level settings for multiple groups in a single report. To access this, go to the Settings page of your Variance Analysis report, click “Edit Groups” under General Settings, and use the fly-out menu to update Materiality and Assignment settings for your selected groups.

 

Compliance Management: Custom Fields on Key Systems

Following the release of custom fields for Key Reports, you can now create and edit global custom fields for use in key systems. This includes the ability to manage custom fields directly within the platform, edit them through bulk import and view them in drill-down pages of Key Systems. Custom fields allow you to track company-specific attributes for Key Systems, similar to what is available currently in risks and controls. Please note that filtering by custom fields or displaying them in columns will be available in a future release.

 

Compliance Management: Row Level Review Notes for Tests

You can now leave Review Notes on a per-row or per-sample basis within the embedded test sheet. This feature helps users stay better organized, leading to a smoother testing process.

 

Compliance Management: Auditor PBC Requests

Auditors can now create PBC requests. Now, all evidence requests can be submitted directly in FloQast, helping to streamline your audits.

 

Compliance Management: Bulk Import Issues

Admins and Managers can now bulk import Issues (action items are not included), making it easier to add, edit, or delete Issues without manually creating them in the application. This feature allows you to import issues from external platforms into FloQast and can serve as a workaround if you need to import unremediated issues from the prior year.

 

August 2024

Compliance Management: Version Control for Narratives/Flowcharts

You can now create and manage multiple versions of Narratives and Flowcharts. This feature allows you to create new versions while locking prior versions for audit purposes, helping you stay organized and maintain a clean audit trail.

 

Compliance Management: Custom Fields on Key Reports

You can now create and edit global custom fields for use in Key Reports. This includes the ability to manage custom fields directly within the platform, edit them through bulk import and view them in drill-down pages of Key Reports. Custom fields allow you to track company-specific attributes for Key Reports, similar to what is available currently in risks and controls.

 

Compliance Management: Upload Documents to Key Systems

All users with access to an audit project can now upload documents (such as SOC reports) to Key Systems. In the cloud storage provider folder structure, Key System documents will be housed in a folder at the same level as Processes (FloQast Compliance Management > Audit Project Name > Key Systems). We hope this will make working with Key Systems more efficient.

 

Compliance Management: In-App Sampling Tool

Our new In-App Sampling tool is now available for Compliance customers. This feature allows users to trigger a flow to request a population via PBC using the "Population" request type and then select samples directly within the app. This tool supports Random and Haphazard sampling methodologies. Once samples are selected, a subsequent PBC request for the sample evidence is automatically created, and the evidence is accessible from both the PBC page and the embedded test sheet for convenient testing.

In-app sampling sets the stage for upcoming In-App Annotations, which will allow users to mark up evidence directly from the test sheet, improving visibility and efficiency in the testing process.

 

Compliance Management: View Late Controls

We recently introduced the ability to add due dates on controls, and now you can view late controls directly on the Compliance Dashboard. This new feature helps you stay on top of overdue tasks and manage your controls more effectively.

 

Journal Entry Reviewer Assignments

You can now designate specific individuals to review journal entries prepared by others, with safeguards in place to ensure users cannot review their own entries. Additionally, settings can now be applied at the entity level, offering more flexibility than before. Journal Entry Management is also now fully integrated into the close workflow for a more seamless experience.

Help Article

 

Journal Entry Management NetSuite Integration

We’re excited to announce that FloQast’s Journal Entry Management (JEM) module now integrates with NetSuite! Enjoy all the great features from our QBO integration with a setup time of less than a minute per entity. No technical team is required for implementation. The Journal Entry Management experience remains seamless across ERP connections, making it feel like you’re working within a single system.

Help Article

 

Journal Entry Management Activity Log

The Activity Log in Journal Entry Management provides comprehensive tracking for all key actions related to journal entries. Key features include a full history of interactions, showing who created, modified, or approved each entry, along with timestamps and user details. You can track approval and rejection records, as well as any changes to settings that may impact journal entries.

Help Article

 

Journal Entry Management

FloQast’s Journal Entry Management module integrates journal entry booking directly into FloQast, removing the need to switch between FloQast and your ERP. If your ERP lacks an approval workflow, you can use FloQast’s built-in approval process. The module offers flexibility to configure journal entry templates to match your ERP’s requirements and includes additional controls like requiring supporting documentation, which can be locked once under review. The streamlined Activity Log provides visibility into journal entry statuses—Prepared, In Progress, In Review, and Rejected—along with clear context for rejections, helping improve accuracy and efficiency. Journal Entry Management is currently only available to QBO users.

Help Article

 

 

July 2024

Compliance Management: Visio Two-way Sync

Two-way sync is now available for Visio (.vsdx) and Excel (.xlsx) files! Previously, this feature was only available for Narratives (.docx). Due to popular demand, we have extended this functionality to Visio and Excel files. To use this feature, use the same tagging system as in Narratives (e.g., #FQ AP.01 {Description}).

 

Compliance Management: Flowcharts in Excel

We are excited to announce that you can now upload Excel file types as Narratives and Flowcharts. Based on user feedback, we have extended support to include Excel files in addition to Visio, Word, and Lucid files. This new feature allows you to use Excel files for both Flowcharts and Narratives.

 

Compliance Management: Configurable Risk Tolerance Slider

The "Risk Tolerance" slider is now configurable for our Risk users. Earlier this year, we made all Risk sliders configurable except for "Risk Tolerance." Based on your feedback, we have now made the "Risk Tolerance" slider configurable as well. You can set your point scale for "Risk Tolerance" to suit your needs so that you can make sure you have consistency across all sliders.

 

Compliance Management: Export Compliance Dashboard to PDF

You can now export the Compliance Dashboard to PDF, making it easy to share the current dashboard view with others. Whether you need to provide information to someone who prefers not to log into FloQast or share insights with executives, this feature simplifies the process. The export includes a timestamp, the exporting user’s name, and the selected projects in the filter, ensuring comprehensive and up-to-date information is readily available.

 

Compliance Management: Reassign PBC Requests

PBC requests can now be reassigned. Previously, if the wrong user was assigned to a PBC, a new request was required. Based on user feedback, we have now made PBC requests reassignable, making PBC request management more efficient.

 

Compliance Management: Download All PBC Files

We are pleased to announce that Compliance customers can now download all PBC files as a single zip file. Previously, users had to download files on a PBC-by-PBC basis, but this new feature allows for bulk downloading, making the process much more efficient and convenient. All PBC files will be neatly organized in one zip file.

 

Compliance Management: RCM Snapshot and Compare Tool

We’ve introduced a new feature that allows you to effortlessly save and compare multiple versions of your RCM. This tool lets you analyze differences between any two versions at any point in time using our sleek, user-friendly interface. Now, you can easily track changes before and after updates, ideal for those actively developing their RCM.

This feature also enhances auditor collaboration by allowing them to quickly grasp year-over-year changes. RCM version saving is automated for 18 months from the project's start, with monthly updates and deletion options. Admins and Managers can use the RCM Snapshot/Compare tool, while only Admins can delete snapshots.

 

Users API

Our new Users API is now available to all customers! This API includes a "get users" endpoint, allowing you to periodically review and verify user access for recertification purposes. This feature enables easier, programatic management of user access rights.  Check out our API documentation for more details.

 

Compliance Management: Certifications for Control Reviews

We have added a new type of certification for Control Reviews. Admins and Managers can set up certifications that send control owners a listing of their controls and details. Recipients can propose changes to control descriptions, frequency, and control owners, or leave comments. Admins and Managers can then review, edit, accept, or reject these proposed changes. Accepted changes are pushed to the Controls module and captured in the audit log.

 

Compliance Management: Controls Locking

We have introduced locking capabilities in the controls module, allowing users to freeze sign-offs, documents, and review notes for a given control. This feature helps keep documentation audit-ready by locking work the moment a control is completed, providing confidence that documentation will remain intact for auditors. This approach differs from traditional locking in Close Management, which locks one folder at a time.

 

June 2024

Compliance Management: Lucidchart Integration

Users can now link their Lucidchart flowcharts to FloQast. This integration allows you to reference controls in Lucidchart using the familiar "#FQ" anchors from the Narratives and Flowcharts feature. Additionally, a one-way sync enables any control description changes made in Lucidchart to automatically update in the FloQast controls library. Setting it up is simple—check out the setup guide for details.

 

Compliance Management: External Audit Access for PBC, Processes, Key Reports and Certifications

The External Audit Access feature has now been extended to the PBC, Processes, Key Reports and Certifications pages. Like the other pages where external audit access can be granted, evidence will not be visible by default unless a Manager and Admin grants the External Auditor access.

 

Variance Trends

We have released a new feature to help you complete monthly flux reports faster and more accurately by providing quick access to account trending data. Variance Trends includes a 12-month trending graph and export options, eliminating the need to generate and download external reports from ERP systems, which can save time and reduce the risk of misstatements or incomplete explanations.

With this feature, you can quickly analyze account trends early in the close process to identify any outliers, such as missed entries or over-accruals, using trending reports as a detective control. Towards the end of the close, the trending data can help you write well-informed explanations for sustained trends or one-time expenses. The 12-month trending graph is accessible via the arrow trend icon on individual accounts and account groups in month-over-month flux reports. Additionally, the 12-month trending columns are included as an export option in these reports. Please note that those using TB Upload/SFTP will only see trending data for past periods with entity trial balances.

 

Variance AI Explanations

To help you meet close deadlines, we’ve introduced AI-generated variance explanations using ChatGPT. This tool automates data gathering and initial analysis, allowing accountants to interpret data at scale, especially useful given increasing workloads and limited staff. Currently, AI Explanations are available on Month-over-Month Flux Reports at the individual account level. By clicking the AI icon, explanations are generated using transaction details. Quarter-over-Quarter explanations are also available for accounts with fewer than 2-3k transactions per period.

This feature is optimized for Income Statement Expense accounts, with ongoing improvements for Balance Sheet accounts. Users can edit the AI-generated draft in an open text field and must click “use this explanation” and save it to add it to the report, ensuring an accountant’s review.

NetSuite users can invert credit balances in report settings to receive accurate AI explanations. Note that enabling this setting will change how Gross Profit and Net Income are displayed.

 

Entity Details Field and Export

We’ve added a new custom field on the Entities page for storing details about each entity. This free text field, accessible only to Admins and Sys Admins, can be used for various purposes, such as client IDs for billing or general entity information (e.g., year established, primary accounting manager). You can find this field in Admin Settings > Entities > Manage. We've also added a new 'Export' option on the Entities page which lets you pull down your entity information (and the new entity details field) to Excel.

 

Sequential Reviewer Notifications

We now support sequential Ready for Review notifications. Previously, all reviewers received the notification simultaneously when the last preparer signed off. This could cause confusion, especially when reviews were expected to be done in order. With the new feature enabled, the Ready for Review email will be sent sequentially: the 1st Reviewer will be notified after the last preparer signs off, and subsequent reviewers will be notified as each one signs off. This helps ensure that reviewers only receive notifications when they have work to do. When the feature is disabled, all reviewers will continue to receive the notification at the same time.

 

Auto Lock Files on Complete Tasks

We’re excited to announce the Auto Lock Files on Complete Tasks feature, available as an entity-level setting. This feature addresses the risk of altering supporting documents after a checklist or task is marked complete, which could invalidate the preparer/reviewer sign-off.

Admins can enable the new toggle "Auto Lock Files on Complete Task" under the "Strict Sign-off Mode" setting. When enabled, once a task is marked complete, the attachments tool will lock, preventing any modifications to the documents. Locked documents will display a lock icon and cloud-stored docs will also be locked by the provider. If a task’s completion status is revoked, the locks will be removed, and document modification access will be restored. This functionality similarly applies to reconciliations.

 

Compliance Management: Key Reports and Key Systems

We have introduced new features to help you manage Key Reports (IPE/IUC) and Key Systems. For SOX, Key Reports are generally used to support the execution and testing of controls, while Key Systems house financial data and support financial statement preparation. To support these needs, we’ve added two new tabs within Compliance for maintaining listings of Key Reports and Key Systems, including bulk import and search/filter capabilities. You can now track relationships between controls, key systems, and key reports, document how key reports are tested, and create individual key report tests within the 'Tests' page. Additionally, you can see which key reports are used by a control within a control test.

 

Compliance Management: Accept & Reject Files in the PBC Module

We’ve added the ability to accept or reject individual files within the PBC module. Now you can flag each file as accepted or rejected, providing a more granular view into the status of submitted files.

 

Bulk Assign Workspaces

We’ve added a new feature in Admin Settings on the Team Members page, allowing you to bulk assign workspaces to users. Located next to 'Invite New Team Member', you can input an existing user’s email address and assign them to multiple workspaces at once. This feature respects current workspace access, so selecting a workspace the user already has access to won't make any changes. You can only grant access to workspaces you have access to, and this can also be used to re-activate inactive users. Workspace management just got easier!

 

Compliance Management: Updated Compliance Dashboard Navigation

We have introduced a navigation panel on the Compliance Management dashboard that allows you to more easily see what charts are available, which chart you are on, and more easily navigate between them. You can also now customize the dashboard by hiding or reorganizing the charts on the page. This will allow you to hide any charts that are not relevant or move the most relevant charts to the top of the page.

 

May 2024

FloQast Projects

FloQast Projects is a purpose built solution that enhances your project management experience. Navigating to the Projects Dashboard will allow you to see every project you have access to. Any user can create a project by simply providing Project Name, Project Owner, and Team Members you wish to collaborate with. From there you can set the Project Status to provide a high-level overview while the Completion Percentage updates automatically as tasks are completed.

Tasks can be created inline or via bulk upload and can be assigned to multiple users with labels indicating their role in the work. Progress is tracked by toggling the Task Status between Not Started, In Progress, and Completed. Overdue tasks are automatically marked as Late, triggering an email notification to the assignee. Additionally, you can leave comments and attaching files to tasks for better collaboration.

FloQast Projects aims to centralize your work to make managing your projects more efficient and effective.

Check out our help desk articles and CPE eligible FloQademy course for more information.

 

Compliance Management: Certification Dashboards and Drill down Page

We have added new dashboards and a drill down page for viewing certification results! The dashboards now summarize the status of all certification rounds and action items, available on both the certifications page and the compliance management dashboard. Additionally, we've launched a new drill down page where you can review all certification results directly within the platform, eliminating the need to download separate Excel files.

 

Compliance Management: Multiple PBC Recipients

We’re excited to announce the roll-out of the multiple recipients feature for the PBC module. Previously, PBC Owners could assign only a single recipient to a PBC, but we’ve now enhanced this functionality to allow multiple recipients. This update addresses customer feedback and enables teams to collaborate more effectively by assigning PBCs to multiple recipients without the need for reassignment.

 

Compliance Management: External Audit Access for Test and Issues

We have extended the External Audit Access feature to the Tests and Issues pages, in addition to the Controls and Risks pages. This feature allows Managers and Admins to grant External Auditors access on a per-issue, per-test, and per-phase basis. By default, Tests and Issues will remain hidden until access is granted, ensuring consistent functionality with no learning curve.

 

Compliance Management: Control Due Dates

We have introduced due date functionality for our Controls module. This means due dates, assignments, and review notes now officially exist across the Risks, Controls, Tests, Issues, PBCs, Narratives, and Flowcharts modules. The Controls module follows a monthly cadence and uses a "due date offset" system to set due dates relative to month-end. With the introduction of due dates to the Controls module, we have also added late badges for overdue assignments, as well as late and due soon filters and emails.

 

Compliance Management: Nature Field now a Custom Field

We've made the Nature field in the Controls module customizable to better meet your needs. Previously a standard field, it now functions like any other custom field. This means you can remove it, make it optional, or change its options.

 

Compliance Management: Updated Custom Fields UI

We've enhanced the UI for custom fields to simplify their creation and editing. Now, you can assign fields to projects, mark them as required or active, and reorder options within fields. Additionally, we've consolidated the separate edit views for global and project-specific custom field edits into a single, unified view, accessible from both the global and project-specific views.

 

Enhanced Audit Report

We are excited to announce the release of our new Reports tab and an enhanced Audit Report export. This update provides a dedicated tab for your Audit Report and Login Report. For both reports, users will receive convenient email and in-app notifications, with the option to receive the reports in Excel or PDF format. For the enhanced Audit Report, we've broadened the scope of tracked events, offering a transparent history of changes with detailed insights into who made the changes and what changes were made. This report now includes existing events, such as changes to Entities and Team Members Settings, and introduces new events like modifications to Reconciliation Settings and Reconciliations.

 

Navigation Updates

We've streamlined our navigation by surfacing "Explore New Products" and "FloQademy" directly in the header navigation, making it easier for you to discover our latest offerings and educational resources. Additionally, we've integrated ReMind into the navigation dropdown alongside our other products. If you haven't yet subscribed to ReMind, clicking on it will allow you to learn more about this exciting product.

 

Compliance Management: PBC Review Notes

We're excited to introduce the Review Notes feature in the PBC module. This enhancement allows PBC Owners and Assignees, including Guest users, to communicate seamlessly within the app and through the PBC Guest Portal. Now, all users can easily exchange review notes, ensuring a consistent experience for all users.

 

April 2024

Compliance Management: Risk Page Enhancements

We have released enhancements to our Risks module, including custom fields and UI improvements:

1. Custom Fields in Risks Module: Building on our earlier update that introduced custom fields to the Controls module, we are now extending this flexibility to the Risks module. This update completes the customization capabilities of your entire Risk/Control matrix, crucial for supporting complex control environments and diverse compliance frameworks.
2. Redesigned User Interface: The Risks page has been redesigned to:
   • Support dynamic interactions with custom fields.
   • Clearly display the mapping between risks and controls, effectively mirroring a true Risk/Control Matrix.
   • Show the status of Issues and Testing on associated controls, providing a comprehensive view of risk management activities.

 

Compliance Management: Embedded Testing

We are excited to introduce Embedded Testing for Compliance Management. This new feature allows users to conduct sample testing directly within the FloQast app, eliminating the need for external Excel test matrices. This integration not only standardizes and enhances control over test sheets but also lays the groundwork for future automation of the testing process. Users can create an embedded test sheet from scratch or import existing Excel sheets, add test attributes and tick marks, and input sample information using customizable columns and rows, such as Invoice number, Vendor, and Invoice Approver. Additionally, the test sheets can be exported to Excel for easy sharing with auditors.

 

Compliance Management: Review Notes for Controls

We're excited to announce an enhancement to the Controls module, where you'll now be able to leave review notes directly on controls. Previously, notes were limited to checklist items and reconciliations linked to controls. This new feature allows for better documentation, including the ability to add notes specific to a particular month for targeted feedback on control evidence, or "global" notes for broader comments and suggestions.

 

Compliance Management: External Audit Access for Risk and Controls Modules

We've introduced new features to enhance external auditor access within our Compliance Management system for both the Controls and Risks modules:

• Controls Page:
  • Single Selection Access: Managers/Admins can now select specific months within a control to grant access to external auditors.
  • Bulk Access Provisioning: Access can also be provisioned in bulk by using the "Bulk Enable Auditor Access" option in the more menu. This allows selection of multiple controls and months at once.
• Risks Page:
  • Single Selection Access: Similar to controls, access to individual risks can be granted by Managers/Admins.
  • Bulk Access Provisioning: Bulk provisioning is available through the same "Bulk Enable Auditor Access" option, facilitating access to multiple risks simultaneously.
• Review Notes Visibility: Additionally, Admins have the option to include review notes visibility for external auditors. This is managed through the ""Notes"" checkmark in the Auditor section of the Admin Settings page.

This feature is available by request only, so reach out to your ASM for more details.

 

Compliance Management: Certifications Enhancements

We've enhanced our Certifications module with new features that support a wider range of use cases:

• Short-answer Questions: You can now add short-answer type questions to your certification questionnaires.
• Customizable Response Options: It is now possible to add more response options beyond the default "yes" and "no," as well as edit these defaults.
• Reordering Questions: You'll now have the ability to reorder questions to better suit the flow of their certification processes.

For more information, check out our help desk article.

 

Audit Project Roles

Our role management has been updated to allow greater flexibility in our Compliance Management system. Audit Project Roles can now be set independently of Account Roles, providing more customization options for user permissions.

 

Subledger Transactions Export

Exciting news for Subledger users! With our latest enhancement, transactional data pushed to FloQast via our FQ API will generate supporting documentation on your behalf. This can be access via a new export button next to your subledger balances once transactions are being sent to FloQast. For AR or AP subledgers, we'll export an aging summary, while for other types, you'll get a register of details including beginning balance, monthly transactions, and ending balance.

Check out our help desk article for details on the Input Fields that will show on Exports.

 

Compliance Management Audit Report

Exciting news for Compliance Management! You'll now have the ability to see a clear, comprehensive history of modifications related to the RCM (Risk Control Matrix). FloQast’s Audit Report feature allows you to export an Excel file tracking changes made to your Audit Projects, including Audit Project user access and changes made to Controls and Risks. Just go to the Reports tab and select the category(s) of actions you’d like to see on the report, the workspace(s) you’d like to see them for, and the time frame you would like to see them for.

For more information, refer to the Compliance Audit Report Help Center Article.

 

Compliance Management: Certifications

We're excited to introduce Certifications, a powerful addition to Compliance Management tailored to simplify your certification process and enhance compliance efforts. With this update, you can now create and send customized certification questionnaires, track responses that result in exceptions, and attach controls for easy reference. The new Certifications tab provides you with a centralized hub for managing certification workflows efficiently. Plus, you have the flexibility to schedule certifications for both FloQast users and guest/non-FloQast users, tracking completion status seamlessly. With features like exporting responses to Excel and documenting clearing notes within the platform, managing certifications is now more intuitive than ever.

Check out the help desk articles and FloQademy course to learn more.

 

Compliance Management: Controls Page Enhancements

In an effort to enhance user experience on the Controls page, we're introducing two significant changes. First, controls will now be displayed more intuitively, showing all controls within selected projects, with a new "No Evidence Required" status for controls not requiring a sign-off in a given month. Second, users will now be able to differentiate between control frequencies and required sign-off frequencies. For example, you can have a control with an "As Needed" frequency that only requires a "Quarterly" sign-off. You can even scope out controls entirely from requiring sign-offs and instead rely on PBC requests.

 

 

March 2024

AutoRec Depreciation

Introducing AutoRec Depreciation, a new module within AutoRec that standardizes and automates reconciliation processes for fixed or intangible assets. This feature calculates monthly depreciation expenses and generates journal entries, streamlining month-end tasks and minimizing manual errors. It addresses the common challenge of error-prone manual tracking in Excel spreadsheets, offering system controls to enhance accuracy and efficiency in closing processes. Users can easily add, adjust, reclassify, dispose of assets, and set up depreciation schedules as needed, providing flexibility and control over asset management.

Complete the FloQademy course or check out our help articles to learn more:

• How to use AutoRec Depreciation
• How to make an adjustment
• How to dispose of an asset
• How to reclassify an asset

 

Subledger Transaction Matching

Subledger transaction matching extends the Subledger Tie-out solution to help teams identify discrepancies between their general ledger (GL) and subledger (SL) balances using our matching module. Users can sync data from GL and SL to match between the two sources, with remaining unmatched transactions indicating reconciling items, allowing users to take necessary action. Integration with FloQast's API enables automatic uploading of subledger transactions and a new export for subledger reconciliations includes the #fqri tag for seamless completion and sign-off within the FloQast.

 

Subledger Tie-Out

Introducing Subledger Tie-Out, streamlining the manual and time-consuming subledger reconciliation process by integrating subledger balances directly into FQ's ""Reconciled Balance"" section, eliminating the need to upload ERP documentation. These balances, transmitted via our FQ API, cater to various use cases such as reconciling multiple entities' subledger accounts or handling inter-company accounts, ensuring automatic reconciliation. Benefits include integrated Auto Sign-Off for automation, with the flexibility to exclude it for closer review at Quarter or Year end, and integration with AutoRec Matching to address discrepancies.

Complete our FloQademy course to learn more.

 

Task Duration

With the Task Duration release, you'll have the ability to define the estimated time needed for any checklist or reconciliation task! You can set up estimated times conveniently through either admin settings or directly from task slide-outs.

New indicators displaying estimated time will be visible across the app for both preparers and reviewers. This allows everyone to easily see:

• Total estimated time for the entire task
• Breakdown of estimated time per assignee

Estimated time will also be integrated into dashboards, analytics, and exports. This empowers admins to make data-driven decisions for optimized resource allocation.

Learn more about this feature in our help desk article.

 

Compliance Management: PBC Import

You can now import your PBC requests. Previously, you were required to create PBC requests manually. As this was often a tedious process, we've now made the creating, editing, deleting PBC much more convenient with our new import feature.

 

Compliance Management: Risk Page Redesign and Documents Section

Our users now have access to a newly redesigned Risk page redesign and new Documents sections. This redesign is intended to improve to improve the over all experience and simplify the navigation on the Risk page. We have also introduced a new Documents section allowing you to upload any risk analysis or supporting documentation to a Risk.

 

Compliance Management: Review Notes for Risks and Narratives/Flowcharts

Now, you're able to add Review Notes to Risk and Narratives/Flowcharts. We have expanded the review notes functionality that is seen in other Compliance pages to the Risk and Narratives/Flowcharts page. Use this new feature to communicate and collaborate through review notes.

 

Compliance Management: New Risk Sign-off and Risk Health Dashboard

You can now visualize your Risk Sign-off status and Risk Health status through two new dashboards. Drill down in either dashboard to see detailed information about your risks. These dashboards are now available on the Compliance dashboards page.

 

Compliance Management: Attach Files to PBC Requests

We have released the ability to attach reference files to a PBC request. This feature allows PBC owners to attach a population or sample file to a PBC request, so that PBC Assignee can reference and easily understand their assignment. Check out our help article for more details.

 

AI Checklist Generator and Mapping Document

We have released an AI Checklist Generator, which provides a tailored best practice checklist if you're looking for specific workflow, industry, company size, and status use cases. Simply select some options, click a button, and get inspired. You can find the AI Checklist Generator in the Explore New Workflows navigation.

 

Compliance Management: Send PBC Requests to non-FQ users

Now, Compliance Management users can import or manually enter their list of non-FloQast (FQ) PBC recipients. These recipients can then be added as Assignees to PBC Requests. When a PBC request is sent to non-FQ users, they'll receive an email containing a link to view the request. Upon clicking the link, users are directed to a portal where they can upload files and update the PBC request status to "Submitted," automatically notifying the requestor of completion. This streamlined process enhances collaboration and simplifies PBC management for all users.

 

Header Navigation Grouping Refresh

We have refreshed our header navigation and have now grouped a number of icons under the user avatar. This update minimizes up our header navigation for a cleaner experience.

 

February 2024

Entity Status View

We’re excited to present a brand new dashboard page - called 'Entities' - which showcases relative progress across your Entities. In this view, you can pivot the data in multiple ways to give you clarity on progress in a way that’s meaningful to you.

This new view will allow you to see the following data, broken down by Entity:

• Status and % Behind (if Late)
• Expected % Complete and Actual % Complete
• Progress by Assignee Type (Preparer, Reviewer, Tie Outs) or Item Type (Checklist, Recs)
• Data by Sign-off or Time (for those customers utilizing our Estimated Time feature)
• Open vs. Total Review Notes

Supported Functionality:

• Favoriting Entities
• Folder Locking
• Filtering
• Sorting

The new Entities tab, found on both the All Workflows Dashboard and the Workflow Dashboard, should help you easily determine what needs your attention so you can make quick work of keeping things on track.

For more information about this new dashboard page, please view our updated help desk articles:

• Single Workflow Dashboard
• All Workflows Dashboard

 

Compliance Management: Risk Heatmap

For Compliance users, we're thrilled to unveil three new risk heat maps to bring visual clarity to risk health at various levels, from specific risks in the drill-down page to an overall breakdown by process in the dashboard. Users can now apply filters for targeted insights. The introduction of configurable risk scales (3, 4, or 5 points), a new N/A option and customizable labels offers greater flexibility. Residual impact and likelihood scales provide a visual pre-and post-control understanding for comprehensive risk visibility.

For more information about how to use this feature, check out our help article here.

 

Bulk Changes

Admins and Managers can now export and upload templates for All Entities’ checklists and reconciliations directly from their Settings pages. This eliminates the need to export and upload templates for each entity individually. The All Entities Template allows sweeping changes to your checklists and reconciliations across all entities simultaneously, whether you require updates, additions, or deletions.

 

January 2024

Copy GL Settings from an Existing Entity

We've introduced an enhancement in the Entity Setup Wizard, which enables the seamless copying of General Ledger (GL) settings from an existing entity. When prompted to select a General Ledger in the entity creation process, you'll be able to choose between a New or Existing General Ledger. The Existing General Ledger option will prompt you to select an Existing Entity. Depending on the ERP of the selected Existing Entity, GL Credentials or GL Programs will be copied over. This feature operates independently of entity selection for copying Entity Settings, providing you with additional flexibility and customization options.

 

Assignee Type Filter for Recs

We have released an Assignee Type filter for Recs, offering enhanced flexibility in managing reconciliation items. With this update, the Assignee Type filter allows you to directly view reconciliation items based on your role, whether you're a preparer or reviewer, irrespective of the status.

 

Compliance Management: Controls Evidence Page

We've streamlined the Controls page within Compliance Management by removing the checklist and reconciliations sub-tables and introduced a dedicated "Controls Evidence" view that consolidates control sign-offs, checklist sign-offs, and reconciliation sign-offs. This gives control testers a single view to see all evidence for the year to easily select samples.

 

Compliance Management: Permanently Delete Controls

Controls within Compliance Management can now be permanently deleted. Previously, controls could be marked inactive, but not completely removed. Now, you can keep your controls clean and organized with this added functionality.

 

Variance Analysis Dashboard Landing Page

We have launched the Variance Analysis Dashboard, providing you with a complete view of all of your Variance reports as well as enhanced visibility into status and open items. This feature is designed to save time, eliminating the need to manually open each report to check its status and outstanding items. The dashboard provides a breakdown of all assignees within a report, along with the number of open items per person. This not only streamlines workflows but also minimizes the chance of missed or incomplete work, ensuring a more organized and productive reporting process.

Check out our help desk article for more information.

 

Compliance Management: PBC Requests

Creating a PBC request has never been smoother! Our new PBC Request module in Compliance Management is designed to simplify the often tedious PBC Request process, offering an integrated solution within FloQast. Now, you can manage the entire process seamlessly, eliminating the need for messy PBC excel trackers and endless email exchanges. Create PBC requests, link PBC requests to controls and communicate with request owners via email, all within the PBC Requests module.

 

Compliance Management: Risk Module Enhancements

We're thrilled to announce a series of robust enhancements to our Risk module, designed to elevate your risk management experience and accommodate more risk use cases. Here's a quick summary of what's included in these enhancements:

• UI Refresh: Users can now enjoy an enhanced look and feel with our newly updated UI.
• Drill-Down View: Dive deeper into your Risks with the new drill-down view, allowing you to explore more details.
• Assignments: Manage your Risks more efficiently by assigning users and setting due dates directly within the module.
• Compensating Controls: Taking Risk management a step further. You can now list out Compensating Controls, enhancing the Risk Control Matrix (RCM) functionality.
• Risk Strategy: Also known as a Risk Treatment Plan, users now have strategic options like Accept, Mitigate, Transfer, and Avoid for a comprehensive approach to risk management.

 

 

December 2023

Copy Entity Settings from an Existing Entity

Now, creating a new entity is even easier with the ability to seamlessly copy Entity Settings from an existing entity. You can actively choose an existing entity on the Entity tab, providing a straightforward way to select the source for copied settings. We've also added clear indications on both the Entity and Review tabs, highlighting exactly which entity settings (calendar settings, strict controls, etc.) will be copied over.

 

Background Rec Refresh + Notification

Background Rec Refresh and Notification is now available! You can now refresh reconciliations and navigate anywhere in the app while staying informed on progress with a notification. This can be especially helpful when dealing with long refresh times, such as during "All Entities" refresh. This update includes a collapsible notification that displays step-by-step progress during refreshes, all while being able to navigate within the FloQast app while your refresh is handled in the background.

 

 

FloQast Analytics APIs

We are delighted to announce the official release of our FloQast Analytics APIs, with a primary focus on Checklists and Reconciliations. This milestone represents a substantial leap forward in providing our customers with robust tools to enhance performance monitoring and bespoke reporting. With our new Analytics APIs, you can seamlessly integrate checklist and reconciliation data from FloQast into your in-house business intelligence tools. This translates to less manual effort, ensuring more accurate and real-time reporting capabilities.

View in-depth documentation about our API here.

 

ReMind Settings Page

A settings page is now available in ReMind! Admins can now enable new features from the settings page, for full control over which features are available in ReMind.

 

 

Bulk Roll Forward

Bulk Roll Forward is now available. Bulk Roll Forward allows for rolling forward multiple process folders within the same entity. With the new "bulk" option, you can select and roll forward multiple folders at once. This feature also introduces automatic file renaming, appending _fqrf_YYYY-MM to filenames and updating the anchor to align with the latest working period.

Check out our help desk article for more details.

 

 

November 2023

Duplicate Checklist Tasks

Save time by avoiding manual copying and pasting. With a single click on the 'Duplicate' button at the top right of the inline slide-out, effortlessly create a new checklist task. This duplicates key attributes like entity, description, tags, frequency, assignees, deadlines, and controls. Streamline your checklist and ensure consistency across various entities and workflows with ease.

 

October 2023

Real-Time Ready for Review Notifications

Introducing real-time "Ready for Review" notifications! Available on Email, Slack, and Teams, you now have the option to choose your notification preference: real-time or batched. By default, users will continue to receive batched notifications, but can switch to real-time at any time via the Notification Settings page. Now, reviewers can receive immediate alerts to ensure timely and efficient completion of items.

 

New Single Workflow Dashboard Progress Chart

We’re excited to share that we’ve added a new chart to the workflow dashboard. This chart, which shows progress trends throughout the period, provides a convenient visual to help you understand how the team is progressing on work. The chart features a robust hover menu that breaks the data down so you can easily compare completed progress against your targets, gaining deeper insights into your workflow status.

Data included in the hover:

• Overall Status
• Target % complete
• Actual % complete
• Data broken down by Checklist and Reconciliations
  • Expected # Completed
  • Number of assignments ahead/behind

 

New Settings Path for Checklists and Recs

We have enabled new paths to access the Checklist and Recs Admin Settings pages directly from the Checklist and Recs pages! This small change will make accessing the settings pages you need even easier.

 

Attach Documents to Controls

Users can now attach documents directly within the Controls module. With this feature, users no longer need to link controls to Checklist items or Recs for uploading supporting documentation. To make this process even more user-friendly, we've included the ability to drag and drop files.

 

Resend Pending User Invite E-mails

We have released a new feature in Admin Settings which allows resending of invite emails to all pending users with a single click. This update will allow Admins and Sys Admins to more easily manage pending users as they get onboarded to FloQast. You can find this option in Admin Settings on the Team Members page.

 

Risk and Controls Matrix (RCM) Export

Users can now effortlessly export a comprehensive Risk and Controls Matrix (RCM) directly from the Risks page. Our updated RCM export delivers all Risks and Controls details in a familiar format. The updated RCM export even displays unlinked Risks and Controls, offering a holistic view of your risk management efforts.

 

September 2023

Future Periods

Future Periods is now available upon request, providing an expanded horizon for planning. At FloQast, we've always been committed to keeping you ahead in your work, and this enhancement takes that commitment further. While we've already granted access to one future period for immediate planning, we're now offering extended visibility of up to +12 months or +4 quarters, all conveniently managed at the entity level. This addition will allow you to plan and view your work up to a year in advance, facilitating more comprehensive long-term planning strategies. Additionally, you can now export deadlines for upcoming tasks.

 

Navigation Refresh

We've refreshed our navigation to better accommodate users with access to multiple FloQast products and workflows. There are now distinct labels for each of the different products, and workflows will be grouped accordingly between FloQast Close and FloQast Ops. This update ensures that your Close and Ops workflows seamlessly slot into the correct category and it makes it easier to identify which features are included within each product category. For instance, Reconciliations is only available under the Close Management product and not in Ops Workflows or Compliance Management.

 

Customized Workweeks

Now in FloQast you can customize which days of the week your team works! These entity-level settings will ensure that your business day deadlines on the checklist and reconciliations will be calculated based on the days of the week that you work. This is an entity setting and will update all deadlines under that entity. Please also keep in mind that the deadlines will update as soon as you hit save, no need to reapply templates in checklist and reconciliation settings.

 

 

Test Module Redesign

We're excited to unveil a comprehensive overhaul of the Test module, bringing a fresh new look. Some key highlights include a streamlined drill-down view for comprehensive testing details, improved tracking of review notes and issues in carousel sections, easy access to the Controls module via "View Control Details" in the Test Details section, and the ability to effortlessly drag and drop files in the Documents section. These enhancements reflect our commitment to providing a more intuitive and efficient user experience.

 

Anchored Trial Balance Folder

We have released a small, yet convenient update for customers using our Trial Balance Upload. For TB Upload entities which don't use numbering in folder names, the "Trial Balance" folder would fall somewhere in the middle of the structure.  To help keep things tidy, Trial Balance folders will now always be anchored to the bottom of the folder tree!

 

Variance Analysis Transaction Details

We're excited to introduce the Variance Analysis Transaction Details feature for NetSuite customers. With this enhancement, accessing transaction-level journal entry details within your month-over-month flux reports is now incredibly simple. You can drill down into this information effortlessly, and the data is pivotable by both department and vendor.

This feature addresses a common pain point by drastically reducing the need for manual searches within ERP interfaces or Excel exports. Now, you can efficiently and accurately analyze your financial data, ensuring that your flux explanations are well-informed and complete.

For more information, check out the help desk article.

 

Welcome Emails Option in the Entity Setup Wizard

We have added the option to send or NOT send welcome emails to new users when they are invited to a new entity. This action can only be done within the entity setup wizard and you can send them the invitation links later within admin settings on the team members tab. Now, you'll have added flexibility when creating and administering new entities.

 

Sign-offs for Narratives and Flowcharts

We've expanded assignment capabilities in FloQast, allowing users of Compliance Management to assign tasks, set due dates, and receive email notifications, just like any other assignment within our platform. This enhancement is especially beneficial for our Compliance customers, enabling them to assign users to review or upload narratives, or both. What's more, assigned users can propose new control descriptions, which can be approved by Managers and Admins (provided the Narrative Two-way Sync feature is enabled). This versatility opens up a range of use cases, such as Internal Audit (IA) uploading narratives or flowcharts at the outset of an audit and assigning them to Control Owners for review. Internal Audit can also delegate the entire process to Control Owners for the upload of their latest narratives or flowcharts.

 

Compliance Management User Role

Exciting update! If you are using the Compliance Management product, you'll now have the flexibility to set a separate role for the Compliance Management module. This is ideal for cases where a user needs to have lower permissions in Compliance than they do in the rest of the FloQast. A user's Compliance Management role settings can be updated on the Team Settings page.

 

Enhancements to the Dashboard Timeline View

Based on customer feedback, we’ve made some enhancements to the Dashboard Timeline view to better communicate clear and relevant information.

Here’s what changed:

• We updated the design to use a new color system
• We added additional data to the boxes to help bring forward key information (#Late, # Complete, #Incomplete)
• We standardized statuses across the FloQast application

These changes will help bring clarity and transparency to your work, in less clicks, with less confusion.

 

August 2023

More Tags

FloQast now supports up to 200 tags! You can use tags to group similar checklist items or reconciliations together for filtering purposes. Check out our help article for more information about tags.

 

Narrative Two-Way Sync

Announcing our new “Narrative Two-Way Sync” feature for Compliance Management. This is our latest iteration of our narrative feature. In the previous version, users were limited to only referencing controls and injecting control descriptions into a narrative (aka one way sync). You will no longer need to regularly switch between the “template file” and “published file” to see your latest control description updates. We have since collected feedback and expanded the capabilities of narrative features to allow for a two way sync and in the process simplified our tagging system. Users can now make control description changes in a narrative and push those changes into FloQast or vice versa (aka two way sync). Also, you'll no longer need to switch between the template and published files to see your latest control description updates thanks to our new tagging system. All control descriptions are visible in a single file. There is even a built-in approval flow for control description suggestions/updates, whereby FloQast will flag any control description conflicts (between the narrative and RCM). Managers and Admins can then resolve any control description conflicts by overriding the control description in the RCM or Narrative via the two way sync.

 

Auditor Review Notes

Audit Users can now Create and Respond to Review Notes in FloQast! Audit users can follow up on requests and seek clarifications, fostering smoother interactions. All review notes and responses are centralized in one place, ensuring nothing falls through the cracks. Additionally, review note status' provide clear insights into outstanding requests and open items. Review notes for auditors is available for Checklists, Recs and Documents.

 

Compliance Management Control Sign-offs

We're excited to introduce direct sign-off on Controls! While users could previously link Controls to Checklist Items and/or Reconciliations, this update simplifies completing "non-accounting" controls, especially those which are not done as part of the month-end close. We hope this improvement will provide flexibility and ease of use when managing Controls.

 

 

July 2023

Items Due Soon Email

We are pleased to announce the launch of the Items Due Soon email, a new tool for effectively managing upcoming items. This email provides a weekly overview every Monday morning of pending tasks.  Additionally, we have conveniently included direct links to FloQast in the email.  All email notifications can be managed from the Profile > Notifications Settings page.

 

Increased Account Groups Limit for Recs

We have increased the limit of Account Groups for Recs, which previously had a limit of 200, but that is no longer the case.  We are pleased to announce that Account Groups now have the capability to accommodate up to 1,000 accounts!

 

Checklist Filter Enhancements

Enhanced checklist filters are now available to provide you with more powerful ways to organize and manage your tasks in FloQast:

• With the assignee type filter, you can now easily view items assigned to you as a preparer or reviewer, regardless of their status.
• The frequency filter allows you to quickly identify items based on their assigned frequency, making it effortless to find non-recurring tasks that you may want to upgrade to a recurring schedule.
• The open review notes quick filter will show all checklist items that have an open review note. Use this filter to help you quickly close the notes and lock down your folders at the end of the month.

We hope you’ll find these enhancements helpful with quickly finding items that are relevant.

 

Lock Status on the Trial Balance Folder Icon

 A new enhancement is now available for customers that upload trial balances to FloQast - the addition of a lock/unlock status icon specifically for the Trial Balance (TB) folder!  Previously, the folder tree provided accessibility icons for differentiating Late, In Progress, Complete, and Locked statuses in process folders, but the Trial Balance folder, with only two statuses (unlocked vs. locked), lacked these visual cues. With the introduction of the lock/unlock status icon, you'll now be able to easily verify the lock status of any given month in FloQast without the need to click into your TB folder.

 

 

June 2023

Microsoft SharePoint Integration

FloQast now supports Microsoft SharePoint as an addition to our existing list of cloud storage providers integrations!  As part of our commitment to meeting our customers where they work, we have historically offered support for Google Drive, Google Team Drive, Dropbox, Box, Egnyte, and OneDrive.  Now, FQ teams can also seamlessly integrate with Microsoft's popular SharePoint platform to maintain all FQ related documents (Rec workbooks, checklist attachments, etc.).  FloQast will continue to offer free CSP migrations for customers who prefer SharePoint but were initially set up on a different provider.  FloQast does not currently support on-prem SharePoint or SharePoint GCC.

 

Analytics Exports Enhancements

We're pleased to announce an update to Analytics exports! The export process has been enhanced to run in the background. Previously, the export file needed to be generated before continuing to work in FloQast. With this update, you can now initiate an export and carry on with your tasks while the file is being generated in the background. Once the export file is ready for download, we will notify you through an in-product notification and email. This enhancement is especially helpful with large amounts of data, eliminating the need for you to wait several minutes for the file to download.

 

Sign-off on Items via Slack/Teams Commands

We’ve introduced a new feature within our Slack and Teams integrations that will enhance your experience by saving you time and improving your efficiency. Now, when you use time-based commands of "today," "tomorrow," and "late" to view your open items within Slack or Teams, you can effortlessly sign-off on your checklist items directly from the Slack or Teams app. Your sign-offs within Slack or Teams will automatically update in FloQast, effortlessly streamlining the process for you.

See the feature in action via Slack

See the feature in action via Teams

 

Narratives and Flowcharts Dashboard

We're excited to announce an update to our Compliance Management dashboard! With this update, customers now have a convenient way to assess their progress on narratives and flowcharts. The new dashboard section provides insights into the following:

1. Progress on uploading narratives/flowcharts.
2. Tagging of controls in the Risk Control Matrix (RCM) within narratives and flowcharts.
3. Presence of controls in narratives/flowcharts that are missing from the RCM.
   

Additionally, users can utilize the drill-down view to gain clear visibility into outstanding narrative/flowcharts for each business process. This enhancement streamlines the process of ensuring synchronization between narratives/flowcharts and the RCM, eliminating the need to navigate to each individual document. You can now save time on consistency checks and have increased confidence in your audit-ready documentation.

 

 

FloQademy CPE Library

You can now earn CPE for free on the FloQademy portal! Our CPE Library consists of Product CPE courses where you can master the FloQast product while earning CPE credits, as well as CPE Entertainment. CPE Entertainment is our collection of engaging, high-quality, and unique CPE courses. Here you will find talk shows, podcasts, and thought leadership content discussing everything from professional development to the accounting content creator industry. Start earning CPE for free today by clicking on the CPE Library button on the FloQademy homepage!

 

Controls Page UI Enhancements

We're excited to introduce UI enhancements to the Controls page, improving usability and providing a better overview of control statuses.  We have transformed the layout of the main table on the Controls page by introducing a new status column. This column prominently displays whether a control is complete or not, allowing you to quickly assess the status and drill down into linked checklist items and reconciliations for further details.  Additionally, we've introduced a new drill-down page for each control.  Additionally, Control IDs in the controls table are now clickable, providing a seamless transition to a dedicated page exclusively focused on the respective control. 

These UI enhancements offer a more intuitive experience on the Controls page, empowering users with enhanced visibility and streamlined access to control details. Upgrade your control management today and enjoy the benefits of improved usability and efficient navigation.

 

May 2023

Issues Enhancements

We're thrilled to announce some long-awaited enhancements to our Issues module. These updates are designed to improve usability, increase visibility, and streamline the management of issues.

• Drill down view: You'll now be able to click into an issue to access comprehensive information, including Issue Details, Assignees, and Action Items. This new view enhances readability and allows users to focus on their assignments more effectively.
• Issue Status: Introducing the ability to track the status of issues. Users can now identify whether an issue is Open, Remediated, or Unremediated. This enhanced visibility benefits both Control/Issue Owners and Testers, facilitating the audit reporting process.
• Sign-offs: Users can track sign-offs for issues and set due dates. This feature will help you monitor assignments and ensures timely closure of issues. Note that selecting a status of Remediated or Unremediated is a prerequisite for sign-off.
• Action Items: Track action items associated with issues. Think of these as sub-tasks or sub-checklist items that contribute to closing an issue. Additionally, create multiple action items and assign them to any user. All action items must be completed before the Primary owner and Tester can sign-off on the Issue.

These enhancements are aimed at enhancing your experience with our Issues module, making it easier to manage and resolve issues efficiently. Upgrade your workflow today and enjoy improved usability, increased visibility, and streamlined issue management.

 

Notification Settings Page

Introducing our new Notification Settings page! We're thrilled to unveil an enhanced experience for managing your notifications.

Now, you can connect FloQast to Slack or Microsoft Teams directly from your FQ app profile. Stay updated with notifications, respond to review notes, issue commands, and sign off on tasks all within your messaging app. By connecting Slack or Teams, you can complete your work directly from those apps, which will boost efficiency and streamline your processes.

In addition, this new Notification Settings page will give you better visibility and organization for all of your notifications regardless of channel. Additionally, our enhanced interface makes it easy to distinguish between Workflow and Variance Analysis notifications, allowing for effortless navigation and usage.

Feel free to explore the benefits of integrating FloQast with Slack and Microsoft Teams today!

 

Edit Non-Recurring Tasks to Recurring

We're excited to announce a new enhancement that allows users with Admin and Manager permissions to edit non-recurring checklist tasks and make them recurring, right from the inline edit window. This update aims to save teams time and enhance productivity by eliminating the need to recreate tasks from scratch.

In response to your feedback, we developed this functionality to simplify checklist management for admins and managers. Now, with just a few clicks, they can update a one-time task into a recurring one, streamlining your workflow and ensuring nothing falls through the cracks.

To use this feature, simply sign in to your account with Admin or Manager permissions, navigate to the task you want to update, click on the gear icon to open the inline edit window, modify the checklist task details directly, update the frequency field from Non-Recurring to Monthly (in a monthly structured entity) or Quarterly (in a quarterly structured entity), save your changes, and voila! Your nonrecurring task is now a recurring task.

 

Compliance Management

We're excited to officially introduce FloQast Compliance Management, an advanced workflow solution that helps finance, accounting, and internal audit teams centrally manage and integrate compliance into business processes for continuous audit readiness and integrity. Offered as part of FloQast’s cloud-native Accounting Operations Platform, FloQast Compliance Management integrates controls capture directly into the Financial Close, empowering organizations to align around their compliance program, reducing risk and giving control owners clear visibility into ownership and accountability. Learn more by viewing our help desk articles.

 

Analytics for Ops Workflows

Great news - we’ve released Analytics for Ops Workflows! Now, you can view progress and trends for every workflow - not just for the Close. This will provide you and your team increased visibility into the processes and bottlenecks for all your work, helping to drive efficiency and improved collaboration.

Here are the key things that changed:

• We now support non-close calendar entities and quarter periods
• In the Progress tab, we moved the Period filter to the sub-nav and it now allows you to select month OR quarter periods.
• In the Trends tab, we’ve updated the Export functionality to allow you to export month OR quarter periods.
• Head on over to the Analytics tab on any of your Ops Workflows and check it out! If you don’t yet have an active Ops Workflow, now’s the time to give it a spin and see how FloQast Analytics can help your team thrive!

Note: Though Analytics is supported for each individual workflow, it is not yet supported when viewing All Workflows.

 

Suggested Use of AutoRec

AutoRec is now easier than ever to discover and enable! If we detect that you’re a good candidate to use our AutoRec module, we’ll now suggest AutoRec to users assigned to reconciliations that are a good match and provide the opportunity to take a FloQademy class, explore a playground environment or turn on AutoRec, regardless of the user’s role. Jump in and start exploring today!

 

ReMind: Custom Time of Day Execution

We're pleased to announce an exciting new feature for ReMind users. With the latest update, you can now specify a specific hour of the day for your ReMind requests to be sent, no matter where you are in the world. The custom Time of Day (ToD) setting applies to Initial, Follow-up, and Past Due messages for a campaign. If you accidentally select a time that has already passed, your immediate message will send out within a couple of minutes. Future messages will follow your custom ToD setting. US time zones will automatically respect Daylight Saving Time, but non-US time zones have varying DST implementations. For this reason, we recommend utilizing the GMT option for a static point of reference. We hope this new feature will make your ReMind experience even better!

 

April 2023

Updates to the Entity Setup Wizard

We're excited to announce a new update to our entity setup process, making it even easier to get started with FloQast. With the latest update, users now have the ability to skip the mapping document upload when creating a new entity.  This means you can get started with just a basic folder structure without any checklist items or reconciliations, which you can add later via settings or inline edit.  Additionally, users can now review, add, delete, and edit folder names, giving you more control over the structure of your entity.  Similarly, you can review, add, delete, and edit team members on the new entity to make sure everyone who needs access is included and their emails are spelled correctly.  Plus, with the in-app notification, you'll never miss a beat when it comes to entity setup.  We hope these new features will make your experience with FloQast even better!

 

Variance Analysis

You can now perform budget-to-actuals in FloQast! We are excited to introduce the new Budget Variance Analysis report as part of our Variance Analysis launch. Along with the new functionality of Budget Variance Analysis, we’ve renamed our Flux Analysis module to “Variance Analysis”, which encompasses both Flux Analysis and Budget Variance Analysis. For more information, check out our help desk article here.

 

Compliance Management Flowcharts

Compliance Management now supports uploading Visio flowcharts!  To use this feature, update your MS Visio flowchart with the "#FQ{CONTROL ID}" anchor for each control reference, then simply navigate to the Flowchart tab and upload your MS Visio flowchart.  Similar to Narratives, FQ anchors will allow FloQast to read the file and populate the "Linked Controls" table.  This feature is available to users who use MS Visio and OneDrive.

 

Compliance Management: Controls Management Updates & Multi-Select Projects on Dashboard

We’ve made some updates to our Compliance Management module.  First, we’ve simplified the Controls Management layout to remove the Controls Library and have moved active and inactive controls to separate pages, which reduces clutter and helps maintain your audit trail.  Additionally, you’ll now be able to select multiple projects on each tab, which will persist across tabs.

 

Filter for Unassigned Recs

You're now able to filter for "unassigned" Recs on the Recs/Folder pages!  This update will make it easier to identify when a Rec does not have an assignment and might need one. 

 

March 2023

Notes Page: Multi-period select and Export

The Notes page has been updated with multiple improvements.  First, we have added Multi-period drop down selector similar to the functionality on the Recs and Checklist pages.  Additionally, we've added the ability to export Notes in the following ways:

• Export ALL Notes related to checklists, Recs, and Documents in a single Excel or PDF file
• Export notes for ALL entities (or a single entity)
• Export notes across multiple periods (excluding Flux Review Notes)

 

AutoRec Sandbox

AutoRec now has a sandbox available to learn about and test the AutoRec module without using live data.  This is a great tool to get a grasp on the concepts of AutoRec within FloQast.  You’ll discover how fun and easy it is to make manual matches and how beautifully organized our reconciliation work paper is upon exporting your efforts.  Give it a try by logging into the FloQast app and navigating here.

 

ReMind: PDF Exports and Save Documents to a Checklist Folder

ReMind now has the ability to save documents directly to a checklist folder.  Save to Checklist is available for checklist-linked campaigns and can be accessed via the Inbox View.  You can save as little as a standalone attachment and as much as an entire cadence of information.  Additionally, we've enabled the ability to download conversations as a PDF.  If you still prefer .xlsx, these files are still included in the download.

 

Amortization: Dateless Items

Amortization now supports dateless items! If you have a use case where pre-paid items are purchased without knowledge of when exactly they'll be utilized, you’ll now be able to enter these items in the Amortization module.  Simply leave out start/end dates when adding amortization items to use this feature.

 

Compliance Management: Controls Testing Results Dashboard

We have released a new section on our Compliance Management dashboard that summarizes the results of controls testing, highlighting effective vs. ineffective controls. With this new dashboard, it's easy to see if any controls have been flagged as ineffective, and if if so, it's easy to drill down and take a closer look.

 

February 2023

Compliance Management: Bulk Updates

In our Compliance Management module, you’ll now be able to make bulk changes to "test procedures", "assignees", and "due dates" via an import file. You can find this feature from the Audits page by clicking the "more" menu icon on a given Audit Project and selecting “Revise Tests”, where you’ll navigate to an import wizard to make bulk updates via Excel.

Quarterly Folders

We’ve just released a big new feature - Quarterly Folders! Like standard vs. non-close calendars, quarterly folders is a simple setting that can be toggled during the entity creation process. Quarterly Folders a quick selection that determines how many folders we create in the application and cloud storage across the fiscal year.  This update will help with organization and visibility for users that deliver on a quarterly cadence. 

Compliance Management: Testing Dashboard

If you’ve wanted to see a quick snapshot of how your internal audit team is testing controls, we’ve just released a Testing Dashboard. This new dashboard will provide an understanding of how controls tests are progressing (i.e. Not started, In Progress, Ready For Review, etc.) for a given project. The dashboard provides the ability to drill-down by clicking on the progress bars to see specific phases or tests.

 

Ready for Review Notification Update

We've made an update to the to the Ready for Review Notification for those who want to be informed of items ready to be reviewed outside the current close period/month. Those subscribed will now receive this notification for all periods where an item is now ready to review, including in email, Slack, and MS Teams.

 

January 2023

Copy Requests in ReMind

ReMind requests can now be easily copied.  With the click of a button, you’ll now be able to duplicate requests and save time when creating similar requests.  Contacts, messaging, attachments, cadence, settings and details are all copied into the new request, while the send date of the new request will default to the current business day.

 

Updated Compliance Management Navigation and Dashboard

We’ve rolled out multiple updates to the user experience in our Sox Compliance module. A new “Compliance Management” workflow is available. This new workflow has its own unique dashboard that highlights controls, risks and testing.  Additionally, we’ve cleaned up the navigation tabs to only include items that are relevant to Compliance Management.  Take a look at our help desk articles on the Compliance Management workflow for more details.

 

December 2022

Entity Setup Wizard

Setting up a new entity just became much easier!  The Entity Setup Wizard can be accessed from the entity admin settings and is a step-by-step guide that will walk you through all of the details needed to create a new entity.  Along with enhancements to the user interface and a new button location, you'll now be able to review the details of your new entity (settings, integrations, folders, team members, etc.) before submitting for creation.  We hope you'll find this new feature will enable easier creation of entities and reduce the need to reach out to customer success for support.

 

AutoRec Matching Onboarding

AutoRec Matching now has an onboarding wizard!  The process for starting AutoRec matching is now much easier, where you’ll be able to follow a guided process to get started.  Highlights include simpler data gathering, tips for successfully using AutoRec matching and a review page to validate selections prior to upload.

 

AutoRec Amortization for Grouped Recs

The AutoRec Amortization module now supports grouped reconciliations.  While using AutoRec, you’ll have the ability to group items into the various GL accounts that make up the grouped reconciliation.  In addition to the existing Rollforward and Amortization tabs, a new Summary tab has been introduced which displays the relevant subtotals for the GL accounts.  For more details, check out our helpdesk article.

 

Support for Larger File Sizes

We are now offering support larger file sizes, up to 1GB for XLSX and XLSM file types. If your reconciliation workbooks have a large amount of raw data or if you reconcile a large number of accounts in a single workbook, you may benefit from this update.  Please contact your ASM for additional information.

 

November 2022

Sign-off Reminder in Slack

Forget to sign off on a key task before you left the office earlier? With our new Slack sign-off reminder feature, you will soon get reminders of outstanding sign-off items due that day. You can take action immediately from within the desktop or mobile app and mark your sign-offs as complete!  This convenient feature works with checklist items across any period, any workflow, monthly or quarterly folders, and any calendar type in FloQast.

 

AutoRec Matching Upload & Mapping Settings

Managing mapping settings for AutoRec uploads is now more streamlined!  You’ll now have the ability to alter any mapping settings right from where you select your file.   Match settings have also been moved from their existing tab into a new slide-out menu already present in AutoRec Amortization.

 

Multi-period view for Reconciliations

Multi-period select is now available for Recs!  This feature enables the selection of multiple months in the period view on the Reconciliations page.  Now you'll be able to find reconciliation items related to a particular period/month-end.  Using the filter will populate the reconciliation page with any reconciliations related to selected periods.

 

Updated Single Workflow Dashboard

We are excited to announce that the redesigned FloQast Single Workflow Dashboard is now available to all customers!   To learn how to get the most out of the new insights, check out the video below, view the help article for more details and complete the self-paced Dashboard training in FloQademy.

 

Filter Checklists by Unassigned

We've added a small, yet useful feature in Checklist filtering.  The Unassigned filter makes it easier to identify when a task does not have an assignment and might need one.  Now, identifying checklist items without an assignee is simple. 

 

October 2022

Due Date View for Reconciliations

A new update to the FloQast Recs now allows you to view items by Due Date rather than by period.  At the top of your screen, you will be able to select if you want to see your items organized by Due Date, or by period. If you select Due Date, you can pick a range of dates, and all items due in that range will populate, regardless of what Period they are in.

 

AutoRec Amortization: Useful Life

Rather than requiring End Dates for our system to calculate amortization schedules, you’ll now be able to enter the useful life of an items in months.  Our system will take the Start Dates, factor in the useful life, and automatically fill in the appropriate End Date.

 

Multi-period view for Checklists

Multi-period select is now available on the checklist!  This feature enables the selection of multiple months in the period view on the checklist page.  Now you’ll have more flexibility to find work that is relevant to you or past due in prior periods.  Check out our help desk article for more details.

 

September 2022

Flux Trial Balances

Have you wanted to create flux reports with a trial balance that's different from your main entity trial balance used for reconciliations?  This is now possible with Flux Trial Balances.  You no longer need to utilize multiple shell entities in order to create flux reports that differ from your core entity’s trial balance.  This feature offers an improved user interface by removing unnecessary entities in the navigation entity dropdown and entity listings across the app.  This also removes the need to maintain multiple unnecessary entities within your settings.

 

Reconciliations Out-of-Balance Notification

We’ve added a new notification that alerts users when they have a Reconciliation that they've signed-off on, but has since gone out-of-balance.  Our automation will detect the change and notify you.  This notification will also send all Admins and Managers a carbon copy of that alert that went to the Reconciliation assignees as an "FYI".  This notification is now available to receive by E-mail, Slack and Teams.

 

ReMind Checklist Highlighting

We are excited to announce a new feature of Checklists with the release of the ReMind Checklist Highlighting!

ReMind Checklist Highlighting leverages machine learning and natural language processing to call out checklist items that match a ReMind use case. Matching checklist items will be highlighted in green, making it more evident to you and your team when ReMind can be leveraged to save time as part of the close process. Once highlighted, all it takes is a single click to start the process of linking a ReMind request!

For further details, check out the help desk article on Linking the Checklist to ReMind here.

ReMind Inbox View

The new Inbox View for ReMind introduces several new features and user experience improvements to further centralize request management.  Prevent unnecessary exports and save significant time with message previews and bi-directional communication, all while adding a new level of personability.

Features of Inbox View include:

• View responses and download attachments directly in-app
• Reply to data providers directly in-app
• Identify and remedy OOO/bounce automated messages
• Search and filter through data provider responses
• Adjust current cadences on-the-fly with “Add a Contact”
• Export message chains as an easily digestible PDF
• Prepend future templated messages with updated information

Try it out by hovering over a ReMind request and clicking on the “View Inbox” icon.  For further details, check out the Inbox View help desk article here.

 

 

July 2022

FloQast Ops: Best Practices Checklists Now Available!

One of the most challenging parts of setting up a new workflow is finding the time to consolidate all the non-close tasks your team is performing. To help reduce this effort on your part, FloQast now offers a series of best practice checklists for each of our workflows! Simply navigate over to ‘Admin Settings,’ and you’ll see links to each best practice checklist page below the corresponding workflow. Feel free to download them and add/edit/remove tasks to better tailor them for your business needs. The best part is, these checklists are in FloQast’s mapping document format, so as soon as you’re done editing, they can be loaded into the system, and you’ll be up and running with your new FQ Ops workflow within minutes! You can click here to download them as well!

Due Date View for Checklists

A new update to the FloQast Checklist now allows you to view items by the Due Date rather than by period. At the top of your screen, you will be able to select if you want to see your items organized by Due Date, or by period. If you select Due Date, you can pick a range of dates, and all items due in that range will populate, regardless of what Period they are in.  Check out our help desk article for more details.

 

June 2022

AutoRec Matching Bulk Upload

We are excited to announce a new feature for AutoRec Matching: Bulk Upload. With this new tool, you can now upload transactions to multiple Matching accounts at once. You can access the Bulk Matching tool by clicking AutoRec Bulk Matching on the Reconciliations tab. Click here to learn more!

ReMind: Entities and Transfer Request

The entities in your core FloQast environment are now mirrored in ReMind. You can associate ReMind Requests with specific entities to allow you more control over who can see Requests. Additionally, Admins and Managers can now transfer Requests to other users in ReMind. Click here for more information! 

 

May 2022

Checklist: Every 2 Weeks Frequency

A new Frequency is now available in the FloQast Checklist: Every 2 Weeks. This will allow you to create a checklist item with deadlines every other week. We hope this can allow you to more easily track your processes in FloQast across all of your workflows. If you have any questions, please reach out to your Accounting Success Manager or support@floqast.com.

 

 

April 2022

Introducing FloQademy: On-Demand Training from FloQast

We are excited to announce FloQademy, a new online portal that delivers digital learning to meet accountants wherever they work. The new learning solution empowers controllers and their teams to onboard, engage, and expand their knowledge of FloQast solutions and accounting best practices. FloQademy ensures FloQast customers get the most out of their FloQast investment, from accelerated onboarding to continuous learning and certifications. To access FloQademy, just click the icon at the top corner of your screen. Please reach out to your Accounting Success Manager or support@floqast.com with any questions. 

 

FloQast Ops: New Workflow Types, Manage Workflows Tab, and More!

We are thrilled to announce a new update to FloQast Ops that contains many exciting new features! First, FloQast Ops now has two new workflow types: Payroll Processing and Operations. Additionally, you can now have multiple workflows of each type, and you rename your workflows to better reflect the processes you are tracking. Finally, there is a brand new Manage Workflows Tab in the Admin Settings which can be used to create and edit workflows, as well as deactivate them! Click here to learn more, and please reach out to your Accounting Success Manager or support@floqast.com with any questions.

 

March 2022

ReMind: Dashboard Redesign

A new update to FloQast ReMind gives the Dashboard a brand new look! Not only does the Dashboard have a new design, but you can now filter by various fields to effectively narrow down request lists and search to find specific requests! Additionally, notifications have now moved to their own Notifications Center, and you can find Dashboard Stats to see how your requests are performing. 

 

AutoRec Amortization: Guided Setup Process

We are so excited to share a new update to our AutoRec Amortization module. Now, when you set up a new Amortization Account, you will be taken to a new setup wizard that will walk you through setting up the account step by step. We even include FloQast's recommended best practices! Hopefully, this will make using AutoRec Amortization even easier for you and your team.

 

February 2022

Completeness Report Update

A new FloQast update has changed how the Completeness Report in FloQast is run. Before, you had to run Completeness Report from the All Entities view if your entities shared a General Ledger, or with individual entities selected if your entities did not share a GL. Now, you can run the Completeness Report for any screen, based on your GL Groups. You can group your entities together based on what general ledger they use in the Admin Settings, and then run Completeness for those groups from the Reconciliations tab in any view! Please reach out to your Accounting Success Manager or support@floqast.com with any questions, as we may need to change a couple of settings to get this up and running for you!

 

 

November 2021

ReMind: Integration with the Close Checklist

A new update to FloQast now allows ReMind customers to link a Checklist item in FloQast to a new or existing ReMind request. This will tie the request to the Checklist Item and the request will follow the item's frequency. You will also be able to view the status of your request and download the associated export right from the Checklist! Click here for more information on utilizing this feature. 

Microsoft Teams Integration

An exciting new feature for FloQast is our Microsoft Teams Integration. You can now receive notifications from FloQast directly in Microsoft Teams, as well as request information from FloQast. For more information, here is a helpful guide on setting up this new integration!

Flux Analysis: Clone Report

We are thrilled to announce a new feature to our Flux Analysis Module: Clone Report. This will allow you to create a copy of any existing Flux Report with a new name, base entity, and report type if needed, just by clicking Clone Report. We hope this will allow you to create new Flux Reports more efficiently, particularly if creating similar reports to analyze multiple entities.

 

Close Analytics: All Entities Close Trends

The latest update to our Close Analytics module allows you to now view Close Trends at an All Entities level. The All Entities view aggregates all of your entities to calculate the historical close duration for each period in the selected time range. Additionally, you will be able to see Reoccurring Late Items for All Entities, allowing for a global view of any typical problem areas, so you can utilize that knowledge to make your close more efficient.

 

October 2021

Core App: Reconciling Items

The latest update to the Reconciliation section allows you to track Reconciling Items. Now you can complete your sign-offs even if there are known differences between your Supporting Document and your GL system using this feature. 

 

September 2021

FloQast Ops

We are thrilled to announce the release of FloQast Ops! FloQast Ops is our new workflow manager that extends the power of FQ Close to connect accounting operations both upstream and downstream from the Close. This powerful new tool will give you better control and transparency into all of your accounting operations. One great new feature is the All Workflows Dashboard, where you can keep an eye on how your team is doing across all of your workflows. Please reach out to your Accounting Success Manager or support@floqast.com for more information. 

AutoRec Amortization: Pro-Rated Amortization

We are excited to announce that in addition to the Daily and Straight-Line methods, Pro-Rated Amortization is now available in our AutoRec Amortization module for new Amortization accounts. When setting up a new Amortization Schedule, you will have the option to choose one of the three Amortization calculation methods. This choice will be by account, not by amortizing item. If you have an existing account you would like to switch to Pro-Rated Amortization, please contact your Accounting Success Manager or support@floqast.com for more information.

 

August 2021

Flux Analysis: Link Existing Flux Reports

A new update to our Flux Analysis module allows you to link different Flux Reports when uploading a grouping template. You will be able to view the reports a report is already linked with, and select other reports to link as well when applying your settings. Additionally, you will be able to see what reports a Flux Report is linked with in the Report Template section of the report settings. We hope this allows you to easily change grouping and assignments across reports!

Weekly Checklist Frequency

FloQast now has a Weekly Frequency for Checklist Items. With this, you can create Checklist tasks in FloQast for your weekly procedures, for everything from processing invoices to reconciling cash accounts. When creating a new Checklist Item or editing an old one, you will have the option to select "Weekly" in addition to the other Frequencies, and the item will automatically populate for each week in the month. Click here for more information on this exciting new feature!

 

June 2021

ReMind: Weekly Recurring Requests

We are excited to announce that FloQast ReMind can now support weekly recurring requests! This will allow you to automate your data requests with even more precision than ReMind already allowed. Now, when creating or editing a request, you will have the ability to select weekly as your frequency option. After selecting weekly, you will be able to select the specific day of the week to send the request on. 

 

April 2021

AutoRec Amortization: Attach Invoices

A new update to our AutoRec Amortization module now allows you to link to your invoices for Prepaid Expenses. You can now add a link to where you store your invoice document to an Amortization item. After adding the link, you will see an icon on the Rollforward and Amortization pages that, when clicked, will take you directly to the invoice. This feature is also available if you click to edit existing items.

Remind: Dashboard and Details View

A new update to FloQast Remind introduces a Dashboard view that allows you to see the status of your Remind requests. It includes a notification center to view any updates to your active requests. Additionally, on the Dashboard, you can edit, pause or deactivate your requests, as well as export your results. By clicking on view details, you will be taken to our new Details View, where you can see detailed metrics about your Remind requests including response rate, percentage of messages opened, percentage of messages marked as spam, and more! To learn more, click the links below.

Dashboard

Details View

 

March 2021

Flux: New Workflows at the Group-Level

Groups and Sub-Groups have always existed in Flux, allowing teams to categorize GL accounts and perform a period-over-period analysis on the rolled-up totals. Now you can assign a preparer/reviewer, a deadline for these individuals, and even a unique materiality threshold at each Group or Sub-Group level, bringing even more collaboration and a sense of ownership to your Flux process. These group-level features can be used to complement your account-level assignments. They can also be used instead of account-level detail suits your leadership team's strategic needs. Get started by reading the links below!

Group-Level Assignments

Group-Level Materiality Thresholds 

AutoRec: Clearing Account Split My Files for Matching

Now, there is no need to upload two separate files for clearing accounts in AutoRec Matching. If you list your debits and credits in a single file, FloQast can automatically split that file into two for you for our AutoRec Matching engine to process. You can turn this feature on or off in your settings. This feature is only available for clients uploading their own files for AutoRec Matching.

Flux: Due Dates for Assignments

A new update for our Flux Analysis assignments now allows you to add due dates for preparers and reviewers on Flux assignments. These will look and function the same as due dates in all other sections of FloQast. Additionally. you can now filter your flux assignments to see what is due in the coming days or is currently late.

 

 

February 2021

AutoRec Amortization: Daily Amortization

Our AutoRec Amortization module has been updated to allow for accounts amortized using a daily schedule, in addition to the straight-line method. For a new AutoRec Amortization account, you will have the option to select daily amortization, and your monthly amortization account will be tailored to the specific amount of days in that month.

Flux: Advanced Searching and Filtering

Much like the Checklist and Reconciliation tabs within FloQast, the Flux module now offers a robust Filter section. Users can slice and dice the data within a particular Flux Report to quickly identify the items of interest. Check out the filtering options here.

Close Analytics: New Filters

We are excited to announce new ways to filter on our Close Analytics tab. Now, you can filter your all entities view of Close Analytics by Entities, Folders, and Tags! This feature will allow you to better understand the progress of your close from an All Entities level.

AutoRec Matching: Direct Link to Netsuite

Now, if you are using NetSuite pull to bring your data into FloQast for AutoRec Matching, you can quickly view the NetSuite transaction with one click! This will allow you to quickly and easily view details of a transaction in NetSuite if you need any more information. Look for the link when hovering over a reference 2 value in FloQast.

 

January 2021

Close Analytics: Click Directly to Late Items

A new update to our close analytics allows you to click on any late item metrics on data tables, and go directly to those items on a checklist or reconciliation page. We hope this will allow you to easily gain insight into specific late items in your close.

 

Flux: "Parent" Departments in Groupings

A new feature in FloQast Flux analysis now allows you to view a Flux Report for a "parent" department in FloQast. Now if you have a department such as R&D, that has multiple groups contained within it, you can choose to have your Flux Report for that department include information from the groups within it. This option can be turned on or off, allowing you to view only information from the parent department if you wish.

 

December 2020

Non-Close Calendar Type

This is one of the most exciting new features within FloQast! Our new Non-Close Calendar will allow you to organize checklist items in the current period rather than in the close period. You can apply the Non-Close Calendar to an entity through the entity settings, and then you will need to re-save your checklist template to apply the new deadlines in FloQast. We hope you can use this feature to easily organize entities and checklists that do not run on the close calendar within FloQast.

 

Flux: Assign Reviewers to Flux Explanations

A natural addition to your ability to assign preparers to your Flux explanations, now you can assign Reviewers too. And multiple of them, if you so choose. Learn about the multiple ways to add or edit your Flux Assignments here.

November 2020

Checklist & Recs: Bulk Reassignment

Whether you have new faces on the team or just need to switch up some responsibilities, updating the assignments for your Reconciliations and your Checklist just got a whole lot easier! Now you can reassign items from one person to another in bulk, across multiple entities at once, with just a few clicks. No templates required. Learn more here!

 

AutoRec: Upload Historical Data to Amortization

Wish you could see your prior periods of monthly amortization (you know, all those months that you did the hard way before AutoRec Amortization) in FloQast too? Now you can upload that history via a template for ongoing visibility. Learn more here!