User question: How do I complete my Financial Variance Analysis workflow in FloQast?
FloQast's Variance Analysis Finalizing and Sign-off Workflow provides a streamlined, automated method to track material fluctuations, eliminate manual data exporting, and establish a clear, review-ready audit trail for your close period. Use the Table of Contents below to navigate the three steps of this workflow:
Table of Contents
Step 1: Viewing Material VariancesBack to top ↑
How do I view and navigate to my Material Variances?
FloQast AI Variance Analysis surfaces variances that have exceeded your materiality thresholds on the Material Variances Page. This is where your team begins the explanation process, reviewing which accounts require attention, understanding the drivers behind each variance, and triaging the work across your Preparers.
How do I navigate to the Material Variances Page?
- Locate the Rule Collection and rule you want to review.
- Click the number of Material Variances to drill into the Material Variances Page.
What does the Material Variances Page show me?
The Material Variances Page lists every variance that has triggered a material variance under the selected rule. For each variance you can customize what you see using the Column menu.
For example, anything to the left of the "Rule" column is the account that was triggered by the Rule. So we list out the characteristics and should align to what was selected in the Filters and Groupings section.
Step 2: Writing Explanations in Focus ModeBack to top ↑
How do I use Focus Mode to write, generate, and submit my variance explanations?
FloQast AI Variance Analysis guides you through the explanation process inside Focus Mode, where your Transactions, Trends, Prior Period Explanations, and Notes panels are all visible alongside your explanation field. You can write your own explanation from scratch, or use the AI Explanation feature to generate a draft based on available data — then edit and submit.
How do I access Focus Mode?
From the Material Variances Page, click on the account you want to explain to open Focus Mode.
Focus Mode View
Once inside Focus Mode, you will see four panels (1) that provide context for the variance you are explaining:
- Transactions: A line-level view of the transactions posted to this account in the current period. Use this panel to identify the specific activity driving the variance.
- Trends: A historical view of the account's balance across prior periods. Use this panel to understand whether the current variance is unusual or consistent with a recurring pattern.
- Prior Period Explanations: The explanation submitted for this account in the previous period, surfaced directly in Focus Mode as a drafting reference. This helps your team maintain consistency in language and framing from close to close.
- Notes: A shared space for team notes tied to this account or period. Check here before writing your explanation to see if a teammate has already documented relevant context.
How do I write an explanation in Focus Mode?
- Write your own explanation — Click into the explanation text field and type your explanation directly. Reference the specific transactions and trends you reviewed to make the explanation accurate and defensible. Click Save to submit your explanation, which will then be available as a reference for future periods.
- Use the prior period explanation — If available, the explanation submitted for this account in the previous period, surfaced directly in Focus Mode as a drafting reference. Click into the text field Review and update the explanation as needed to maintain consistency in language and framing from close to close, then click Save.
- Use the AI Explanation draft — Click Use AI to Draft Explanation to have FloQast draft an explanation based on the available Transactions and Trends data. Review the draft carefully, edit it to reflect your team's judgment and any context not captured in the data, then click Save to submit the explanation.
NOTE: The AI Explanation draft is a starting point, not a final answer. Always review and edit the draft to ensure it accurately reflects the variance and your team's understanding of the underlying activity.
Frequently Asked Questions
Q: Can I edit a submitted explanation?
A: Yes. You can return to an account in Focus Mode and update the explanation before a Reviewer has signed off. Once Reviewer sign-off is complete, contact your FloQast Admin for assistance.
Q: What happens if I submit an explanation and then the balance changes?
A: If the balance on a material variance changes after an explanation has been submitted or signed off, the relevant Preparer and Reviewer will receive an automated Balance Change notification. The explanation may need to be updated to reflect the new balance.
Q: Can I use the Prior Period Explanation as my final explanation without editing it?
A: Technically yes, but it is not recommended. Prior period explanations reflect prior period activity. Your current explanation should describe what is driving the variance in the current period, even if the language is similar.
Step 3: Finalizing and Sign-OffBack to top ↑
How does the sign-off process work in AI Variance Analysis, and how do Preparers and Reviewers complete it?
FloQast AI Variance Analysis features a structured sign-off workflow, moving line items from Preparer to Reviewer once an explanation is entered. Preparers and Reviewers are assigned at the rule level by a FloQast Admin. The process follows a three-stage sequence: Preparer sign-off → Reviewer sign-off → Finalization.
NOTE: The Reviewer sign-off toggle only becomes active after the Preparer has signed off. The workflow is sequential — Preparer sign-off must come first.
How do Preparers and Reviewers sign off?
Once an explanation has been entered for a line item, both the Preparer and Reviewer can complete their sign-off using the toggle beside their name on the Material Variances Page or in Focus Mode. The process is the same for both roles:
- Open the line item from the Material Variances Page or in Focus Mode.
- Confirm the explanation is present for the line item.
- Click the sign-off toggle beside your name to mark the item as signed off.
If you have additional questions, contact support@floqast.com.
🎓 Ready to learn more? Accelerate your reporting and variance analysis workflow with our interactive FloQademy course: FloQast AI Variance Analysis: Setup, Use, and Best Practices. This course is CPE-eligible through the FloQast AI Variance Analysis & Reporting program.