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February 12, 2024
Min Read

FloQast Pricing: Costs, Plans and Terms

FloQast pricing is based on user count, products, ERP integration, and implementation fees. Read our guide for details on plans, typical terms, and more.

Daniela Andreevska
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FloQast is one of the three popular financial close software choices, along with BlackLine and Numeric. When choosing the right accounting tool for your team, pricing is naturally a key factor to consider in cost-benefit analysis.

In this article, we’ll break down the FloQast pricing model, looking at the available plans, the start-up and recurring fees, and the products included in each plan.

We’ll cover terms, conditions, and compliance offered by FloQast and will conclude by evaluating whether the FloQast cost makes it worth it for accounting teams and what alternative softwares are available. 

For teams looking for a cost-effective way to manage their close, Numeric offers basic close management in a free plan.  

FloQast Plans

FloQast pricing is based on a standard SaaS model, with a one-time implementation fee and annual subscription fees.

The integration fee depends on the ERP (Oracle NetSuite, QuickBooks Online, Sage Intacct, SAP, Infor, or Microsoft Dynamics). The ongoing subscription cost comes with a standard 2-3 year contract and is determined by the required FloQast products and the number of team members.

The FloQast website does not provide any plan and pricing information, but most third-party software review websites mention three different tiers: Business, Corporate, and Enterprise.

While FloQast plans tend to be flexible to allow Controllers and accounting managers to choose the right fit for their needs, the pricing increases with access to more features and adding additional users.

The products offered by FloQast include:

  • FloQast Close: This FloQast product offers a collaborative month-end checklist with close tasks and review notes. This product helps manage the tasks, preparers, and sign-offs required for the close process for improved accuracy, audit-ready transparency, and cooperation between team members.
  • FloQast Reconciliation Management: FloQast comes with a centralized view of the account-level reconciliation status and tie-outs integrating with workpapers in Excel or cloud-storage and your general ledger, automated matching of transactions for different accounts, and tracking and recording of reconciliation items in the accounting workflow.
  • FloQast Variance Analysis: This FloQast product allows accountants to track variance from previous close periods and compare between final account balances and budgetary amounts to inform financial reporting.
  • FloQast Analyze: FloQast gives a one-page summary of progress towards monthly close against specified deadlines and simple accounting operations where data can be filtered by process, checklist, prepared items, and custom tags.
  • FloQast ReMind: FloQast automates reminders for confirming tasks, requesting information, and reimbursing expenses, using readily available or customizable templates.

The pricing of your FloQast subscription will depend on the products that you choose to include in your plan from the above options.

FloQast Pricing

FloQast does not publish pricing information on their website. 

Reliable third-party online sources quote prices starting at around $12,000 annually, for access to the most basic plan. All subscriptions are annual, with no monthly options. 

FloQast pricing goes up with higher-tiered plans, additional FloQast users, access to more features, and is dependent on ERP systems integration. For instance, sources state that adding another user costs $125 per month with the Business plan.

As businesses grow and the product count increases, sources mention annual costs exceeding $70,000 for large-scale pre-IPO or public companies with multiple offices and complex accounting teams.

To get a precise quote, interested accountants need to schedule a demo with the FloQast team and discuss their specific needs, key features, and team size.

FloQast does not offer a free trial typically or a free plan, requiring extensive research to ensure that this is the right financial close or reconciliation platform for your requirements.

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Add-On FloQast Costs

When evaluating the FloQast pricing model, it’s important to note that not all products listed above are included in the standard plans. 

For example, FloQast ReMind - the request management tool - acts as an add-on. While this email automation solution is not a core FloQast feature, it’s nice to have to eliminate the need for manual information requests and streamline the workflow. 

On the other hand, FloQast alternatives, like Numeric, have automated emails as a core feature included in the standard plans.

So when evaluating the cost of FloQast and alternatives, keep in mind the inclusion or exclusion of add-ons. 

Related Reading: 5 Accounting Emails You Should Have Automated Yesterday

FloQast Terms and Contracts

To get started with FloQast, you need to sign a standard software services agreement.

The duration of the user agreement varies, but in most cases FloQast works with contracts with a duration of 2-3 years. Similar to most financial reconciliation and close management softwares, FloQast prefers longer-term agreements to justify the cost of implementation and onboarding, where the customer success team is significantly engaged. The exact term length is negotiable.

FloQast Renewal Conditions

Most FloQast contracts are renewed automatically, unless the customer requests cancellation of services with a written notice submitted 60 days before the renewal date.

In case the agreement is terminated due to a breach of terms on behalf of FloQast, the customer is entitled to a pro rata refund of all unused license fees as of the date of the termination.

FloQast Compliance and Security

FloQast provides the standard industry requirements for ensuring the confidentiality, availability, and integrity of customer data and services.

The cloud-based software platform is compliant with a number of third-party audits and certifications, such as SOC 1 Type 2, SOC 2 Type 2, ISO 27001, and ISO 27701.

Personal data and information is handled with the expected level of privacy, based on the principles of transparency, accountability, choice, consent, security safeguards, privacy rights, and privacy-by-design.

Data security is provided via multi-layered authentication, secure software development, and incident detection and reports.

In order to secure the expected level of data privacy and security, FloQast applies vulnerability management, penetration testing, encryption, system hardening, network segmentation, firewalls, and antivirus software.

What FloQast Offers for the Price

The standard FloQast pricing includes 1) access to the FloQast software for the products included in the respective plan and the specified number of users, 2) technical support services, and 3) implementation services.

Moreover, multiple sources mention that FloQast charges an additional integration fee, the cost of which depends on the ERP with which the platform needs to be integrated.

In terms of customer support, the FloQast customer success team works along your team to implement the software, integrate with your ERP, and make sure you are onboarded. Moreover, ongoing support is available after implementation by submitting a support request.

Is FloQast Worth It? 

When budgeting and thinking through the value for money, the FloQast pricing and product make it a potentially good fit for accounting teams that require a basic close checklist and reconciliation management. 

However, for teams wanting additional automation for accounting processes, month-end automation tools like BlackLine or Numeric may be the better option.

The best way to decide if the FloQast close management software is the right choice for your team’s needs is to demo the product as well as a few FloQast alternatives

During demos, dive into how exactly each platform works, ease of use, what it offers, the planned feature roadmap, and how much it will cost for your company.

FloQast Reviews 

Furthermore, existing customer reviews can be very helpful when making a decision whether to purchase a certain accounting software.

On G2, one of the most trusted online review platforms for software products, the majority of FloQast customers have rated the tool with 4 or 5 stars.

  • G2: 4.7/5 stars

Positive reviews by happy customers focus on the ability to streamline certain aspects of the monthly close workflow and the access to real-time task status overview. Other features liked by customers include the ability to collaborate, the provided customer support, and the time-savings.

However, some customers find the FloQast software to be overly simplistic and focused primarily on task management, offering only limited functionality in terms of automations, flux analysis, controls, and integrations with third-party tools. Because of the lack of advanced tooling, some customers state that the FloQast pricing is too expensive compared to the products it provides to teams. 

FloQast Costs vs Competitor Costs

When deciding if FloQast provides value comparable with the bill, it’s crucial to take into consideration the pricing of other comparable tools. The two main competitors of FloQast are Numeric and BlackLine.

Numeric Pricing

Numeric is the up and comer in the financial close management space quickly gaining traction with leading accounting teams. By leveraging transaction-line ERP syncs and AI to streamline month-end close, Numeric helps accounting teams automate account reconciliations, auto-draft flux analysis, and monitor transactions for a more proactive close.

Numeric is the only close management software platform that offers an absolutely free plan to get started. Paid plans are based on which ERP a team integrates with and 

The free Numeric plan - Essentials - offers access to core close management features, like task management, review notes, email request automations, and an AI assistant.

Growth and Enterprise paid plans then incorporate account reconciliation, flux analysis, search, and reporting capabilities. 

To get started with Numeric, you can sign up for the free Essentials plan or schedule a demo with the team to learn more about the available products and features.

BlackLine Pricing 

BlackLine, on the other hand, tends to be more expensive than FloQast and other BlackLine competitors

While the platform offers a good range of tools and products, BlackLine pricing can include multiple line items, including but not limited to implementation fees, integration fees, customization fees, and data migration fees.

Additionally, a comparison of FloQast vs BlackLine shows that the latter can charge professional fees for training on new tools and ongoing customer support. 

Bottom Line

As one of the three main solutions for teams in need of financial close management, FloQast supports companies in launching close checklists and managing the tasks required in the process. The FloQast pricing model makes it a good fit for teams with basic close needs, largely limited to task management.

For teams looking to keep prices reasonable but without sacrificing automations during month-end, explore Numeric and get started for free or schedule a demo

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