5 Best FloQast Alternatives & Competitors in 2024

Are you wondering which FloQast alternatives and competitors to choose? With the rise of digital transformation requiring organizations to perform more complex financial consolidation processes, FloQast has become a popular tool amongst many companies. As with most software tools, however, it’s not always the perfect fit for everyone.

We understand that you may be looking for alternatives to FloQast to meet your unique needs – so we’ve put together this comprehensive guide on the best FloQast competitors.

This article will help compare their features and provide insights into which one is right for you.

Comparison of Top FloQast Competitors

Introduction To FloQast

FloQast is a cloud-based financial close software that helps businesses streamline their accounting and finance processes. It offers various features such as account reconciliation, task management, flux analysis, and journal entry management to automate and simplify the month-end close process.

Features and Benefits of FloQast

Consolidation Software Integration

Floqast seamlessly integrates with popular consolidation software such as NetSuite, Sage Intacct, and Microsoft Dynamics to further improve the accuracy and efficiency of the financial close.

Audit Trail & Approval Workflow

Floqast’s audit trail feature provides a detailed record of all changes made to the close, allowing for better transparency and compliance. The approval workflow also ensures that all tasks are reviewed and approved before being marked as complete.

Real-time Reporting & Dashboards

With Floqast, users can access real-time reports and dashboards to track progress, identify bottlenecks, and make data-driven decisions to improve the financial close process.

Close Analytics

Floqast’s close analytics feature provides valuable insights into the efficiency of the financial close, allowing businesses to identify areas for improvement and make necessary adjustments.

Collaboration & Communication

Floqast’s platform allows for seamless collaboration and communication among team members, ensuring that everyone is on the same page and working towards the same goal.

Why we need FloQast alternatives?

While FloQast has a lot of great benefits and features, there might be times where businesses should explore other options. Here are a few reasons why:

• Cost: FloQast might not be the most budget-friendly choice for smaller businesses or those with limited budgets.
• Integration with existing systems: Some companies might already have financial software in place that may not integrate well with FloQast.
• Desired functionalities: FloQast might not have all the specific functionalities and features that you need for your financial close process.
• Learning curve: When it comes to implementing new software, there can be a bit of a learning curve involved. It’s understandable that some companies may prefer to stick with their current systems, as it’s what they’re familiar and comfortable with.

What are the alternatives to FloQast?

There are several alternatives to FloQast that businesses can consider for their financial close process. Some of the popular options include: Redwood, OneStream, Trintech, Blackline, Planful, Workiva, Oracle Cloud EPM, and Vena.

List of Best FloQast Competitors

#1. Record to Report Automation by Redwood

Best for automation of 90% of your R2R processes.

Record to Report Automation by Redwood is meticulously crafted with advanced automation technology, effectively transforming mundane and error-prone manual tasks into streamlined and efficient processes. With Redwood, you can achieve a faster and more precise financial close, empowering your finance teams to redirect their focus towards strategic responsibilities rather than mechanical tasks.

One of the remarkable aspects of the solution is its ability to eliminate manual processes and orchestrate your finance and accounting operations. By managing the entire record to report process, it provides comprehensive visibility into your financial health, facilitating informed decision-making. Moreover, it not only enhances operational efficiency but also reinforces financial compliance and security, which are paramount concerns for modern businesses.

The best part is that Redwood seamlessly integrates with your existing applications, simplifying the financial close through automation. It enables you to streamline end-to-end processes across the enterprise, irrespective of the technology or provider you employ, be it SAP, Oracle, or any other platform.

Redwood’s finance automation solution optimizes processes and saves valuable time by eliminating unnecessary manual effort. It efficiently handles manual control and production tasks in the cloud, liberating your finance team to delve deeper into analysis and provide crucial insights. This, in turn, elevates decision-making processes and drives business performance to unprecedented levels.

Redwood boasts an exceptionally user-friendly interface. Your finance teams can effortlessly connect dependent tasks without the need for specialized IT training. Redwood comprehends your finance systems, as well as your wider systems and applications, utilizing the table structures in your ERP, data, and metadata to swiftly mirror your processes.

Features:

• By implementing application-based automation, businesses can achieve enhanced reliability and control, establishing fully supported and maintained connections to their core applications and systems. This enables them to confidently embrace the future.
• Redwood’s comprehensive array of pre-automated tasks accelerates and streamlines process development, offering unparalleled convenience. Bid farewell to tedious and time-consuming tasks, and welcome a new era of efficiency.
• With comprehensive orchestration capabilities, organizations can seamlessly manage and coordinate complex processes, effortlessly automating their interdependencies. Embrace the power of automation and unlock new levels of productivity.
• Redwood’s team of experts is readily available to assist with evaluating and selecting the optimal processes for the development and maintenance of automation enhancements. Trust in their expertise and elevate your automation journey to new heights.
• Scaling automated processes to meet evolving requirements while effectively managing costs is easily achievable. Embrace the flexibility and scalability of automation, future-proofing your processes.
• Redwood’s meticulously crafted pre-automated tasks seamlessly integrate with ERP and non-ERP systems, ensuring compatibility with various business applications. This enables effortless process streamlining and delivers a significant efficiency boost. Experience the power of seamless integration.
• Empower and educate business users with integrated BPM capabilities and highly informative dashboards, providing control at critical junctures. Harness the insights and control you need to propel your business forward.
• Redwood offers a built-in audit and controls feature that meticulously logs and tracks each step of the process, eliminating the need for manual intervention. Rest assured, everything is handled automatically and with utmost care. Embrace peace of mind with automated audit trails.
• With managed file transfers, organizations gain the ability to securely move, copy, and manage files, including sensitive documents like bank statements, even in the face of unsecured networks and external endpoints. Safeguard your data with confidence.
• When it comes to data sources, Redwood provides comprehensive coverage across the entire enterprise, from CRM to ETL, cloud-native databases, and even artificial intelligence/machine learning. Unlock the full potential of your data.
• Redwood’s platform boasts exceptional security measures, holding ISO 27001, SOC 2, and CSA STAR Level 1 certifications. Additionally, it has undergone third-party penetration testing to ensure unparalleled protection. Your data is in trusted hands.
• At Redwood, our team of automation experts is dedicated to providing round-the-clock support, available 24/5. Rest assured, we are here to assist at all times! Furthermore, we offer 24/7 SEV-1 support to promptly address any issues that may arise. Experience the peace of mind that comes with exceptional support.
• Redwood Finance Automation offers an intuitive interface and a well-designed user experience, ensuring effortless usability. Extensive training is unnecessary as it is designed to be user-friendly, facilitating a seamless start. Moreover, its exceptional user-friendliness is highly valued by all users. Simplify your financial processes with ease.

Pricing: Contact Redwood for demo and pricing.

#2. IBM Planning Analytics

Best for managing and automating the financial close process.

IBM Planning Analytics is an AI-driven, integrated business planning solution that enables organizations to streamline their financial close processes. It offers flexible deployment options, including on-premises or on the cloud, such as a service on AWS.

With IBM Planning Analytics, you can effortlessly access data from multiple sources through an intuitive web interface or Excel spreadsheets. Its robust in-memory database allows for quick analysis of large datasets, providing real-time insights.

Featuring advanced analytics, budgeting, forecasting, and financial reporting capabilities, it empowers organizations to enhance their financial and operational planning processes. Built on the IBM Cognos Analytics platform, it is specifically designed to simplify and optimize planning activities.

Features:

• Embedded AI: Experience the power of built-in AI with advanced forecasting capabilities and upcoming Gen AI enhancements that take accuracy and predictive insights to the next level.
• Intuitive web interface: Unleash the potential of a web interface packed with powerful data visualization capabilities and advanced planning and forecasting functionalities.
• Analytics: Dive into the depths of data analysis to uncover trends and patterns that drive informed decision-making.
• Budgeting and forecasting: Develop complex financial models and generate accurate projections to fuel business success and support informed decision-making.
• Built-in Financial reporting: Effortlessly generate, customize, and share insightful reports and visualizations within the platform. No need to export data to other tools – everything you need is right here.
• Collaboration and data sharing: Seamlessly collaborate and share data and models with multiple users, ensuring everyone is on the same page.
• Familiar Excel interface: Enjoy all the spreadsheet functionality you need, with the added benefit of governance and control. Make real-time adjustments that affect all views.

Pricing:

The pricing for IBM Planning Analytics depends on the number of users and the type of license you need. They offer different plans to choose from.

• Explorer: $70 per user per month
• User: $150 per user per month
• Modeler: $225 per user per month

#3. OneStream

OneStream is an awesome AI-Powered finance solution that gives CFOs, controllers, and finance teams a super integrated platform for financial consolidation, budgeting, forecasting, and reporting.

The modern corporate performance management (CPM) Platform by OneStream lets organizations develop new solutions directly on the platform. It integrates evolving business requirements with existing processes, so you don’t need multiple software modules and it’s easier to maintain.

OneStream’s unified platform is a game-changer for finance and operations teams. It brings everyone together, creating a single source of truth and a super seamless user experience for all your planning, financial close & consolidation, reporting, and analytics needs. It’s like having the ultimate collaboration tool at your fingertips, making your day-to-day operations smoother than ever.

Features:

• Data Management & Quality: Integrate and validate data from different sources to make informed decisions based on precise financial and operating outcomes. It’s all about getting the right information to drive better decisions.
• Extensible, Unified Data Model: OneStream is great because it supports corporate standards while also meeting the specific planning and reporting needs of different business areas. Everything you need is in one unified application, making it easy to manage and analyze your data.
• AI Services: OneStream makes it easier for enterprises to embrace and benefit from Artificial Intelligence and Machine Learning with its built-in AI Services. Unlock the power of AI to drive better insights and outcomes.
• Data integration, reporting, and transformation: The platform lets you integrate data from different sources and provides tools to transform your data, like mapping, validation, and cleansing. It’s all about simplifying the process and getting the most out of your data.
• BI dashboarding: OneStream has got you covered with a range of dashboards that let you easily view and analyze financial data in real-time. Stay on top of your finances with intuitive and customizable dashboards.
• Built-in Financial Intelligence: Speed up the time it takes to see results with OneStream’s built-in knowledge of accounts, currencies, ownership, and intercompany activity. It’s designed to streamline financial close and other processes for you, so you can focus on what matters most.
• Budgeting, forecasting, and reconciliation: The platform is designed to support various scenarios and versions of budgets, forecasts, and financial statements. This feature can be really helpful for organizations to spot trends and make informed decisions. Stay ahead of the game with accurate and flexible budgeting and forecasting capabilities.
• Long-term expansion capability: OneStream can be easily customized to meet your organization’s specific needs. Plus, you can add new functionality and integrations whenever you need them. It’s all about scalability and growth.
• Analytic Services: Teams can now utilize trusted financial intelligence to analyze vast amounts of operational data from different sources. This enables them to uncover trends and financial signals that drive informed decision-making at the speed of business. Gain valuable insights and make data-driven decisions.
• Solution Exchange: With the OneStream Solution Exchange, customers can take their platform investment to the next level. Explore over 75 pre-built business and productivity solutions from OneStream, their partners, and their wider ecosystem. Get the most out of your investment with a wide range of ready-to-use solutions.

Pricing: Contact OneStream for demo and pricing.

#4. Trintech

Best for financial management, including risk management and compliance.

Trintech is a powerful financial close and account reconciliation software that helps you automate your account reconciliation and finance close processes. With Trintech, you can drive growth, control risk, and empower your team.

Trintech enhances workflows and promotes collaboration, allowing teams across your organization to focus on valuable tasks that boost profitability and productivity. It also improves the accuracy, control, and visibility of your account reconciliation and close processes, ensuring utmost efficiency and effectiveness.

Features:

• Financial Close Management: It helps you eliminate the hassle of manual accounting processes, reducing risk and providing better visibility. This means a more efficient close, improved data quality, and empowering your teams to offer strategic insights.
• Automated Reconciliations: When it comes to your processes and reconciliations, it’s all about finding the right balance. By leveraging automation, you free up your teams to focus on value-added work while also cutting costs.
• Transaction Matching: Save time by automatically matching transactions and standardizing processes across your organization. Say goodbye to error-prone and time-consuming manual tasks, making everything much easier.
• Reporting and Analytics: Minimize risk and unleash the full potential of your data with real-time reporting and dashboards. This way, you’ll make better decisions and become a trusted strategic advisor, offering valuable insights to the wider business.

Pricing: Contact Trintech for demo and pricing.

#5. Vena Solutions

Best for mid-market and small businesses.

Vena Solutions is a comprehensive planning platform that intelligently connects your people, processes, and systems. It streamlines critical business processes including budgeting, forecasting, cash flow planning, financial close, and incentive compensation. With enterprise-level scalability and seamless integration with cloud and on-premise systems, it offers a user-friendly web-based interface and enables collaborative workspace documentation sharing.

Features:

• Central Database: Vena’s robust cloud database seamlessly integrates with your source systems, consolidating all your data in a centralized location.
• Excel Templates: Vena offers meticulously designed templates with embedded logic to facilitate accurate planning for sales, COGS, and operating expenses.
• Workflows: Leverage the workflow feature to efficiently distribute templates based on entities or departments, maintaining control over the submission and review processes.
• Budgeting: Streamline budget cycle times and generate customized budgets tailored to diverse needs, including top-down, bottom-up, zero-based, or driver-based approaches.
• Forecasting: Drive strategic decision-making with confidence by utilizing integrated financial statements, rolling forecasts, what-if analysis, unlimited modeling capabilities, and more.
• Financial and Businesswide Reporting and Analysis: Gain comprehensive insights into your financials across departments, generate highly customizable reports, and obtain a detailed perspective of your income statement. Moreover, unlock impactful strategic insights and enable self-service analytics with Vena Insights, harnessing the full potential of your data.
• Variance Reporting and Analysis: Effortlessly incorporate actuals from your source systems into budgeting templates, enabling quick and efficient generation of variance reports.
• Turn Excel Into a Complete FP&A Platform: Vena empowers you to transform Excel, your familiar interface, into a comprehensive FP&A platform. Benefit from remarkable features such as template and version control, drill-through capabilities, quick build reports, and more.
• Keep Your Data and Templates Safe: Take full control over access and permissions at the individual user level using Vena’s financial planning and analysis tools. Safeguard your templates, data, and inputs according to your specific requirements.
• ERP and GL Integration: Easily integrate general ledger data from leading ERPs including Sage Intacct, NetSuite, Microsoft Dynamics, Quickbooks, FinancialForce, and more into your templates. Ensure accuracy and up-to-date numbers for your financial planning and analysis.
• HRIS Integration: Effortlessly load data from HRIS systems such as ADP, Workday, Bamboo, and more using Vena’s advanced financial planning and analysis software.

Pricing: Contact Vena Solutions for demo and pricing.

Conclusion

With so many best FloQast alternatives available on the market, it can be difficult to know which software solution is best for you. We hope this article has been helpful in helping to find the right consolidation tool for your organization.

Based on our research process of exploring alternatives to FloQast software, the five best FloQast competitors that stand out are Redwood Finance Automation Software, IBM Planning Analytics, OneStream, Trintech, and Vena Solutions.

These five alternatives provide powerful features with exceptional benefit potential including flexible cloud options for faster implementation.

If you’re interested in learning more about these top 5 alternatives or competitors for FloQast software, make sure to dive deeper into each option. Reach out to their support teams for trial opportunities and detailed insights, so you can find the perfect solution for your business needs.

Research Process – Alternatives To FloQast Software

• Total time we spent on evaluating these tools: 24
• Total tools evaluated: 18
• Total tools finalized: 7

We spent 24 hours evaluating and researching different FloQast Alternative Software. We looked at user reviews and compared products’ features to determine which tools help you in your financial close management.

Based on our research, we believe the above tools drive your project in a better direction. Here we are not giving any ranking to any tool. Every tool in the list above has decent features. The best thing out here is almost all the tools come with a free trial.

Related Posts:

• Best Account Reconciliation Software
• Best Financial Close Automation Software
• Best Record to Report Automation Software
• Best OneStream Alternatives & Competitors
• Best Blackline Alternatives & Competitors
• Best Trintech Alternatives & Competitors