Home > Accounting Software > FloQast > FloQast vs Workday Financial Management

FloQast vs Workday Financial Management

Last Updated: November 25th, 2024

Our analysts compared FloQast vs Workday Financial Management based on data from our 400+ point analysis of Accounting Software, user reviews and our own crowdsourced data from our free software selection platform.

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Product Basics

FloQast is a comprehensive software solution designed to streamline and enhance the accounting processes for businesses. It is particularly well-suited for medium to large-sized companies looking for an efficient way to manage their accounting tasks, including closing books faster and more accurately. One of the key benefits of using FloQast is its ability to improve collaboration among accounting team members, thereby enhancing overall productivity. The software boasts popular features such as close management, reconciliation, and integration with existing ERP systems, which collectively help in automating and simplifying the accounting workflow. When compared to similar products in the market, users often highlight FloQast's user-friendly interface and robust support as distinguishing factors. Pricing considerations for FloQast typically involve a subscription model, where the cost can vary based on the size of the organization and the specific features required, ensuring that businesses only pay for what they need. Payment frequency is usually on a monthly or annual basis, providing flexibility to suit different budgeting requirements.

Workday Financial Management is a cloud-based accounting software designed for mid-sized and large enterprises. It automates core financial processes like record-to-report, procurement, and expense management, aiming to streamline operations and improve data visibility. Its strengths lie in its user-friendly interface, real-time reporting capabilities, and global compliance support. However, its subscription-based pricing model can be costlier than traditional on-premise solutions. Users praise its intuitive design and powerful analytics, but some note occasional integration issues and a steeper learning curve compared to simpler systems. Overall, Workday Financial Management is a robust option for companies seeking a modern, scalable accounting platform with a focus on automation and global reach, but its premium pricing might not suit smaller businesses or those with less complex financial needs.

Pros

User-friendly interface
Real-time reporting
Global compliance support
Scalable for growth
Integrates with other Workday apps

Cons

Higher subscription costs
Steeper learning curve
Occasional integration issues
Limited customization options
Reporting can be complex

$1,920 Annually

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Product Insights

Speedy Accounting Process: Connect people, documents and reconciliations for a streamlined accounting process. Boost the most common accounting processes like expense management, billing and credit and close at an average of three days faster.
Easy Collaboration: Provide the tools to connect team members quickly and easily anywhere, anytime. Operate as a single, unified virtual team from anywhere.
Stay Audit Ready: Organize data to keep the business ready for smooth and efficient audits by documenting and time-stamping all the work processes.
Streamline Accounting Workflow: Streamline and automate common accounting workflow to save time, money and person-hours that would be otherwise spent on mundane tasks.
Easy Integration: Integrate with ERP systems and Excel workbooks to automate reconciliation ties-ups. Leverage traditional accounting tools.

Enhanced Efficiency and Streamlined Operations: Automates manual tasks, eliminates data silos, and provides real-time visibility across financial processes, leading to faster close cycles, reduced errors, and improved operational agility.
Data-Driven Decision Making: Offers robust analytics and reporting tools that deliver actionable insights into financial performance, enabling informed strategic planning, cost optimization, and resource allocation.
Global Compliance and Scalability: Supports complex global operations with built-in compliance features and multi-currency capabilities, ensuring seamless expansion into new markets and adherence to local regulations.
Improved User Experience and Productivity: Provides a modern, intuitive interface that empowers finance teams with self-service capabilities, reduces training requirements, and boosts overall user satisfaction.
Enhanced Collaboration and Visibility: Fosters collaboration between finance and other business departments through integrated workflows and shared data, promoting transparency and alignment across the organization.
Reduced Risk and Improved Controls: Strengthens internal controls with advanced security features, audit trails, and automated compliance checks, mitigating financial risks and safeguarding sensitive data.
Increased Agility and Adaptability: Enables rapid configuration changes and customizations to adapt to evolving business needs and industry regulations, ensuring continuous optimization and competitive advantage.
Talent Optimization and Retention: Supports talent management initiatives by streamlining payroll and expense processes, providing employee self-service capabilities, and enhancing financial transparency, leading to increased employee satisfaction and retention.
Sustainable Growth and ROI: Delivers tangible cost savings through automation, improved efficiency, and reduced compliance risks, contributing to significant long-term return on investment.
Future-Proofed Platform: Continuously updated with new features and functionality, ensuring your accounting system stays ahead of the curve and adapts to evolving industry trends and technologies.

Security: Get SOC1 Type II certifications, which ensure review viability by a third-party auditor. Leverage a financial management software that utilizes SSL 256 AES encryption and leading authentication protocols.
Multi-Currency Support: Support all the major currencies, giving businesses the power to conduct transactions globally and seamlessly manage the month-end close across international boundaries
Zero Storage Fee: Ensure that sensitive data gets well secured in the system without charging an extra fee.
Implementation: Get implementation on the phone by a team of CPAs and accounting experts in only a few weeks, unlike other alternatives, which can take months.
GL Integration: Provide seamless integration with Cloud ERP that pulls out the GL balance and automatically matches it to the Excel spreadsheet, without any human intervention
Quick Implementation: Get it up and running in a few weeks. Eliminate costly, time-consuming implementations that come with associated risks.
Other Products:
- Close Management: Use Close to ensure that wrapping up the books is quick and easy. Save three days every month by organizing, automating and executing the close in the cloud.
- Account Reconciliation: Use Auto Rec Matching to match bank transactions to the general ledger in real time. Improve your account reconciliation without spending hours manipulating, color coding and copy-pasting data in Excel. Automate the accounting process and reduce review time and audit questions.
- Financial Reporting: Prepare the data for IPO day by documenting and assigning everything in the close process. Identify bottlenecks while the model documents and assigns respective work to team members.
- Flux: Automate report building and gain the flexibility to meet the business’s requirements. Deliver flux reports on time by periodically tracking sign-offs and communication.
- Analyze: Get rich insights to identify the problem areas and maximize productivity to enhance future closes. Promote a culture of accountability and improvement with historical financial data

Grant Management: Meet grantor and business requirements for budgeting, billing, reporting and compliance. Minimize the possibility of reporting errors, any loss due to absent funds or risk associated with non-compliance. Make sure that all grantor’s requirements get met in terms of timeframe, balance, terms and conditions. Control unnecessary spending by keeping a tab on the monetary status in real-time. Ensure that workers are paid for individual projects.
Analytics and Reporting: Create internal reports and external regulatory statements ensuring no patchwork database. Use reconciliations and analytical tools. Ensure robust security while deriving insights for strategic decision-making. Let executives and leaders view monetary, operational and management visualizations. Gain a complete view of the business by combining transactional and operational parameters. Know and understand what is happening, where and why by analyzing details across dimensions.
Financial Planning: Make informed, faster decisions with flexible tools and data-driven insights. Respond quickly to change by creating strategic plans for budgeting expenses to forecasting revenue. Gain a complete picture by populating models with data. Connect to cloud, on-premise and data warehouse. Ensure reliable data access with an automated data flow. Involve everyone in the planning process with role-based access to models. Create reports by automatically connecting to Microsoft Excel, Word and PowerPoint. View numbers, charts and variance alongside each other, reflected instantly.
Audits and Internal Control: Keep the business secure, identify risk and document every translation with audit and internal controls. Adjust controls and processes, set thresholds, evaluate workflows and prevent unauthorized transactions with a flexible framework. Limit permissions to people with single access and authorization control.
Global Foundation: Operate and expand in different countries or around the world. Get built-in flexibility and support for global time zones, currencies and address formats. Leverage support for multiple charts of accounts, tax, banking and payment format. Deploy faster with built-in country-specific configurations.
Expenses: Minimize expense processing time and reimburse faster. Record the transaction by scanning the receipt. Get better travel rates and discounts by uncovering the latest trends in real-time with a delivered expense dashboard. Control cost and keep all the travel policies in one place. Prevent the possibility of fraud by tracking out of policy spends.
Accounting Centre: Gain detailed insights and reduce the time to close with comprehensive accounting information and data lineage back to source transactions. Minimize errors, boost efficiency and gain better control and visibility. Manage and modify rules with one accounting engine written in business language. Get detailed budgetary and operational reporting with a virtual subledger. Recognize revenue by modifying operational data.
Revenue Management: Gain complete visibility with flexible features and view and analyze all the system’s aspects. Minimize risk by establishing, approving and tracking customers at every step of the contract cycle. Reduce revenue leakage and gain rich insights into write-offs and billing rules. Boost accessibility, accuracy, profitability with intercompany invoices. Get end-to-end revenue management and comprehensive revenue recognition while staying compliant with GAAP and IFRS standards and protocols.
Budgetary Consolidation and Close: Keep track of the output by any factor such as spend by supplier, campaign, profitability and project activity. Reconcile accounts and embed them in the transaction system. Automate tasks, route approvals and reports with a close period checklist. Get real-time currency and earning calculations to analyze the financial results within a specific timeframe.
Accounting and Finance: Keep a tab on the monetary impact of transactions by identifying and addressing issues promptly without running a batch process. Close faster with real-time consolidation. Automate finance and accounting operations, make modifications or corrections any time and get recommendations on payment matching. Manage accounts payable, contracts, billings and payments from one place. Gain complete transparency into records from procurement to disposal. Control and optimize the cash flow.

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#133

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Analyst Rating Summary

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User Sentiment Summary

97%

of users recommend this product

FloQast has a 'excellent' User Satisfaction Rating of 97% when considering 52 user reviews from 1 recognized software review sites.

84%

of users recommend this product

Workday Financial Management has a 'great' User Satisfaction Rating of 84% when considering 324 user reviews from 4 recognized software review sites.

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Awards

Synopsis of User Ratings and Reviews

Streamlined Close Process: FloQast offers features to centralize and automate tasks, such as reconciliations and checklists, which can significantly reduce the time it takes to close the books each month.

Improved Visibility and Control: The platform provides real-time dashboards and reporting tools that give accounting teams better insights into the close process, allowing for proactive issue identification and resolution.

Enhanced Collaboration: FloQast facilitates communication and collaboration among team members by providing a centralized platform for task management, document sharing, and communication.

Reduced Risk of Errors: Automation and standardization of processes can help minimize the risk of human error, leading to more accurate financial reporting.

Streamlined Processes and Efficiency: Automates manual tasks like journal entries, reconciliations, and financial reporting, saving time and reducing errors.

Real-Time Visibility and Insights: Provides instant access to financial data and customizable dashboards, enabling proactive decision-making and improved cash flow management.

Global Compliance and Scalability: Supports multi-GAAP compliance, multi-currency transactions, and international tax reporting, simplifying operations for global organizations.

User-Friendly Interface and Adoption: Offers an intuitive interface with guided workflows and role-based dashboards, making it easy to learn and use for finance professionals of varying skill levels.

Seamless Integration and Collaboration: Integrates smoothly with other Workday applications and external systems, fostering collaboration across departments and streamlining financial processes.

Steep Learning Curve: The initial setup and configuration of FloQast can be complex, requiring significant time investment and training to understand its functionalities and workflows effectively.

Limited Customization: FloQast's features and workflows may not align perfectly with the specific needs and preferences of all accounting teams, potentially leading to inefficiencies or workarounds.

Integration Challenges: Integrating FloQast with existing accounting software or other business systems can be technically challenging and may require additional IT support or custom development.

Cost Considerations: FloQast's pricing structure may be a concern for smaller businesses or those with limited budgets, as the cost can vary depending on the number of users and features required.

Steep Learning Curve: Workday's interface and functionality can be complex for users unfamiliar with its specific terminology and workflows, requiring significant training and onboarding.

Limited Customization Options: While Workday offers some customization, it may not fully accommodate specific accounting needs or reporting requirements, potentially leading to workarounds or integration with additional tools.

High Implementation and Maintenance Costs: Workday's initial implementation and ongoing maintenance can be expensive, especially for smaller organizations, requiring careful budgeting and resource allocation.

Integration Challenges: Integrating Workday with existing legacy systems or third-party applications can be complex and time-consuming, potentially disrupting workflows and requiring specialized technical expertise.

Limited Offline Functionality: Workday's cloud-based nature can pose challenges in situations with limited internet connectivity, potentially impacting critical accounting tasks and data access.

FloQast is a cloud-based accounting software specializing in cash flow management, bank reconciliation, and financial close processes. While some users praise its ease of use and time-saving features like automated reconciliation for various accounts, others express concerns about its price and limited features compared to competitors. For example, unlike Bill4Time, FloQast is a standalone accounting solution, meaning it may not integrate with as many other business tools. FloQast's strength lies in its focus on streamlining financial close processes with templatized checklists for tasks like requesting information from department heads and confirming payments. This makes it particularly well-suited for businesses that prioritize efficient financial close procedures. However, businesses seeking a more comprehensive accounting solution with extensive integrations might find FloQast lacking.

Workday Financial Management (WFM) user reviews paint a mixed picture. While users praise its streamlining capabilities, real-time insights, and global compliance features, they also face challenges with its initial complexity, limited customization, and high costs. Compared to competitors like Oracle NetSuite and SAP Business One, WFM shines in automating manual tasks and offering intuitive dashboards for data-driven decision-making. However, its steeper learning curve and potential integration hurdles can be daunting for smaller firms or those accustomed to simpler systems. Users particularly appreciate WFM's ability to automate journal entries, reconciliations, and financial reporting, freeing up valuable time for analysis and strategic planning. The real-time visibility into financial data with customizable dashboards also empowers users to make proactive decisions and manage cash flow effectively. For global organizations, WFM's support for multi-GAAP compliance, multi-currency transactions, and international tax reporting simplifies operations and streamlines reporting across diverse regions. However, users also highlight WFM's learning curve as a major hurdle, especially for those unfamiliar with its unique interface and terminology. The limited customization options can also be frustrating when specific accounting needs or reporting requirements don't perfectly align with the system's functionalities. Additionally, the high implementation and maintenance costs can be a barrier for smaller organizations, making WFM a better fit for larger enterprises with the resources to invest. Compared to competitors, WFM's strengths lie in its automation capabilities and data-driven insights. Users often find Oracle NetSuite more user-friendly and customizable, while SAP Business One offers better integration with existing systems for some businesses. Ultimately, the choice between WFM and its competitors boils down to individual priorities and needs. If automation, real-time data, and global compliance are top concerns, WFM stands out. However, if ease of use, customization, and cost-effectiveness are paramount, other options might be more suitable.

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FAQ

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