FloQast vs e-conomic
Last Updated:Our analysts compared FloQast vs e-conomic based on data from our 400+ point analysis of Accounting Software, user reviews and our own crowdsourced data from our free software selection platform.
Product Basics
Product Assistance
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.
- Time Efficiency: Automate repetitive accounting tasks, such as invoicing and bank reconciliation, freeing up valuable time for strategic decision-making.
- Real-Time Financial Insights: Access up-to-date financial data and reports, enabling informed business decisions and proactive financial management.
- Scalability: Easily adapt to business growth with scalable features that accommodate increasing transaction volumes and complex accounting needs.
- Collaboration: Facilitate seamless collaboration between accountants, bookkeepers, and business owners through shared access to financial data.
- Cost Savings: Reduce overhead costs associated with manual accounting processes and minimize errors that could lead to financial discrepancies.
- Compliance Assurance: Stay compliant with local and international accounting standards and regulations, reducing the risk of legal issues.
- Data Security: Benefit from robust security measures that protect sensitive financial information from unauthorized access and data breaches.
- Customizable Reporting: Generate tailored financial reports that meet specific business needs, providing clarity and insight into financial performance.
- Integration Capabilities: Connect seamlessly with other business tools and applications, streamlining workflows and enhancing productivity.
- User-Friendly Interface: Navigate the software with ease, thanks to an intuitive design that reduces the learning curve for new users.
- Remote Accessibility: Access your accounting data from anywhere with an internet connection, supporting flexible work arrangements and remote teams.
- Cash Flow Management: Monitor and manage cash flow effectively, ensuring sufficient liquidity for operational needs and growth opportunities.
- Customer Support: Receive expert assistance and guidance from a dedicated support team, ensuring smooth operation and troubleshooting when needed.
- Environmental Impact: Reduce paper usage and contribute to sustainability efforts by digitizing accounting processes and documentation.
- Decision Support: Leverage analytical tools and insights to support strategic planning and enhance business performance.
- 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
- Invoicing: Create and send professional invoices with customizable templates, ensuring brand consistency and clarity.
- Bank Reconciliation: Automatically match transactions with bank statements, reducing manual entry and errors.
- Expense Management: Track and categorize expenses efficiently, allowing for better financial oversight and control.
- Multi-Currency Support: Handle transactions in various currencies, ideal for businesses operating internationally.
- Project Management: Monitor project budgets and timelines, integrating financial data for comprehensive project oversight.
- Reporting: Generate detailed financial reports, including balance sheets and profit & loss statements, for informed decision-making.
- VAT Management: Automate VAT calculations and submissions, ensuring compliance with local tax regulations.
- Mobile Access: Access your accounting data on-the-go with a mobile-friendly interface, enhancing flexibility and responsiveness.
- Integration Capabilities: Seamlessly connect with other business tools like CRM and e-commerce platforms to streamline operations.
- User Permissions: Set specific access levels for different users, maintaining data security and integrity.
- Customer Support: Access a dedicated support team and comprehensive online resources for troubleshooting and guidance.
- Time Tracking: Record billable hours directly within the platform, simplifying invoicing for service-based businesses.
- Inventory Management: Keep track of stock levels and manage orders, ensuring efficient supply chain operations.
- Recurring Invoices: Automate the billing process for regular clients, saving time and reducing administrative workload.
- Dashboard Overview: Gain insights into key financial metrics with a customizable dashboard, providing a snapshot of business health.
Product Ranking
#48
among all
Accounting Software
#102
among all
Accounting Software
User Sentiment Summary
52 reviews
1 reviews
FloQast has a 'excellent' User Satisfaction Rating of 97% when considering 52 user reviews from 1 recognized software review sites.
e-conomic has a 'fair' User Satisfaction Rating of 60% when considering 1 user reviews from 1 recognized software review sites.
Awards
FloQast stands above the rest by achieving an ‘Excellent’ rating as a User Favorite.
Synopsis of User Ratings and Reviews
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.
Is e-conomic really economical with the truth when it comes to user experience? User reviews from the past year paint a somewhat ambivalent picture of this cloud-based accounting software. While e-conomic is generally lauded for its user-friendly interface and comprehensive suite of features, including electronic invoicing and bank reconciliation, some users find that certain aspects, such as VAT reporting, necessitate a considerable amount of accounting knowledge, potentially posing a challenge for newcomers. This is akin to having a car with all the bells and whistles but needing a mechanic's certification to change a tire. A key differentiator for e-conomic is its robust automation tools, such as automatic invoice reading and attachment matching, which streamline tedious accounting tasks. However, the software's integration setup can be a bit of a head-scratcher, often requiring technical expertise. Furthermore, while e-conomic is praised for its cloud-based efficiency and secure data access, some users find the interface clunky, especially for more complex tasks, like navigating a labyrinthine library. In essence, e-conomic appears best suited for businesses with some existing accounting infrastructure and technical know-how, much like a seasoned chef who can fully utilize a professional-grade kitchen. Smaller businesses or those lacking technical expertise might find the learning curve a tad steep.
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