How to Reduce Your FloQast Subscription Cost

FloQast is recognized as a 2021 Technology Fast 500 company by Deloitte and is the leader in accounting workflow automation. Created by accountants for accountants, FloQast’s cloud-based, AI-enhanced software is trusted by more than 1,500 accounting teams, including those at Snowflake, Twilio, Instacart, Zoom, and The Golden State Warriors. In July 2021, FloQast raised $110 million in Series D funding, valuing the company at $1.2 billion. FloQast automates common accounting workflows, making them more efficient, so accounting teams can focus on what matters most.

Minimum Estimated Potential Saving: 16%

How to Reduce the Cost of Your FloQast Subscription

Direct Ways to Cut Costs

While we haven’t identified any specific tricks to directly reduce your FloQast subscription costs at the moment, consider the following strategies:

Optimize User Licenses

• Audit User Licenses: Regularly review user licenses and remove inactive users.
• Use Permission Sets: Assign specific functionalities using permission sets instead of full licenses for basic needs.

Data Storage Management

• Archive Old Data: Regularly archive old data to save on storage costs.
• Implement Data Validation Rules: Prevent unnecessary data entry that consumes valuable storage space.

Process Automation

• Automate Tasks: Utilize workflow and approval processes to automate manual tasks, reducing the need for additional licenses.

Workarounds to Reduce Subscription Costs

Integrating with Free/Freemium Tools

While there are no specific workarounds identified to directly reduce FloQast subscriptions, here are some potential ideas:

• Use Zapier: Automate tasks that might require additional licenses by integrating with Zapier.
• Integrate with Slack: Utilize Slack for internal team communications and task management.

Bundling Options for Discounts

Partner Programs and Bundling

Currently, we don’t have specific bundling opportunities identified for FloQast. However, exploring partner programs can be beneficial:

Partner Programs

• Explore Discounts: Check if your company qualifies for partner discounts through partnerships with other software providers, such as cloud storage services that offer discounts with Salesforce.

Negotiate with Customer Support

Discuss Usage and Negotiate Renewal Rates

Reaching out to FloQast’s support team can be a great way to secure discounts:

• Discuss Usage Patterns: Contact support to discuss your current usage patterns. Discounts may be offered based on your specific needs and historical data.
• Negotiate Renewal Rates: Before your subscription renews, try negotiating renewal rates. Demonstrating loyalty and commitment to the platform can sometimes lead to better pricing.

Switching Subscription Types

Opt for Annual Subscriptions

Switching to a longer-term contract can often result in savings:

• Annual Subscriptions: Consider switching to an annual subscription, which often comes at a lower cost compared to monthly billing.
• Review User Activity: Regularly review and remove inactive user licenses to save on costs.

Consider Alternatives

Alternative Solutions to FloQast

Exploring alternative tools can provide cost-effective solutions for your needs. Here are a few suggestions:

BlackLine BlackLine offers a range of solutions for finance and accounting automation, including balance sheet reconciliations and task management. Learn more about BlackLine.

Vena Solutions Vena Solutions provides a comprehensive platform for financial planning and analysis, integrating with Excel to streamline your budgeting and forecasting processes. Learn more about Vena Solutions.

Workiva Workiva offers a cloud platform for connected data, reporting, and compliance solutions, helping to streamline financial processes and improve accuracy. Learn more about Workiva.

Open-Source Solutions Depending on your needs, open-source solutions might offer similar functionalities at a lower cost. Explore options like OpenSource Treasury to find applicable tools.

By implementing these strategies, you can potentially reduce your FloQast subscription costs and optimize your accounting workflows efficiently. Happy saving!