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May the Financial(Force) be with you!


Saba Shaikh

September 11, 2015

Want to cut down your invoicing time from weeks to days? Frustrated entering the same set of data into multiple systems? Dread trying to make different systems interact with each other? Existing ledger systems do not support your expansion plans? Is there a single magical wand to solve all your Accounting woes?

Yes, there is! FinancialForce Accounting is the answer to your prayers! This FinancialForce application provides Salesforce users with a wide range of accounting functionality. Here are 9 ways in which FinancialForce Accounting on Salesforce helps you streamline your accounting process.

1. Nativity

FinancialForce applications are built on the Force.com platform and reside alongside your Salesforce CRM. This eliminates the need to maintain a sync between your external systems since the Accounts Payables/Receivables, Customer Information, Invoice data are all available via Salesforce.

Additionally, the inconvenience of maintaining multiple logins for different systems is done away with since FinancialForce uses the same set of credentials as the Salesforce credentials. Incredible, isn’t it?

2. Cloud based

FinancialForce Accounting is one of the few, comprehensive cloud based accounting solutions available in the market. Traditional on premise solutions have organizations relying on IT infrastructure installation and upgrades, IT security, scaling the server and network capacity, when the need arises, and a horde of expenses associated with these.

With FinancialForce Accounting, these concerns can be offloaded to the cloud solution provider and you can have more time to focus on your core business functions.

3. Consolidated ledger

The unified ledger allows users to perform deep financial analysis. It also handles multi-currency and multi-company transactions. Drill downs to origination transactions can be easily performed and it also facilitates faster closing of books. The tedious task of maintaining sub ledgers and time consuming period close processes is also eliminated. I’m telling you, your Finance team is going to love it!

4. Single-click order generation

An Order can be created via an Opportunity or Quote with the help of FinancialForce in just a single click! This feature eliminates the possibility of errors caused by manual data-entry operations. The Opportunity to cash process is streamlined, order cycle time is vastly improved and cash flow is immensely optimized. Moreover, it also allows the generation of Recurring Payments for scenarios requiring monthly/quarterly invoices or invoices generated over regular intervals.

5. Mobility

Businesses located across the globe require 24/7 access to the system due to different time zones. The system provides a great deal of flexibility since it can be accessed via mobiles, desktops, laptops etc. which helps eliminate the time zone complication and is a boon for a mobile workforce.

6. Real time information

There is a general ledger consisting of the payables and receivables details, which is updated real time. Accounting teams can have access to Profit and Loss statements online from any location and any device. Electronic invoices and in-built templates increase the accounting teams’ productivity by reducing manual intervention and data entry efforts that would be required in the traditional invoicing process.

7. Integration

FinancialForce.com provides Application Programming Interfaces (API) that allow developers to customize the application according to their business requirements and integrate with a multitude of other applications like PaymentConnect etc.

8. Collaboration

Since all the applications are on a single cloud, we can make use of all the Chatter capabilities provided by Salesforce. It allows collaboration between accounting, sales and service teams for situations such as tracking missed/delayed payments, unpaid invoices etc. Chatter groups can also be leveraged by accounting teams for collaborating on audits etc.

9. Analytics

360º view of your customers’ orders, payments, invoices, opportunities and cases is available in a single, centralized location. Standard Salesforce reporting and analytics can be utilized for viewing current status of Payables, receivables and any discrepancies in the same, enabling seamless and informed decision-making.

If you have been considering moving away from your entry level accounting system having outgrown it or an on premise system from the medieval era, the lure of FinancialForce Accounting with its feature rich package is quite hard to resist! Like I said it in the beginning FinancialForce is a force to reckon with!

To explore FinancialForce Accounting, click here.

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