2015 Innovation Award Nominee: FinancialForce Accounting

FinancialForce Accounting is a comprehensive cloud-based accounting solution built on the Salesforce1 platform. It provides an organization’s finance team with the tools required to serve the needs of an entire business, all from an enterprise class, secure and scalable platform.

Since its inception, FinancialForce Accounting has been at the forefront of the financial industry’s migration to the cloud, allowing businesses to dramatically improve their efforts with a 100 percent real-time system that streamlines back office functions. FinancialForce Accounting users reap the benefits of having a cloud-based ledger that is perpetually closed and built for the modern, fast-paced business era.

With the most up-to-date information available across any device, businesses can access accounts and cash flow figures at a moment’s notice – anytime, anywhere – and pivot operations accordingly. In addition, users are able to eliminate departmental disconnect, minimize accounting errors and save valuable time and resources. In fact, one customer, Apex Fund Services, reported that FinancialForce Accounting saved its team seven days per year on the invoice approval process alone.

In addition, the application integrates with Avalara, a leading provider of tax and compliance automation services, to provide a cloud-based solution for managing complex sales and use taxes. The integration automates FinancialForce Accounting users’ sales tax process, eradicating the need for tedious manual filing. Businesses of all sizes have discovered the benefits of implementing FinancialForce Accounting however SMB users have been acutely impacted.

One company, Peddle LLC, praised FinancialForce.com for uniting its disconnected financial systems, handling its 60k transactions a year and ultimately cutting in half the time it took to complete month end financial tasks. SMBs that deploy FinancialForce Accounting are better equipped for long term growth at scale, as they can handle increasingly complicated accounting tasks without needing to dramatically expand their accounting departments.

As part of FinancialForce.com’s Financial Management offering, FinancialForce Accounting powers FinancialForce.com’s revenue recognition capabilities, which provide users with a comprehensive picture of their revenue streams and more accurate, real-time revenue forecasts. Traditionally, managing revenue recognition can be time consuming and difficult to navigate due to changing regulatory requirements, evolving business models, an over reliance on manual processes and/or poor visibility of both recognized and unrecognized revenue.

FinancialForce Revenue Recognition automates recognition calculations, eliminates error-prone and time intensive spreadsheets, and adheres to key revenue recognition standards. Built on the Salesforce1 platform, FinancialForce.com tightly integrates with Salesforce CRM and other FinancialForce ERP solutions, ensuring that all customer data is interconnected.

The connection between FinancialForce Accounting and Salesforce CRM allows the Opportunity to Cash process to flow seamlessly and securely through sales, billing and receivables without any manual effort, special integrations or extraneous spreadsheets. Teams are on the same page because all financial information is held securely in one system, in one place.

A synchronized office can track the entirety of the customer journey, from when they are a prospect in the CRM database to when they become an accounts receivable in the FinancialForce Accounting application, thus providing a comprehensive view of current and prospective clients and a better customer experience. Ultimately, FinancialForce Accounting addresses the needs of the fast-paced modern age by elevating accounting departments into to the cloud which saves its users both time and money.

Click here to see all of the other nominees for the 2015 Innovation Awards.