What is FinancialForce?
Industry Specialties: Serves all industries
Benefits and Insights
Key differentiators & advantages of FinancialForce
- Reporting: The program enables users to develop their own financial statement templates or to use pre-built ones. The system includes compliance reports and centralizes information regarding the financial health of multiple business entities.
- Visualization: FinancialForce allows users to visualize financial information through dashboards and customizable reports. The program supports ad hoc queries and enables employees to save critical data views for KPIs through Action Views functionality.
- Customization: Users can customize the solution to adhere to individualized business needs. For example, templates and routing pathways can be developed to meet company requirements.
- Accessibility: FinancialForce can be deployed either on-premise or through the cloud. Additionally, users can access system information from any device, including smartphones and tablets.
- Integration: This program is built on the Salesforce platform, which contains tools related to different business processes. By connecting these workflows, customers can utilize automation technology and increase productivity. Employees may also share information across departments, alleviating the number of communication issues encountered.
FinancialForce is used by companies in a variety of sectors and doesn’t tailor its solution to any specific industry. The program is built on the Salesforce platform, making it highly accessible to different organizations. The system is backed by Salesforce Ventures, Advent International and Technology Crossover Ventures.
- Financial Reporting: The financial reporting tool includes real-time analysis and modeling. Users can create their own financial statement templates or use one of the dozens of pre-built options included in the program. The system contains compliance reports for IFRS 15, ASC 606, Making Tax Digital (MTD) for VAT, SOC 1 and others.
- General Ledger: FinancialForce supports recurring journal entries and automates the reversing of entries. The program enables multi-currency and multi-company transactions. The program also allows the transfer of costs between companies through inter-company journals.
- Receivables and Collections: This system is connected to Salesforce CRM and uses a centralized customer record to effectively process transactions. Invoices can be posted to the AR instantly, and users can view the credit standing of individual customers. The program can also automatically calculate due dates and settlement discounts.
- Consolidations: FinancialForce enables users to consolidate financial health information across the entirety of a company portfolio. The solution includes an inter-company reconciliation engine. All data can be consolidated into one report from multiple locations and various currencies.
- Payables and Settlement: Users can develop routing pathways to control financial processes and adhere to unique workflows. This reduces the likelihood of missing payments or paying vendors late. Procurement management is also included and contains purchase order, requisitioning and invoice matching functionality.
- Fixed Asset Management: FinancialForce contains the ability to look at where owned assets are located, what they’re worth and how much they cost. The system includes Double Declining Balance, Straight Line, Alternate Straight Line, Sum of Years Depreciation and Unit-of-Production schedules. Users can track asset relationships and look at warranty information through the system as well.
- Cash Management: Employees can manage the inflow and outflow of cash among different bank accounts through this system. Dashboards can forecast cash, and the reconciliation process can also be automated. This information is highly accessible and can be viewed on any device.
- Analytics and Predictability: FinancialForce leverages Salesforce Einstein analytics to track company performance and productivity. The program builds audit trails that are connected to transactions and can develop scorecards for revenue and EBITDA. The solution also calculates predictive metrics based on historical patterns of customer behavior.