Cloud accounting for Salesforce
4/5 (41 reviews)FinancialForce Accounting is a scalable cloud accounting application for growing sales & service-centric companies. FinancialForce Accounting integrates with Salesforce for flexible task management, financial analysis, cash management, reporting, cash flow optimization, vendor payments, and more.
FinancialForce brings businesses a modern accounting app designed to take full advantage of the power and flexibility of the Salesforce platform. Create personalized user forms and benefit from related content panels which bring real-time data into the most useful views. FinancialForce Accounting is elegant enough for the smallest company and robust enough to serve the most complex multinational organization.
FinancialForce Accounting and Salesforce CRM reside on the same cloud platform from Salesforce, making the lines between applications indiscernible, which increases user adoption and enables cross training. The applications share the same infrastructure, database, development tools, reporting tools, user interface —even the same user logins.
Opportunity to Cash processes flow seamlessly and securely through sales, billing and receivables without any manual effort, special integrations or extraneous spreadsheets. Everyone is on the same page when all financial information is held securely in one system, in one place. And FinancialForce’s 360° view, the most comprehensive customer relationship reporting available today, spans customer interactions and transactions in billing, A/R, sales and services.
At the application’s core is an innovative accounting engine that can accommodate the most diverse or complex enterprise requirements. It includes advances like a single ledger design and a multi-dimensional chart of accounts, which gives companies real-time business intelligence and helps them shorten period closes. The accounting engine includes accounting components such as multi-currency, global tax and multi-company accounting capabilities across the entire system.
FinancialForce Accounting is a 100% real-time and perpetually closed system. It is built for real-time financial analysis and modeling, not just to generate financial statements. The system has financial report templates and configurable dashboards that can be accessed from a mobile device, so users can make informed decisions anywhere, anytime.
Pros
My favorite quality of FinancialForce is the seamless integration with Salesforce.com. The platform operates much in the same way as Salesforce, so customizing and reporting were easy and quick to learn. This made the integration process go much smoother and I was able to train my team quickly on using the new financial system. Throughout my history of using FinancialForce, whenever I did encounter a questions or problem, opening a case was easy and the response time was within 1-2 days.
Another key functionality that I really enjoy with having both our operations and finances under one login, is the reduced amount of data entry. We have greatly reduced the amount of time spent on duplicate data entry by operating in the same system. FinancialForce also offers a lot of automated functionality, but one we use is the automated cash matching, which takes out another step of manual data entry. The operating efficiencies we've leveraged by implementing FinancialForce have paid for the cost and then some.
Cons
We are a small organization of 20 and we do not have a developer in-house. We struggled with the FinancialForce reporting app, as this requires some use of code and developer 'speak'. The standard Salesforce reporting allows for FinancialForce data as well, so we rely on this function more often, but when it comes to the standard P&L structure for our board, we needed a 'pretty' report, and this requires the FinancialForce reporting app. During our implementation we were promised by the implementation partner that they would write the reports for us, however this was never delivered. FinancialForce is working on rectifying the problem for us, but it will require some additional hours and financial resources on our end.
Pros
The SCM Module of FinancialForce is fantastic for organizations looking for a plug in to Salesforce that can be customized but also has a lot of fantastic out of the box features. Our company went from using Quickbooks which provided very little if any controls and reporting to using the SCM product which allows you to use the same functionality for permissions, page layouts and reporting as you get in the native Salesforce application. The product links seamlessly into your existing organization and allows you to take Opportunities in Salesforce and create Quotes to your customers, sales orders from the quotes, purchase orders to your vendors and invoices to your clients. You can report at the line item level on all of these objects which gives you excellent visibility and control into the day to day operations of your business. There is also an inventory functionality that can assist with inventory management. We don't use this function but I've seen the capability and it's also fantastic.
Cons
Because SCM is still growing there are a lot of new releases of the product that have great fixes and updates. However, upgrading can be a long process because of the amount of testing you have to do. The more customized your environment is the longer the upgrades can take. We are running about 10 versions behind right now due to this. However, we realize this will level out over time and become much less time consuming as the product matures.
I would say if you are a small or medium business and you have no idea what an HR department or IT department looks like, then you need Vana Human Capital Management.
If you have employees and you want to increase performance, this solution is complete. HR departments will thank you, you will save time and headaches.
This made our performance reviews a dream. The social collaboration is new to us and has become the center of our corporate universe.
you will be overwhelmed so just be warned the Quick Start Implementation will appeal to you, but I encourage you to just get the next level up so the team at VanaWorkforce.com will do all the work for you.
Just get it.
Oh yeah, since it is on force.com it makes integration with CRM and other force.com products a single click of the mouse and has single sign-on, super cool.
Patrick.
Pros
The user interface is excellent. If you know Salesforce.com CRM then you will inherently know how to use Vana HCM. WOW! No training required.
Great future vision product, it has more than I need to manage my team, recruit and track people, leave, benefits, compensation, performance and more.
Even better I LOVE the Social Collaboration tool. It keeps my employees working and collaborating in the solution and not of facebook or twitter. Also love the collaboration on goals, initiatives, performance reviews and projects.
Top it off the library was an added bonus, since I can store and share corporate documents and even education materials as part of the solution (free) and have my team collaborate with others on these and track it in the learning management.
Overall: over the top! Thank you.
Cons
There is almost too much to learn. The overwhelm is consuming. I wish I had the ability to configure everything that is delivered.
Knowing where to start was a bit daunting, thank goodness they did the first series of configurations to launch the product and provided me with an easy to use Getting Started Guide so my team could calm down and get started 1...2...3
Learning to use the system most effectively was a challenge, but I think we finally got it. It may have been more of a resistance to change, rather than a solution problem. It took a while to adopt it as a company, but we are all on the same page now and it ROCKS!
The Social Org Chart was a bit of a challenge to set up, but easy to re-org and fix with a little help and is now AWESOME!
Pros
It's built on the Force.com platform. You can code your processes around FinancialForce using their APIs or by directly manipulating their database, so it gives you a lot of flexibility on how you develop around FinancialForce. It has a nice customer community portal where you can share ideas, log issues etc. Support is great, and if anything does crop up as an issue, they really work hard to get it fixed.
Cons
It was one of the first cloud-based accounting packages, and with that has come some architectural decisions that I think they've realized were a mistake, but with every release, they fix these. Invoices need to be hand-coded in Apex VisualForce; there is no "Invoice creation wizard", but FinancialForce is happy to do this for you. When you create an invoice from an opportunity, FinancialForce assumes that you want to invoice every line on the opportunity. This isn't the case sometimes. You can delete the lines off the invoice, but then it becomes hard to see which lines have been invoiced and which haven't. You can't invoice multiple opportunities at one time. That said, we have resolved them all by using custom Apex code. Trying to fit FinancialForce into a developer org is tricky, due to the amount of configuration data that is required.
the Overall experience is mixed. we Keep using it because a migration would be even more costly. I guess with much more customization it will be great one day.
Pros
- online Access
- great performance even with big data
- cross company / multicompany mode
Cons
- no Country customization
- no links to local authorities (VAT, direct tax Returns)
- no natural support of multiple GAAPs per Company (e.g. local GAAP, IFRS)
- no usually fixed asset Register for financial fixed assets.
Contact FinancialForce for pricing information.
Below are some frequently asked questions for FinancialForce Accounting.
FinancialForce Accounting offers the following pricing plans:
Pricing model: Subscription
Free Trial: Not Available
Contact FinancialForce for pricing information.
FinancialForce Accounting offers the following features:
FinancialForce Accounting has the following typical customers:
Large Enterprises, Mid Size Business, Non Profit, Public Administrations, Small Business
FinancialForce Accounting supports the following languages:
English
FinancialForce Accounting has the following pricing plans:
Subscription
We do not have any information about what devices FinancialForce Accounting supports
FinancialForce Accounting integrates with the following applications:
ComplianceQuest, Expensify, Financial Services Cloud, FinancialForce ERP, FinancialForce HCM, FinancialForce PSA, FinancialForce SCM, Rootstock ERP, Salesforce Sales Cloud, Workato
FinancialForce Accounting offers the following support options:
Forum, Knowledge Base, Online Support, Phone Support, Video Tutorials
