TrustRadius
FinancialForce is a native Salesforce application built on the Force.com platform. FinancialForce Accounting is a financial management system that runs in the cloud. The product can be used for multi-dimensional analysis and is designed to support companies of all sizes.https://dudodiprj2sv7.cloudfront.net/product-logos/BS/P5/ZIFTRGK3G2GM.pngSalesforce User? - FinancialForce Accounting is a "No-Brainer"For Salesforce Enterprise Edition users, FinancialForce extends the CRM and any custom objects or applications built or installed for operations/manufacturing/services to create a complete end-to-end solution on the force.com platform. Turning a sales quote or order into an invoice is seamless and intuitive, allowing sales and accounting to work together to share information and decrease time to bill. Credit processing when necessary follows a similarly seamless path. Cash matching and bank reconciliation processing is streamlined with bank uploads and ability to easily match transactions with intuitive interface that checks and validates balances, increasing cash handling and accuracy. Financial reporting using native Salesforce report capabilities is drag-and-drop, and ability to build custom reports using multiple data objects is flexible and easy to learn. FinancialForce has a great support team and the ability to log a support case and manage the case through resolution and close has increased user adoption and satisfaction. Multicurrency capability is particularly important for the company and FinancialForce handles this well with home and dual currency, easy to set up and ability to provide visibility and reporting for operations regarding impact of currency fluctuations has provided better decision making for management. Intercompany transaction processing is easy to set up and use.,While FinancialForce does provide a robust reporting engine application for free (in addition to the large number of out-of-the-box standard Salesforce reports that come with the app), the reporting engine can be overwhelming for the average user to configure and learn. This is improving with each new release but is not out yet. While the company doesn't use purchase orders, there may be a need at some point in the future to do procurement of non-operations goods and services. This functionality isn't currently supported by FinancialForce, although there is the ability to create custom purchase objects in Salesforce and integrate them with payable invoices object. The company would also find a simple, straightforward expense reporting and reimbursement app that integrated with payable invoices or journals useful, in order to get away from expense report management by spreadsheet. There is no current application offered or supported by FinancialForce for this, but companies can opt to install (and pay for licenses) to use other, third party applications that handle this functionality.,10,Metrics: reduced DSO from 190 to 54 days (which is less than industry standard); resulting in company collecting cash about 3.5 times faster Metrics: decreased average time to bill from 4 months 8 days to 1 month 10 days, a result of operations and accounting collaborating to insure billing is done timely. "Opens the door" from the sales and operations departments into the accounting department, providing increased visibility and transparency. Streamlines revenue recognition process and has led to improved, more accurate reporting.,,10,16,3,Provides ability to integrate payable invoices with custom operations objects in order to bill at cost plus or required markups. Decreased time to bill significantly. Previously unable to generate an accurate accounts receivable aging report. FinancialForce provides visibility and transparency to aging subledgers for cash management and collections. Decreased DSO significantly. Bank reconciliation process was previously done on spreadsheets. Provided ability to reconcile multiple bank accounts automatically and significantly reduce labor hours to handle cash. Salesforce internal business communication tool Chatter and ability to expose accounting information on any objects non-accounting users interface with has improved collaboration and allowed accounting to provide more value-add services to operations.,Chatter integration for managing accounts receivable across departments has been a game-changer for the company and has been embraced by most users. Company has been able to use FinancialForce integration rules to map detailed sales invoice data back to custom objects so that pages coded by developers can use the financial data in views not available before. FinancialForce Reporting has been used to easily add non-financial data like tonnage and metric volumes from Salesforce custom objects to FinancialForce accounting data on the same report (no need for Excel spreadsheets, yea!).,The company is going to be able to build its own expense reporting objects and use FinancialForce integration rules to create payable invoices with employees as vendors (for reimbursements) and/or journals (when reimbursements are made through payroll). The company is also going to leverage integration rules to create payable credit notes with the click of a button, as this will significantly improve A/P processing times. The company will be able to continue leveraging the powerful reporting functionality of both Salesforce and FinancialForce, since having 2 reporting platform options allows increased flexibility from a report creation standpoint.,,Product Features Product Reputation Prior Experience with the Product,Given what the company has been able to do in terms of leveraging FinancialForce with its custom application built on the force.com platform, it's doubtful it would change the actual decision to go with FinancialForce, but in the initial evaluation and selection one change would have been to evaluate the implementation aspect more thoroughly, as having resources that could convert the company's data and knew the new application well is invaluable.,Implemented in-house Professional services company,10,Online training Self-taught,10,While the product is relatively easy to learn without training, it does take time. Busy accounting users and professionals often don't have the time to self-teach through tutorial after tutorial. Online training or guided training from FinancialForce or the implementation provider usually saves time and is more efficient and cost-effective.,Yes,10,10,10,9,Conga Composer - for creating custom statements for customers to improve collections Form Assembly - for adding new accounts to Salesforce using an API connector and bringing in related financial data on the accounts object "RITAForce" - custom application for relocation operations built on force.com platform,Expense Reporting App - not sure at this point if company will custom develop or use an existing application from AppExchange, but this is on a longer term "wish list" of apps that would specifically need to integrate with FinancialForce.,The company was able to negotiate terms that mirrored the payment schedule negotiated when moving to Salesforce. This allowed the company to manage its cash and make sure it stayed within budget for the initial 2 year term of the contract. A longer contract is usually advisable for an accounting system, as accounting conversions are one of the more complex changes a company can make. A longer contract usually also provides more flexibility in pricing negotiations, which typically benefits the company.FinancialForce Accounting by SalesforceThe accounting department uses FinancialForce Accounting as its main software. In addition to standard accounting functions, we greatly utilize the multi-currency capabilities and all the automation capabilities to remove manual entries as much as possible and be able to use that time to focus on reporting and planning instead.,Data integration which reduces need for manual entry Multi-currency and location capabilities Tagging function,System is slow when overwhelmed by data Problems with Action Views,8,Almost eliminated manual data entry Understanding of costs associated with our entire sales cycle Tools for multi-currency,QuickBooks for Mac, Xero, ADP Workforce Now, Zoho Books and NetSuite,Accounting Seed, Intacct, Microsoft Dynamics GP, XeroFinancialForce Accounting ReviewFinancialForce Accounting is being used by the accounting department for various accounting activities. It is not directly used by any other department in the company but it is integrated with our Salesforce.com platform which is used by the sales department. We use FinancialForce Accounting across all of our locations, in multiple countries.,Support for multiple currencies - track fluctuations in currency and impact on business/costs/profits, etc. Great support. Easy integration with Salesforce.com.,It took a very very long time to implement and we had configuration issues after the implementation that had to be addressed. Cannot run scheduled reports. Difficult to run reports (training is needed to configure the reports).,8,Beneficial to easily be able to track impact of fluctuating currencies. Integration with Salesforce.com reduced/elimintated manual entry which saves various colleagues time. Increased visibility over the entire sales cycle because of the integration between Salesforce.com & FinancialForce Accounting.,QuickBooks Enterprise Solutions, NetSuite, Oracle Hyperion Enterprise Performance Management and Intacct,Intacct, Oracle Hyperion Enterprise Performance Management, Accounting Seed
Unspecified
FinancialForce Accounting
7 Ratings
Score 5.0 out of 101
<a href='https://www.trustradius.com/static/about-trustradius-scoring' target='_blank' rel='nofollow'>trScore algorithm: Learn more.</a>TRScore

FinancialForce Accounting Reviews

FinancialForce Accounting
7 Ratings
<a href='https://www.trustradius.com/static/about-trustradius-scoring' target='_blank' rel='nofollow'>trScore algorithm: Learn more.</a>
Score 5.0 out of 101
Show Filters 
Hide Filters 
Filter 7 vetted FinancialForce Accounting reviews and ratings
Clear all filters
Overall Rating
Reviewer's Company Size
Last Updated
By Topic
Industry
Department
Experience
Job Type
Role
Reviews (1-3 of 3)
  Vendors can't alter or remove reviews. Here's why.
Lynne Taylor profile photo
December 04, 2014

Review: "Salesforce User? - FinancialForce Accounting is a "No-Brainer""

Score 10 out of 10
Vetted Review
Verified User
Review Source
  • For Salesforce Enterprise Edition users, FinancialForce extends the CRM and any custom objects or applications built or installed for operations/manufacturing/services to create a complete end-to-end solution on the force.com platform.
  • Turning a sales quote or order into an invoice is seamless and intuitive, allowing sales and accounting to work together to share information and decrease time to bill. Credit processing when necessary follows a similarly seamless path.
  • Cash matching and bank reconciliation processing is streamlined with bank uploads and ability to easily match transactions with intuitive interface that checks and validates balances, increasing cash handling and accuracy.
  • Financial reporting using native Salesforce report capabilities is drag-and-drop, and ability to build custom reports using multiple data objects is flexible and easy to learn.
  • FinancialForce has a great support team and the ability to log a support case and manage the case through resolution and close has increased user adoption and satisfaction.
  • Multicurrency capability is particularly important for the company and FinancialForce handles this well with home and dual currency, easy to set up and ability to provide visibility and reporting for operations regarding impact of currency fluctuations has provided better decision making for management.
  • Intercompany transaction processing is easy to set up and use.
  • While FinancialForce does provide a robust reporting engine application for free (in addition to the large number of out-of-the-box standard Salesforce reports that come with the app), the reporting engine can be overwhelming for the average user to configure and learn. This is improving with each new release but is not out yet.
  • While the company doesn't use purchase orders, there may be a need at some point in the future to do procurement of non-operations goods and services. This functionality isn't currently supported by FinancialForce, although there is the ability to create custom purchase objects in Salesforce and integrate them with payable invoices object.
  • The company would also find a simple, straightforward expense reporting and reimbursement app that integrated with payable invoices or journals useful, in order to get away from expense report management by spreadsheet. There is no current application offered or supported by FinancialForce for this, but companies can opt to install (and pay for licenses) to use other, third party applications that handle this functionality.
For accounting systems, users and/or evaluators often want to see some type of matrix or "heads up" comparisons of specific features and functionality of a system in key areas such as:
1) General Ledger
2) Order to Cash cycle
3) Purchase to Pay cycle
4) Cash management
5) Inventory and/or Cost Accounting (Projects/Jobs, etc)
6) Revenue Recognition
7) Fixed Assets management
8) Budgets
9) Tax
10) Reports and Analysis

It would be great if this kind of matrix existed to be filled in by reviewers so that others could benefit from their perspectives about the applications and how they address or handle the specific features/functionality.

With respect to FinancialForce, the company has found that nearly all the key features it needed were available from the application.
Read Lynne Taylor's full review
No photo available
November 08, 2016

Review: "FinancialForce Accounting by Salesforce"

Score 8 out of 10
Vetted Review
Verified User
Review Source
The accounting department uses FinancialForce Accounting as its main software. In addition to standard accounting functions, we greatly utilize the multi-currency capabilities and all the automation capabilities to remove manual entries as much as possible and be able to use that time to focus on reporting and planning instead.
  • Data integration which reduces need for manual entry
  • Multi-currency and location capabilities
  • Tagging function
  • System is slow when overwhelmed by data
  • Problems with Action Views
Depending on your sales software, FinancialForce Accounting could be a great option. It has great functionality for multinational businesses (large and small), and integration with sales software gives you the ability to track your sales cycle/expenses through the sales cycle much more easily than without the integration which is very important.
Read this authenticated review
No photo available
November 08, 2016

"FinancialForce Accounting Review"

Score 8 out of 10
Vetted Review
Verified User
Review Source
FinancialForce Accounting is being used by the accounting department for various accounting activities. It is not directly used by any other department in the company but it is integrated with our Salesforce.com platform which is used by the sales department. We use FinancialForce Accounting across all of our locations, in multiple countries.
  • Support for multiple currencies - track fluctuations in currency and impact on business/costs/profits, etc.
  • Great support.
  • Easy integration with Salesforce.com.
  • It took a very very long time to implement and we had configuration issues after the implementation that had to be addressed.
  • Cannot run scheduled reports.
  • Difficult to run reports (training is needed to configure the reports).
FinancialForce Accounting is a good choice if you are using Salesforce.com in your sales department as the integration with Salesforce.com is great (but be warned that the implementation phase takes a very long time). If you want to be able to run scheduled reports, or set up specific reports then you will find it difficult to do so with FinancialForce Accounting. You need to have a lot of training to set up reports.
Read this authenticated review

Feature Scorecard Summary

Pay calculation (2)
8.5
Benefit plan administration (2)
8.0
Direct deposit files (2)
9.0
Salary revision and increment management (2)
8.5
Reimbursement management (2)
8.0
API for custom integration (2)
7.0
Plug-ins (2)
7.0
Single sign-on capability (2)
9.0
Role-based user permissions (2)
9.0
Dashboards (2)
8.5
Standard reports (2)
6.0
Custom reports (2)
4.5
Accounts payable (2)
8.0
Accounts receivable (2)
8.0
Cash management (2)
8.0
Bank reconciliation (2)
8.5
Expense management (2)
8.0
Time tracking (2)
9.0
Fixed asset management (2)
8.5
Multi-currency support (2)
9.5
Multi-division support (2)
9.0
Regulations compliance (2)
8.5
Electronic tax filing (2)
9.0
Self-service portal (2)
8.0
Inventory tracking (2)
8.0
Automatic reordering (2)
7.5
Location management (2)
8.5
Manufacturing module (1)
7
Pricing (2)
8.0
Order entry (2)
8.0
Credit card processing (2)
8.5
Cost of goods sold (2)
8.0
Branded client dashboards (2)
8.5
Client data roll-up capabilities (2)
8.5
Client data consolidation for benchmarking (2)
8.5
Configurable alerts (2)
9.0
Billing bypass (2)
8.0
Client template cloning (2)
9.0
Single sign-on (2)
9.0
Configurable client onboarding questions (2)
8.5
Cross-client workflow management (2)
8.5
Industry-specific versioning (2)
8.0
Legacy system data migration (2)
8.5

About FinancialForce Accounting

FinancialForce is a native Salesforce application built on the Force.com platform. FinancialForce Accounting is a financial management system that runs in the cloud. The product can be used for multi-dimensional analysis and is designed to support companies of all sizes.

FinancialForce Accounting Competitors

Pricing

Has featureFree Trial Available?Yes
Does not have featureFree or Freemium Version Available?No
Entry-level set up fee?No