June 19, 2018
Score 3 out of 10
Overall Satisfaction with FinancialForce ERP
FinancialForce was being utilized to do accounts payable, invoicing, revenue recognition, and general accounting. It was mainly used by accounting while some people in other departments had access to FinancialForce to allow them to conduct their duties. Since it was built on top of the Salesforce platform, it was easy to look at all CRM-related info in conjunction with accounting information tied to these customer accounts.
- You are able to get a view of all CRM-related information of a customer account along with the invoices and other accounting-related information all in one screen. This makes is very convenient when doing any kind of research.
- The FinancialForce UI is very user-friendly since the interface mimics the Salesforce interface.
- The revenue recognition module is very basic. The system does not create deferred revenue waterfall schedules.
- FinancialForce does not have a way of handling prepaid items where the expense gets deferred into the future.
- Although FinancialForce can create invoices, there is no way to connect payments to the invoice in an automated fashion. When payments gets entered into the system, they must manually be matched against invoices. It is not good for scalability.
- Implementing FinancialForce stalled the growth of the accounting department. Because of the limitations, a lot of manual work had to be done in the systems and many schedules were kept out of the system. Instead of focusing on process improvements or, the accounting team had to do tasks that could have easily been solved with a more sophisticated ERP.
The reporting and general accounting features are generally lacking in FinancialForce. Many things had to be done manually as a result of these lacking features. Compared to a more sophisticated ERP system, it is worth it to pay a little extra money because we could not scale our accounting functions along with our company growth.
There are many lacking features so if your company is looking to grow, FinancialForce will not be able to scale along with your company. If your company is already past its growth stage and there aren't too many transactions to record, then FinancialForce may be suited for your company.