What is a cloud financing solution?
What is important about a cloud finance system?
It wasn’t that long ago the big company question was “why cloud?” Today that question is assertively “which cloud?”, with an immediate “why didn’t we go here sooner?” The value of the cloud has become so transparent - that for small and medium size companies alone, the majority of new IT budgets are now being allocated just for cloud solutions. But what about cloud for finance?
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Making the leap to a cloud financing systems
To a large extent accounting and financial system implementations in a cloud environment aren’t that much different than those in an on premise environment. The differences that do exist between them however are exponential. You still have to carefully plan out project timing/responsibilities, data migration, the accounting structure (i.e. chart of accounts) and reconcile balances between new and old systems. However, cloud based financing implementations on a single cloud platform offer some very important and unique aspects that relate to the fundamental architectural differences between multi-cloud based and on premise systems. These differences represent all the core reasons you make the move to the cloud in the first place, so you certainly don’t want to miss them when you’re evaluating solutions or planning your project.
Learn more about cloud financing
Streamline, simplify, and automate your financial operations on the Salesforce platform. FinancialForce Financial Management gives you a flexible general ledger, automated billing processes, and brilliant intelligence all in one place.
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Cloud financing solutions have proven more cost-effective
Typically offered on a subscription basis, a cloud system means you are able to eliminate large, upfront capital expenditures for computer hardware, systems software and accounting application software licenses. You pay for the access and storage (and maybe some services) and get killer software in exchange. This is the exact opposite of on premises solutions where costs only go one-way: and that’s up.
Add the fact that cloud accounting solutions are known to deliver higher ROI, real-time, multi-dimensional financial analysis, and a host of other benefits, from mobile access to enterprise collaboration - all geared toward efficiency and providing better value to your customers. Cloud accounting helps grow profitability, not hinder it.
Your cloud financing systems can help the customer experience
Cloud-based platforms are now gold standards, but it’s not just convenience driving adoption: it’s also about improving customer experience. CFOs and other finance leaders have recognized the benefits of working on the same platform and seeing the same “single source of truth” as the rest of the business. Instead of having to “integrate” disparate systems, finance leaders want their teams to be working in the same environment with access to the same data as their colleagues. And instead of waiting for days or even weeks for teams to be on the same page, everyone from sellers to accountants can do their work with the same view of critical customer data.
With a cloud financing system, you can create a single customer database and start automating billing, revenue management, and other core financial processes. It’s the single most powerful way to execute profitably and predictably, earning customers for life.
FinancialForce offers the leading cloud financing solution on the #1 business cloud from Salesforce
FinancialForce Accounting is a simple, yet powerful, accounting application that is straight forward to learn, easy to implement and trouble-free to maintain.
The perfect complement to Salesforce CRM, it brings back office data to the front, allowing companies to align sales, services and finance on a single cloud.
Cloud accounting – the future of finance
FinancialForce brings you the modern accounting app designed to take full advantage of the power and flexibility of the Salesforce platform. This highly sophisticated yet ingeniously designed solution is easy-to-use and easy-to-adapt. For example, personalized user forms and related content panels 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.
Delivering CRM to accounting – end-to-end in Salesforce
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.
One company, one system, one view of the customer
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 your 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.
The multi-everything accounting engine
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 sophisticated accounting components such as multi-currency, global tax and multi-company accounting capabilities across the entire system.
Unparalleled visibility to real-time metrics from anywhere
Unlike on-premises accounting systems of the past, 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 you can make informed decisions anywhere, anytime.