Accounting engine components
The FinancialForce cloud accounting engine is a central set of capabilities and design principles that power FinancialForce applications. These accounting components permeate the entire system, providing a rich and uniform user experience across all accounting functions. This enables FinancialForce.com to deliver a robust application across all aspects of the system, eliminating the patchy functionality problems found in modular systems – eg. when multicurrency is supported in accounts payable but not in accounts receivable. Universal accounting components also provide advanced capabilities that cannot be found in other solutions. For instance, the payment system can be used to pay refunds to customers, without having to set up redundant records in accounts payable. This is a powerful facility for companies that have trading relationships with both a receivables and payables dimension. Finally, the cloud accounting engine components simplify training because actions and interactions are consistent across all functions in the application.
Real time accounting
FinancialForce Accounting is built for the fast paced and competitive business era in which we live. Unlike on-premise accounting systems of the past, FinancialForce Accounting is a 100% real time and perpetually closed system. Its unique single ledger design eliminates subledger reconciliations and laborious close processes. It is built for real time financial analysis and modeling, not just to generate financial statements.
Single, unified ledger
Many of the efficiency gains and reporting benefits of the cloud accounting application from FinancialForce.com originate from its powerful single ledger architecture. Rather than construct a system around old-style department boundaries with individual software modules that pass information waterfall style from one module to another, FinancialForce.com has built a single, real-time solution that provides just one system to learn and use. This means that functions such as accounts payable, accounts receivable and general ledger are all contained in a single, self-balancing set of books - a single ledger. This unique single system design eliminates time lags, module sub-ledgers, data fragmentation, reconciling and unnecessary integration between subsystems. In contrast to batch or waterfall-styled ERP solutions, it ensures that your business data is consistent, always in balance and always up to date.
With the single ledger as a centerpiece, FinancialForce.com has created a series of powerful accounting components to surround it including:
- 100% real-time system
- Only one system to learn and implement
- Easy drill down and drill back to CRM
- Unlimited ways to classify, analyze, model and measure your business
- Supports dissimilar account coding structures within one set of books