FinancialForce Announces First Complete ASC 606 Solution for Unlimited Revenue Models
Solution Combines with Salesforce CPQ to Help Compliance with New ASC 606 and IFRS 15 Revenue Recognition Standards
SAN FRANCISCO, CA – November 7, 2017: FinancialForce, the number one customer-centric ERP cloud vendor built on the Salesforce Platform, today announced the industry’s first complete ASC 606 solution for revenue models through its Financial Management solution. Unveiled at Dreamforce 2017, this solution combines the power of FinancialForce’s financial applications, including revenue recognition, with Salesforce CPQ to help companies address the complete opportunity-to-revenue process and align with the new reporting standards.
FinancialForce’s Financial Management solution enables CFOs and financial professionals to respond to the changing business environment. It allows finance teams to incorporate new and flexible billing models emerging in the services economy that can involve complex revenue recognition reporting, beyond the scope of manual processes. Combining this with the power of Salesforce CPQ delivers high levels of visibility and predictability across the entire revenue lifecycle, from configure, price and quote (CPQ) to revenue recognition reporting, streamlining compliance with the new ASC 606 and IFRS 15 standards.
“The growing services economy is phasing out the traditional ‘order to cash’ approach in favor of service and subscription-based business models, putting new financial reporting obligations on organizations,” said Raphael Bres, Vice President Product Management for Financial Management at FinancialForce. “As the deadline for the new revenue recognition standards approaches, companies need a reliable solution to ensure they comply. We are continuing to work closely with Salesforce to not only deliver a comprehensive financial management offering, but to also ensure our solution remains responsive to emerging business models and centered around the customer.”
As single product and service providers are diminishing to make way for companies that deliver a mix of multiple, more complex revenue models, FinancialForce provides an end-to-end solution to help companies navigate the evolving market and ensure long-term success. FinancialForce’s Financial Management capabilities allow companies to centralize revenue streams in a single location, automate calculations and reduce period-end close. The solution will provide CFOs and other financial professionals with the confidence that revenue is recognized and enable compliance with the new standards.
Guy Sochovksy, CFO at NewVoiceMedia said, “As existing SF CPQ and FinancialForce users, we are excited by the opportunity to achieve deeper integration of these two Force.com based solutions and bring together our data flows to deliver both greater business insight and rigor across our revenue recognition processes.”
“Everyone and everything is getting smarter and more connected than ever before, and companies are looking to transform the way they connect with customers, partners and employees,” said Kori O’Brien, SVP, ISV Sales, Salesforce. “By leveraging the power of the Salesforce Platform, FinancialForce provides customers with an exciting new way to align with new reporting standards.”
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FinancialForce is the leading cloud ERP provider for the new services economy. The #1 ERP native to the Salesforce Platform, FinancialForce unifies data across the enterprise in real-time, enabling companies to rapidly evolve their business models with customers at the center. Founded in 2009 and headquartered in San Francisco, FinancialForce is backed by Salesforce Ventures, Technology Crossover Ventures, Advent International, and UNIT4. For more information, visit financialforce.com.
Senior Media Relations Manager, FinancialForce
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