FinancialForce Fall 2021 Release Makes it Easier for Customers to Run Their Business Digitally and Adapt to Change
Fall Release Updates Include Advanced Resource Management, More Multi-X Enhancements, and Improved User Experience
San Francisco, October 13, 2021 – FinancialForce, the leading provider of customer-centric business applications across finance, services, and customer success teams, today announced the general availability of its Fall 2021 Release. New capabilities include Advanced Resource Management for the Professional Services Cloud which creates a more efficient staffing process and results in higher margins and greater employee satisfaction, as well as new ERP enhancements that make it easier for customers to run their business digitally.
“The pace of change has never been faster. Organizations need to be more agile and customer-centric than ever to meet the evolving demands of the market,” said Dan Brown, Chief Product and Strategy Officer at FinancialForce. “Our Fall 2021 Release enables organizations to get the very most out of their ERP and PSA solutions. It gives them everything they need to run their operations digitally so they can adapt to change and truly put customers at the center of everything they do.”
Stronger Project Teams
TThe Fall 2021 Release introduces a robust set of enhancements to FinancialForce’s Advanced Resource Management capabilities within PS Cloud. By deploying modern technologies, Advanced Resource Management optimizes the staffing process for resource managers and provides an innovative experience for employees.
Resource managers can now access a richer set of information across skills, experiences, and certifications to inform staffing decisions. They are also able to leverage an automated approach to searching for resources and ranking them across multiple requests. This allows resource managers to optimize staffing plans and build stronger project teams.
Employees and team members can now take a more central role in the staffing process by identifying skill aspirations and expressing interest in work most interesting to them. They can also receive prompts, through Next Best Action, to update their skills based on previous assignments. This gives employees more influence over the scheduling process and helps them chart the advancement of their own careers.
The cumulative impact of Advanced Resource Management is a more efficient staffing process, stronger project teams, maximized margins, and higher employee satisfaction.
The Fall 2021 Release also introduces powerful new ERP features, including multi-x enhancements, additional localizations, improved customer engagement, and globalization enhancements to our next-generation financial report builder.
On the multi-x front, the release includes support for multi-company journals, which allows for the ability to post journal entries regardless of the current organization. With this capability, information can be easily shared and unified across the entire enterprise. The release also provides support for advanced consolidations, which speeds up period-end-close for multi-tiered organizations by simplifying the consolidation process across entities, reducing manual efforts, and minimizing errors.
Customers can improve the efficiency of cash matching through automatic write-offs based on threshold rules for companies and currencies. This allows customers with a high volume of invoices to speed up the cash matching process in a multi-company environment, eliminating the need to manually write off remaining invoice amounts one by one. Additionally, the revenue contract true-up capability in Revenue Management will help customers account for currency rate fluctuations, ensuring accurate month-end reporting.
The Fall 2021 release includes expanded localization support for Germany, Norway, Sweden, and Belgium as well as additional withholding tax support. These enhancements allow customers to meet the regulatory accounting requirements in the countries in which they operate and quickly adapt to the unique needs of different locations.
Fall 2021 further extends the power of FinancialForce’s Customer Engagement offering through the addition of Inventory Sales Orders. Sales Orders can be analyzed across multiple customer projects or accounts, and Revenue Contracts and performance obligations for Revenue Recognition can be generated. Consolidated invoices across subscriptions, drop shipments, sales orders and services provide a more complete and accurate picture of customer engagement and behavior, providing a single view of all related customer activity through the Customer Engagement functionality.
The new release delivers further innovation around Financial Report Builder (FRB), FinancialForce’s next-generation financial reporting technology. Now in its third version, FRB has added “out of the box” financial statements for the French and Spanish markets to the rich existing repository of financial statements and reports. With support for the new Reporting currency, FRB leverages the multi-x capabilities of FinancialForce Accounting, enabling even more complex financial report creation without the need for post-installation efforts or report rebuild.
FinancialForce continues our commitment to delivering a world-class, modern User Experience (UX) with our ongoing investment in the Salesforce Lightning Experience (LEX) across all our solutions.
The latest LEX updates in the Fall 2021 Release include improved efficiency and accuracy across transactions & bank reconciliations, automatic write-offs, services billing, as well as put away & shipping queues. Consultants are able to easily enter expenses through the new LEX-enabled interface either directly in a workspace or project, or remotely using the new mobile expense entry in the Salesforce mobile app.
The Fall 2021 Release provides an optimized design across all workspaces to increase efficiencies with collapsible left and right regions and a new Percentage KPI card that highlights performance. Related Lists can also be accessed on KPI cards to quickly drill down to the level of detail needed to make informed business decisions.
FinancialForce accelerates business growth with customer-centric ERP, Professional Services Automation (PSA), and Customer Success solutions. Run on the leading cloud platform, Salesforce, FinancialForce enables organizations to see their customers in full color, to unlock customer insights, deliver innovative experiences, run a digital business, and achieve agility and resilience. Founded in 2009 and headquartered in San Francisco, FinancialForce is backed by Advent International, Salesforce Ventures, and Technology Crossover Ventures. For more information, visit www.financialforce.com.
Most adopted PSA solution in SPI Research’s 2021 PS Maturity™ Benchmark; most adopted PSA solution by Technology Services Industry Association in 2020; leader in IDC MarketScape for Worldwide SaaS and Cloud-Enabled Midmarket Finance and Accounting Applications, 2020; #1 PSA by G2.
Ella Pryor/Daniel Levy