Introducing FinancialForce Revenue Recognition for Salesforce
If you’ve spent any time working on revenue recognition in your organization, then I probably don’t have to tell you how painful it can be. What I can tell you now is that it doesn’t have to be. I am happy to announce the launch of FinancialForce Revenue Recognition, our newest addition to the suite of cloud-based applications for the back office. Built on the Salesforce Platform, FinancialForce Revenue Recognition will help you simplify the process of gathering information for revenue recognition. You will be able to eliminate spreadsheets, automate recognition calculations and get a complete picture of revenue. It even performs appropriate calculations and generates accounting entries in line with accounting regulations, while maintaining a consistent, controlled and auditable record of revenue. Today, businesses are adding new and more complex revenue streams including multi-element arrangements, which combine multiple types of revenue activity on a single transaction. For example, multi-element arrangements might include product shipments, professional services engagements and recurring revenue streams such as subscription-based revenue all on a single invoice. Accounting rules require that each of these elements are recognized and treated independently, which drives accounting teams to use complex spreadsheets in attempt to meet the requirements. This results in inefficient and error prone processes that lack appropriate controls, audit trails and visibility of recognized revenue. FinancialForce Revenue Recognition puts revenue recognition processing closer to revenue sources to improve efficiency and audit trails. It allows companies to easily pull information from revenue generation activities and create recognition workflows based on trigger events tracked on the Salesforce Platform. This provides a clean audit trail and complete visibility of revenue recognition activity. One customer – Fusion Risk Management – found that through integration of finance, project management and revenue recognition systems, it now takes them less than 10 minutes per month to recognize revenue. Sounds pretty good, doesn’t it? I encourage you to read the latest press release here.