Hi, this is Taylor Surh with FinancialForce. Today, I’m going to be showing you our Professional Services Automation tool as well as our accounting tool for our SRP small group demo.
So, we’ll start our discussion with our PSA overview dashboard. This dashboard is powered by Tableau CRM, which is a BI tool developed by Salesforce for analyzing your data.
So, we’re logged in as our Services Executive, and they can quickly see all their essential KPIs on one single page of view. We can track items such as billings, backlog, utilization, and more. And all these metrics are drillable. So, if I wanted to drill into our backlog information, I can simply click “view details” down below, and you’ll get a break out of that component of the dashboard.
You can also interact with the data utilizing filtering capabilities on the right. Here, we can really start to understand where our backlog is being caused. We can toggle between different regions and practices and groups, as well as track backlog by accounts and individual projects.
So, now let’s toggle over to our homepage. So, when you log into FinancialForce, you’ll also be logging into Salesforce, like you do today. You’ll see, I’m logging right into our force.com platform, and we’re using a single sign-on. We’re logged into that same platform that you use for your Salesforce instance. So, this means that if you’re using Salesforce today, you will be able to take your existing Salesforce environment and simply expand the functionality from a services and financial perspective. So, this allows us to utilize all of Salesforce’s functionalities – such as opportunities, accounts and contacts – and then connect additional data – such as your resources, projects, invoices, revenue recognition, and financial statements – to truly connect your front and back office.
FinancialForce is also a toggle application. Meaning that all the applications can be accessed through our app launcher. You could have applications from different processes, business departments and even create your own personal applications.
It’s important to note that all of these dashboards and homepages are all easily configurable, and you can add new widgets, modify the look and feel, so you only see the information that’s important to you as long as you have the permission sets to do so.
We hear from many executives that they need visibility into all aspects of their services organization. One of the biggest challenges they face today is getting accurate and timely information. Information is usually stored in many different places, and in order to get insights into your organization, information must be gathered from many sources or different individuals. But with FinancialForce PSA, executives can log into our system and be brought to their homepage where they have access to everything they need. We can even have embedded analytics and important KPIs, so, in real time, executives can track information such as backlog, utilization, forecast, or demand and capacity planning, all trending over time.
Since FinancialForce is native to that Salesforce platform, you can see sales info like accounts, contacts and opportunity data. It also accesses all of your active project information, including the health of projects, planned hours versus actual hours, the types of projects, and any other additional details you wish to expose.
The navigation within FinancialForce is also very easy. We provide quick links to different areas of our applications so you can quickly access items like your analytics, resourcing information, time and expense entry, and so forth.
From here, our executive can stay on top of key deals in the pipeline closing this month, and we can even drill directly into an opportunity. They recall from a recent sales leadership meeting that the United Partners HR Implementation opportunity was a pretty big deal to the company, and it’s imperative that the implementation goes well. So, if we wanted to drill into this opportunity, we can usually check the status directly from this opportunity page. We noticed that, on this opportunity, it was supposed to close at the beginning of the month. So, we need to follow up with the delivery manager: Dan Delivery. We can do this utilizing the Chatter functionality. So, instead of setting up an email, we can easily just follow up with Dan, our delivery manager, by sending them a message via the chat box with Chatter.
Here, we can collaborate with any of your team members on any records – such as an opportunity, or project – similar to a social media feed. It also maintains a history so that you can always refer back to it as needed. You can simply tag any individual and leave them a little message.
Now that we’ve sent off this message to our delivery manager, we can now go into the next step of our journey. So, we’ve switched over personas now to Dan, our delivery manager. Typically, someone in Services gets involved at a certain stage to start forecasting resources. Soft booking resources, or even help with project creation.
Dan is our delivery manager, and he is focused on the sales to services handoff. So, let’s take a look at PSA through Dan’s lens. When Dan logs in and he sees that he gets that notification from that message from our CFO, but we can easily drill into that for additional details. To help with this process, Dan can look at his capacity and demand planning analytics dashboard. Just like we saw before, we can simply click into the detailed summary, and he can get a quick summary of the capacity across all of his resources and also drill into the details. This is where Dan goes to understand availability or demand by role based on active projects and opportunities in the pipeline.
So, if we scroll down, Dan can also see the individual availability to help ensure that his resources are not over or underutilized. So, if we can navigate over to that opportunity, we can go right into that same page we were just looking at with our executive. You’ll notice that on this opportunity page, we can create resource requests directly from this record. Dan can review that the resource requests are still accurate, which not only gives him early visibility into upcoming resource demand, but also gives visibility into the expected revenue margin. Which we can access from the details down below.
So, in here, you can get a check in on the projected revenue and margin for this project to ensure that we are still within our target margin range for this opportunity. These are the things that the PSA Application asked the Salesforce opportunity out of the box, which makes it much easier, in terms of scoping resources and seeing the immediate impact on project revenue margin.
While Dan is validating these details, you just learned that the United Partners SOW has been signed, and a project needs to get created. So, when the opportunity moves to closed won, we can completely automate that process for project creation. So, we can move this to closed won and when we do so, what’s going to happen is the project is automatically going to get created, which we can reference directly from the opportunity as well.
So, now that this project is created, the resource manager and project manager automatically receive notifications that a newly created project needs their attention. So, let’s switch over personas now over to our resource manager Rachel.
So, now that Dan has created the delivery project for our research manager, Rachel can now begin staffing the resource requests. So, let’s take a look at some of the tools Rachel uses to do this as well as how she can use PSA to proactively stay on top of typical resourcing challenges.
So, Rachel starts her day in her resources management workspace. Here, she sees alerts and other important items so she can focus on things requiring her immediate attention. She can easily see all of her open and held resource requests, and also go right into any of these requests by clicking into it itself.
So, a common challenge for resource managers is finding resources who most closely match the criteria of a resource request. FinancialForce uses Intelligent Staffing and reduces the time and manual efforts involved in finding suitable resources. The system looks at your pool of resources and then determines the best fit based on several factors including role, availability, skills, rating, and location. We can see our resources in the middle with some additional filtering capabilities on the right. We can also include recommended resources. With these recommendations, it will further sort and rank all of your resources based on weightings. We can also compare resources between the available resources you see. We can easily find more information about specific individuals.
After she holds or assigns a resource, she is ready to move on to the next resource requests in her queue. We can also handle this utilizing our resource planner. Our resource planner can also be used to understand how booked resources are currently, what they are working on, and also uses it to proactively manage assignments. The resource plan provides visibility into the workload of all of your resources in one place. We offer color coding to help her focus her attention where it is most needed urgently.
Here, we can see all of our resources based on our availability, and there’s a couple different colors: we can see there’s green, that represents a resource that’s fully booked; yellow being underutilized; red meaning overbooked; and no color indicating that the resource has no assigned work.
You can also expand a person to see what they’re assigned to. So, we’re looking at a certain resource. We can expand and see which projects that they’re currently working on. We can see here that this analytics project is what’s causing this over-allocation.
Within this resource planner, we can directly make edits to any of these hours, and we can update these hours allocated to a given day, week, or month. The nice thing about this is we can also create new assignments directly from this or, if needed, we can swap resources for people who might have a little more availability.
The resource plan is also completely searchable and filterable – which we can access here at the top left bar, which is especially important when you’re dealing with a large number of resources. The commonly used filter sets can be also created to save time when searching for resources.
So, hopefully you can see how PSA enables our resource manager to find the right people at the right time. It provides the necessary insights into resource demand, capacity, utilization, and skills to help the resource managers quickly make decisions, as well as spot potential resourcing issues in the future.
So, now let’s switch over personas once more, over to our project manager Pete.
So, now that the project has been created and the work has begun, someone has to stay on top of these things to make sure the project status and project financials stay on track. Pete is our project manager. With the visibility PSA provides into all aspects of the project, Pete is able to ensure he has the resources he needs, and that the project issues and risks are under control.
So, when Pete logs in, he starts his day with his project management workspace. This gives him visibility across all of his projects in one place, and helps them pinpoint items needing his immediate attention. So, for example, he can easily see that he has a project where actuals are exceeding budgets, along with his weekly timecard summary, and time entry widget we can see down below.
Part of Pete’s job is approving multiple time cards, which we can access from this frequent task here on the left. Pete can easily see all the time cards he needs to approve in one place by accessing this link.
So, as we navigate to the bottom of the workspace, Pete then turns his attention to this United Partners project. So, if we click into this project, we’ll be able to go right into all of the project details from the project page. So, here is everything he needs to manage the project, right within access. So, everything such as statuses, KPIs, notes and attachments, and the ability to collaborate and communicate through Chatter.
So, to help manage his projects and tasks, Pete also likes to use the Gantt Chart functionality. So when we select into this, our Gantt chart is very easy to use, and allows you to add or remove any additional columns based on how you prefer to work. It also has a robust filtering – which we can access from the top. This capability makes it easier for you to work with larger plans or just focus on specific tasks.
It’s very easy to manage within the Gantt Chart as well. So, through the use of dependencies, if you have one task, for example, that feeds into another task, you can also make any updates accordingly. So, if I change a certain task out, depending on these dependencies, it will also make the subsequent necessary adjustments.
This is also where consultants will be able to be assigned to specific tasks. So if we go over, scroll to the right, we can also see these tasks might have an assigned resource – which we can also see down below – as well as the number of estimated hours for his given tasks, and any actuals that have been submitted. So, as the consultants start entering time, it will be tracked here as well, allowing you to track estimates versus actuals at the task level.
So, if we navigate back over to that project, on the right side of the workspace is our action container, where project managers have access to everything they need to keep the project on time and under budget. From here, we can assign new resources, and be able to manage things such as the project budgets, create new resource requests, or easily add on additional product tasks if new services are added, or even enter time.
Our PSA provides our project managers with powerful, easy-to-use tools to manage projects and work streams. Real time views and two key metrics help keep projects on track.
So, now that the consultants have been assigned to some tasks, it’s time for them to start doing some of their work. So, let’s switch over to our consultant and see how Tim, our consultant, utilizes PSA every day.
The services delivery workspace is really his command center for everything he needs to stay on top of and needs to do. Tim can keep his skills and certifications updated from those managed skills certifications. Tim is also able to view his assigned tasks, his standard list views, or if you like, utilizing a combined view – which we can access here as well. This particular view makes it really easy to update task status by doing simple drags and drops into these given buckets. So, if we go back over to that workspace, one of the other items Tim is also able to do is also be able to log his time. We can enter this directly from the workspace.
In addition to any of these time entry widgets, we also have mobile time and expense entry available through the standard Salesforce app, making it easy for consultants to capture this data as they are on the go. PSA’s simple and intuitive interface combined with the mobile capability, makes it easy for Tim and other consultants to enter critical items, such as time and expense, accurately and on time. This helps improve the speed and accuracy of invoices and reduces revenue leakage.
So, now that this project is in progress and actuals have been logged against it, it’s ready for us to start building and recognizing revenue. So, I have switched over to Colleen, our controller. Being the controller, she’s in charge of all of the financials for our services organization.
In order to manage this, she utilizes the Services Billing workspace. So, on this page, we’re able to keep track of all the projects that are ready to bill. We hear from a lot of our customers that they used to spend too much time trying to reconcile timesheets, expense reports, and spreadsheets in order to send customer invoices. It was really inefficient and really prone to errors. With FinancialForce PSA, our controller, Colleen, is able to see a list of all the projects that have timecards, milestones and expenses that are ready and eligible to be billed.
For each project or multiple projects, Colleen can generate billing in PSA, which creates a billing event, which is like a proforma invoice. From this, she can generate billing en masse – which saves a lot of time – or you can mainly generate billing at the account or project level.
I’m going to show you how you can generate billing for an individual project. So, if we click into one of these projects, we can go directly in from this project page, and navigate up to the top to start the project billing. From here, we can easily review all the elements that are ready to be billed. This could be for time entry, for expense reports, or even fixed-fee milestones.
From here, once we have it selected, we can simply just select “generate billing event,” and from this billing event we can see everything we’re gonna be billing for from the billing event items for this particular project. The billing event can also go through an approval process, which we can see here at the top, to ensure services have been reviewed to the billing event, prior to it being approved and released.
Once a billing event is released, which we can easily access from the top, it will automatically generate the sales invoice. We can also refer to any created sales invoices from all the billing events directly here as well. On this sales invoice that we have created, we can see all of the time cards have already been flowed through, and we can also see the invoice directly links to the account, the opportunity, and all the other details are being mapped over as well. Our invoice status is currently set to “complete,” and that’s because this invoice has already been posted. For invoices not posted, we can post the invoice by simply clicking the “post” button when available.
After posting, a transaction will get created. We can refer to that directly from the sales invoice. If we drill into that transaction, we can see all the debits and credits hitting our general ledger accounts. We can also print the invoices to PDF and email the invoices directly to our customers. We are looking at this process, or just a single invoice, but this process can also be done en masse as well. You can run a scheduler where the system can post, print, and email invoices all in one swoop. By having all this information connected together, it eliminates the manual efforts of wreaking in data, reducing errors, and preventing you from having to log into multiple systems. FinancialForce streams the process from project billing to invoice creation by keeping everything on one single platform, ultimately helping you collect cash faster.
So, now that the invoices have been sent out, we can utilize our Collections workspace to be our one-stop-shop for everything around collections. We can see here that, on this workspace, we have some key alerts such as overdue invoices or invoices put on hold. We have an embedded live AR Aging group report as well.
Lastly, we can set up reminder rules so that the system will automatically send out reminders to your customers for any upcoming payments or overdue payments, helping you automate the dunning process.
Revenue recognition is another common source of dread each month for a lot of our customers. Typically, it’s an onerous process to determine what revenue can be recognized through the use of complex spreadsheets. But with our revenue management engine, within PSA, the system does the hard work for you. With the click of a button, we can generate everything that is ready to be recognized across all projects at any point in time.
This view provides information on what’s been recognized previously, as well as what’s to be recognized in this period. The green bars provide a visual of total revenue recognized for the project along with the financial data. You can also see any cost broken out the same way. This helps us stay in compliance with revenue recognition standards, like ASC 606. Through our templates, our company can handle multiple ways of recognizing revenue. After running revenue recognition, she simply reviews for accuracy, any entries that she wants to commit. If it all looks good, she simply clicks “submit” to commit these entries. This will create a revenue recognition transaction, which moves the money from deferred revenue to actual revenue.
So, now that we’ve gone into our PSA and billing, we can now dive into more of our core accounting functionality, and see how our account (Allison) uses FinancialForce to perform her daily tasks.
So, Alison (our accountant), starts off her day by needing to purchase some new items for the office. So, she navigates over to our Procurement workspace to perform some tasks. Within this workspace, Allison can create new requisitions, send them through an approval process, and view open purchase orders.
Purchase orders will also go through an approval process. Once approved and sent to the vendor, the receiving report can be filled out. That part is typically done at the warehouse and indicates how many goods were received.
Now, we can dip over to our accounts payable side of things with our Accounts Payable workspace. Here is Alison’s one-stop-shop when managing the AP process. She can easily track overdue invoices, see a live AP aging report, and even issue credit notes all directly from the screen. We’re also able to make payments for any of your open payables through our Payments Plus engine. From here, the engine will take you through a payment proposal process that will allow you to simply select any payable invoices you want to process.
So, let’s pretend, for example, we want to make a payment for our subcontractors. When we’re ready we can simply retrieve our transactions with applicable filtering as we see fit, and we can select the subcontractor payable invoice that’s already been costed to a project. The engine will take you through the process and this will work for multiple or even just one item that you want to include in your proposal, and the engine will automate the payment itself, as well as creating the actual transactions to reflect the payment of that open item.
In addition to the AP side of things, Allison is also responsible for managing the month end process. She utilizes the period end workspace to track all the different procedures that need to be performed – like intercompany eliminations, currency translations, and revaluations, and closing off periods. We can also have an embedded trial balance for our GL accounts down below on this workspace, as well.
If we come up to our month end close, we can start our month end close procedures directly from this workspace. From here, we can easily get a list view of all the items that need to be completed, the task owner, the due date, and status.
While this list view may be helpful for some, we actually can see a more simplified version by switching over to that combined view, like we saw earlier. Here, we can organize all this information into these different buckets, and we can easily make changes to any of these tasks, update status through dragging and dropping.
But lastly it’s time to generate our financial statements for the end of period. So, Alison likes to review the budget to actual report. So, if we go here and we select our income statement with budgets, we can easily run any point in time our financial statements, and we’ll pull up a templated out financial report. If she ever has any questions on where numbers are coming from, she can simply drill into any of these figures to get additional insights and see what transactions are driving that particular number, making it very easy to see a complete audit trail and always having the ability to navigate back to the source records.
We also make it very easy for Alison to produce consolidated financial statements. So, we can also navigate over down to our balance sheet multi-company. When we run that, here we can see the values for each entity, our eliminations, and the consolidated values for across all the entities.
While financial statements are important for our organization, it’s even more important to understand the future state of our organization. This is where our analytics tool – powered by Tableau CRM – comes in handy for our accounting side as well. We can also use analytics to track our financial metrics, like we see here on the CFO overview dashboard. We can use this to analyze all different types of metrics, such as revenue, gross margin, operating expenses. EBITDA, and we also have balance sheet metrics – such as our accounts receivable, are day sales outstanding, accounts payable, cash and equivalents. This data is extremely powerful because it allows us to interact with it in multiple ways. On my right-hand side of my screen, I can also start to filter down this data. I can select different companies, currencies, or filter by different years, periods, or maybe instead of comparing as prior year, maybe I want to compare this against budget data.
We can also set up notifications on any of these metrics. I can easily go through and set up a threshold. So, this way, we can set up a custom threshold and be notified when a number has met that threshold, saving you time when analyzing your data.
Lastly, this information wouldn’t be very helpful unless we were able to share it. So, in addition to setting up notifications, one of the other items we do is simply share this information. Just like before, we can easily tag in any individual within our company, leave them a little message, and we can also attach a screenshot that will be included within our notification. This eliminates the need of sending emails or messages within other tools, since all communication can be maintained in FinancialForce.
Analytics are critical to organizations, and it gives you the ability to slice and dice this data in many ways, all on the fly. This will ultimately lead to you running a more effective and efficient business.
Now, this concludes today’s demonstration. Thank you all for joining at this time, and I’ll open it up for any questions. Thank you.