“We’ve automated 95% of our finance functions —from the moment a timesheet is approved all the way through to recognizing revenue.”
Get compliant with ASC 606, IFRS 15, and AASB 15
Support multiple revenue scenarios and centralize revenue streams with FinancialForce Revenue Management, a powerful solution native to the Salesforce platform. Easily solve for compliance with new revenue and expense-side recognition rules while improving transparency into the financial health of your business. With automation across the opportunity-to-revenue lifecycle, you can reduce period-end close times and auditor fees while deploying new business models with greater speed and confidence.
A platform for growth
Provide your business a platform for scalable revenue growth without adding additional staff, and comply with the latest financial regulations. FinancialForce Revenue Management works seamlessly with Salesforce applications and FinancialForce Accounting, or can be deployed standalone alongside your existing ERP systems.
Products, subscriptions, professional and business services, usage-based contracts, and any combination thereof—track all revenue streams and scenarios using a single, unified tool. Easily bring in revenue source data from across the business and automate complex revenue calculations and allocations across multiple customer contracts and individual performance obligations.
ASC 606, IFRS 15, and more
Interactive reports with side-by-side comparison allow you to quickly assess the impact of new revenue recognition rules (e.g. ASC 606, IFRS 15, and AASB 15) and adjust processes and pricing strategies accordingly. Enforce and modify internal controls to efficiently record transactions while supporting current and future compliance standards.
Improve revenue visibility and controls by making them repeatable and auditable, which in turn leads to a smoother, faster, less costly, and more accurate audit preparation process and audit trails. Automate the linkage between revenue source transactions and revenue recognition accounting entries. Adhere to the new standards with ease, recognize revenue against performance obligations as a function of the standalone selling price (SSP), and manage it all on the Salesforce platform alongside your other customer, order management, and billing activity.
Forecasting & business insights
Get a complete, visual view of your revenue streams, with real time, side-by-side actuals versus forecast insights, which can be easily personalized by business users. Empower teams to make more informed decisions in a timely manner, and gain holistic insight into the downstream financial impact of changing business models, pricing strategies, and customer contracts on recognized revenue.
Compliance & control
FinancialForce supports AICPA, FASB, IASB, and SEC regulations (including ASC 606, IFRS 15, and AASB 15) as well as vendor-specific objective evidence (VSOE). It also supports Sarbanes-Oxley compliance with Section 404 with automated internal controls.
- Support for multiple currencies and multiple entities
- Set up Revenue Contract and Performance Obligations with revenue source data or import transactions from external revenue applications
- Record costs associated with revenue to be amortized alongside the revenue recognition schedule
- Catch up adjustments ensure prior revenue is recognized and prevents duplication during the transition to the new standard
- Retrospective and parallel recognition processes keep both historical values on current standard and track the new values on new standard
- Includes controls to prevent duplicate entries and posting errors
- Documents audit trails easily with links back to source data on the Salesforce platform through accounting and reporting
Allocations & calculations
Ditch integrations and manual processes with a united solution that allows you to bring in business-wide data and automate even the most complex revenue calculations.
- Enter or override both SSP and total contract revenue
- Automate allocations and calculations in the ratio of SSP
- Allocate and amortize contract cost to performance obligations per new revenue recognition standards
- Automatically institute controls to prevent duplicate entries and posting errors
FinancialForce organizes and simplifies the process of tracking, calculating, and properly creating the right entries from multi-element arrangements and revenue streams down to line items. Easily track transactions combining products, services, and/or subscriptions on the same invoice.
- Perform calculations based on equal split, percent complete, or deliverables
- Organize items by projects, milestones, time cards, invoices, credits, refunds, or expenses
- Support flexible year and period definitions
Single source of truth
Data from your Salesforce applications, including CRM and CPQ data, automatically flows into FinancialForce using the same data objects and architecture. This ensures data integrity, eliminates manual processing issues, and provides direct links for audit trails.
- Get consistent, end-to-end data and mapping from CRM, CPQ, and other front office systems
- Complete audit trails from initial opportunity and revenue recognition to the general ledger and financial reporting. Integrate with Salesforce and/or FinancialForce Accounting, including contracts, sales invoices, and credit notes
- For organizations with professional services, seamlessly capture data around projects, milestones, expenses, timecards, miscellaneous adjustments, and budget data in FinancialForce PSA
Derive revenue forecasting with both deferred and forecasted values across multiple revenue source data, including opportunities, contracts, sales orders, invoices, and projects. Use standard, built-in templates or develop your own custom reports.
- View revenue dashboards by line of business, customer, or region
- Compare ASC 606 and ASC 605 side by side by revenue category
- Drill down deeper into contract actuals and forecasts, account, customer, project, revenue type, and more
- Use Salesforce Chatter to collaborate on revenue transactions and line items
Natively built on the Salesforce platform, FinancialForce gives you the scalability and flexibility of the world’s #1 cloud platform. So instead of maintaining technology and your IT stack, you can focus on serving customers and growing the business.
- Enjoy a sleek, easy-to-use, and secure user experience
- Tap into AppExchange, the world’s leading business app marketplace
- Leverage the future of reporting and analytics with Salesforce Einstein
Ready for modern ERP?
FinancialForce is the leading cloud ERP 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.SCHEDULE DEMO WATCH DEMO