FinancialForce expands forecasting in Fall 2020 release
FinancialForce has extended its revenue and cash flow forecasting features in the Fall 2020 release of its enterprise resource planning and professional services automation software.
The San Francisco-based company leverages technology from Salesforce to power its cloud-based software. New features announced Tuesday in the professional services automation system include a services revenue forecasting dashboard for service professionals, along with “in-context time entry” to make the time entry process more accurate so professionals can enter their time while performing their work. FinancialForce has also improved the PSA system’s integration with Jira, a project management and help desk issue-tracking system from Atlassian, to integrate FinancialForce with Jira at the task level.
In the fall release of the ERP system, a cash flow forecasting dashboard now offers a detailed forecast of how cash is expected to move in or out of a company during a specific quarter or period. Procurement and inventory dashboards now enable procurement managers to identify underperforming suppliers, improve their cost controls, and help make sure they have the necessary inventory levels to fulfill orders. The billing function now supports the ability to separate charge terms from billing terms to improve responsiveness to customer needs.
“With our procurement analytics, one of the things that I think is interesting is that I can look at different types, for example, internal procurement versus things that are drop shipped,” said Dan Brown, chief product and strategy officer at FinancialForce. “I can look at different product groups if I want to look, for example, at subscriptions, or if I want to look at what things are on contract, I can do that very quickly simply by filtering and looking at what’s out there. If I’m looking at things that are going to be added into fixed assets or if I’m looking at raw materials and so on, I can do that directly from within our procurement analytics, all built on the Salesforce platform.”
Other improvements in the overall FinancialForce platform include embedded analytics so teams can embed pre-built dashboards with descriptive, predictive analytics directly into FinancialForce workspaces and applications. FinancialForce has added new workspaces for services revenue forecasting, time and expense, and revenue management. The company has also modernized its user interface with Salesforce Lightning Experience, or LEX, technology.