Cloud accounting and financial software provider FinancialForce.com has launched FinancialForce Revenue Recognition, the latest addition to its suite of cloud applications built on the Salesforce platform.
FinancialForce Revenue Recognition is designed help organizations simplify the process of gathering information for revenue recognition, performing the appropriate calculations and generating the accounting entries in line with accounting standards, while maintaining a consistent, controlled and auditable record of revenue.
The new application allows companies to pull information from revenue generation activities and create recognition workflows based on trigger events tracked on the Salesforce platform. It can also gather revenue information from objects on the platform, including Salesforce objects such as opportunities, cases and contracts; FinancialForce Billing invoices and credit notes; FinancialForce Professional Services Automation activities including projects, timecards, expenses; and custom objects developed by customers themselves.
“Organizations are struggling with revenue recognition because it’s complex and difficult for older, product centric ERP systems to contemplate,” said FinancialForce president and chief executive Jeremy Roche. “With FinancialForce Revenue Recognition, we are simplifying this complex process by taking revenue recognition to the cloud on the Salesforce Platform, allowing customers to accurately collect revenue information and gain real-time control of this compliance and risk sensitive area of the business. Our app will reduce the time spent on the process, give companies greater control and provide complete visibility of their revenues from soup to nuts.”
In addition, FinancialForce Revenue Recognition was designed to be used as a standalone application and generate journal entries for any ERP application of choice or combined with FinancialForce.com’s accounting and professional services automation applications.
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