FinancialForce Accounting Review
FinancialForce for small organization of 20 FTE
My favorite quality of FinancialForce is the seamless integration with Salesforce.com. The platform operates much in the same way as Salesforce, so customizing and reporting were easy and quick to learn. This made the integration process go much smoother and I was able to train my team quickly on using the new financial system. Throughout my history of using FinancialForce, whenever I did encounter a questions or problem, opening a case was easy and the response time was within 1-2 days.
Another key functionality that I really enjoy with having both our operations and finances under one login, is the reduced amount of data entry. We have greatly reduced the amount of time spent on duplicate data entry by operating in the same system. FinancialForce also offers a lot of automated functionality, but one we use is the automated cash matching, which takes out another step of manual data entry. The operating efficiencies we've leveraged by implementing FinancialForce have paid for the cost and then some.
We are a small organization of 20 and we do not have a developer in-house. We struggled with the FinancialForce reporting app, as this requires some use of code and developer 'speak'. The standard Salesforce reporting allows for FinancialForce data as well, so we rely on this function more often, but when it comes to the standard P&L structure for our board, we needed a 'pretty' report, and this requires the FinancialForce reporting app. During our implementation we were promised by the implementation partner that they would write the reports for us, however this was never delivered. FinancialForce is working on rectifying the problem for us, but it will require some additional hours and financial resources on our end.
More than I need Human Capital Management Software
I would say if you are a small or medium business and you have no idea what an HR department or IT department looks like, then you need Vana Human Capital Management.
If you have employees and you want to increase performance, this solution is complete. HR departments will thank you, you will save time and headaches.
This made our performance reviews a dream. The social collaboration is new to us and has become the center of our corporate universe.
you will be overwhelmed so just be warned the Quick Start Implementation will appeal to you, but I encourage you to just get the next level up so the team at VanaWorkforce.com will do all the work for you.
Just get it.
Oh yeah, since it is on force.com it makes integration with CRM and other force.com products a single click of the mouse and has single sign-on, super cool.
The user interface is excellent. If you know Salesforce.com CRM then you will inherently know how to use Vana HCM. WOW! No training required.
Great future vision product, it has more than I need to manage my team, recruit and track people, leave, benefits, compensation, performance and more.
Even better I LOVE the Social Collaboration tool. It keeps my employees working and collaborating in the solution and not of facebook or twitter. Also love the collaboration on goals, initiatives, performance reviews and projects.
Top it off the library was an added bonus, since I can store and share corporate documents and even education materials as part of the solution (free) and have my team collaborate with others on these and track it in the learning management.
Overall: over the top! Thank you.
There is almost too much to learn. The overwhelm is consuming. I wish I had the ability to configure everything that is delivered.
Knowing where to start was a bit daunting, thank goodness they did the first series of configurations to launch the product and provided me with an easy to use Getting Started Guide so my team could calm down and get started 1...2...3
Learning to use the system most effectively was a challenge, but I think we finally got it. It may have been more of a resistance to change, rather than a solution problem. It took a while to adopt it as a company, but we are all on the same page now and it ROCKS!
The Social Org Chart was a bit of a challenge to set up, but easy to re-org and fix with a little help and is now AWESOME!
Overall we've had a very positive experience with the SCM Module!
The SCM Module of FinancialForce is fantastic for organizations looking for a plug in to Salesforce that can be customized but also has a lot of fantastic out of the box features. Our company went from using Quickbooks which provided very little if any controls and reporting to using the SCM product which allows you to use the same functionality for permissions, page layouts and reporting as you get in the native Salesforce application. The product links seamlessly into your existing organization and allows you to take Opportunities in Salesforce and create Quotes to your customers, sales orders from the quotes, purchase orders to your vendors and invoices to your clients. You can report at the line item level on all of these objects which gives you excellent visibility and control into the day to day operations of your business. There is also an inventory functionality that can assist with inventory management. We don't use this function but I've seen the capability and it's also fantastic.
Because SCM is still growing there are a lot of new releases of the product that have great fixes and updates. However, upgrading can be a long process because of the amount of testing you have to do. The more customized your environment is the longer the upgrades can take. We are running about 10 versions behind right now due to this. However, we realize this will level out over time and become much less time consuming as the product matures.
One of the best cloud-based accounting applications at the moment
It's built on the Force.com platform. You can code your processes around FinancialForce using their APIs or by directly manipulating their database, so it gives you a lot of flexibility on how you develop around FinancialForce. It has a nice customer community portal where you can share ideas, log issues etc. Support is great, and if anything does crop up as an issue, they really work hard to get it fixed.
It was one of the first cloud-based accounting packages, and with that has come some architectural decisions that I think they've realized were a mistake, but with every release, they fix these. Invoices need to be hand-coded in Apex VisualForce; there is no "Invoice creation wizard", but FinancialForce is happy to do this for you. When you create an invoice from an opportunity, FinancialForce assumes that you want to invoice every line on the opportunity. This isn't the case sometimes. You can delete the lines off the invoice, but then it becomes hard to see which lines have been invoiced and which haven't. You can't invoice multiple opportunities at one time. That said, we have resolved them all by using custom Apex code. Trying to fit FinancialForce into a developer org is tricky, due to the amount of configuration data that is required.
Good ideas but much development still needed
the Overall experience is mixed. we Keep using it because a migration would be even more costly. I guess with much more customization it will be great one day.
- online Access
- great performance even with big data
- cross company / multicompany mode
- no Country customization
- no links to local authorities (VAT, direct tax Returns)
- no natural support of multiple GAAPs per Company (e.g. local GAAP, IFRS)
- no usually fixed asset Register for financial fixed assets.
Not the greatest
If you need an accounting package that integrates with Salesforce, this would be the best option. It does have most features your accounting and finance people need.
Our financial people constantly complain about the speed, has decreased efficiency as it takes longer to do tasks than previously in Quickbooks. Also, it has periodic slowdowns that has been determined to not be our network, but them. Admittedly this is mostly secondhand from our accounting and finance departments.
Significants improvements to Financial Control for an NGO
Excellent analysis tools and integration with Excel supports our multiple reporting and wider organisational needs.
Dimensions Feature allows the level of reporting we need to comply with multi-country/currency/project/phase/donor requirements.
Very easy to use and to train others to use.
Excellent import/export facility with Excel.
Web based allows field and UK staff to work in real time on the same data.
We are an NGO, and our requirements are only for General Ledger, so I cannot comment on the pros and cons of the full system.
We also use SalesForce; which is a pre-requisite to gain some of the benefits above.
Fully Integrated Solution
If you are a Salesforce user this is an excellent integrated solution. Sales and finance share the same information. With Financial Force we look at the business financially the same way we look at it operationally.
Web based, integrated with Salesforce, easy to set up, easy to configure, easy to maintain, always up to date, great support
Product is relatively new so sophistication is developing over time. Reporting is based on standard Salesforce reporting so whilst extremely powerful is non standard for finance- though a product to resolve this is currently in development.
FinancialForce For The Force
Robust financial management system
Huge improvement over our previous financial system.
After the initial setup process (albeit long and tedious), the platform seems to work pretty well. It is well designed and a huge improvement over our previous financial management system and has cut our month-end, year-end, and other periodic closing process times in half.
The system consistently slows down after a few days/weeks/months. Sometimes this is due to a FinancialForce upgrade, and sometimes it has been due to bad code written for us by our FF consultant. The process for getting these performance degradation resolved can take weeks, wasting dozens of hours of valuable time.
Over promised software that is incredibly complex to set up
Over complex software supplied by an unhelpful vendor.
It is highly configurable and provided it meets your requirements and when it is finally configured and set up it works okay.
It is incredibly complex and entails significant learning and development time to configure it. High on-going costs for maintaining and evolving the product in line with the business, entailing the support of a significant in-house IT team. Not suitable for SMEs and organisations of less than 100 staff or T/O of over $50m. The sales team from Financial Force understated the complexity of set up and learning time and over promised on suitability and functionality. The support team at FF have proven to be unhelpful and difficult and are only interested in selling more consulting time. Issues in integrating with Microsoft.
Fails at basic accounting functions
We have been able to go paperless with our AP and journal entry processes, which provides good efficiency any time a question comes up.
It honestly falls down on the most basic accounting function, however - reporting on the General Ledger. The important thing to realize here is they built this onto the SalesForce architecture. That system considers 'accounts' or customers, the key data object. General ledger accounts, aren't the key object. So that materializes in a lot of ways. The main one: there is literally not a stock screen or report where you can query the CURRENT year to date balance of a general ledger account. You especially cannot do it while showing transactions to date. It sounds crazy, but I challenge you to force the sales technician to show you the out of the box screen where they can say "what's the current balance of computer equipment" and have it return what the transactions are so far this month, and what the balance is at this moment. They'll show you the transactions. They'll show you the last closed balance. But they will not show you the current balance. That has to really tell you something about this system.
Ability to do so much
It has cut down our process time dramatically and we are able to do much more in less time.
This software gives you the capability of doing so much and allows you to report on it all
The amount of click through windows can become tedious but overall there are ways to cut that down as well so it's not really a big issue.
This has not been a great experience at all for our company.
You can configure it and have a lot of options. The full suite is good if you do not need any additional requirements.
You have to be a programmer to work with it. There is a lot of set up time involved in being able to get it to function for you.
The best solution for knowing the health of your company.
Great user interface, great support, great at doing finance and accounting reports that tell the story of your company financial health. I am a very visual person, and since I don't have a background in finance, its great to have beautiful graphics that convey in a much efficient manner the status of the report.
Easy to use and amazing graphics.
So far so good
Visually pleasing accounting software
Generating reports for preparing client's financial statements.
Very good at visually representing the financial position of the business, as well as managing accounts, taxes, and payroll.
A lot of customization required which can be a steep learning curve and may not meet the needs of the users.
I love Salesforce, and they have hit the nail on the head yet again with this product. Imagine Salesforce for accounting.
I have no cons to report. This gets the job done and is easy to use. Subject to user error, so train employees diligently
We have been doing for the last 5 months our invoices, collections and the month-end-close with this accounting software and we are pretty happy with everything. It is our first cloud accounting solution and I wouldn´t like to go back to our old system.
- 360° customer overview
- easy-to-use dashboard
- you can set up payment notifications and alerts
Great integration with SF sales cloud
I really like FF mostly because the seamless integration with the Salesforce native sales cloud. I wish my company would have listened to our team need more. We are already using the FF software for resource and project management and would have been nice to include the account as well as the hcm module.