Financials / Accounting and Salesforce
If you are considering a change or are not happy/comfortable with your current financial system then please reach out to me ........ I am available to you at no cost, this can take the form of an introductory information exchange session to shed some light on your situation and provide you with alternatives to build on going forward. My advice is 100% un-biased as I am not paid or receive any benefits from anyone. Send an email to charles@cfoconsult.com.au.
You often hear "Quote to Cash" , well we believe it's "Campaign to Cash". You need to start the tracking process from the campaign stage to truly follow the $$ throughout the entire lifecycle
Another firm belief of ours is that Financials belong on the Salesforce platform and the Financials need to be a truly native application
We will only be covering Salesforce native financial applications. A truly native application is built on the force.com platform and means that data and data processing occurs within the customers instance of Salesforce instead of on 3rd party servers.
What native applications are out there :
Comparisons between the above can be viewed by using SourceForge
Accounting is NOT an Island
Often, team members outside of accounting aren’t aware of how each department, program, or project fits into the company’s finances. The danger with this is that key account information can fall through the cracks of the data trail. Then, incorrect information is put into the accounting system. An information void like this means that you’re not grasping the entire picture of your company’s finances. Key variables might be missing or overlooked by you and your team.
Further reading https://www.accountingseed.com/2019/12/09/why-accounting-is-not-an-island/
Non-native financial applications would lead to Data Silos. This is not a good place to be.
Here is a good read on how harmful Data Silos are : https://www.accountingseed.com/2019/12/02/how-harmful-are-data-silos/
The Future of Accounting in Salesforce
Accounting looks backwards, by definition. So, let’s start with Salesforce & Accounting today, before looking at the Future of Accounting in Salesforce.
Does your close make the grade?
Take a look at the "Close the Books" Survey
How good would this be? "If you’re making sure your entries are booked every day, you could argue that your books are closed every day, allowing you to have continuous, consolidated reports that are always live." - Len Weedman, Trian Partners
Salesforce has a lot of signature features that are shared throughout the platform and within native applications. When you’re running your business on Salesforce, these features provide seamless navigation and structure to your organization. If you’re using a native Salesforce application on its own without the full Salesforce Customer Relationship Management (CRM) platform, you still get access to many useful Salesforce features. Let’s look at these features and how they benefit you whether you’re on or off Salesforce.
Maximizing Your Salesforce Investment Through Data
The more questions you ask and the more spreadsheets you build, the harder it is keeping multiple users, versions, and metrics in sync. The better solution? FinancialForce Analytics, powered by Salesforce Einstein, goes beyond the limitations of standard Salesforce reporting to keep everyone on the same page across your front and back office without the pain and risk of spreadsheets.
Watch our on-demand webinar webinar with Joe Thomas as he demonstrates how easy it is to get a complete picture of financial performance, tap into services backlog and revenue forecasting, and drill into transactional data—all beyond the scope of spreadsheets.