FinancialForce Sees Boom Year for Financial Management

Financial Management applications thrive in past year with awards, innovation and customer growth

FinancialForce today announces a record year for its Financial Management suite of applications and expects the portfolio to continue to thrive as continuous innovation helps businesses transform and customers succeed in a constantly-changing economy.

FinancialForce Financial Management has been recognized industry-wide, beyond its  competitors, for this in the past year with four awards:

• Director of Finance Awards – Financial Software Provider of the Year, 2016

• SaaS Awards – Best SaaS Product for Management Accounting or Budgeting, 2016

• International Business Awards – Best New Product of the Year: Software – Financial Management, 2016

• UK Cloud Awards – Financial Product of the Year, 2017

Notable customer wins in the past year range from small to enterprise size across a variety of industry sectors including, but not limited to hi-tech/technology/SaaS, non-profit, public sector, medical technology/healthcare technology and engineering. Customers range in size from 50 employees (fast-growing businesses that want to do it right the first time) to more than 3,000 employees.

Key examples include:

• The National Audit Office (NAO), which scrutinizes public spending for Parliament

• The Warranty Group, one of the world’s premier global providers of warranty solutions and related benefits

• Lieberman Research Worldwide, a leading global market research and data analytics consultancy

FinancialForce Financial Management saw a 40%+ uplift in revenue year-on-year, with 80% of its customers using GL and more than three products in the Financial Management portfolio as applications continue to help business transformation.

“We’re proud to see all of our focus and investment in the financial set of our applications pay great dividends,” says Raphael Bres, General Manager Financial Management applications at FinancialForce. “We will continue the momentum we have created and work in partnership with customers to ensure  we deliver exactly what they need to drive their success – which  will always be the ultimate measure of our own success. This is reflected in our partner-led approach and continuous feedback loops with our customer base. We’re excited to approach the one thousand Financial Management customer mark.”

There have been several impacting factors for the upswing in performance.

The economic model shift to a service-led economy

Almost every product on the market today has a services component to it, producing market opportunities while adding billing complexity. FinancialForce Financial Management helps organizations bill for recurring or subscription-based revenue in a simple and effective way.

Forthcoming changes in revenue reporting standards

FinancialForce Financial Management has built-in functionality to ensure organizations naturally comply with the new regulations and adapt them going forward to consistently keep up with back-office compliance through automatic product upgrades.

Modern finance function

The CFO and finance team mindset has been shifting for some time away from an admin-heavy, closed-door approach where the primary focus is basic accounting. Today’s successful finance team is a driving force for an organization’s success, playing a forward-facing and strategic role that allows them, with the right software, to see a true 360° customer view, enabling forecasting accuracy that allows them to tackle problem areas before they impact success. Through this shift, today’s CFO takes a firm strategic seat at the table of any organization, driving revenue instead of simply recording and reporting on cost.

Product innovation and customer-led approach

FinancialForce continuously focuses  on product development by working in partnership with customers to utilize their feedback to deliver the most innovative solutions in the marketplace. For example, in the past year FinancialForce has introduced Billing Central, the only cloud application that unifies billing, revenue management and accounting operations on the Salesforce Platform. Other functionality introduced in the last year includes: a personalized  end-user experience with fully configurable input forms, related content panels with social collaboration, global exchange rates, built-in intercompany reconciliation and automated elimination entries.

Gartner, Inc. predicted last year that more than $1 trillion in IT spending will be directly or indirectly affected by the shift to cloud during the next five years. Gartner said this will make cloud computing one of the most disruptive forces of IT spending since the early days of the digital age. FinancialForce is set to continue to take advantage of this shift as it focuses on providing the best applications and customer service to help companies thrive.