FinancialForce Revenue Recognition Datasheet
0 likes379 views
FinancialForce Revenue Recognition automates the revenue recognition process on the Salesforce platform, addressing challenges like manual processes and regulatory compliance. The solution provides visibility and auditability, linking revenue recognition data directly to its sources, thereby improving accuracy and efficiency. This cloud-based system supports AICPA, FASB, and SEC regulations, while offering real-time analytics and integration with various applications.
FinancialForce Revenue Recognition Datasheet
- 1. FinancialForce Revenue Recognition™ Automate your revenue recognition process on the Salesforce Platform Managing revenue recognition can be painful on a good day. This is due to changing regulatory requirements, evolving business models, an over reliance on manual processes, and/or poor visibility of both recognized and unrecognized revenue. It’s time to get a complete picture of your organization’s revenue with the cloud-based solution from FinancialForce. com. It automates recognition calculations, eliminates error-prone and timeintensive spreadsheets, and adheres to key revenue recognition standards. Eliminate complex revenue recognition spreadsheets Are you spending your valuable time entering data into huge, multi-row documents that attract the attention of auditors? Simplify the revenue recognition process while improving the auditability and visibility of your revenue recognition information by managing it on the Salesforce Platform alongside your other revenue generating activity. • Eliminate manual processes and calculations (saving time and money, while eliminating costly errors). • Deliver clear visibility and auditability into all aspects of the revenue recognition process. • Rid yourself of the dependency on spreadsheets and associated data integrity issues - get one source of the truth . • Put revenue recognition information in a secure, central place online. Link recognition entries tightly to source data Rather than re-entering source data and trigger event information into spreadsheets, you can simply link to the source data stored on the Salesforce Platform. This ensures data integrity, eliminates manual processing issues and direct links for audit trails. • Traverse the complete audit trail from journal entries to the source element objects. • Link to sources that include: • inancialForce PSA expenses, timecards, misc adjustments and budgets F • Financialforce Accounting – sales invoices and credit notes • Custom objects such as contracts, service agreements • Salesforce objects such as opportunities and cases. • Use ClickLick™ to import source information without coding. Stay compliant and in control FinancialForce Revenue Recognition supports AICPA, FASB and SEC regulations (including SOP 81-1, SAB 101, and EITF 00-21) including the requirements for Vendor Specific Objective Evidence or VSOE. It also supports Sarbanes-Oxley compliance with Section 404. • Provides a firm foundation for financial compliance. • Includes controls to prevent duplicate entries and posting errors. • Documents audit trails easily with links back to source data on the Salesforce Platform. FinancialForce Revenue Recognition is changing the way we look at projects. We now have access to accurate information on revenue by project so we can see how our projects are performing and act accordingly. Not only will this save us time, but also money previously lost to unbilled time. Jocelyn Fennewald Financial Analyst, Ahead LLC Harness The World’s #1 Cloud Platform Take advantage of modern, world class systems and applications without the IT costs and headaches, and get: • Real time analytics from anywhere, at anytime. • Mobile device support for iPads, iPhones, Droids, Blackberries etc. • Chatter, the social media and collaboration tool for business. • Customization and integration tools to customize and link your systems. • Easy integration for your custom and third party applications with FinancialForce ClickLink™. • Authorization workflow tools to coordinate your entire company. • A full range of development tools to build your own app on the same cloud in less than 1/5 the time. • 1500+ complementary and vertical applications listed on the AppExchange that integrate with FinancialForce.com and salesforce. com applications.
- 2. FinancialForce Revenue Recognition Automate your revenue recognition process on the Salesforce Platform Process multi elements arrangements efficiently Revenue visibility As businesses move to more complex revenue models e.g. transactions that combine products, professional services, maintenance services and/or subscriptions on the same invoice) multi element arrangements have made revenue accounting more laborious and painful. The multilevel structure of FinancialForce Revenue Recognition organizes and simplifies the process of tracking, calculating and properly creating the right entries from multi element arrangements down to a line item level. Get a complete and graphical view of your revenue situation either in summary form, or on an item by item basis. Use dashboards to view by line of business, customer or region. Use our standard reports or develop your own, using the powerful dashboard and reporting tools available on the platform. • Perform calculations based on equal split, % complete, or deliverables. • See revenue recognized to date, deferred and forecasted revenue. • View revenue by account, customer, project, group, region, practice or cost center. • Use Chatter to discuss revenue transactions and line items. • Organize items by projects, milestones, time cards, invoices, credits, refunds, expenses. • Supports calculations based on: • Total revenue • Total units X rate • Total revenue x VSOE % • Total units x rate x VSO% • Total units x VSOE rate • Includes flexible year and period definitions: • Month • Partial period • Actual days • 445 FinancialForce.com delivers ERP at Customer Speed™. Built on the Salesforce1 Platform, FinancialForce ERP equips customer-centric businesses with a unified cloud platform and all the applications necessary to grow both the top and bottom line. Our Financial Management, Human Capital Management (HCM), Professional Services Automation (PSA), and Supply Chain Management (SCM) apps allow businesses to increase the speed in which they operate and be more responsive along every touch point of a customer’s journey. Founded in 2009 and headquartered in San Francisco, FinancialForce.com is backed by UNIT4 and salesforce.com. To find out more about FinancialForce solutions, please contact us at: www.FinancialForce.com | [email protected] | 866-743-2220 | @FinancialForce Copyright © FinancialForce.com, inc. All rights reserved. The information contained in this document is intended for general information only, as it is summary in nature and subject to change. FinancialForce and FinancialForce.com are trademarks of FinancialForce.com, inc. Any third-party brand names and/or trademarks referenced are either registered or unregistered trademarks of their respective owners. FFFY1013US