FinancialForce and Winter 2023 Updates

With decades of experience in the financial industry, FinancialForce is one of the leading providers of cloud-based financial software. In recent years, the company has seen unprecedented growth, with revenues increasing excessively in the last few years. FinancialForce is one of the leading software providers in the world, and its growth over the past few years has been nothing short of phenomenal.

The FinancialForce Winter 2023 release makes it easier than ever to keep your business interconnected and agile. With deeper intelligence and unprecedented agility, you can now run your business more effectively and efficiently than ever before. In this blog post, we’ll discuss some of the reasons for this growth and how your organization can benefit from it. We’ll also give you a heads-up on what to expect in Winter 2023, so you can be sure that your business will be ready for it! Read along.

Improvement to FinancialForce Continues

The winter update 2023 continues to accelerate its Services-as-a-Business (SaaB) product strategy, adding a mix of innovation, automation, ease of use, and intelligence to its services/solutions. The major improvement areas include Professional Services, Customer Success, and ERP Cloud.

Scott Brown, President, and Chief Executive Officer at FinancialForce announced, “Our new Winter 2023 release gives organizations the deeper intelligence and agility they need to run a connected services business. In an economic environment rife with constant change, this new release is designed to give organizations the tools they need to unlock full business visibility and put their customers at the center of everything they do.”

Winter 2023 Release Updates

FinancialForce continues to upgrade its platform with scalability, flexibility, and ease of use of the platform. Deeper integrations have also been added, with resource management and Google calendar synchronization now being offered. There are also performance enhancements in a variety of areas of the applications.

UX Improvements

FinancialForce’s commitment to the Salesforce Lightning Experience (LEX) continues with Winter 23 Release by providing a consistent, robust, and modern user experience. In addition, the updates include a more streamlined experience for creating journals and customer quotes, both of which are powered by LEX.

Professional Service Cloud

This release marks a significant advancement for FinancialForce’s Services-as-a-Business capabilities. SaaB offers a 360-degree view of each client while powering all aspects of service operations, including sales, delivery, customer success management, financial management, and planning.

The release includes new upgrades to Advanced Resource Management to help organizations achieve greater enterprise agility, giving resource managers more control and flexibility over staffing processes. Such as access to information due to the new tools that organizations can use to keep skills updated, helping to maximize resource utilization.

Services CPQ

The latest release includes significant upgrades to Services CPQ, such as the identification of specific rates, roles, and skills, allowing projects to be delivered with more accurate predictions and higher win rates. Services CPQ also has a stronger connection to Salesforce CPQ, with the combined solution now providing businesses with a complete and robust quoting engine. Some new features include:

• Create an Estimate based on the Salesforce CPQ Quote.
• Move the Estimate Product Lines as Quote Line Items
• Check the Estimate Breakdown on the Quote Documentation

This release also includes key improvements to PS Cloud Analytics. Organizations that upgrade to the most recent version of FinancialForce will have access to accurate and timely data utilization, which will power decision-making capacity planning.

Moreover, the data feeds into forecasting analytics, ensuring that organizations are better equipped for the task when it arrives. These features, when combined, maximize resource utilization and provide a complete picture of your business.

ERP Cloud

With this new release, ERP Cloud expands FinancialForce’s Services-as-a-Business capabilities by making it even easier to run a connected business by automating manual tasks. In addition, there is a new period close template explained by Heidi Minzner, Vice President, Product Management (ERP Cloud) at FinancialForce as follows, “This will allow organizations that are dealing with multiple legal entities to create templates for the companies that they would like to group together that share period close options.”

Another upgrade is the recent Bank Reconciliation Automation feature, which is time-saving by eliminating the error-prone task of reconciling manually. With automated transaction creation capabilities and matching rules, this new feature provides an efficient end-to-end bank transaction reconciliation process.

The winter ’23 release also includes significant Multi-X upgrades that streamline the close for multiple entities. Now, finance teams can close the books more efficiently with the new user interface and templated close options. Organizations can organize data into professional reports that show current business performance thanks to key upgrades to Financial Report Builder. Some key ERP Cloud features include:

• Deferred Revenue Waterfall: With this new upgrade, users can view key revenue metrics for specific projects, such as what is billed, recognized, and deferred.
• Procurement Workspace Enhancements: Managers can manage contract renewals and suppliers more efficiently with upgraded reports and alerts.

Financial Analysis and Planning

The new release helps businesses improve their planning and forecasting. Teams can now perform headcount planning by role, giving them a better understanding of how headcount decisions affect financial performance based on the most up-to-date data.

Final Thoughts

The FinancialForce winter update 23 is not a major addition of new functionality; rather, it is an update of new iterative improvements and some innovations that strengthen and simplify the solution. These updates are beneficial to users across both professional services and finance.

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