FinancialForce Spring 2023 Release: Newly Added Features and Capabilities

FinancialForce released its Spring 2023 release with no new products. The upgrade included a long list of improvements that highlighted the company’s recent investment in its Research & Development staff. 

According to Scott Brown, President and CEO of FinancialForce, the new Spring release 2023 is intended to provide enterprises with the level of certainty they require in these volatile economic times. Furthermore, due to the rapid changes in market and business conditions, service businesses require confidence in their ability to manage estimates, skills, and resources, as well as solve complex problems. This new edition provides firms with a comprehensive, customer-centric picture of their operations, allowing them to leverage continual disruption into a competitive advantage. 

What is in the FinancialForce Spring 2023 Release?  

The FinancialForce Pring 2023 release brings a lot of power-packed upgrades and features. The list below covers a few of the major functionality updates. 

Addition of New Feature and Capabilities in PS Cloud 

The new Scheduling Risk Dashboard feature, aimed at project managers, answers the problem of determining where the risk of impending scheduled work rests and how it will affect delivery.    

Following that is the new Estimate Export capability in Services CPQ, which gives estimators estimate information in a format that can be rapidly and precisely included in SOWs or proposals. 

The FinancialForce Spring 2023 release also includes Skills Hierarchy, which is suited for enterprises with thousands of resources managing thousands of skills.   

Some other key PS Cloud Features Include: 

• Work Planner: This update is intended mainly for resource managers. It provides comprehensive visibility into unheld resource requests as well as unscheduled/scheduled work, ensuring sufficient staffing for committed work. This increases business certainty by allowing managers to effectively manage personnel demand across a globally varied corporate workforce with a modern UX experience. 
• Third-Party Calendar: This feature, which was created for delivery resources, enhances teamwork and aids in time management for individuals. Project Task Assignments are now integrated into Google and Outlook calendars to prevent missing assignments. 

ERP Cloud Innovations

The ERP cloud innovations focus on productivity gains, such as flexibility, automation, and user experience. Users can customize the revenue recognition procedure by firm, currency, and income stream.  

Period close, which has traditionally been a source of frustration for finance teams, has been made more efficient. There are templates that can save commonly used close choice combinations to further accelerate the period close.  

Salesforce flows are now supported during the contract renewal process. Users can continue to use manual inputs, but the renewal procedure for active contracts is now more automated.   

Collection management is automated for accounts receivable teams. Customer reminders and statements have more flexibility and automation. It contains review and distribution processes, as well as a new interface for AR teams to configure reminder and statement rules.  

Accounts payable teams also benefit from Payments Plus, a streamlined user experience that improves how users make electronic payments. The option to adjust filters in the payment template and a new summary of payments record pages make the process easier and give you more control over the payments process. 

Improvement on Financial Planning Capabilities

Spring 23 is focused on improving scenario planning capabilities across the platform. Budget snapshots can be taken by FP&A teams to simplify and improve version control in this release. In addition, Dan Brown highlighted that FinancialForce supports multiple versioning and scenario planning, which is crucial in the long run. As a result, the further you extend your plans and forecasts, the more you must consider various eventualities. 

What’s coming up in Next Release?

According to Dan Brown, much innovation is on the way which promises to complement and extend much of what others have seen till now. They can also sign numerous new collaborations, which could be announced in May. He also mentioned that there would be additional new offerings in the winter release; it remains to be seen though, what exactly we can expect from the next release in their pipeline.

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