FinancialForce, the number one customer-centric cloud ERP vendor, today announced the industry’s first complete ASC606 solution for any revenue model through its Financial Management solution. Unveiled at Dreamforce, this solution combines the power of FinancialForce’s financial applications including revenue recognition, with Salesforce CPQ to help companies address the complete opportunity to revenue process and align with the new reporting standards.
FinancialForce’s Financial Management solution enables CFOs and financial professionals to respond to the changing business environment. It allows finance teams to incorporate new and flexible billing models emerging in the services economy that can involve complex revenue recognition reporting, beyond the scope of manual processes. Combining this with the power of Salesforce CPQ delivers the highest levels of visibility and predictability across the entire opportunity to revenue lifecycle – from configure, price and quote (CPQ) through to revenue recognition reporting, streamlining compliance with the new ASC 606 and IFRS 15 standards.
“The growing services economy is phasing out the traditional ‘order to cash’ approach in favor of service and subscription-based business models, putting new financial reporting obligations on organizations,” said Raphael Bres, Vice President Product Management for Financial Management at FinancialForce. “As the deadline for the new revenue recognition standards approaches, companies need a reliable solution to ensure they comply. We are continuing to work closely with Salesforce to not only deliver the most comprehensive financial management offering on the market, but ensure our solution remains responsive to emerging business models and centered around the customer.”
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As single product and service providers are diminishing to make way for companies that deliver a mix of multiple, more complex revenue models, FinancialForce provides the only end-to-end solution for any business scenario to help companies navigate the evolving market and ensure long-term success. FinancialForce’s Financial Management capabilities allow companies to centralize revenue streams in a single location, automate calculations and reduce period-end close. The solution will provide CFOs and other financial professionals with the confidence that revenue is recognized and in compliance with the new standards.
“The addition of Salesforce CPQ will help in our compliance with the upcoming regulatory Revenue Recognition standards, ASC 606 and IFRS 15, said Guy Sochovsky, CFO at NewVoiceMedia and FinancialForce customer. As with many service focused companies we are seeing the need for more flexibility in our revenue models and it’s important for our business performance as well as compliance that we can effectively recognise revenue across any and all of these.”