FinancialForce Announces First Complete ASC 606 Solution for Unlimited Revenue Models
(Thomson Reuters ONE) -
Solution Combines with Salesforce CPQ to Help Compliance with New ASC 606 and
IFRS 15 Revenue Recognition Standards
SAN FRANCISCO, Nov. 07, 2017 (GLOBE NEWSWIRE) -- FinancialForce, the number one
customer-centric ERP cloud vendor built on the Salesforce Platform, today
announced the industry's first complete ASC 606 solution for revenue models
through its Financial Management solution. Unveiled at Dreamforce 2017, 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
high levels of visibility and predictability across the entire revenue
lifecycle, from configure, price and quote (CPQ) 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 a comprehensive financial management offering,
but to also ensure our solution remains responsive to emerging business models
and centered around the customer."
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 an end-to-end solution 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 enable compliance with the new standards.
Guy Sochovksy, CFO at NewVoiceMedia said, "As existing SF CPQ and FinancialForce
users, we are excited by the opportunity to achieve deeper integration of these
two Force.com based solutions and bring together our data flows to deliver both
greater business insight and rigor across our revenue recognition processes."
"Everyone and everything is getting smarter and more connected than ever before,
and companies are looking to transform the way they connect with customers,
partners and employees," said Kori O'Brien, SVP, ISV Sales, Salesforce. "By
leveraging the power of the Salesforce Platform, FinancialForce provides
customers with an exciting new way to align with new reporting standards."
Salesforce, Dreamforce and others are among the trademarks of salesforce.com,
inc.
About FinancialForce
FinancialForce is the leading cloud ERP provider for the new services economy.
The #1 ERP native to the Salesforce platform, FinancialForce unifies data across
the enterprise in real-time, enabling companies to rapidly evolve their business
models with customers at the center. Founded in 2009 and headquartered in San
Francisco, FinancialForce is backed by Salesforce Ventures, Technology Crossover
Ventures, Advent International, and UNIT4. For more information,
visit www.financialforce.com.
Media Contact:
Julie Walsh
Senior Media Relations Manager, FinancialForce
jwalsh(at)financialforce.com
+44(0)7580 313 951
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: FinancialForce.com, Inc. via GlobeNewswire
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