If you work for an organisation that uses Salesforce, the latest version of FinancialForce accounting has a new trick that may be of interest to anyone with a desire to really understand what drives their profitability. How come? Well the clever people at FinancialForce have added the ability to link invoices (sales and purchases) to any other Salesforce object. So what? If you get this right it allows you to directly connect income and costs to whatever drives the business. The obvious example is projects, if you have a separate Salesforce object tracking projects then linking purchase and sales invoices (or journals) to a Project record gives an easy way of reporting profit by project. Not only does this remove the need to set up project codes in the accounting system (no duplication, no meaningless codes), it also allows you to report on profit by any field held in the Project object, such as Project Manager, or Client, or region or….. you get the point. Combine this with native Salesforce and/or new FinancialForce reporting, drill-down and dashboard capability and you get a rich and easy way to view and slice and dice profitability. I’ve only scratched the surface of what could be done in this post, swap Project for say Opportunity and you instantly know the profitability of each sale. I set up this kind of reporting using an earlier version of FinancialForce so I know it works, now they’ve made it really easy to implement. To my mind this is the future for accounting systems and we’ll look back and chuckle at the crude categrisation of income and costs currently used in an attempt to understand what drives profitability.
After 20 months intense work my time at the Daily Mail Group (DMG) has come to an end. I was contracted to join the project as the Solution Architect to design the solution. This was a really complex project that used a combination of Salesforce and FinancialForce to replace an existing bespoke Sales Ledger. The solution involved 13 integrations (using Talend), 3 source systems, 2 destination systems, 3 bespoke FinancialForce packages, and DMG customisation (declarative and code). I was part of a 20 strong project team, performing business analysis, development and implementation roles as well as design, as I was able to draw on my knowledge and experience of Salesforce, FinancialForce and accounting, a rare combination. I thoroughly enjoyed my time with Daily Mail and look forward to the next challenge.
I’m very excited and pleased to announce that I have been accepted as an official FinancialForce partner. I’m looking forward to helping more customers get the most out of their investment in salesforce and FinancialForce. Let me know if you are interested.
I attended the FinancialForce community day on 21 May at Vinopolis in London and was very impressed. I like where FF are taking the core accounting product, plus their strategy is to do all “back office” functions as Salesforce Apps. They now have Human Capital and a Supply Chain Management modules, all on the same platform with seamless integration.
It was great to meet other FinancialForce users and also catch up with the FF team.
Just passed the Salesforce 401 developer exam so now I’m officially qualified to deliver – declarative solutions!
I’m currently working with DMG Media (Daily Mail Group) on their implementation of FinancialForce to replace their legacy Sales Ledger and Credit Control system.