FinancialForce’s Spring 2023 Release Provides Services Organizations with Increased Predictability, Profitability, and Certainty
San Jose, Calif. – April 12, 2023 – FinancialForce, the leading provider of customer-centric business applications across services, finance, and customer success teams, today announced general availability of its Spring 2023 Release. The new release further strengthens FinancialForce’s Services-as-a-Business approach, which brings together key capabilities for running any services business effectively, efficiently, and profitably.
Time-saving enhancements that help services and accounting teams increase productivity are a hallmark of this release. These include improvements that deliver seamless, end-to-end automation across the entire services lifecycle with powerful capabilities that solve complex problems and deliver insights that enable effective decision making. Accounting teams also benefit from a simplified user experience for making and collecting payments, as well as from automated contract renewals and end-to-end revenue recognition automation.
“Our new Spring 2023 release is designed to give organizations the kind of certainty they need in these very uncertain economic times,” said Scott Brown, President and Chief Executive Officer at FinancialForce. “Given the pace at which market and business conditions change, services businesses need confidence in their ability to manage estimates, skills, and resources, and solve complex problems. This new release gives organizations a complete, customer-centric view of their business so they can turn continuous disruption into a competitive edge.”
PS Cloud: A Leap Forward in Services Delivery Performance
The Spring ’23 PS Cloud release features a new Scheduling Risk Dashboard to enable early intervention and project course correction, as well as usability improvements in Services CPQ, support for additional pricing and costing scenarios, and streamlined estimate export for correct Statements of Work (SOWs).
The new Scheduling Risk Dashboard feature, designed for project managers, solves the problem of identifying where the risk lies in upcoming scheduled work and how it will impact delivery. The feature provides services leaders with actionable alerts for projects which are tracking off plan and impacting revenue, allowing for early intervention and course correction. This helps in proactively moving projects back on track, leading to better capacity planning, fewer revenue leaks, and greater business certainty.
Next is the new Estimate Export capability in Services CPQ, which provides estimators with estimate details in a format that can be added to SOWs or proposals quickly and accurately. This helps get accurate estimates in front of prospective clients faster, which accelerates deal cycles and helps build confidence with the customer.
Another highlight of the Spring ‘23 release is Skills Hierarchy, which is optimized for organizations with many thousands of resources managing many thousands of skills. This feature, designed for resource managers and personnel, makes it easier for resources managing their own skills, and managers managing the skills of others, to find the right skill to assign from their extensive skills taxonomy. Keeping resource skills accurate and up-to-date ensures that PS Cloud can effectively allocate resources by identifying the most suitable match while decreasing time to staff. This improves customer satisfaction by building the best team for every project.
Other key PS Cloud features include:
- Work Planner: This enhancement, designed for resource managers, provides comprehensive visibility into unheld resource requests and unscheduled/scheduled work to ensure full staffing for committed work. This brings greater certainty to the business by enabling managers to better manage staffing demand over a globally diverse, enterprise workforce with a modern UX experience.
- Third Party Calendar: This feature, designed for delivery resources, improves communication with team members and helps individuals with time management. To prevent missed tasks, Project Task Assignments are now integrated into Google and Outlook calendars.
ERP Cloud Takes Automation to the Next Level
On the ERP Cloud front, the Spring ‘23 release delivers time-saving enhancements that help accounting teams increase productivity. These include a simplified user experience for making and collecting payments, automated contract renewals, end-to-end revenue recognition automation, and expanded control over the period-end-close process across companies.
In terms of end-to-end automation, the new release simplifies price changes and contract renewals on active contracts. Additionally, end-to-end revenue recognition automation allows customers to configure their recognition by company, currency, revenue stream, and more, thus providing greater flexibility and visibility into expected revenue.
The new release also offers next-generation financial planning. With Advanced Versioning, FP&A teams can take budget snapshots for more effective version control and keep a clear record of what changes have been made and why. Different budget versions will also allow finance leaders to create multiple scenarios, explore every option, and confidently balance big bets with the agility to change course as needed.
Other key ERP Cloud features include:
- Payments and Collections: Users can tap into the newly reimagined Payments feature to define and execute payments to vendors and suppliers. This updated feature includes key capabilities such as a payment proposal page where users can edit payments prior to completing them. The new Collections enhancement streamlines the user experience for collecting payments by minimizing the manual effort involved in the process. The feature includes an improved review and distribution process for customer reminders and statements.
To learn how FinancialForce’s Spring 2023 Release can benefit your services business, sign up for a one-on-one demo with our experts today.
FinancialForce elevates business growth through a complete Services-as-a-Business solution spanning services delivery, finance, and customer success. Native to the leading cloud platform, Salesforce, FinancialForce enables organizations to run a connected business, deliver with intelligence, and achieve scalable agility. Founded in 2009 and headquartered in San Francisco, FinancialForce is backed by Advent International, Salesforce Ventures, and Technology Crossover Ventures. For more information, visit www.financialforce.com.
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