Accounts Receivable

Create and post sales invoices and credit notes into your general ledger, enter cash receipts and manage debt.

Streamline the Opportunity to Cash process

FinancialForce Accounting streamlines accounts receivable processes by using information already held in Salesforce CRM – so there’s no need for manual rekeying or complex integrations. For example, customer and order details can be simply added into an invoice at the click of a button. Invoices can be posted real time directly into the FinancialForce single ledger.

Collaborate on Sales, Service and Cash Collections

FinancialForce Accounting adds a whole new dimension to the information at the fingertips of your customer-facing staff, by giving them a real-time view of a client’s account, including recent invoices and payments, payments outstanding and accurate credit limits. And because FinancialForce Accounting shares the same account objects as Salesforce CRM, your marketing, sales, service and accounting teams will have a 360° view of all activity related to a customer account including the financial status. By enabling a financial perspective to the account, sales and service teams can be alerted to any issues, so that they can help with the collection process.

With FinancialForce.com, everyone can become part of the credit and collection process.

The FinancialForce Chatter integration enables more frequent and effective collaboration and is particularly effective on sales opportunities, cash collections or service problems. It will move your finance professionals from the back office into the heart of the business, enabling them to get involved in conversations earlier to avoid or solve problems and improve customer service.

There are plenty of examples of how this can facilitate proactive collaboration, including:

• Solving overdue payment issues faster as a team
• Sales working with Finance on large bids to ensure best payment structures
• Speeding up month end close by collaborating to gather information
• Communicating support issues to minimize potential impact to cash flow or future sales

Key features

• Collect direct debit payments based on customer terms
• Automatically match direct debit payments to the corresponding invoices
• Set credit terms both globally and by customer account
• Set customer credit limits by customer account
• Automatic calculation of due dates and settlement discounts
• Automatically allocate payments to invoices based on document references and amounts
• Interactively allocate payments to invoices on screen
• Send statements and reminder letters by email
• See how much money your customers owe you, which ones owe you the most, and how long these balances have been outstanding

Credit memos

Credit memos, also called credit notes, may be issued to a buyer who wishes to return previously purchased merchandise. In FinancialForce Accounting, you can create a credit note automatically by converting directly from the corresponding sales invoice. This saves you time and reduces the possibility of errors.

All exchange rates for a credit note are calculated using the invoice date. This ensures that where the credit note is converted from an invoice, there will be no exchange rate differences between the two documents.

Aging

You can run an aged receivables (also known as aged debt) report that allows you to check how much money your customers owe you, which of your accounts owes you the most money, and how long your balances have been outstanding.

Collections

FinancialForce Accounting helps you get paid by supporting payment by direct debit. The standard salesforce.com Accounts object has been extended to allow you to store the additional customer details, such as bank details and credit terms, required to support direct debit collections.

Direct debit payments are automatically matched to the corresponding invoices.

You can also offer your customers the option to pay using PayPal. When they receive your invoice by email, they can simply click on a PayPal button to enter their credit card details.

The format and content of your debtor statements and reminder letters are fully customizable and can be sent efficiently by email.

Cash matching

FinancialForce Accounting provides simple and effective ways to match outstanding customer transactions. You can automatically allocate payments to invoices based on document references and amounts, or interactively allocate payments to invoices on screen. You can also undo a previous match.

The cash matching process supports simple or exact matches, part-payments and overpayments. It also automates the production of journals for any appropriate settlement discounts and write-offs. The application automatically generates a currency write-off when there is a difference in the exchange rate between the date an invoice was created and when payment was received from the customer.

Read more about FinancialForce Accounting on our products page »