Cash management

Enter cash receipts and payment, process vendor payments, reconcile bank accounts.

One of the major benefits of the FinancialForce Accounting application is its cash management. This is for a variety of reasons:

• FinancialForce Accounting’s real-time integration with Salesforce CRM cleans up and optimizes the order to cash process. Billing backlogs and inaccurate invoices are eliminated, creating a smoother and more predictable cash forecasting environment.
• DSO and collections improve because of FinancialForce.com’s team approach to financial relationship management. Sales, service and collection agents all have access to a 360° view of client activity and can interactively collaborate using Chatter.
• Credit problems are visible to everyone in the sales and service process. This helps to prevent additional sales to non-credit-worthy customers.
• The cash balances reflected in the FinancialForce general ledger are always accurate up to date. This is because cash receipts in AR and disbursements in AP are immediately reflected in the cash accounts in real-time. You always know where you stand.
• Cash forecasting is a snap in a single ledger. You can easily see cash inflows and outflows across the entire system, including exposure by currency sorted by due date.

Key features

• Set up multiple bank accounts in different currencies
• Record receipts from your customers and refunds issued
• Record one-off payments to vendors and refunds to/from vendors
• Create cash entries from data held in a Salesforce CRM custom object
• Reconcile FinancialForce transactions against those on your bank statement in order to uncover any possible discrepancies
• Record bank charges and interest shown on your bank statement

Cash Processing

The new streamlined payments system enables you to make one-off payments to vendors and to record receipts from customers. If you specify a reusable payment template, the whole process from account selection to payment and matching takes place within just a few clicks.

You can also enter cash into the books by creating a manual cash entry.

Banking

You can set up multiple bank accounts for each company in your organization. One company may, for example, have two US dollar bank accounts and a Euro bank account. Then you can set one of these bank accounts to be the default used when you enter a cash entry. This saves time and increases accuracy.

Reconciliation

The bank reconciliation feature enables you to compare and match FinancialForce transaction values against those shown on a bank statement in order to uncover any discrepancies. A bank reconciliation done regularly can reduce the number of errors and make it easier to find missing payments and deposits.

As part of the bank reconciliation process, you can record any bank charges and interest shown on the bank statement. When the reconciliation is committed, the application automatically creates and posts the corresponding journals.

Read more about FinancialForce Accounting on our products page »