Salesforce Financial Service Cloud VS FinancialForce Accounting

Salesforce Financial Service Cloud VS FinancialForce Accounting

As we have a huge amount of Accounting Software options in today’s state of the industry deciding on the best relevant product can be overwhelming. In this comparison, we examine the tool, General Information, and more details of Salesforce Financial Services Cloud and FinancialForce Accounting.

What is Salesforce Financial Service Cloud?

Financial Services Cloud, is part of Lightening it is an integrated platform designed for stronger customer relationships that last Long Term. It is designed specifically to help consultants to spend less time gathering customer information and more time doing their best. For e.g., providing holistic, goal-based advice which allows the customers to be at the center of everything they do. In other words, we can say, Salesforce for financial services helps consultants to deliver a concierge level of service with the personalized, proactive advice customers expect.

Does Salesforce Financial Service cloud help in growing the business?

As it is made in the way to help in the business easy- going. Salesforce financial services help one to turn a customer base into an active referral by tracking referrals from Centers of Influence or from within one’s own organization. Using this strategy, we will get to know more about one’s customers than just their investment strategy and will have access to the networking tools needed to grow one’s book of business.

Is the Customer Data Secure in Salesforce Financial Service Cloud?

Yes, it is extremely secure! Salesforce Shield capabilities Along with the Financial Services Cloud, offer an extra layer of security/ safety including tools that monitor data access and usage and prevent suspicious activity.

Along with the security features, we have access to Event Monitoring, Field Audit Trail, and Platform Encryption to ensure one’s customers’ financial account information is kept confidential and secure.

How will Financial Services Cloud help me address fiduciary regulations?

Financial Services Cloud, along with other Salesforce Product, provides compliance features. It clearly means consultants, agents, and organizations can adhere to new regulatory standards at scale. Also, it easily drives repeatable and visible collaboration across the entire organization. Keep a record of customer relationships and communications. And establish consistent onboarding tasks to ensure the customer’s best interests are always at the center of each interaction

Is Salesforce Financial Service Cloud different from other existing wealth management tools?

With the unique Customer Data Model in the middle of the Financial Services Cloud, industries have access to all or any the important information required to grow and nourish every customer engagement opportunity. Also, Salesforce, as we all know, releases three updates a year. Thus, the financial services cloud benefits from it also. It indicates that we are getting to have access to 3 new updates every single day! And Woah! you’ll add them to strengthen and enhance one’s business growth.

Time to sum up:

The financial services cloud is out there all together, with Professional, Enterprise, and Unlimited editions. It also provides support in bulk actions and APEX steps. So, these were a number of the ins and outs of the Salesforce financial services cloud.

What is FinancialForce Accounting

FinancialForce Accounting is a leading cloud financial accounting software and application, integrated into the Salesforce platform. This accounting software is native to Salesforce CRM to supply leading accounting solutions that best serve both you and one’s customer’s needs.

FinancialForce Accounting Software is formed for companies of all sizes to offer finance teams the chance to regulate and grow the business.

FinancialForce Accounting Application may be a software package that transforms data and processes of traditional standalone accounting packages into exciting 360-degree views of the company. additionally, it integrates with over one thousand cloud apps on the Salesforce AppExchange which is like the Apple App Store except for enterprise apps. and it automates several accounting-related functions.

SO, HOW FORCEFUL IS FINANCIALFORCE ACCOUNTING?

FinancialForce.com focuses on building business applications for Force.com, a number one cloud computing platform from salesforce.com. At FinancialForce.com they have over 30 years of expertise in designing accounting systems, but the cloud platform provides them with some unique capabilities to make a more innovative solution to an old business function. The platform includes a full range of application tools that employment together in one single cloud environment including workflow, reporting, enterprise social media, enterprise-wide search, customization, and Salesforce.com market-leading web-based CRM application. This translates into applications that move beyond the footprint of traditional accounting packages and a capability to require a more modern and holistic approach. Thus, additionally to its accounting package, FinancialForce.com also has Professional Services Automation, Billing, and Media applications, which are all tightly linked to Salesforce CRM.

This means you’ll analyze the whole operation from CRM to Financials in one cloud or system. So, you’ll see customer sales opportunity data from Salesforce CRM, customer invoices, revenue analysis, cash payments, and project services activity for every of one’s customers in one place. Reporting, Dashboards, and Search work across the whole spectrum of selling, Sales, Services, Billing, and Accounting. FinancialForce.com calls this a 360° view of the customer.

THE SPECIFICS OF THIS FORCE

As I discussed earlier, FinancialForce Accounting automates several accounting-related functions. Perhaps, the foremost useful one is automated invoice creation. The system enables you to get invoices and capture financial data in multiple currencies. What’s more, you’ll do that by turning a “closed’ Salesforce opportunity into an invoice with a single click.

Because invoice generation is an automatic process, you’ll reduce trade cycle time by quickly generating invoices from multiple sources and divisions within one’s organization. Enhanced features like deferred revenues enable you to maneuver beyond manual excel sheet forecasts into automated processing.

The system features a myriad of ways to structure one’s chart of accounts to make more insightful and detailed reports. Thus, you’ll generate financial reports for practically any aspect of one’s business using the economic system like one’s own custom database. The chart of accounts flexibility is especially valuable if you’re migrating from an entry-level bookkeeping system or a legacy accounting application that’s struggling to stay up with the knowledge needs of one’s business.

One of the foremost awesome features of FinancialForce.com is its integration with native Salesforce CRM and other native Force.com applications on the App Exchange. There are more than 1200 applications available on the AppExchange with approximately 1,000,000 applications downloaded in 2011. These application plug-ins are often utilized in several ways. as an example, document management and electronic signature applications are often added to assist retrieve contracts, and style approval systems for the order approval process. There are also applications available to automate chores like sales commissions and tax filing. FinancialForce Accounting comes bundled with Chatter, Salesforce’s Enterprise Social Media software that’s built into the platform. This Facebook-like application allows you to make Chatter streams around customers, accounts, transactions, and other data within the system. as an example, the software enables you to make or extract information concerning specific deals and have conversations with relevant stakeholders regarding these deals. What’s more, you’ll also build specific rules concerning each of those deals for alerts.

List Of Features
Financial Service Cloud
  • Einstein Analytics
  • B2C customer Data Model
  • Customer and Household Profile
  • Financial Goal Management
  • Wallet Share Calculation
  • Customer and Household List Segmentation
  • Financial Account Management
  • Wealth Reports and Dashboard
  • Referral Management
  • Banker Console
FinancialForce Accounting
  • Accounts Payables
  • Accounts Receivables
  • Audit Trail
  • Depreciation
  • General Ledger
  • Multi-Currency
  • Billing and Invoices
  • Balance Sheet
  • Budgeting and Forecasting
  • Custom Dashboard Reports
Integration

Salesforce Financial Services Cloud are usually used with other productivity tools within the Salesforce. Moreover, it’s a custom functionality to attach with Drive Wealth, at third-party open API. this enables it to integrate with multiples of applications, build Lightning components to increase the platform, and more

  • Business Intelligence
  • Customer Relationship Management (CRM)
  • E-commerce
  • Inventory Management
  • Payroll
  • Point of Sale
  • Supply Chain Management
  • Salesforce

The description of the above consulting companies are as follows:

This was our try at basic difference between Salesforce Financial service cloud with FinancialForce software. The conclusion would be unfair to each of the tools as they’re a lot different in potential and capabilities with some minor variations here and there. Announcing the clear winner is hard as a result every product has its distinctive options and capabilities. If your business revolves around wealth management, Banking etc. Salesforce Financial Service Cloud is the suitable option, If the business includes Invoicing, Billing, Accounting, Payables and Receivables Setup go for FinancialForce.