FinancialForce, a provider of business applications across services, finance and customer success teams, announced the availability of its Spring 2023 release that strengthens the company’s services-as-a-business approach, bringing ways to run services business effectively, efficiently and profitably.
Time-saving enhancements that help services and accounting teams increase productivity are a hallmark of the release. These include improvements that deliver seamless, end-to-end automation across the entire services lifecycle with capabilities that solve complex problems and deliver insights that enable effective decision-making.
Accounting teams 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 CEO 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.”
The Spring ’23 PS Cloud release features a “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 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 moving projects back on track, leading to better capacity planning, fewer revenue leaks and greater business certainty.
Next is the “Estimate Export” capability in services CPQ, which provides estimators with estimate details in a format that can be added to SOWs or proposals. 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 thousands of resources managing many thousands of skills. This feature, designed for resource managers and personnel, makes it easier for resources to manage 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 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.
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 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 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.
To learn how FinancialForce’s Spring 2023 Release can benefit your services business, sign up for a one-on-one demo.
