FinancialForce Accounting Winter 2021 Release Review

Financial Force Accounting Winter 2021 Release

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Fifteen years ago, the world’s number one ranking CRM system for the fifth year running did something unheard of in the CRM world; they launched their own open-source cloud development platform. Here, tech-savvy entrepreneurs were given an environment where they could develop their own novel and enterprising Salesforce-related applications. In the years that followed, few could have predicted the success of this venture. Fewer still could have expected that the very first enterprise app launched on the Salesforce platform would continue to be its most innovative.

But this is exactly the rags to riches story of the FinancialForce path to success. Named 2020’s recipient of the Salesforce Partner Innovation Award in Innovation, FinancialForce PSA and Accounting applications have quickly become one of the top-rated applications on the Salesforce platform. FinancialForce is considered a pioneer and a proof point to the ecosystem’s viability, growth, and limitless potential. In the spirit of constant innovation and solution-driven development, FinancialForce is unveiling its list of feature updates for 2021.

FinancialForce unveils Plaid integration with your banks and financial institutions

FinancialForce Plaid Integration This winter, FinancialForce has teamed up with the minds behind Plaid, a fintech solutions provider that provides safe, easy, and reliable digital connections between businesses and their financial institutions. Through this partnership, FinancialForce will now be offering the ability for its users to connect their bank accounts inside the Force.com environment to the physical banking accounts held at their respective financial institutions.

As of winter 2021, this integration will cover all US and Canadian banks and any other financial institutions currently supported by Plaid. But not to worry, you can expect additional countries to be supported in upcoming releases.

Plaid bank integration with FinancialForce

What will Plaid Banking Integration allow FinancialForce users to do?

With your new Plaid Banking Integration, you’ll now be able to import your bank statement transactions into FinancialForce, and better reconcile the items on your bank statement against your FinancialForce accounting transactions. With this integration, you’ll be able to connect your Accounts Receivable and Payable to external banks and financial institutions by linking bank account connections to bank accounts in FinancialForce Accounting – all on the cloud platform.

Easily comply with local reporting requirements through FinancialForce’s Enhanced Localization:

FinancialForce Accounting Localization Financial Statements

The FinancialForce Winter 2021 Release rolls out new and improved localization features. Users can now set local trial balances and balance sheet values, which allow easier compliance with local reporting requirements. Additionally, users can expect to generate their own internal audit files and reports to meet the compliance standards of the countries in which they operate, greatly enhancing your business services. Another handy feature in this localization rollout is the ability to download country-specific audit files.

Configuring localization and mapping is now easier, with fewer steps required to complete the process.

FinancialForce users can now also expect a smoother process when creating charts of accounts for multiple countries. All it takes now is one single step using the local chart of account setup and mapping feature. You can also enable financial reporting to different statutory bodies along the way, all within the same process.

Localized Reporting becomes a breeze with FinancialForce’s new Localized Financial Statements and Financial Statement Dashboards.

Adding to FinancialForce’s world-class user interface is a whole new set of easy-to-use Localized Financial Statements and Financial Statement Dashboards. With these dashboards, you can now run and view localized balance sheets and profit and loss statements.

FinancialForce Accounting Dashboard Action Items

FinancialForce presents all-new Avalara VAT Reporting Integration

FinancialForce VAT Report For all those users familiar with the headache of Alvara VAT Reporting, there is good news. FinancialForce now offers Alvara VAT Reporting Integration to allow quick, easy, cloud-based filing of your VAT returns and other indirect taxing compliance reports. This makes sending your financial data to accounting from Alvara a breeze! VAT filing is now supported by:

  • Belgium / Luxembourg
  • Denmark and Finland
  • Germany and Switzerland
  • Italy
  • The Netherlands
  • Sweden and Norway

Stay tuned for future updates on all that is happening with the next FinancialForce feature rollouts!

Additional resources:

Read the release overview document

 

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FinancialForce Accounting Winter 2021 Release Review

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