we broke quickbooks! moving to cloud financials with financialforce accounting

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We Broke QuickBooks: Moving to Cloud

Financials with FinancialForce Accounting

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Ask, Share, Learn – Within the Largest Community of Corporate Finance Professionals

We Broke QuickBooks: Moving to Cloud

Financials with FinancialForce Accounting

Mike O’Brien, GM of Financial Management Applications,

FinancialForce.com

The growth curve conundrum

Revenue

G&A

With growth, other growing pains and needs arise

• Reporting

• Chart of accounts

• Process flexibility

• Multi-company

• Multi-currency

• New lines of business

• Ambitions to go public

• Compliance/audit trails

• Stringent audit requirements

• Separation of duties

Signs you’ve outgrown

QuickBooks

• Growth in transaction volumes

• A need for process automation

• Lack of integration is costly and disruptive

• Staff burning through the ‘midnight oil’

• Need for sophisticated accounting

requirements

• Multi-company, foreign currency

• Complex billing and revenue recognition

• Consolidations

• Need for more controls

• Workarounds & spreadsheets mushrooming

• Complex workflow & approval processes

• Too many users with full admin rights

Signs you’ve outgrown

QuickBooks

• Issues with data integrity

• More than one customer record across

systems

• Lack of real-time visibility into financials

• Moving data to Excel for analysis

• Constrained by number of dimensions

(classes)

• Products, projects costs, profitability

• Multiple users – System locking issues

• Does not fit existing technology architecture

• Sync and reconciliation with operational

systems

Moving Beyond

QuickBooks

• On-premise vs. cloud

solutions

• Most importantly: does

it fit your technology

strategy

Cloud financial systems

give you room to grow

• Flexible and relational chart of

accounts

• Multi-everything: company,

currency, users

• Dig into workflow, approval

processes, and configurability

• Security profiles

• Full functionality ERP with

revenue recognition

Moving to Cloud Financials

with FinancialForce

Accounting

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