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