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LAST UPDATED: June 27th, 2019
FinancialForce Project Management is a cloud-based Professional Services Automation solution that combines Salesforce and CRM tools to help organizations achieve their goals and objectives in one location. The software features accounting, billing, revenue recognition, and human capital and supply chain management applications. The company is headquartered in San Francisco, California and was founded in 2009 with investments from UNIT4 and The company has 600+ employees and over 100,000 customers worldwide. The company generates $3.1 billion in global revenue annually with over 3 million applications for businesses of all sizes and types. FinancialForce is considered a leader in its industry and has been recognized with 27+ prestigious awards.

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The Good

  • Tracking
  • Overviews
  • Skills and certification matrix
  • Collaboration
  • Mobile
Financial Force PSA software gives project managers the ability to view and schedule resources at a glance across multiple projects. Companies can reduce worker fatigue by assigning tasks to staff with the best skillsets for a particular project and improve skill sets for under-utilized employees. The software allows project managers to filter staff by location and specific languages to access workers for any endeavor. FinancialForce allows managers to keep track of expenses and time management for tasks quickly and easily. Project data can be converted to invoices with a few clicks. Budgets can be tracked to maximize profit potential. The software also contains an ROI calculator tool to help create budgets for projects. Teams access real-time views of all sales and delivery processes to keep on financial track and stay on budget at all times. The software aids in increasing utilization rates and revenue per billable employee. FinancialForce is best suited for consultancies and accounting service types that have more than 20 billable resources. This software gives businesses a 360 degree view of projects, customers, and receivables to make workflow smooth throughout the entire sales cycle. FinancialForce provides a skills and certification matrix. It also features forecasting tools, status reporting and alerts, and modules for flexible time and expense management. Billing and invoicing capabilities are intuitive.The innovative accounting engine also includes collaboration tools and an  environment similar to Salesforce. Team and client collaboration is performed through threaded conversations. Conversations can be sorted by post date. Users can also upload polls, files, and links to make the most of this activity feed. These features increase productivity levels by reducing meeting times and getting questions asked by team members quickly and efficiently. Accounting inside FinancialForce is a good fit for complex enterprises. It contains an advanced single ledger design and a multi-dimensional chart of accounts. The software generates real-time business intelligence and shortens period closes. Users can measure multiple currencies and global tax information. All business operations can be performed on any mobile device. The mobile interface works especially well on any iOS or Android device. The only requirement is Internet access capability, since the software is 100 percent web-based.

The Bad

  • Not well-suited for all projects
  • Transparency
  • Invoices
  • Not a stand-alone product
  • Coding limitations
Users report that FinancialForce software is intended for agile projects. If your company's projects are not agile, be prepared to spend a considerable amount of time in adaptation. There is quite a bit of navigation involved in order to accomplish this. Importing data from other platforms can also be a headache. FinancialForce does not provide pricing information on its website. Pricing is determined by the user's role within the organization. Interested persons need to complete a contact form and wait for a call from one of the representative vendors. This appears to be an unnecessary hassle for some consumers and the company would benefit greatly from providing more transparency concerning its rates and easier ways to contact the company. There are no live chat services provided by the company. Many features in the FinancialForce software can be implemented in less than 30 days. Customers who want to improve their chart of accounts, integrate other applications, or add new workflows will have a larger implementation process time. Companies can expect a 60-90 day timeframe for these improvements. There is no wizard for creating invoices inside the software. FinancialForce can assist in this area for an additional fee if this service is needed. Users have reported a glitch when it comes to creating invoices, especially for opportunities. The software assumes that you want to invoice every line on the opportunity whether or not that is the case. It does give you the ability to delete unwanted lines, but then makes it unclear as to what lines have been invoiced or not. You are not allowed to invoice multiple opportunities at one time. One other downside to FinancialForce is that it was built as a component of the platform and not as a stand-alone product. FinancialForce does provide in-depth reporting, but has weaknesses. It relies heavily on SalesForce for out-of-the-box standard reports. The reporting engine can also be overwhelming for some users to learn how to configure properly to best fit their unique needs. There is also strict coding limitations within the FinancialForce software. There is a lack of code-assist features when compared to other similar project management solutions provided in the industry's marketplace. Debugging, declaration searching, and refactoring tools are nonexistent within the platform.

The Bottom Line

Overall, FinancialForce is a decent cloud-based Professional Services Automation solution. The software offers powerful accounting software to keep large enterprises on financial track through the entire sales cycle. Reporting and invoicing are a bit weak, but many of the other innovative features make up for it. The company does not offer upfront pricing information and does not provide live chat customer support. It charges for many of its support services, which is a disappointment for many consumers. It appears that FinancialForce is a trusted and reliable software company for companies who need to manage multiple complex portfolio projects and billing resources. Smaller businesses can benefit from use of the software, but may find themselves overwhelmed with unnecessary features.The company has received numerous awards for its excellence in the software industry.
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