Besides being the most formidable sales management and Customer Relationship Management (CRM) solution on the market, Salesforce is equipped with native accounting software that works seamlessly with the rest of its IT environment.
Accounting on Salesforce saves you time, money, and stress, all while making your data-informed strategies more powerful and your processes more streamlined. Everything from lead to general ledger can be done in a matter of clicks.
How Does Accounting Work on the Salesforce Platform?
Salesforce can do accounting functions—but not alone. On its own, Salesforce is a CRM, which focuses on managing and tracking the sales process. While it does have add-on features like Salesforce Billing and Revenue Cloud, it’s not a dedicated accounting system.
Even with Salesforce, you still need to track transactions, account for the debits and credits in your business, and then compile and analyze this data to understand your financial health. You can’t do this with the Salesforce product alone, but that’s where other software comes into play. Salesforce can either work with outside technology or, even more effectively, connect with native software tools that are built on Salesforce itself. It is through native Salesforce accounting software that you can manage accounting fully in your Salesforce platform.
What Does Financial Management on Salesforce Look Like?
You may be familiar with the urgency and stress associated with accounting. Maybe it’s why you’re looking for a better accounting app. If you’re on Salesforce, you have a significant opportunity to connect and streamline all your major applications to consolidate your data and operations onto a single platform. When you add accounting into the mix, the financial process behind your operations gets easier and more accurate. Let’s look at how.
Connected, streamlined, and more efficient data flow
Most, if not all, of your business tools need to share data with your accounting system. Whether it’s processing a vendor payment, turning a quote into a bill, or recognizing a customer transaction started in another software, these tools must submit the transaction to the accounting system. The accounting software takes over to account for and track the finances that were generated. On Salesforce, this data-sharing can be instantaneous, thanks to the connectivity between platform applications. Some of the most common connections start with Salesforce’s Sales Cloud and Service Cloud.
Smoother, more hands-free accounting lifecycles
Salesforce on-platform accounting eliminates the need to monitor expenses or track billing in a separate system or spreadsheet. On Salesforce, you can click a button in one app and the accounting will take over when it’s needed. It’s as easy as initiating a bill in Salesforce and then having that data show up in your general ledger for processing and recognition. Additionally, automations can be more effective because all of your solutions are in one place. This streamlines your accounting lifecycle and increases visibility because the relevant data is connected to your accounting system, uninterrupted.
More accurate accounting with less hassle and expenses
The lack of interruptions or having to manually input data also eliminates accounting errors while giving you fast answers and accounting processes, such as like monthly close. This also saves you more money! However, the level of technical efficiency and accounting benefits really depend on the type of software you’re using. Just because an accounting app can work with Salesforce does not make it a native Salesforce accounting software solution.
Accounting Software and Salesforce
While Salesforce can work with just about any type of solution through custom integration, there are those better suited than others. This is particularly true with accounting technology. Since data generated from other business tools needs to be shared with the accounting system, a reliable IT connection is essential.
Traditional, custom integration is used to connect unrelated software, but this isn’t the case for Salesforce-based solutions. There are two types of software to choose from based on how they can work with Salesforce.
Native Salesforce Accounting Software
Native accounting products are built using the Salesforce IT architecture. Some of these products are also considered Enterprise Resource Planning (ERP) solutions, such as Accounting Seed. This is because we’re built with the same Application Programming Interface (API) as Salesforce. Besides inheriting core platform features, the Open API lets native solutions connect with other on-platform applications without a new integration being created. These solutions are designed to work together on Salesforce.
The connectivity between these native apps is highly stable and reliable because it is a simple stream of data sharing. This means that technical issues are very minimal, if not non-existent.
Native accounting products are built using the Salesforce IT architecture. Some of these products are also considered Enterprise Resource Planning (ERP) solutions, such as Accounting Seed. This is because we’re built with the same Application Programming Interface (API) as Salesforce. Besides inheriting core platform features, the Open API lets native solutions connect with other on-platform applications without a new integration being created. These solutions are designed to work together on Salesforce.
The connectivity between these native apps is highly stable and reliable because it is a simple stream of data sharing. This means that technical issues are very minimal, if not non-existent.
If you have Salesforce and are interested in exploring integrating an accounting application, like Accounting Seed, with it to streamline your accounting processes, please contact us.