If you’re new to the Salesforce world, the first thing to know is that it’s a Customer Relationship Management (CRM) system built on an open platform so other applications can easily work together to house, manage, and collaborate with different departments using the same data. If you’re considering Salesforce, you should look at our blog, Salesforce Accounting: 10 Things Admins Should Know, which provides valuable insights into how to leverage the power of accounting in Salesforce.
Already know about this platform and want to find the right accounting solution for Salesforce? We can help with that.
Keep in mind there are key differences between standalone software (like QuickBooks, Zoho Books, and the various Sage accounting offerings) and solutions that are “native” to the Salesforce platform.
The truth about standalone—or “non-native”—software
There are some pros to standalone accounting solutions (meaning those not built using the security and ingenuity of the Salesforce platform), including proprietary features and higher chances of someone in the finance department already having familiarity with this kind of product. However, in settling for your comfort zone, you’re missing out on key benefits that could enhance your workflows.
The trouble with standalone accounting solutions is they are, by design, on an entirely separate system (or platform) from your other business software, requiring integration to connect to other databases. Multi-platform data hosting can create added expense, cause lag times and sync errors and often lack the following advantages provided by accounting in Salesforce:
- A single source of truth and access to real-time financial data
- Easy customization options
- An expansive library of complimentary solutions
It’s also worth noting they tend to have a greater total cost of ownership, especially when considering the developers needed to build and maintain integrations.
The beauty of a Salesforce-native solution
At its core, the functions of Accounting Seed are as comprehensive as typical standalone accounting software. But being built natively on Salesforce is where Accounting Seed outpaces competitors and improves accounting processes. This enables easier data-sharing between departments as accounting in Salesforce means all your data—from lead to ledger—lives on one platform.
There is no longer, for example, a need for the sales team to enter information into one system (or even a spreadsheet!) and then email the accounting department when the deal closes only to have the accounting personnel re-enter the information into a totally different system to send the bill. By harnessing the power of accounting in Salesforce, the sales team marks the deal “closed”, automatically alerting the accounting department to bill. There’s no more back and forth asking for and verifying numbers, addresses, and contact information since both departments are using the same database.
How accounting in Salesforce streamlines workflows
A Salesforce-native accounting solution enables businesses to keep data in one central location, customize it in a variety of ways, and increase “lead to ledger” speed through its CRM integration. That’s the power of accounting in Salesforce. Accounting Seed is built natively on Salesforce and is the top rated accounting solution on the Salesforce AppExchange. Being part of the Salesforce platform, those using Accounting Seed can seamlessly connect sales (“opportunity”) to finance (“billing”).
Let’s take a closer look at how a native Salesforce solution like Accounting Seed streamlines your operations:
1. Real-time data
Knowing with confidence that data entered on the sales side (Salesforce CRM) is immediately viewable on the accounting side (Accounting Seed) keeps all departments connected without delays or data syncs.
2. Individually tailored
Being native to Salesforce means no specialized knowledge is needed to tailor the software. Business users can use clicks—not code—to create custom apps and workflows. This leads to a huge reduction in the time and cost associated with the maintenance of multiple applications.
3. Everything is in one place
Native applications like Accounting Seed make it easy to manage finances, sales, and more through one database. This real-time data access reduces errors and prevents duplication of entries. No middleware or complex API calls are needed to connect data between departments, meaning there’s more reliability.
4. Automated workflows
From invoicing to payments received, automation accelerates the entire workflow. The time taken to perform these day-to-day tasks can be simplified using the built-in automation features available in Salesforce and Accounting Seed. Customization comes into play here; you can extend the features to support unique verticals or business requirements, such as inventory, enhanced reporting, and more.
5. Open Architecture
As businesses grow, so do their system requirements. Accounting Seed shares the same architecture as Salesforce, which lets users customize it to their needs.
There are more benefits to accounting in Salesforce
Choosing the right accounting solution is a crucial decision for businesses looking to grow their business, streamline their operations, and enhance their workflows. While standalone accounting solutions offer some advantages, they lack critical features, like real-time data and customization. Accounting Seed, on the other hand, offers significant benefits that can revolutionize accounting processes.
By leveraging accounting in Salesforce, businesses can keep all their data in one central location, eliminate the need for manual data entry and transfer, and enjoy real-time access to information from anywhere.
As with any new process or technology, there will be a learning curve when you switch to managing your accounting in Salesforce. This change brings a whole new world of simplicity and flexibility.
For more information about how Accounting Seed works on the Salesforce platform, read the article, “How Does Accounting Work on the Salesforce Platform?”. Or, if you want to see it in action, book a personalized demo to see how Accounting Seed can help.
See Accounting Seed in action
Get a close-up view of how accounting on Salesforce can eliminate the need for costly integrations—and silos of mismatched information—by sharing the same database as your CRM.