FinancialForce today announces it has seen remarkable growth in small and medium-sized customers H1 2015 to H1 2016, with the majority implementing FinancialForce and Salesforce software applications to help them achieve fast business growth.
FinancialForce captured a greater share of the growing cloud ERP market for SMBs last year. As businesses implemented FinancialForce software applications to help them achieve and manage fast business growth, the software scales with them. Many also use Salesforce solutions and now have improved visibility with one single customer record across their organisations. Momentum continued in multi-app sales across the FinancialForce suite of ERP applications including Financial Management, Professional Services Automation (PSA) and Human Capital Management (HCM).
This announcement follows a milestone year in 2015 where FinancialForce surpassed 1,000 customers and achieved approximately 60 percent growth in subscription revenue year-over-year.
Despite some global corporate turbulence, SMB markets in the US and UK are thriving. There are around 28 million small and midsized businesses in America, according to the Office of the United States Trade Representative. These account for 54 percent of all US sales and make up nearly two-thirds of new private sector jobs. There is a similar impact in the UK, where SMBs accounted for 99.9 percent of all private sector businesses in early 2015, according to the Department of Business, Innovation & Skills.
“SMBs are a powerful economic force. In the seven years since founding FinancialForce, we have seen many hugely ambitious small and mid-sized businesses hit barriers when undergoing rapid growth,” said Jeremy Roche, President and CEO of FinancialForce. “They come to us for different reasons than our enterprise customers, but efficiency is their key driver. We’re proud to be able to provide solutions that scale with them, whether to handle finances, HR, services or across the full back-end of their businesses and watch as they burgeon into highly successful global enterprises. Those using Salesforce maximise benefits with visibility across front and back office delivering one version of the truth.”
“We’ve seen the hunger for true and real-time customer insight growing stronger as the age of the customer continues to shift businesses to develop longer term customer relationships,” continued Roche. “As more businesses begin to deliver services and billing through subscriptions, we expect to see more demand come from our increasingly sophisticated SMB customer base.”
Recent and notable FinancialForce SMB account wins in North America and the U.K. which are also using Salesforce include:
Windward Consulting Group Inc., a US-based unique IT solutions firm implemented FinancialForce ERP
Concept Services Ltd, a US-based fast growing services company offering outsourced lead generation and Salesforce implementation, implemented FinancialForce HCM and FinancialForce Accounting
Zoe Holding Company Inc., a US medical staffing services company, made the switch from old technology to implement FinancialForce ERP
Accordance Technical Services, an international VAT Consultancy and compliance service based in the UK implemented FinancialForce Accounting
Other SMB customers who have transformed their businesses by switching to FinancialForce and Salesforce include:
Information Risk Management (IRM), a U.K. vendor-independent information security consultancy; FinancialForce PSA and Accounting. Through standardisation of their end to end processes in PSA and by giving complete visibility of projects to the Services team, IRM were able to increase chargeable utilization by 2 percent taking it to 80 percent. They have been able to monitor project margins for the first time leading to an increase in 200-300 day projects.
Jacobus Consulting (US), a leading healthcare consulting firm, switched from Excel and Quickbooks to a single platform with Salesforce and FinancialForce. The implementation of FinancialForce Accounting, Billing, PSA and HCM, enabled rapid data access, rather than a 3 month wait for insight to make business decisions. The financial close period was reduced by 50 percent, the number of departmental resources dropped 40 percent and associated overheads dropped 48 percent. Invoicing processes were reduced from 4 days to 1.5 days, and productivity and compliance increased.
ICEF, headquartered in Europe with a UK office, connects educators and student recruitment agents to key markets and networks worldwide, to increase results in marketing and student recruitment initiatives. Using FinancialForce Accounting and FinancialForce Billing ICEF greatly improved efficiency and associated cost. It increased revenue by 100 percent in 4 years without adding headcount, reduced debtor days from 120 to 60 and reduced capital spend on IT dramatically. It now instantly produces revenue reports in real time for better, faster decision-making, plus invoices in one click with few errors. ICEF gained total visibility across the company, departments, teams, and accounts and was able to keep staff of two in-house accountants, eliminating all outside agency fees.
Motus, a data-driven SaaS company that provides the most accurate vehicle reimbursement program; switched from Quickbooks to FinancialForce Financial Management to support ambitious growth plans and deliver a solution to seamlessly integrate with Salesforce data.