With the fast adoption of cloud computing a whole new crop of financial technology vendors have emerged and it can be difficult for a financial professional to keep up. Communities like Proformative are popping up to connect like minded professionals to get answers to questions, rate vendors, and come together at events. The ProformaTech 2013 conference was one of those events and provided me an opportunity to catch up a few innovative providers of financial solutions in the cloud - Acumatica, Aria Systems, FinancialForce, Intacct, Kyriba, and RevStream.
As an analyst, it's my job to keep up with what's going on in the software industry, but I admit there's so activity today that it can be hard to do. A few years ago it seemed that there were only a few obvious financial accounting solutions and the barriers to entry were so high that it was difficult for new companies to get started. With the fast adoption of cloud computing that is all changed. And if this is hard for me, I can't imagine how a finance professional can do their own job every day and try to also keep up with the ever changing world of finance and technology. Fortunately there are resources to help such as the Proformative (www.proformative.com) community for finance, accounting, and treasury professionals.
On Wednesday, March 20 I attended the inaugural ProformaTech 2013 held here in the San Francisco bay area. Proformative, the company that ran the conference has built an online community of over 35,000 corporate finance, accounting, treasury, and related leaders. One of the most useful features of the community website is the finance specific Q&As that take place between members. Proformative is also starting to build out a Yelp-style marketplace of financial solutions from third party vendors that include ratings and reviews.
The ProformaTech 2013conference is another way for Proformative members to keep up. The 550 registered attendees were able to see a variety of product demos and participate in some lively lunchtime conversation at topic specific tables. There were a number of sessions provided on topical areas such as Revenue Recognition in the Cloud, Generating Business Value Through the Use of Treasury Technology, and GL Close in a Subscription Economy. Attending the conference also provided an opportunity to catch up with interesting financial technology vendors who are all building products on the cloud; if you don't know these companies, I encourage you to take a closer look:
- Acumatica (www.acumatica.com) - cloud ERP and accounting solutions. In early March, Acumatica launched Acumatica 4.0, the largest product release in its history. Built on the Azure platform, the company released Acumatica 4.0 in early March, which included a new UI and Acumatica Studio for ERP app development. Customers include Swissphone and AME Corporation.
- Aria Systems (www.ariasystems.com) - subscription billing, an ecommerce storefront, and revenue recognition products. The subscription billing platform recently achieved Oracle Exadata Ready status. Experian, Dreamworks, and EMC are just some its customers.
- FinancialForce (www.financialforce.com) - accounting, ordering and billing, professional services automation, and services resource planning applications built on the Force.com platform. FinancialForce is rapidly building an ecosystem of FFready apps with partners such as Coupa, Rootstock, and ServiceMax. Customers include Blue Shield of California Foundation, Perceptive Software, and USNews and World Report.
- Kyriba (www.kyriba.com) - treasury management solutions for cash and liquidity, supply chain finance, and more. Kyriba used ProFormaTech 2013 to launch its new mid-market treasury product KyribaPro. Clients include David's Bridal, Expedia, and Pulte Homes.
- Intacct (www.intacct.com) - financial solutions for mid-market companies. Intacct provides a wide variety of industry specific solutions for faith-based organizations, franchises, non-profits, and more. Customers include The Great Books Foundation, Fast Eddie's, and Faith Promise Church.
- RevStream (www.revstreamone.com) - enterprise revenue management applications for subscription, software, billing, and fair value pricing. Revstream offers specific solutions for the High Tech and Digital Media/Entertainment industries. Customers include Activision, Facebook, and VMware.
The injection of creativity that these new vendors are bringing to the financial applications market and the speed at which they are delivering new solutions is very exciting. The vendors mentioned above are only a few of those worthy of attention. Over the coming months, we'll introduce you to more.