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Zumzum Financials: Digitising and Empowering the CFO Office

CFO Tech Outlook

Bash Din, Managing Director, Zumzum FinancialsBash Din, Managing Director
Jobs that were previously considered to be impossible to carry out remotely, COVID-19 has changed that perception (given the technology is available). Case in point is the accounting system that has been sitting on a personal computer or a server that in a moment became inaccessible due to lockdown until the start of the pandemic. Hence, it became imperative to move the organisation’s finances into the cloud, a transition where the finance department lagged. The question was not if but when an organisation will move their accounting system to the cloud, and how will it align with the business’s existing cloud infrastructure. “If all the other departments of an organisation are brought into Salesforce, then it makes sense to run their finance and accounting on the same platform, with the same database and user interface as everybody else in the organisation to provide a complete customer 360 vision on one single platform,” says Bash Din, Managing Director, Zumzum. His company delivers just that.

Zumzum Financials is one of the very few finances, and accounting systems built 100 per cent native on the Salesforce platform. The company has leveraged and relied on Salesforce infrastructure, database, and security to build apps that benefit their clients. Beginning its operations in 2007, Zumzum has alleviated fears of the finance department, who are usually risk-averse, to transition from their legacy accounting systems to cloud based solutions. In their endeavour, they have been able to reduce 25 percent of the finance department’s time spent rekeying the data gathered from the rest of the organisation into their back-office system.


Real-time financial reports give the business a much better opportunity to see trends, get insights and act on it


By implementing finance and accounting on the Salesforce platform, the CFO office uses the same business systems and gains an accurate 360-degree view of their customer. They can add more value by being involved earlier in supporting the marketing, sales and services instead of coming into the picture much later. Through the Zumzum Financials solution, the finance team can know about the lead generation, conversion rate, the opportunities generated and deliver invoices in realtime. In addition, the solution provides real time analytics to blend sales and finance data and create custom reports or dashboards to view key performance metrics. Consider this: by having an accounting system on the cloud, a CFO or CEO can hit refresh on the mobile early in the morning to see a real-time view of, say, a profit and loss statement or balance sheet of the entire organisation. This is what Zumzum has delivered for its more than 400 clients across 22 industries.

“Real time financial reports give the business a much better opportunity to see trends, get insights and act on it,” says Din. “Most organisations wait till the finance team is extracting data from various systems of other departments, trying to glue it together in spreadsheets, to be able to formulate insights. We make their job easier.” Zumzum is coming up with further integration to external systems from Zumzum Financials. An example would be the digital transformation of the tax system globally, where, in a click of a button an organisation will be able to calculate and submit their tax returns details to the government and have confirmation back. Zumzum has already implemented secure application programming interfaces for their U.K. clients. Another emerging global initiative is the open banking API to send and receive information from banks. Din stresses the need to add similar connections and integrations to help improve finance applications from the front end to back end compliance built within Zumzum solutions.

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Top 5 Accounting Solution Companies in UK - 2021

Zumzum Financials

Company
Zumzum Financials

Management
Bash Din, Managing Director

Description
Zumzum Financials, SMB Accounting for Salesforce, helps companies unify their CRM and back office on the Salesforce platform