The first software-as-a-service accounting program for financial services firms to run on the Salesforce.com platform was launched by Coda last week. The program, Coda 2go, could be of interest to hedge funds and private equity firms that already use Salesforce CRM. "Our 'cloud accounting' is a logical extension to software as a service in organizations," says CEO Jeremy Roche. The accounting package starts at $125 per user per month and is integrated with Salesforce's web-based CRM software.
Coda's traditional market is large enterprises, which happen to make up a third of Salesforce's customer base. The Coda software supports soup-to-nuts accounting, including accounts receivable, general ledger, payables and invoicing. It offers different views of accounting data, for instance a fund manager could look at profit and loss for a fund or a group of funds, while an account executive could look at customer ledger information.
The rewriting of Coda's software to run on the Force.com platform took 35 people a little over a year to accomplish and should help the company draw customers among Salesforce's 50,000 clients. Twenty customers have downloaded the application from Salesforce's appexchange and taken it live, but more are using it, according to Roche. As of today, three users have posted favorable reviews of the software on the site.