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Tip of the Week

Tip of the Week – Easy financial formulas for Salesforce

Here at CloudMyBiz, we’re big proponents of formula fields. We’ve shared with you hundreds of formulas that can do anything from formatting data for document merging, to figuring out the exact age of a customer, to even showing dynamic images to help give your team important at-a-glance information. A lot of these formulas get pretty fancy, but what if you need to get down to the numbers and calculate important financials like you’re already doing on an old spreadsheet? Can Salesforce really replace your spreadsheets and give you numbers like compound interest or gross margin percent? In short, totally!

Anything a standard spreadsheet program can do, formulas in Salesforce can do, and generally better. Take for example calculating compound interest: Principal__c * ( 1 + Rate__c / M ) ^ ( T * M) ). Or maybe you need to calculate gross margin: Total_Sales__c - Cost_of_Goods_Sold__c. Salesforce has provided a list of common financial formulas that can give you a fantastic jumping off point for all your financial calculation needs. And if you can’t find what you need there, I find one of the easiest ways to build the formula I need is to open up one of my old spreadsheets with the formula, then paste and translate it into Salesforce. Once you’ve got your calculations working, check out some of the other formulas and start thinking about how to take your formulas to the next level!

-Jared and the Salesforce Guys

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