Building on the considerable success of its SaaS-based customer relationship management offerings, enterprise cloud computing company Salesforce.com announced on Wednesday that it has partnered with Unit 4 Agresso, parent company of financial software firm CODA, to create a new company that provides financial and accounting applications in the cloud.

The new company, FinancialForce.com, will be available to both users and non-users of Salesforce.com, and will feature integration with Salesforce.com's popular sales and marketing platforms.

The FinancialForce.com offerings will feature general ledger accounting, user defined budgets and spreadsheet integration, full accounts payable, and accounts receivable and invoicing, all updated in real time. It will also provide support for global accounting and reporting requirements.

The fact that the applications are cloud-based make them a particularly attractive option for businesses, especially during the recession, as their scalability ensures that companies only pay for what they use, and allows them to easily adjust their use as the business grows or contracts.

The cloud computing aspect also means that there is less deployment time, licensing fees or maintenance required, all of which can help a business with reducing IT costs.

As such, the cloud computing market is expected to continue its recent growth - Compliance Research Group estimates that the cloud computing services market will grow from $6.4 billion globally in 2008 to $14.8 billion in 2012.

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