In another scenario, the service representative could automatically create a credit memo in order to resolve a customer complaint, according to FinancialForce.com.

FinancialForce.com's target audience for its accounting software are smaller and midsized companies which have outgrown QuickBooks, Brennan said.

But the professional services automation application can scale up to enterprise levels "very easily," he added. "Lots of product companies have added services arms. They've got 1,000 consultants and they're still using spreadsheets."

FinancialForce.com competes on the PSA front with the likes of NetSuite's OpenAir. The various benefits of running on the Force.com platform, such as the ability to exploit its dashboarding, reporting and Chatter collaboration software, give FinancialForce.com the edge, Brennan said. "It comes down to, which cloud do you want to be on?"

An update to the PSA application was also announced Tuesday, with improvements including tools that help companies analyze their utilization rates, or the percentage of time employees are spending on billable tasks.