Time to read: 3 minutes. So, you’re the CFO of a SaaS company and your business is established and has already experienced some success. You have a fast-spreading name and a dedicated and loyal customer base. You’ve built your brand from the ground up and now you’re trying to make the jump to the next level. Scaling up can reward companies that take the jump but can also pose risks to those who are unprepared and underestimate the challenges involved. SaaS companies need every tool they can get to best meet the challenges of scaling up and growing.
Cloud FP&A software helps SaaS companies better leverage their resources and scale more comfortably than static spreadsheets. Cloud FP&A solutions provide a centralized hub for data exploration that is backed-up by ERP data and can update automatically. They are roadmaps on the difficult road to success in the SaaS industry. Here are some of the ways that Cloud FP&A can help your SaaS organization accelerate its growth.
One of the key benefits of Cloud FP&A is its ability to manage key tasks in the financial process that would have otherwise stood in the way of value-added activities. Cloud FP&A manages data collation and can let finance teams focus on things like analysis and advice that contribute to their organization’s bottom line. SaaS organizations will find it easier to make data-backed decisions about their growth with a finance team that can provide real-time insights and recommendations instead of just managing data.
Key Metrics at your Fingertips
Some of the most difficult challenges facing finance teams are the centralization of data, tight margins, and elusive efficiencies. Cloud FP&A enables finance teams to track all their key metrics in one place with transparency that applies to the whole organization. Data is no longer spread across disparate spreadsheets but instead unified in one location that provides a single source of truth for an entire organization. Cloud FP&A allows the finance team to plan with a more complete picture of a company’s performance and gives clarity to the C-Suite.
Applying Financial Processes to Other Departments
Cloud FP&A centralization and standardization features mean that SaaS companies can start to apply Finance specific expertise to other departments like Sales or HR. Most Cloud FP&A solutions have capabilities that extend beyond the financial aspects of an organization and can help with things like workforce planning and the management of sales commissions. The finance team can also use some of their newfound time and resources to spread financial planning and expertise to other departments. This way SaaS companies can start to see more efficiencies across the organization in addition to those that apply specifically to the finance department.
Venture Funding and Other Disclosures
Cloud FP&A solutions simplify the process of venture funding and while they cannot make anyone give funding, they can make it easier to achieve by standardizing and centralizing financial data. With a cloud FP&A solution, SaaS teams can make sure that their data is accurate and up to date when they are applying for more funding or submitting disclosures to stakeholders. Cloud FP&A’s reporting tools make intricate, legible, and dynamic reporting easy and provide distribution methods like Email, PDF, spreadsheet download, and more. The rounds of funding can be brutal and imperfect but with efficient reporting, a SaaS company’s hard work can be reflected in what it shows to potential investors.
SaaS companies can use Cloud FP&A to simplify their financial processes and refocus resources on value-added activities to accelerate their growth. By centralizing their data within one system, they can also start to apply data-backed decision-making across all departments and identify efficiencies everywhere in their organizations. Finally, they can create better records, and reporting for use in the rounds of venture funding or when making disclosures to shareholders.