The SaaS CFO’s 6th Annual Finance Tech Stack Report is here and reinforces an unpleasant reality: spreadsheets continue to dominate essential finance functions such as revenue recognition, expense management and financial planning and forecasting in growth-stage SaaS companies. Despite the widespread availability of advanced financial tools, many finance teams still rely heavily on Excel sheets for their day-to-day operations.
Meanwhile, the adoption of innovative tools leveraging an array of software technologies, Artificial Intelligence (AI), machine learning (ML) and GenAI are transforming the way other teams – like sales and marketing – operate within those companies. By automating repetitive tasks and complex analysis, these tools can help save time, reduce errors, provide real-time insights and critical alerts. This technological shift is enabling teams to work more efficiently and focus on strategic initiatives rather than getting bogged down by manual processes.
But what if you’re still using spreadsheets for your budgeting?
Excel sheets have been relied on by finance teams for years, but they come with their own set of risks. Manually using Excel sheets is time-consuming and prone to errors, which can waste your team’s time and resources. Additionally, with spreadsheets, you are relying on outdated data because it does not allow for real-time updates or adjustments, which can lead to instability and missed growth opportunities. If your team is too busy constantly updating manual spreadsheets and crunching numbers, it distracts you from the big-picture thinking that is crucial for driving your business forward.
So, how can you reduce uncertainty in your SaaS business?
In today’s SaaS landscape, leveraging automation and financial management solutions can reduce the feeling of uncertainty and drive growth. Here are four key ways automation can help:
- Focus on the strategy, not accounting: Automation minimizes manual data entry and enhances accuracy and reliability, providing confidence in your financial data. This frees up resources to focus on strategic initiatives and the bigger picture. By reducing the time spent on mundane tasks, your team can dedicate more effort to developing and executing growth strategies.
- Integrating data and streamlining workflows: By integrating CRM, ERP and billing data into one centralized system, you ensure visibility into all financial data. This provides everyone with the same up-to-date information and reduces data siloes. A unified system allows for seamless data flow between departments, improving collaboration and decision-making within a single source of truth.
- Discover real-time insights and enhance forecasting accuracy: Real-time visibility into financial performance is crucial for financial stability. Automation offers granular insights into financial metrics, incorporating historical data and emerging trends to make more informed, data-driven decisions. Accurate forecasting helps in anticipating market changes and adjusting strategies accordingly.
- Plan for future growth: Proactive planning with automation software ensures smooth growth. Choosing a scalable solution helps avoid frequent software changes, supporting seamless expansion. As your business grows, an automated system can easily adapt to increased data volumes and complexity, ensuring continuous efficiency.
By leveraging automation, SaaS finance teams can become highly efficient, strategic growth enablers for their companies. If you are looking for an automated force multiplier solution to achieve that state, look no further than Sage Intacct’s cloud-based financial management platform. As a top ten CPA firm, Sage Intacct’s 11-time consecutive Partner of the Year and architect of SaaS Intelligence, Baker Tilly delivers a unique combination of SaaS industry experience, expertise and technology prowess to maximize automation across financial operations and business insights. With the right automation tools and partner, your finance team can move beyond spreadsheets and embrace a more efficient, accurate and strategic approach to growth.
