08 Sep How SaaS businesses can automate finance operations in 2023
Knowledge workers must stay current with advances in their industries in the modern world, especially SaaS accounting executives. Here are some lessons on how SaaS businesses can automate finance operations in 2023.
Table Of Contents
Build your technology stack incrementally
It may be tempting to go right into the fintech stack-building process in order to satisfy board and stakeholder expectations. Rushing this procedure, though, can be harmful.
An automated accounting department has numerous layers and moving parts. Before going on to the next, you must make sure that each one is operating at its best.
Moving too quickly could lead to integration and implementation mistakes, wasting time while you go back and fix things. Sometimes it’s necessary to slow down progress in order to make it.
Understanding accounting workflows
Accounting automation is highly effective at removing tasks off our plates or drastically reducing them so that they may be finished in almost no time.
Despite this, SaaS CFOs still require a thorough and insightful knowledge of the procedures they are automating. A person utilizing modern accounting software without such foundational knowledge is comparable to a five-year-old operating a vehicle. They won’t go very far just because they are in the driver’s seat.
Despite having accounting automation in your toolset, having a solid grasp of SaaS accounting principles and KPIs is still crucial.
Keep in mind that your automation journey involves a variety of stakeholders outside of the accounting department.
Speaking with stakeholders in sales, marketing, IT, and other areas should be a priority for SaaS CFOs. Address their worries and describe how the new program will improve their daily lives overall.
Moving to cloud-based processes is a huge improvement. Teamwork and making sure everyone is on the same page demonstrate excellent leadership and will keep stakeholders in other departments informed and on the same page.
Want to learn more about how SaaS businesses can automate finance operations in 2023? Drop us a line at 011 792 9521.
Brilliant Link is a leading Sage Business Partner in South Africa