What SaaS Really Means for Modern FP&A

As a business leader, you’ve probably heard the term SaaS (Software as a Service) but may not fully understand what it means for finance teams or how it can enable you to run your company more efficiently and effectively. Given the current business environment, today’s finance leaders need to be agile and adjust their technology in response to their business’ changing needs. Keep reading to learn more about SaaS and discover the benefits that come with opting for software as a service.

Understanding SaaS

Once upon a time, companies had little choice but to physically install software and maintain it on a regular basis. SaaS, or Software as a Service, refers to a method of delivering software applications via the internet. In other words, SaaS runs on the provider’s server rather than the company’s. Instead of purchasing software, companies subscribe to use the solution for a set period of time, typically on a monthly or yearly basis, and rely on the provider to handle maintenance. Along with hosted applications, many SaaS subscribers enjoy access to development tools, database management, business analytics, operating systems, servers, storage, and security firewalls. The end result is that your company runs safely and effectively free from the responsibilities of software and hardware management. SaaS is gaining popularity, with many businesses preferring web-based software to traditional options. According to Gartner’s 2021 Emerging Technology Product Leader Survey, nearly half of respondents chose cloud-based software as a top three emerging technology investment. This trend is not a surprise given the advantages that SaaS offers to businesses of all sizes.

Benefits of SaaS

There are various perks that come with choosing SaaS over purchasing software outright:

‍Speed

‍We all have less time these days - especially Finance teams that are always under the pressure of impending deadlines One of the benefits of a SaaS solution is that it can be up and running quickly, saving your company both time and money. Not only is maintenance work shifted from your IT workers to your vendor, but the learning curve tends to be smaller. As a bonus, SaaS allows for faster processing and deployment, something that’s crucial in the current economy. When a solution is up and running quickly, employees can adapt to the technology faster and start being productive.

‍Scalability

‍If you’ve worked in finance for any length of time, then you likely know that maintaining the right infrastructure for a growing business can be complex. SaaS offers advantages over traditional software options in that it’s highly scalable. Traditionally, implementing and/or upgrading your technology represents a significant investment. With SaaS, you can grow or shrink your tech infrastructure on an as-needed basis. You can even increase or decrease capacity based on time of year, scaling up during the busy season and cutting back when things are slow.

‍Reliability

‍If you use traditional applications for your office software, payroll, content management, and more, then you know that failures can crop up at any time. One of the advantages of software as a service is that the applications are designed not to break. This high resiliency stems from the fact that SaaS boasts duplicate hardware and network capability for critical areas. The end result is that there’s a reduced chance of an application going down when you need it most.

‍Automation

‍Whether you’re running a small business or a large, multinational organization, you know that time is money. Recognizing that there are only so many hours in the day, many top finance professionals are turning to SaaS solutions to help their team members utilize time more efficiently. By automating strenuous but low-impact tasks, you can save time and money - using the investment to satisfy your customer base, grow your business, and outperform your competition. In the ever-changing post-pandemic landscape, finance leaders can’t afford to make any errors. Fortunately, today’s technologies make it easier to deal with the situation on the ground without slowing down. Centage’s cloud-based FP&A software offers an all-in-one SaaS solution for finance teams at a wide array of organizations. With Centage, you can integrate data from multiple sources into a centralized location, from budgets to reports and forecasts. You’ll gain valuable insight into the financial health of your business, evaluate strategic decisions and change assumptions on the go. ‍