Software as a service (or SaaS) is a way to deliver applications to vendors. Instead of building a system from scratch, SaaS tools can be accessed directly using the internet.
In the world of finance, SaaS is a term used to describe online tools that an organization uses to streamline financial operations: these can range from online payment plans to financial analysis software.
SaaS is constantly evolving. When it comes to financial services, like banking, it can often be very difficult for growing institutions to maintain a system that is both compliant and scalable enough that it meets their evolving needs.
Enter SaaS finance tools, which can do everything from financial planning, expense tracking, payment processing, and reporting. These metrics can be configured to individual financial plans, models, operations, and key performance indicators (KPIs), making SaaS finance a powerful tool when evaluating an organization's financial health and overall performance.
Two key pillars of SaaS finance are financial modeling and metrics tracking.
A well-built financial SaaS system can also help answer questions like:
A major advantage of SaaS technology is its scalability, which means that it can grow as quickly as the business grows while providing major insight. For example, finance SaaS platforms can expand budgets as company size increases while shrinking them during off-peak periods to accommodate changes in demand.
Consider a use case for SaaS finance platforms: The American school district:
When school districts utilize SaaS finance, they are able to make the most of their technology budgets. Some potential benefits include lower costs, painless continual access to the latest technology, more flexible and transparent budgeting, and improved payment processing.
Using financial SaaS systems built specifically for schools, entire districts can accept payments through card, eCheck, and digital cash in a way that easily integrates with their account tools. A family-focused SaaS streamlines financial payments to fit the needs of school districts, making it a must-have tool for school treasurers.