When launching your SaaS company, you’re focused on increasing revenue, landing new logo’s, and adding users to support the business in its early days. Now that you’ve found market fit you’re entering the growth stage. Your investors want to see efficiencies & a set of monthly metrics that confirm the business is trending in the right direction.
Stepping Up Your Growth Stage Strategy
During this stage, profitability and scalability will be the driving factors in your decision-making process. The growth stage for SaaS companies is key to positioning your business for future success. It’s during this stage that you consider additional investments to help you prepare for rapid growth while building on your current SaaS offerings.
While your existing customers give your company credibility, management should focus on the future and have a set of tools to track how short term goals are trending against actual results. Your first step should be to get up close and personal with your finances to identify areas of opportunity and understand your business performance.
The right accounting software should give you a competitive edge, delivering a range of accounting capabilities unique to your SaaS business. You shouldn’t be spending hours manually pulling data from multiple systems only to have this data siloed in versions of Excel or Google sheets. Quantitative and qualitative data should be able to flow seamlessly into the accounting system through a robust ecosystem of vendors. From sales (Salesforce/Hubspot), to A/P (Bill.com/Routable) to A/R (Harvest), this ecosystem provides for the continuous flow of data to the general ledger. The final result should be a quick and easy manipulation of this data into a dashboard that provides valuable insights to management.
The Right Software is Smart Software
The features available in QuickBooks may have been reliable up to this point, but don’t let that fool you into thinking that’s all you’ll ever need. Now that you’re entering into the growth stage of your business, it’s time to retire your outdated accounting software and take advantage of a more capable solution —QuickBooks no longer fits the bill.
Sage Intacct, a cloud-based subscription billing and financial software, brings to the table new or improved:
- Efficiencies – With better metrics and instant access to real-time data, critical KPIs are easier to review and offer more significant insight into your daily decision-making. This allows for better forecasting and creating accurate what-if scenarios to boost efficiency.
- Integration – Free up cash flow and streamline the entire subscription billing lifecycle with powerful integrations like the native Salesforce.com CPQ integration. With one single platform to use, you have all of the subscription billing features you could possibly need at your fingertips.
- Automation – Remove the costs associated with manual billing and complex financial tasks. Automate renewals, investor reports, and ASC 606 revenue recognition for better accuracy, compliance, and efficiency. You could reduce your monthly close time by more than 80%!
- Management – Better visibility with Sage Intacct Dashboards offers improved management for multiple revenue streams and better control over your cash flow.
Go Beyond Customer Acquisition with Sage Intacct
The growth stage will have you focused on decisions that impact scaling your business and promote rapid customer acquisition. Sage Intacct is uniquely built to help you achieve your SaaS goals and experience substantial growth while boosting customer retention and the lifetime value of your customers.
Don’t let your finance team get bogged down by spreadsheets, inflexible systems, and unreliable data. Contact us to learn more about how Sage Intacct will prepare you for your next stage of growth and allow your finance team the flexibility to focus on more important strategic activities.