Originally posted on The Wall Street Journal.
Here at SaaSOptics, we consistently talk about the risk of having spreadsheets at the center of your finance operations. Selfishly, we'd like to think that the Wall Street Journal reads our blog and in turn wrote the reference article. The reality is there is a market shift in available technology for finance teams. Let this quote speak to the importance of ditching your finance operations spreadsheet: “I don’t want financial planning people spending their time importing and exporting and manipulating data, I want them to focus on what is the data telling us,” Mr. Garrett said. He is working on cutting Excel out of this process, he said. Read the full article here.
Originally posted on techtarget.com
A SaaS analytics vendor itself, Market6 decided the cloud technology enabled it to add the revenue recognition and financial management features it needed, without ERP. After researching vendors, Kasallis and his team found SaaSOptics, which offered a new version of what his Excel sheet was doing, except somebody else was processing it using their own cloud-based servers. "It was much quicker and much more efficient. At the same time, we didn't have to house any of this; it was all kept for us. And the reporting was there," he said. But it was the scalability factor that really made a big difference for Market6. Read the full article here.
Originally posted on SaaStr.com.
Here at SaaSOptics, we regularly emphasize the importance of churn. Not only the importance of having processes in place to track it, but also the need to understand why churn is happening and how to address it. One of the benefits of accurately tracking churn is that it provides insight for multiple teams in your organization. Finance teams tend to look at churn as the number of customers lost due to cancellations and the associated total lost revenue. However, the Customer Success team in a business can look churn another way - as a metric to know which high-dollar customers to be proactive with.
In the referenced article from SaaStr, Jason Lemkin stresses the importance of high-dollar customers and provides some ideas on how your customer success team can take advantage of a key financial metric to increase ARR. Read the full article here.
Originally posted on The SaaS CFO.
It's time to get tactical and talk about SaaS accounting. As you grow, it can be difficult to step back and ensure your accounting processes are set up to scale with you and provide the level of data you need to have critical insight into your business. The focus tends to go towards the sales team performance or how your marketing team is driving demand for your product.
At SaaSOptics, we believe that having efficient financial processes and accurate revenue metrics is as important to your growth as sales and customer growth. In this article from The SaaS CFO, Ben Murray outlines the importance of historical financial data for accurate forecasting and meaningful growth metrics. Read more.
Orginially posted on Incisive Edge.
Whether your Software as a Service company is a mature, successful corporation or start-up in your first years of operation, you will most likely have multiple revenue channels:
- Direct sales representatives (either field sales representatives or telesales)
- Value Added Resellers/Integrator Referral Partners
- Application marketplaces of complementary SaaS solutions
- Self-service customers who proactively subscribe for your paid or freemium services
Keeping track of these revenue streams, and creating the marketing campaigns to generate leads for all of them takes careful planning and execution and therefore the question is, do you need a specific SaaS revenue management team? Find out in this blog by David Bowler.
Originally posted on The SaaS CFO.
Here at SaaSOptics, we talk a lot about SaaS financial performance metrics. Why? Because they provide you with the insight you need into your growing business. We're always looking for new metrics to evaluate the health and performance of a SaaS business.
The SaaS Quick Ratio, from The SaaS CFO, measures bookings growth versus bookings contraction. Why is this metric important? From the article: "MRR or ARR is everything to a subscription business. It keeps you going, so you need to know each month if you are net positive (recurring revenue will continue to increase) or net negative (expect recurring revenue to decrease)."
Check out the full article here and don't forget to download the sample formula sheet for your business.
Enables Total Visibility of Customer Subscription and Financial Data Across Sales, Finance and Customer Success Teams
Atlanta, GA, August 23, 2017 – SaaSOptics, the only subscription management platform designed specifically for growing B2B SaaS and subscription-based businesses, announced today a new, advanced version of its plug and play connector with Salesforce.com for improved workflows and customer subscription visibility. Driven by customer demand, the integration extends the benefits of the SaaSOptics order-to-renewal process workflow and enables cross-functional collaboration between QuickBooks and other general ledgers, and SaaSOptics. It also delivers visibility of financial data beyond finance and sales to account management and customer success teams, providing one source for customer financial records.
The SIIA CODiE Awards are the premier awards for the software and information industries, and have been recognizing product excellence for over 30 years. The awards offer 93 categories that are organized by industry focus of education technology and business technology. SaaSOptics was honored as a finalist for the Best Subscription Management Solution category and one of 205 finalists across the 59 business technology categories.
In 2014, two long-time business partners and entrepreneurs noticed an increasingly common challenge facing most small business owners – the lack of good financial data and metrics. So, they founded Driven Insights and today, provide expertise on a fractional basis to growing businesses.
You may be wondering, “what is a fractional CFO?”
As a business grows, the need for buttoned up financial operations and more accurate metrics increases, but a full-time CFO might not be necessary (or in the budget). In this case, many businesses hire a “fractional CFO,” someone who is highly skilled and has deep experience in financial operations, to become part of the management team on a part-time basis.
In this so-called postmodern ERP era, most companies are rejecting the megasuite and vendors have been rushing to meet companies' needs. Indeed, surveying the enterprise technology landscape is akin to the taking a walk down the cereal aisle at your local supermarket -- the array of choices can be both exciting and overwhelming. Luckily, better integration in certain areas is making the process easier.
Tim McCormick, CEO of Atlanta-based SaaSOptics LLC, said most market-leading billing, integrated financial and ERP solutions aren't designed to support the unique needs of SaaS and subscription-based businesses and don't provide the financial metrics and analytics needed to run a growing SaaS business.
"You implement us alongside of QuickBooks when you're small and integrate with Salesforce -- these are literally out-of-the-box connectors," McCormick said. "You put in your credentials of Salesforce, you put in the credentials of QuickBooks and we automatically sync the appropriate data from our system to QuickBooks and back and forth between Salesforce through the advanced API structures that we have available now."
Read the full article here at TechTarget.com.