Software as a service (SaaS) solutions are often the nucleus of a company’s modernization journey, but what about providers? How can they ensure that their own financial infrastructure is up to date and aligned with their company goals? The following resources have been hand-selected for leaders that are considering or currently managing a financial transformation. Below, you will find blogs, booklets, case studies, whitepapers, videos and more!
Skip to a specific aspect of thought leadership on financial transformation:
1. Keeping up with trends in financial transformation
2. Key metrics to analyze your finance function
3. Choosing which tools and technology to adopt
4. Staying on top of security and compliance
5. Best practices for implementing financial transformation
In today’s world, remaining relevant in the software industry is tantamount to ensuring your organization is digitally mature. With the constant influx of new players into an already saturated market, providers must exceed customer expectations and keep up with modern technologies. By following the trends in financial transformation, leaders can keep a finger on the pulse of the industry and better position their company for success.
Resources on trends in financial transformation:
- Core benefits of financial transformation
- The core challenges of financial transformation you can’t ignore
- Innovia Consulting | 6 B2B payment trends that will define 2022
- KPMG | SaaS thought leadership series
How do you know when the time is right for financial transformation? While there isn’t a definitive answer to this question, there is an effective place to start. By routinely analyzing key metrics and your company’s performance, you can keep track of whether the finance function is in harmony with the overall business goals. If there is a misalignment, it would be a sound decision to investigate what a financial transformation could look like for your company. The following resources will help you develop a set of performance metrics and questions to ask, so you can monitor the health of your finance function.
Discover how to analyze your SaaS company’s performance:
- Give your finance function a health check with this simple questionnaire
- Hubspot | 15 metrics every SaaS company should care about
- For Entrepreneurs | SaaS metrics 2.0—a guide to measuring and improving what matters
Choosing the right tools and technology to fulfil your business requirements and provide your company with essential industry features is a huge undertaking. If you embrace a new system, it will transform the role of your finance department and likely sustain your organization for at least a decade. It’s not a decision that should be rushed. The following resources will kick-start your research and enable you to make a wise investment.
Learn how to pick software that will successfully modernize your business:
- The ultimate guide to choosing an ERP for your financial transformation
- 10 steps to help you build an ERP requirements checklist
- McKinsey | Next-gen technology transformation in financial services
- Technology Management Concepts | Evolve with your ERP—enable corporate agility with Microsoft Dynamics 365
Accounting standards and regulations are constantly evolving to keep pace with the breakneck speed of innovation in the software industry. SaaS companies must adapt their processes to maintain compliance and enhance data security. This is especially true if your organization handles personally identifiable information (PII) or personal health information (PHI). The following resources will introduce you to methods for protecting your data and provide you with an overview of relevant accounting standards for SaaS companies.
Don’t be caught off guard. Find out how to bolster your security and maintain compliance:
- 5 simple ways an ERP reduces improves compliance for your company
- Why security is key when it comes to your healthcare ERP
- 5 steps to assess and reduce security risk in mergers and acquisitions
- eBook: Revenue reporting and recognition with ASC 606 and IFRS 15
More and more companies are undergoing financial transformation, but not all of them result in a successful modernization. Without a clear goal and action plan, teams may be distracted by irrelevant benchmarks or paralyzed by an ever-growing list of available add-ons. These resources will help SaaS leaders build a roadmap to circumvent common pitfalls and implement effective initiatives to achieve their targets.
Avoid silly mistakes with these best practices for implementing a financial transformation:
- Build a comprehensive financial transformation roadmap with these 11 best practices
- Why the shift towards financial transformation must come from within your company
- Gartner | Hallmarks of winning finance transformations