By Annette Grotz, Sage Intacct
Tech financial leaders know there are no efficiency hacks for an accounting system that relies on manual processes, spreadsheets and delayed reporting timeframes. Too often as SaaS and subscription businesses grow, their accounting system and patchwork processes that worked so well in the past, are now slowing business growth.
To maintain a fast growth rate and scale, it’s best to bring everything together into one complete quote-to-cash system that is built for the SaaS industry and its recurring revenue models. As you outgrow QuickBooks, you need a recurring revenue system that helps you shorten the close, simplify meeting ASC 606 compliance requirements, and earn investor confidence with real-time SaaS and GAAP dashboards and the flexibility to drill into them for what-if scenario planning and forecasting.
CFOs are increasingly expected to be the business model architect, providing more strategic insight on business drivers and levers. To do this, they need a modern accounting system that brings more value to the finance function with automation, artificial intelligence, and machine learning.
Here are five must-have features subscription-based business should look for when replacing QuickBooks.