There’s no doubt many of your clients have moved to the cloud, but are they reaping the most benefits possible by being there?
More businesses are converting their operations to cloud-based software solutions or Software as a Service (SaaS) options, and one area where so- called “SaaSification” can have the greatest impact is the business back office. Moving to cloud-based software processes will help your clients streamline workflow, operate more efficiently, generate accurate and instant data, and help scale their business at a more rapid pace.
In addition, automation can help your clients stay compliant with state sales tax regulations. Here are three reasons your clients – and every business for that matter – should SaaSify their back office.
1. Improving Back Office Workflow
A company’s back office keeps the business humming. While many businesses are quick to adopt new technology solutions for its front end, back-end operations could also greatly benefit from the same solutions.
Desktop software that doesn’t integrate with other systems and offers partial, disjointed views slows down back office workflow. SaaS software offers a comprehesive view of financials, customer data and previous work completed, while also allowing your client to take action within their cloud programs and follow up on accounts receivable, payables and other functions. SaaS programs also update to the latest versions instantly, so there is no worry about version control.
Here’s where you can really assert your trusted advisor status: help your clients upgrade their accounting, accounts receivable, accounts payable, CRM, shipping logistics and sales tax compliance to cloud-based software to help the team work better together and more efficiently optimize the business’ back office workflow.
2. Cloud-Based Financials
Many of your small- to medium-size clients most likely are behind the times with certain parts of their business. For example, they operate with paper billing, paper files and disconnected desktop software systems. SaaSifying their financials will create a system to better manage cash flow and help improve sales tax reporting and compliance. Business should upgrade to cloud-based programs that can process data in real time and connect their fiscal data to other business centers.
SaaSifying a process like AR will help improve cash flow and help you provide more accurate forecasting data to power your clients’ business decisions. Connected SaaS technology can offer superior insights to disjointed desktop systems, including evident aging of AR, cash prediction, payor trends, invoice performance in time, and stats about the team’s activity and performance.
Another benefit of SaaS is automated workflow to make the team more efficient. This has a direct impact on a company’s cash flow without increasing the team’s workload. Unlike outdated desktop systems, SaaS programs allow customers to pay online and process that data in real time. This cuts down on cash flow lags and gives the business the most accurate view possible into its financials.
Upgrading business processes to cloud-based technology will help your clients grow faster and more successfully. With increased efficiency, you’ll be able to do more each day to improve their business and scale operations to help them serve more customers or offer more services. With a SaaS approach to financial operations, companies can make financial decisions much sooner via improved cash flow and forecasting data. More time, less DSO and unpaid invoices, and faster decision making will help scale your clients’ business right now, not next year.
SaaSifying back office operations is also highly cost-effective. With leaner operations, clients will be able to pass the savings along to their customers and offer more competitive pricing.
Any one of the three key reasons to enable a SaaS environment is, by themselves, worthy of the effort. But when you put together all three and advise your clients as to how they can increase their efficiencies, you’re contininually emphasizing your trusted advisor role. The future of business remains in the cloud.
Pat Falle is Chief Revenue Officer for YayPay, a cloud-based, predictive accounts receivable automation solution that leverages data and automatic payment communications to accelerate collections directly from a customer’s existing accounting or billing application.