What if I told you that we have 1 full-time finance team member managing revenue operations with over 80 employees and 700+ customers? Yes, you read that right. One person to manage expense reports, commissions, billing and invoicing, cap tables, revenue recognition, deferred revenue and more. But how is that even possible? The answer may lie in choosing the right FinTech stack for your business. With thousands of FinTech products on the market today, it’s time consuming but necessary in choosing the right ones for your B2B SaaS business.
Luckily for you, we have years of hands on experience in automating our financial operations at SaaSOptics and have implemented a few solutions that we believe you must have in 2020 to scale and grow your business. Here are our Top 5 FinTech solutions to have in 2020:
If you have raised any amount of capital, or plan on raising a round of funding in the near future, do yourself a favor and get one of these solutions. They make it incredibly easy to manage all stakeholders’ equity. They automate cap tables through real time updates with every new transaction added, getting your businesses out of spreadsheets. Some of the solutions also offer tax forms and 409A services. This is a must have for growing B2B SaaS businesses as you look forward to that Series A or B or even an IPO.
2. Sales Commissions (Spiff, Performio, Captivate IQ, QuotaPath)
Offering real time sales commission reporting whether it’s flat rate, tiered, event-based, marginal or trailer, automating your sales commissions offers clean reporting and sales dashboards. It makes it easy for reps to view what they can expect to see in their check each month and they don’t have to hound finance each time a sale closes. Also, finance doesn’t have to keep tedious records in spreadsheets – saving valuable time and ability for on demand requests.
3. Expense Report Management (Expensify)
If you no longer want to waste time manually going through expense reports and matching receipts to every line item, this is the next solution for you. With over 80 employees, it just isn’t possible to keep up with all the demands of employee reimbursement at SaaSOptics. Employees love it because they no longer have to scan their receipts and make a PDF document and you will love it because you don’t have to sift through their spreadsheet trying to make sense of it all.
4. Sales Tax Management (Avatax)
With the constantly changing sales tax laws, having a sales tax solution makes it about as simple as sales tax can get for your B2B SaaS business. You don’t have to worry about nexus rulings, rate tables in spreadsheets or what state is collecting sales tax and which states aren’t. Could you imagine sending out an invoice to a customer whose office is in Dallas, headquarters are in North Dakota and your business operates in New York accurately stating sales tax before it gets sent out? Who has time for that? Unfortunately, Avatax is only available in the US and Canada as of now, but there is word they are making a push into European markets soon.
5. Subscription Management (SaaSOptics)
For everything else there’s SaaSoptics. Offering complete subscription management for your B2B SaaS business. You can automate your entire order to cash process. SaaSOptics can automatically sync orders and renewals between the CRM and GL, provides accurate, GAAP compliant revenue recognition, custom invoices and dunning process for efficient billing and collections, and 100s of metrics provided for financial insight. For B2B SaaS businesses from $100K ARR to $100M+ ARR, this is a great solution to add in 2020 for about 10% the cost of an ERP.
Bottom line, each of these solutions gets you out of slow and manual processes in spreadsheets and automates your financial processes. Yep, 2020 is the year to break up with your spreadsheets. There are a ton of FinTech or RevOps products on the market and you can’t use them all but if your business is growing and you need to keep up without adding a ton of headcount, these are definitely solutions you want to invest in for 2020. Your board will thank you, your team will thank you and you will thank you.
– Charles Dye, Finance Manager