Software-as-a-Service (SaaS) companies often have different accounts payable needs than companies using a more traditional business model. The model of buying physical goods and using purchase orders doesn’t always apply in SaaS companies, which often rely more on digital spend.
Cloud-based Business Process Automation (BPA) software can provide your SaaS company with the custom flexibility needed to take control of accounts payable (AP). By partnering with a SaaS BPA company to handle your financial processes, your SaaS company can focus on core business processes and worry less about juggling your unique AP needs.
Challenges SaaS Companies Face In AP
Many traditional AP systems–including some automated, digitized ones–focus on matching invoices to purchase orders for validation. Without a PO on record, invoices may be routed for manual approval.
SaaS companies often make purchases that aren’t attached to POs. Recurring invoices, subscription billing, and auto-renewals happening on different schedules throughout each month can overwhelm a traditional AP system.
How SaaS BPA Works
BPA software automates key business processes. AP software automates processes including invoice receiving, data entry, matching invoices with POs, reconciling non-PO invoices, tracking payment deadlines, paying invoices that fall within approval thresholds, and sending approval reminders for payments that require authorization.
You can get on-premises software for AP automation, but cloud-based BPA is more flexible and will likely work better for the needs of a SaaS company. As you no doubt know, there are many advantages to SaaS software. SaaS BPA is fast and easy to implement. It never gets outdated because you get immediate access to updates whenever the provider improves the software. Also, all users have access to the same system, which updates in real time. Individual users can also log in to the software from any internet-enabled device, making it much easier to work from home or when traveling.
Ways NextProcess Can Help
NextProcess’s SaaS software is scalable and customizable to match your company’s unique needs. We’ll work with you during implementation and beyond to tailor a solution that fits your company. We also support integrations with many other software systems to help you create a streamlined financial processing solution.
Our system can handle different types of invoices and payments easily. It speeds up financial processing, reduces errors, and collects timely, accurate, and accessible data. This helps your company stay on top of even complicated payments, keeps you audit-ready, and simplifies month-end close. Contact us today to set up a customized demo tailored to the needs of your SaaS company.
