What is Finance-as-a-Service?

Let’s start by identifying the challenges FaaS addresses.

Finance-as-a-Service (Faas) is more than just outsourcing your non-core functions or your back office. Let's look at the big picture, to start, let’s examine the needs of a mid-size business. Mid-sized businesses in this day and age still need some level of insight, confidence, reliability, and timeliness of financial services and performance. The issue tends to be that this size organization can not afford the elevated capacity nor have the capacity to recruit and build out a multifaceted team internally.

Business owners still want everything that they may have experienced in a larger organization, such as timely finance and accounting functions, elevated financial management, business intelligence, and business strategy cadence. And because they cannot afford to build out an entire accounting, finance, and strategy team, they end up working in the business and not on the business.

Benefits of Finance-as-a-Service

Consolidation Under One Roof

FaaS companies offer value streams that are consolidated under one roof. Not only is this more convenient, but it also saves businesses on costs too.

Cohesive Internal Teams

FaaS also offers something like having multiple internal teams operating cohesively as one. This can lead to smoother processes and organized financial management.

Focus on Execution and Business Continuity

By adapting robust systems and standard operating procedures, FaaS companies achieve a focus on execution and business continuity. This gives businesses a competitive advantage in the market.

Real-time Customized Reporting and Dashboards

FaaS companies can easily tailor their services to your unique business situation. This includes providing real-time customized reporting and dashboards that help you monitor business performance.

Leverage Edge Technology

FaaS companies leverage edge technology, such as artificial intelligence, machine learning, and cloud computing, that other firms might not to provide more innovative solution

A Finance-as-a-Service company looks very different than your typical accounting, advisory, or finance firm. This is due to the fact that FaaS companies leverage edge technology, scalable systems, and standard operating procedures. With this being said, they are agile to meet the needs of your unique business, while providing customized reporting and dashboards in real time.

Flexible Pricing Options

Another key advantage of using FaaS companies is flexibility in pricing options. Many firms have dropped the billable hourly model and instead provide these services as recurring monthly fixed-fee contracts. This allows you to manage cash easily and maintain high standards. FaaS companies prioritize what accounts need the most attention while automating routine functions that are essential but painstaking to execute. With fixed fee pricing, businesses can avoid taking on costs for tedious back-office functions.

Interested in Learning More about Pricing?