With various payments being processed on a daily basis throughout your business, it can be difficult for your finance team to maintain a firm management over each one.
One particular type of payment which is a likely contributor to this, is software as a service (SaaS) payments.
Therefore, you might be wondering how your team could be better managing your SaaS payments throughout your company.
Well, the answer is as simple as it is effective – SaaS payment management solution.
Keep scrolling to learn what SaaS payment management solution is and why it can be so beneficial for your finance team.
What Is SaaS Payment Management Solution?
SaaS payment management solution is an expert tool that’s used to significantly improve how you manage SaaS payments throughout your company.
SaaS payments are any transactions that help pay for an SaaS subscription. These are a variety of software that your business can use to help carry out certain operations. The main feature, however, is that the software is accessed over an internet connection, and managed by a third-party provider.
An example of an SaaS subscription could be Mailchimp or BigCommerce. Rather than having to deal with the maintenance of the software, you simply use it as your business requires, and the third-party provider handles everything else on their end, online.
With your SaaS payment management solution, your finance team will be able to track every payment for all your SaaS subscriptions – as many businesses may have multiple – and monitor the transactions as they happen.
They’ll receive detailed data on each payment, including the subscription it was for, the amount spent, the time it took place, and what area of the company is responsible for the payment.
SaaS payment management software is the key to a smoother, more efficient handling of all your company’s SaaS payments.
How Can This Software Benefit Your Finance Team?
Incorporating SaaS payment management solution into your company can be highly beneficial for your finance team, for a wide number of reasons. This includes:
1. Efficient Payment Workflows
Your SaaS payment management solution will give you a more streamlined workflow of SaaS payments across your company.
It can often be time-consuming to go through several steps of approval before being able to execute an SaaS payment. This not only slows down the company, but can also delay any data being sent to your finance team to include in spend management processes.
With your software, you can have automated approvals allocated to payments which fit a certain criteria – such as a price or type of subscription, for instance.
This means you won’t need to waste unnecessary time approving payments you’re comfortable to make, and your finance team can manage SaaS payments more efficiently.
2. Insights For Your Transactions
SaaS payment management solution will offer detailed insights for your finance team, whereby they can see any areas that need adjusting in order to be more cost-efficient with payments.
An example of this could be the software providing a cheaper alternative for a specific SaaS subscription you’re regularly paying for. Your team will see the alternative subscription, its price, and be able to evaluate whether it’s a better fit for your company.
This will ensure your company is always running as cost-efficiently as possible, and always finding new ways to spend better – and thus leave more revenue for company development and growth towards goals.
3. A Range Of Spend Controls
Your finance team can also implement spend controls on SaaS payments, to make sure the company is remaining within any specified budgets, and not overspending where unnecessary.
For instance, your team can put spend limits across the company for SaaS payments. This means any subscription payments which exceed a specified individual limit, or contribute towards exceeding an overall company limit, will be prevented from completing.
This helps your team, and your company as a whole, maintain firm control over how you’re spending on SaaS subscriptions, and help you remain on target for any financial goals or budgets.
If you’re regularly making SaaS payments within your company, then you should definitely do both you and your finance team a favor and incorporate a SaaS payment management solution now.
We also wrote about how to choose a payment solution adapted to your e-commerce you might want to read.
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