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It’s More Than a Numbers Game: CFOs and Reports They Can Rely On
Alexander the Great wasn’t one of the world’s most successful conquerors by chance.
It wasn’t just luck or audacity either. It was all down to numbers. Numbers that fuelled brilliant strategies.
Alexander relied on the accurate reports of excellent local scouts to consolidate information to outmanoeuvre opponents and power some of the best decisions made in history.
In other words, good data means good decisions.
Even though it’s a new age and arena, it’s the same story for you as a SaaS subscription CFO. You need the right data and accurate reports to make the decisions needed to drive the company forward.
But what happens when the numbers aren’t exactly reliable? When you’re dealing with bad numbers and unreliable reports, it’s not just a minor inconvenience. It’s something that can have a catastrophic effect on your and your company.
Do any of these problems sound familiar to you?
Lost money: When financial statements and reports are inaccurate, this can lead to regulatory fines. Your investors and customers can run screaming for the hills. And your company might be devalued.
Wasted time: It takes a long time to find the problems, correct them, and reconcile them. Poor quality data can cost an average of $9.7 million a year.
Trust is gone: Once trust is gone, it’s really hard to get it back, especially where money is involved. Inaccurate reports can crush trust with stakeholders like investors, other C-Suite members, and your teams. And morale can plummet as much as revenue.
Resource waste and misallocation: Putting out fires takes up a lot of resources, and there are only so many resources to go around. Making resource decisions while you’re panicked isn’t going to be good for anyone because you’re unable to put enough in areas that drive growth.
Damaged customer relations: Bad numbers can have a knock-on effect of inaccurate billing or reporting that not only causes unreliable reports, but also pushes customers away to a company that will get things right the first time.
Errors in strategy: It’s nearly impossible to form good financial strategy when you’re looking at bad numbers and reports. How would you know what is best to invest in? Or which problems need to be fixed first?
Stress: Losing sleep and dreading going into the boardroom meeting is no way to live. Your role is stressful enough because your decisions are important to the health and future of the company. Things only get worse with incorrect data and reports.
Where do bad numbers and unreliable reports come from?
Inaccurate numbers and unreliable reports don’t just create themselves. They come from these culprits:
Manual processes: It’s no surprise that the more manual data entry that overworked employees have to do, the more chance for errors. Their days are packed with complex calculations, huge volumes of information, and tight deadlines. Without help, it’s a recipe for disaster.
Outdated legacy systems: Though SaaS companies strive for cutting-edge solutions for their customers, they tend to leave themselves behind in the past. The problem is that legacy systems don’t integrate with modern tools. They’re slow and inefficient.
No real-time data: Agility is key in the SaaS landscape. So is compliance. You need to know where your numbers are not only so you can grab opportunities and adjust problems fast, but because audits need to be dealt with asap.
Silos: Silo is the worst 4-letter-word in the business. When information doesn’t flow freely between teams, there’s no way those numbers are going to be accurate.
No matter what the cause of bad numbers and reports, you as the CFO has to walk into that boardroom and hope beyond hope that this time around the report’s right or that you’ll hopefully not get caught before your team can correct the numbers.
That doesn’t sound like a way to live or succeed. You need and deserve the tools that will give you reliable numbers and reports so that you and your teams can keep up with everything and make the decisions that will drive the company to more success.
What’s the solution?
Automation changes everything.
It brings in a level of efficiency and accuracy that you can’t even imagine so that you always have access to the data you need.
Automation makes forecasting and scenario planning possible by using the data you already have to project your needs in light of present and future trends. This means proactive decisions based on predictive insights, rather than simply relying on past performance.
Automation brings you these specific benefits:
Fewer errors: Automated data entry and calculations, means a huge reduction mistakes. Your reports and forecasts are more accurate, which allows you to make confident decisions.
More efficiency: Automation handles the boring repetitive tasks like data entry and reconciliation. According to Accenture, these tasks currently cost your finance team 60-75% of their time!
Real-time data: Automation brings real-time financial data and insights. This enables you as the CFO to make the best decisions where and when they are needed. In the rapidly-changing SaaS market, this is a huge advantage.
No more silos: With automation, information and data flows freely between teams. This means consistency and accuracy. AND, it delivers comprehensive reports so that you always have a complete picture of the company’s financial health.
It’s all yours if you want it
Accurate numbers, reports, and forecasts are a must.
Just like accurate data made it possible for Alexander the Great to conquer vast territories in ancient times, you need the best data to guide your company to success.
When you say yes to automation, you cut down on the risks and penalties that outdated manual processes bring. You cut down on mistakes. You cut down on wasted time. And silos and miscommunication. You can finally stop putting out all those fires.
Why not give you and your company the same chance for success that you give your customers?
SaaS discounting lowers customer LTV by 30%.
-Paddle
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