{"id":13373,"date":"2022-09-15T15:21:00","date_gmt":"2022-09-15T19:21:00","guid":{"rendered":"https:\/\/www.sage.com\/en-us\/blog\/?p=13373"},"modified":"2023-03-30T07:11:18","modified_gmt":"2023-03-30T11:11:18","slug":"how-to-close-80-faster-what-every-saas-controller-should-know","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-us\/blog\/how-to-close-80-faster-what-every-saas-controller-should-know\/","title":{"rendered":"How to close 80% faster: what every SaaS controller should know"},"content":{"rendered":"
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\n\t\t\t\t\t\tHow to close 80% faster: what every SaaS controller should know\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

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\n\t\t\t\n\t\t\t\t\"David\t\t\t\tDavid Appel<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

Can you guess three of the most essential words in any SaaS Controller’s vocabulary? If you guessed “monthly close cycle,” you were right on track. Staying on top of your monthly close is one of the most important aspects of keeping your department running like a well-oiled machine.<\/p>\n\n\n\n

Forward-thinking SaaS accounting departments leverage automation to give themselves a massive competitive advantage in closing speed and accuracy.<\/p>\n\n\n\n

Especially for publicly traded companies, reopening the books for a previous month can carry genuine consequences in the form of lost investor confidence and capital. With modern accounting software, you’ll never need to worry about that again.<\/p>\n\n\n\n

This is just the beginning of the changes you can make by stepping away from manual accounting procedures. Let’s see what else there is to look forward to.<\/p>\n\n\n\n

Streamline your operational efficiency<\/h3>\n\n\n\n

The speed with which you can close your books each month has a lot to do with your level of departmental efficiency. In general, how are you managing the day-to-day tasks in your department?<\/p>\n\n\n\n

Two of the most significant operational roadblocks for SaaS accounting teams are manual data transfers, and revenue recognition under ASC 606 and IFRS 15. An accounting SaaS like Sage can dramatically enhance your efficiency in these two areas.<\/p>\n\n\n\n

One of the best things about automation is that it eliminates the need for emailing data back and forth to different people and teams to collect data. Automated role-based dashboards from Sage will give everyone immediate access to the exact info they need based on their company role.<\/p>\n\n\n\n

As the CFO, you’ll see the key SaaS metrics<\/a> and information you need: nothing more and nothing less. Similarly, your Controller and other team members will have their own personalized dashboard containing the core essentials they need to track across days, weeks, and quarters.<\/p>\n\n\n\n

Sage can also help SaaS CFOs automate finance<\/a> and breeze through the revenue recognition process under ASC 606. For many SaaS companies, these regulations are a mess of red tape. Yet for companies embracing automation, ASC 606<\/a> is simple and even beneficial.<\/p>\n\n\n\n

Audit trails and internal controls for security<\/h3>\n\n\n\n

Internal accounting controls are essential for SaaS CFOs. Establishing a clear internal control structure will help your company and your team in several critical ways.<\/h4>\n\n\n\n