What Finance-as-a-Service Actually Means.

So…what is Finance-as-a-Service?

Let’s start by identifying the challenges FaaS addresses.

Finance-as-a-Service is more than just outsourcing your non-core functions or your back office. 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 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 accounting, 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.

If this rings a bell, don’t worry because here’s how FaaS companies can help.

Finance-as-a-Service companies offer fully integrated accounting, financial, and business strategy streams. The benefits are:

• Value streams which are consolidated under one roof;
• It’s like having multiple yet cohesive internal teams at a fraction of the price;
• Focus that is placed on execution and business continuity.

A Finance-as-a-Service company looks very different than your typical accounting or advisory firm. This is due to the fact that FaaS companies leverage 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.

Many firms have dropped the billable hourly model and provide these services as recurring monthly fixed fee. This allows you to manage cash and companies like GrowthLab to be an extension of your management team.

How can GrowthLab, a FaaS company provide value to YOU.

GrowthLab is built around helping companies understanding the following four challenges…

• Insight into your cash flow,
• Determining where you are making and losing money,
• Marketing for profit, and
• Paying for performance.

If you think our FaaS business model can benefit you, give us a call!