SaaS Firms Tout 1-Month Fix for Spend Management Headaches

Non-payroll spend management software is helping businesses deploy, account for and control their money.

This not only drives growth but PYMNTS’ data found that just 55% of these firms currently use such a system, meaning that nearly half have limited access to real-time data and have not replaced their inefficient manual procedures with automation.

SaaS firms that have not adopted non-payroll spend management software express interest in rectifying the oversight: 84% would be at least somewhat interested in using one system, and 90% of these firms are at least somewhat willing to pay for the privilege. Interest and willingness to pay are important first steps, but deploying the software, integrating it with the firm’s current accounts payable (AP) practices and procedures, and training AP team members are key milestones that need to happen in a timely fashion. PYMNTS’ research finds that nine in 10 of all Saa­­­­­S firm executives surveyed believe that it typically takes their AP teams up to one month to learn and start using a new software solution.

“Improving Financial Performance: The Speed Of Spend Management System Adoption,” a PYMNTS and Airbase collaboration, explores how long it takes to integrate spend management software into an existing AP system. We surveyed 225 executives with deep knowledge of and leadership responsibilities in SaaS firms’ AP departments with 100 to 1,500 employees between May 18 and June 6 to detail how the speed of spend management system adoption and deployment can vary.

Key findings from the study include:

• Nearly two-thirds of SaaS firms that do not currently use a system to automate non-payroll spending are very or extremely interested in adopting one. Although larger firms and those offering CMS solutions are the most likely to already use a non-payroll spend management system, firms in those categories that do not have such systems are also most likely to be highly interested in investing in one. 

• Most SaaS firm executives surveyed report that their AP teams typically can learn and start using a new software solution within one month. Two-thirds of surveyed SaaS executives believe it typically takes up to two weeks for their AP teams to learn and start using a new software solution, while 22% say it typically takes up to one month. Just 12% of executives said it typically takes more than one month, with little difference between larger and smaller firms. Firms that provide eCommerce services are most likely to report requiring a longer timeframe, but even so, just 16% said this process could take more than one month.

• Nine in 10 SaaS executives surveyed believe that integrating new software into an existing AP system would also take up to one month to complete. While 31% of surveyed executives said their AP team could integrate new software within one month, 57% stated integration typically takes up to two weeks. Just 11% of executives said it typically takes more than one month. This, too, does not differ too much between larger and smaller firms.

To learn more about the time SaaS firms take to deploy a spend management system, download the report.