Over 63% of SaaS Firms Want Integrated Spend Management Solutions

When it comes to managing non-payroll spending, automation is where a great deal of the smart money is going.

A considerable number of Software-as-a-Service (SaaS) firms have not made this important move, but more of them want to and plan to for the visibility and control it provides, which feed growth.

“Improving Financial Performance: The Speed of Spend Management System Adoption,” a PYMNTS and Airbase collaboration, surveyed 225 executives with deep knowledge of and leadership responsibilities in accounts payable (AP) departments at SaaS companies with up to 1,500 employees and found a powerful demand, as only 55% of firms now use such systems.

 Seventy-four percent of large firms (500 to 1,500 employees) are likely to have already integrated a non-payroll spend management solution, as have 39% of small firms (100 to 500 employees). Large firms exhibit a greater interest in non-payroll spend management systems given their higher volumes of non-payroll transactions.

That’s a tip-off to all firms that these systems bring about savings in money and staff time, explaining one critical way large firms achieved their size. Additionally, 31% of executives said their AP team could integrate new software within one month, and 57% said integration takes as little as two weeks.

A mix of SaaS firms seek to manage non-payroll spending.

“All [content management system (CMS)]-providing firms we studied that do not have a system are at least somewhat interested in one, with 80% very or extremely interested,” the study found. “Project management SaaS solution providers’ interest is not far behind. Eighty-nine percent are at least somewhat interested, and 69% are very or extremely interested. Project management firms are slightly more likely to be very or extremely willing to pay for an alternative system to manage all non-payroll spending than CMS providers, at 78% versus 75%.”

Over 63% of SaaS firms across the size spectrum report being “very or extremely interested” in non-payroll spend management solutions, with CMS providers as a group showing the highest interest at 80%.