What is Finance As a Service?

Finance as a Service (FaaS), also known as finance-as-a-service and financing as a service, is an approach where organizations outsource their finance and accounting capabilities to a specialist third-party firm, instead of developing them within the organization. Rather than employing a dedicated internal finance department, firms have access to high-end finance functions that are provided on a flexible and scalable basis, usually on a subscription model similar to Software as a Service (SaaS).

FaaS vendors generally employ finance professionals who, along with proven processes and software designed for such purposes, help provide finance functions more efficiently and reliably than most organizations can.

Which Functions Does FaaS Typically Provide?

Typically, FaaS firms provide the following functions among others:

• Bookkeeping and accounting services: Record-keeping of daily transactions, reconciliation, and preparation of financial statements
• Accounts payable and accounts receivable services: Handling payments to vendors, invoicing, and collection of amounts due from debtors
• Payroll service: Payment of staff and other contractors for their work
• Financial Planning & Analysis services (FP&A): Budgeting, forecasting, and performance reporting
• Tax services: Handling tax requirements
• Strategic CFO services: Strategic finance at a higher level and fundraising assistance, among others

Want Help With Your Finance and Business Operations?

Atidiv helps growing businesses streamline finance and accounting processes with reliable, technology-enabled solutions designed around their unique needs. With expertise in accounting support, financial reporting, back-office management, and process improvement, our professional team can help you achieve greater precision and efficiency across your business’s financial operations.

If you need assistance with simplifying accounting, improving your financial processes, or scaling your operations, Atidiv can help. Contact our team to see how we can help you with our finance and accounting services.

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