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Everyone is talking about the benefits of implementing cloud accounting software, but without performing a proper software ROI analysis, how do you know that making the change is going to be worth it from a bottom line perspective?If you want to know for sure whether or not a new SaaS application will be worth the investment of time and money, this kind of ROI analysis is key to understanding whether or not it would be the right decision.To help out with that, FloQast has put together a free Cloud Accounting SaaS ROI Calculator template, accessible as a public Google Sheet. You can use it to determine the ROI of FloQast's close management software, or just about any SaaS application where you can quantify the time savings for your team.
The screenshot above shows the ROI estimate for a team of 15 accountants saving approximately 5 days per month. You can modify a variety of assumptions on the Assumptions tab, including:
This ROI analysis calculator template was created in conjunction with Amalgam Insights, a consulting and strategy firm focused on the transformative value of technology consumption management.It’s based on the methodology used in Amalgam’s Business Value Analysis of FloQast, but you can use it to calculate ROI for any subscription-based app that’s designed to enhance team productivity.
The template considers:
Click here to access the template and copy it to your own Google Drive. Or you can download a copy in Excel format — just follow the instructions on the Overview tab.
In addition to quantifying ROI, you should also consider the qualitative benefits of a new application, especially when it comes to close management software. In particular, it’s important to assess:
For a full description of collaborative and executive value, as well as how that ties back to implementing close management software, download the Business Value Analysis prepared by Amalgam Insights.
To keep the template from getting too bloated, we’ve left out some items you may also want to consider, such as cost savings from a more streamlined audit. Some of our customers have reported reducing audit costs by 10% following implementation of FloQast.This cost savings can be substantial, but depends on your unique situation, so we’ve left it out for now. But if you’d like to include it, you’re welcome to make a copy of this template and modify to your heart’s content.
For a walkthrough of how to do a Business Value Analysis, which includes a discussion of the ROI analysis methodology used to create our Cloud Accounting SaaS ROI calculator, watch our free, on demand CPE webinar recording featuring Principal Analyst and CEO of Amalgam Insights, Hyoun Park: Making the Case for Cloud Accounting Technology and How to Sell it to Your CEO — A Case Study. You can also earn a free CPE credit when doing so.