Q1 2024 Finance SaaS Benchmarks Report

Building the right finance tech stack and maximizing every dollar spent is crucial, particularly as you think about scaling headcount and revenue efficiently. This report reveals how CFOs are structuring their tech stacks and how company size impacts their buying decisions.

How the Finance Tech Stack Changes
as Companies Grow

Accounting Software is consistently the top priority throughout the growth journey

benchmarks report chart

Tropic Insights

  • Companies can expect moderate change in the Finance tech sack as they prepare to scale.

  • As companies mature from high growth to early enterprise:

    • They invest more in: Tax Software, Financial Performance & Planning, and Commissions Solutions

    • They invest less in: Equity Management, Card Processors, and Finance APIs

Finance Tech Stack Distribution

The most popular Finance categories in Q1 were Accounting Software, Enterprise Resource Planning, Equity Management, and Expense Management

The top categories are based on active contracts within the Tropic platform for Q1 2024.

  • 7.9%
    Tax Software
  • 6.35%
    Card Processor
  • 4.8%
    Financial Perfomance & Planning
  • 3.98%
    Finance APIs
  • 2.58%
    Travel Management
  • 2.46%
    Subscription Management
  • 2.4%
    Commissions Solutions
  • 1.67%
    Credit Management
  • 1.2%
    Market Research
  • 0.26%
    Financial Analytics
  • 0.12%
    Other

Tropic Insights

  • Accounting Software accounts for nearly a third of the entire Finance tech stack, making it a major investment.

  • Companies are prioritizing on tools that support efficiency, such as Accounting Software and Enterprise Resource Planning.

  • Tax Software and Credit Management indicate that risk mitigation and compliance are also a priority in 2024

Finance Insights: Popular Tools

These were the most popular Finance tools within the top 10 subcategories:

benchmarks report chart
“NetSuite is an industry leader in accounting and ERP software. It is important to evaluate licensing and modules to ensure the right product mix is being purchased. Timing is a big factor and NetSuite's fiscal year ends May 31st. Pulling ahead a renewal or planned upgrade to match NetSuite’s fiscal calendar can net better pricing. Renewals are usually about mitigating YoY cost increases. It is also important to get renewal uplift caps, price locks, and other customer centric terms built into agreements.”

Dan Pescovitz

Commercial Executive, Tropic

Methodology

Tropic’s Q1 2024 Finance SaaS Benchmarks Report is based on aggregated, proprietary data from Tropic users. We analyzed over 50,000 total contracts and 8,500 contracts created between January 1, 2024, and March 25, 2024, to identify Q1 trends.
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Suppliers may appear in multiple categories based on their goods or services offered.
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Sample sizes for the 1-100 and 1,001+ company size cohorts are less statistically significant and therefore could lead to volatile findings. A large portion of Tropic customers fall in the 100-1,000 cohort, and companies with over 2,000 employees often have custom deals and complex tech stacks, so this report mostly includes companies in the 50 - 2,000+ range.

Download The Report

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