Finance As A Service (FaaS)— Tech Stack for Modern Finance Teams

With the growth of cloud, functions that were previously manual like billing customers, managing expenses, and forecasting budget, became actions that could be productized — which led to a better experience for the user (the finance role) and the end customer (the payee, the customer, and one’s own employees.)

The sectors that seem most entrenched with incumbents and have seen limited innovation in the last few years is in payroll and accounting/GL. Note, GL was where new entrants attempted to first innovate but Quickbooks was deemed too strong in the longtail of the market.