Definition
FaaS refers to the delivery of financial services, such as accounting, bookkeeping, and financial reporting, through cloud-based platforms or third-party providers on a subscription basis.
Related Services
Financial technology, SaaS platforms, and accounting services provide FaaS solutions to businesses, particularly small and mid-sized companies.
Problem and Application
FaaS enables businesses to access sophisticated financial services without maintaining a large in-house team, but it requires reliable internet access and a strong cybersecurity framework.
Conclusion
FaaS offers businesses flexibility and scalability in managing financial operations but requires careful selection of service providers to ensure quality and security.
