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December 31, 2021

Most SaaS accounting software is capable of the basic functions that are needed for running a business. This includes things like accounts payable and receivable, general ledger, asset depreciation, bank reconciliation advanced invoicing and billing as well as forecasting/budgeting tools.

As with any other SaaS accounting software, the benefits and challenges of using a specialized accounting solution are similar. The key benefits include:

  • Online access is available 24 hours a day, 7 days
  • Paperless data storage and processing
  • Cost-effective
  • Quick deployment
  • Improved inter-departmental cooperation
  • Sharing is made easier.
  • Paperwork is less.
  • Access depending on user roles
  • Modules are easier to add.
  • Highly scalable
  • Flexibility
  • Business intelligence in real time

Things to Consider When Buying a SaaS Accounting Software and Solution

Businesses need accounting systems to help them manage their financial tasks, gain insight and have a clear view of where they stand. Click To Tweet

With so many options available, it can be difficult to pick the right one for your business but there are some things you should look out for in any solution including:

 

Cost

The cost of a solution is important, but it should not be the only factor to consider when deciding which one to buy. The total cost includes other expenses such as installation fees and training that are necessary for running any system.

The Purpose of a Business

A good SaaS accounting software should be able to do much more than just basic bookkeeping. The software should also have the ability to take care of payroll, cost, and inventory management as well as other tasks that a business may need in order for it to grow.

Modules/Functionality

When you define the scope of your business, it becomes easier to determine which modules are necessary. For example, NetSuite offers Accounting and Finance in its various packages so that you can choose what is right for your company’s needs. Some modules have an additional cost – be sure to consider these costs when deciding on a package.

Users’ training and knowledge levels

Businesses that have not been able to afford a new accounting system usually opt for one with intuitive and easy-to-use features. This will be easier on the employees because they can use it without being trained from scratch, but those types of solutions might lack some complex functionality so businesses need to consider what is most important.

Access and Mobility

If you have a single location business, it’s easier to be able to do everything from the office. However, if your company has multiple locations or expects rapid growth in sales and employees, I recommend investing in an app that allows field workers to access information through their mobile devices.

The first thing to consider when looking for the best accounting software for SaaS business is its functionality. What does it do? The features of the program are important, so you should know what they include before buying.

  • General ledger
  • Accounts payable
  • Accounts receivable
  • Fixed asset management
  • Bank reconciliation
  • Billing and invoicing
  • Purchase orders
  • Payroll
  • Business intelligence
  • Reporting

Top 5 Saas Accounting Systems

There are many different types of SaaS accounting software and it is difficult to name one that works for all businesses. The best solution depends on a variety of factors, including the size and budget of your business as well as what features you need in order to run smoothly. The most popular accounting software designed for large enterprises might not work well with small companies and vice versa.

 

Oracle NetSuite

NetSuite is a great option for medium to large businesses, but its high price makes it an overkill for startups and small companies. NetSuite combines core accounting with compliance management, which helps you design your business processes.

The solution provides live and real-time financial data to businesses, which can be accessed by many different people. It also allows the user to dive deep into details quickly without having to do any back-office work. The ability for this system is very helpful because it not only saves time but reduces costs as well.

The end-to-end account receivables and tax engine help to save time, reduce costs, and minimize the chance of error. The Fixed Asset Management system helps control both depreciating assets as well as non-depreciating ones.

NetSuite’s cash management features allow for the proper visibility and reporting of accounts, as well as optimization. The payment system enables businesses to accept payments from different channels such as online, credit-debit cards, or through invoice pricing information can be obtained by contacting NetSuite’s sales team.

Key features

  • General ledger (dynamic asset)
  • End-to-end accounts receivable
  • Account payable
  • Tax management
  • Flexible tax engine supports 50+ countries
  • Cross-border sales
  • Multiple tax schedules
  • SuiteTax API
  • Fixed Assets Management (depreciating and non-depreciating)
  • Cash management
  • Cash requirement forecasting
  • Automated bank reconciliations
  • Payment management
  • Partial payments
  • Recurring payments
  • SuitePayments API
  • Multi-currency and multi-site capable

Acumatica

Acumatica offers a pay-as-you-go licensing system, where companies only need to buy licenses for the features they want and when they want them. This means that businesses don’t have to worry about paying more just because their company has grown.

All the editions of Acumatica provide real-time insights and give businesses a chance to review customer interactions. The company also provides on-premises deployment as well as automatic upgrades, giving users total control over their upgrade schedule.

With the General Business Edition, there is a comprehensive accounting suite and it helps streamline operations. It can handle multiple currencies, locations, and companies which provides role-based access to authorized persons. Pricing for this edition of Salesforce is available through quote request depending on what you need in your account; if you want more features than just basic needs then pricing will be higher.

Key features

  • Unlimited user pricing
  • Financial management
  • Customer relationship management with built-in standard CRM functionality
  • Real-time reporting
  • Self-service tools
  • Dashboards
  • Real-time trend analysis
  • Project accounting
  • Budgeting
  • Project inventory
  • Timesheets
  • Billing
  • Visual project accounting dashboards
  • Business intelligence
  • Multiple currencies, location, and company
  • Role-based access
  • Company-wide visibility
  • Project cost tracking

Intuit QuickBooks

QuickBooks is a popular SaaS accounting software because it has an easy-to-use interface, diverse features, and competitive pricing. It’s specifically designed for small businesses as opposed to large ones which means that everything can be easily managed on one platform. With its sync capabilities with other apps and banks, QuickBooks gives you access to your information anywhere.

QuickBooks has a wide range of features and accounting tools to suit the needs of small businesses. It offers three different plans, starting with Simple Start for $7.50month (one user plus an accountant). The Essentials plan costs $11.50month while Plus is priced at $15.5.

With this new subscription model, businesses can choose to only pay for the features they need instead of paying a full price and not taking advantage. All plans include free Android and iPhone apps, support with in-app chat or email/phone call (depending on the plan), secure cloud storage, accountant access through QuickBooks Online Desktop App which is included at no extra cost when you sign up for an annual billing cycle., unlimited invoices with reports & dashboards.

Key features

  • Income and expense tracking
  • Invoices and quotes
  • VAT tracking
  • Connection with banks
  • Insights and reporting
  • Employee management
  • Multi-currency support
  • Recurring transactions
  • Inventory tracking
  • Project and location tracking
  • Budget management

Microsoft Dynamics GP

With Dynamics GP, small and medium businesses can manage the entire business in one system. It’s a configurable and flexible solution that has core capabilities like financial management, operations management, inventory control; sales and services; payroll systems; BI reporting.

The solution integrates with other Microsoft products so that you can minimize training time and disruption. It also includes analytics tools to help managers make better decisions.

Dynamics GP is an ERP solution for SMBs that provides them with control over their main business drivers, including financials, HR, and operations. Businesses also have the option to purchase perpetual licenses or subscribe to term-based rights. The three user license types include self-service (which has limited functionality), Limited (has full functionality), and Full

Key features

  • Campanian apps (allow automating processes without giving full access to the solution)
  • Analytical accounting
  • Budgeting
  • Cash flow management
  • Vendor/customer consolidations
  • Encumbrance management
  • Fixed asset management
  • General ledger
  • Grant management
  • Account receivable
  • Bank reconciliation
  • PowerBI Dashboards
  • Advanced reporting
  • Supply chain management
  • Project management
  • Manufacturing
  • Field service management
  • HR management
  • Business analyzer mobile app
  • Time management mobile app
  • Desktop and web client
  • AIO document viewer
  • Source document trails and document attachments

Xero

Xero was designed with the needs of small businesses in mind, so it is missing some features that larger companies need. It provides a real-time cash flow view and being an online solution, it can be accessed from anywhere using almost any device. This allows users to send invoices quotes remotely or create expense claims for time spent on location while mobile devices enable people to stay productive no matter where they are.

Xero is a cloud-based SaaS accounting software that can be used for many different industries, including high-tech and retail. It also includes functions like payroll tools and project management.

Xero offers three plans, which include Starter ($10month), Standard ($30month), and Premium (40$). The only difference between the two latter pricing tiers is that a user can use multiple currencies with the Premium plan. Businesses have an option to purchase extras for additional fees i.e Projects($7 per month) or Expenses($4 per month)

Key features

  • Bank transaction categorization
  • Easy-to-understand charts
  • Online invoicing
  • Inventory management and tracking
  • Invoicing
  • Quotes
  • Bank connections and reconciliation
  • Expense management
  • Mobile apps
  • PayPal and Stripe payments
  • Purchase orders
  • Multi-currency
  • Smartlists and contacts
  • Sales tax
  • Business performance dashboard
  • Fixed asset management
  • Advanced search
  • Scheduled payments
  • Expense claims
  • Advisor tools

Final Thought

Many SaaS accounting systems are geared towards larger organizations, but that does not mean startups and SMBs should be left out. As discussed before, there is a lot of the best SaaS accounting software for smaller businesses on the market.

One solution that can be very user-friendly is QuickBooks, which also happens to have the best pricing. However, there are some drawbacks for larger companies who might find it difficult to use this software when dealing with a large number of users and security requirements.

The best system for your business will depend on a lot of factors, including the size and scope of your company. Click To Tweet

You should also consider what modules you need as well as portability, accessibility level to employees who are not technically inclined with computers (this may be an issue if they do bookkeeping), integration support and cost.

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