Best Accounting Software For SaaS

It’s not easy to check through all of the SaaS accounting software options. There’s a lot of platforms to choose from across every operational aspect of your company. Onboarding each of them requires a ton of setup and spending the time to learn their nuances. Then, of course, there’s the cost of purchasing licenses to consider. And finding the best accounting software for SaaS companies is doubly hard: You have even more options than other types of small business owners do, and figuring out the differences among all these accounting software packages is tricky at best.

However, there are a couple of key things that differentiate the best SaaS accounting software options from the rest of the crowd. They are:

• Scalability: Most SaaS companies are growth-minded, meaning you need accounting software that can keep up with your business as it expands.
• Automation: SaaS is a fast-paced industry. Nobody wants to spend all their time doing accounting, so you need a solution that is as high-tech as the service you provide. Automation allows you to focus less on your books and more on your business.
• Multi-Business Support: SaaS encompasses a wide range of business types. Your software needs to provide a solution that can account for that.

Best Accounting Software for SaaS

Now that we know what to look for, here is our top pick for the best accounting software for SaaS companies:

QuickBooks Online

One of the top options for the best accounting software for SaaS companies is QuickBooks Online. You’ll have a hard time finding a platform that’s as scalable as QuickBooks Online: The software offers different levels of support that accommodate your company’s evolving needs as it expands. Plus, the setup is easy and the bookkeeping is intuitive.

Getting more specific, there are several reasons QuickBooks Online is such a good option for SaaS companies. They are:

1. Requires No Manual Data Entry.
2. Grows with Your Business.
3. Makes It Easy to Track Your Financial Health.
4. Has a Helpful Virtual Community.

Best for small businesses seeking accounting software suitable to their size. QuickBooks pricing starts at $5.00 per month, per user. There is not a free version of QuickBooks but QuickBooks does offer a free trial.

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Netsuite

According to NetSuite’s website, it offers a financial management solution that expedites daily financial transactions, accelerates the financial close and ensures compliance. Its cloud-based single platform architecture ensures complete real-time visibility into the financial performance of the business from a consolidated level down to the individual transactions.

It offers the following features:

1. Core accounting functionality.
2. Billing management.
3. Revenue recognition.
4. Financial planning/reporting.
5. Global accounting and consolidation.
6. Governance, risk, and compliance.

NetSuite's cost depends on several factors including the selected product configuration, add-on modules required, total user count and contract duration. Taking all this into account, NetSuite’s base license pricing begins at $999 per month with general user access listed at $99 per month. Advanced NetSuite feature modules are available which can be a beneficial enhancement to a standard platform license. Add additional users as needed by purchasing individual access via any browser on a universal cloud-based platform.

NetSuite licenses operate on a subscription model and may be renewed annually or over longer durations. There are several pre-bundled vertical editions, which can be useful in quickly identifying the necessary package and modules needed. You decide which one is best and when you are ready to add more capacity.

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FreshBooks

FreshBooks is designed specifically for small businesses, so if your SaaS company is still in its early stages, this could be a good option. FreshBooks offers three different small business accounting solutions—Lite, Plus, and Premium. Each option is designed for businesses in different stages of growth, with the Lite plan being the least expensive and the Premium plan being the most expensive.

The features you get with FreshBooks depend on the plan you sign up for, but all plans come with the following features, which are essential for SaaS accounting:

1. Invoicing (including recurring invoices and late payment reminders)
2. FreshBooks Double-Entry Accounting tools help you make choices based on actual business data and insights.
3. Automated expense tracking.
4. Create a summary report and export it to Excel.
5. Time tracking.
6. Collaborative tools (file sharing, centralized product conversations).
7. Invite your accountant to your FreshBooks account with just a few clicks. Your accountant will get exclusive access to the financial information and reporting they need to support your business, whenever they need it.
8. Payment processing.
9. Reporting (P&L statements, accounts aging).

FreshBooks is available at a price that is comparable to QuickBooks, and it features very similar accounting functionality. This makes it a great alternative to consider for those looking for SaaS accounting.

Zoho Books

Zoho Books is an online accounting software that allows you to easily manage the money flowing in and out of your business. Manage your customers and invoices, while keeping expenses in check. Record, monitor and reconcile your bank accounts and transactions, and collaborate with your accountant in real-time. Most importantly, Zoho Books helps you make better, more informed decisions and stay on top of your business.

Features at a glance:

1. Create GST invoices in seconds.
2. Give your customers online payment options and get paid faster.
3. Create and send purchase orders.
4. Keep track of inventory levels at all times.
5. Organize your inventory with vital information like SKU, cost, and stock on hand.
6. Set up rules to categorize your banking transactions for easier reconciliation.
7. Create, edit, and manage your customer and supplier contacts from within Zoho Books.

There are three pricing options for Zoho Books – Standard (₹2,499 per Organisation/Year, 3 Users), Professional (₹9,999 per Organisation/Year, 4 Users), and Premium (₹19,999 per Organisation/Year, 7 Users).

Conclusion

Whether you’re just forming your SaaS company, or have begun to hit your stride and need a seamless way to manage your finances, accounting tool provides a robust way to manage your company’s money from top to bottom. No matter which software you choose for your SaaS accounting needs, before you set out on your search make sure you know precisely what you need your accounting software to do for your business. So, which tool are you using for accounting? Please let us know in the comments section below.

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FAQs

What is SaaS accounting software?

SaaS accounting is a model for accounting software whereby the application is hosted by a service provider. Instead of installing and maintaining software locally, SaaS software is securely accessed through a PC or mobile device.

Is QuickBooks a SaaS?

Yes, QuickBooks – This is the tool for all your accounting needs. They also have a free trial so you see if it meets your need! Salesforce – A CRM software that can be used to scale business.

What accounting software do startups use?

One of the top options for the best accounting software for SaaS companies is QuickBooks Online.