Traditionally, accounting is done on-premises, where the company goes through the daunting process of installing, configuring, upgrading, and performing general maintenance on the system.
It sounds conventional but the truth is these traditional systems are notoriously expensive and hard to maintain. Additionally, they mostly don’t offer the tools that modern businesses need to compete in today’s economy, such as real-time reporting, anytime-anywhere access, and flexibility.
With capabilities such as instant access via a web-based dashboard, auto-upgrades, and a single source of truth, could SaaS accounting eliminate these headaches and fix your accounting problems once and for all?
What is SaaS-based accounting and how does it work?
SaaS stands for “Software as a Service” and is a model of web-based applications. It provides all the benefits of cloud computing, such as immediate access to software files from any location connected to the Internet.
SaaS-based accounting is a way of doing your accounting that doesn’t require any software. It is a model for accounting software whereby the application is hosted by a service provider instead of you installing and maintaining accounting software locally.
The idea behind it is simple: you just pay one monthly or annual fee for access to all the different types of accounting solutions you need. It’s like Netflix, but for accounting.
Rather than purchasing and deploying software on-premises, you simply purchase access to an accounting solution hosted by a third party. This means that the work of setting up and maintaining your accounting system is handled for you.
What makes SaaS-based accounting solutions tick?
So, what are the benefits of SaaS-based accounting and why should you switch?
There are dozens of advantages that SaaS accounting holds. But let’s look at the top reasons why it is such a good idea and how it can help you:
One of the best things about SaaS-based accounting is that there are no up-front costs or installation fees. In addition, SaaS allows users to pay only for what they use without licensing fees, maintenance contracts, or ongoing upgrades.
SaaS enables businesses to enjoy the benefits of cloud computing and pay only for what they use. Thanks to near-zero costs, small shops can now enjoy enterprise-class accounting software without spending a fortune on servers or IT staff.
In addition, there is no need to purchase hardware to install and maintain the system yourself – you just subscribe to the system and use it.
Upgrading, installing, configuring, and backing up the software on your computer is a costly endeavour. Even if one of these things goes wrong then you’re forced to spend money fixing it. The whole process costs lots of money and takes a lot of time, which is why many organisations are now moving to SaaS.
When using traditional accounting software, you’re either stuck with an expensive, complex system that you don’t need and can’t afford or are forced to configure your software to work for your company.
With SaaS-based accounting solutions, you just pay a small monthly fee and get access to all the modules you want out of hundreds available. If there’s any new upgrades or features you want, simply pay the small fee and get access to it. It’s that simple.
It can work for your business no matter your situation. For instance, if your business expands vertically or horizontally, you wouldn’t need to set up a new accounting system as the case is with traditional systems. The product will simply be configured with a few clicks and voila, your accounting system is ready for your new business.
3. Real-time updates
With SaaS accounting, your data is always current because they’re continuously being updated and synced with their servers. This way, you can be sure that you’re getting the latest and greatest reports and business intelligence about your company’s financials.
4. A single source of truth
As well as getting instant updates of your data, with SaaS-based accounting solutions, everything is in one place. There is no need to look at multiple documents and try to reconcile different sets of numbers. A single source of truth helps businesses to streamline their processes and eliminate errors.
5. Anytime, anywhere Access
Another advantage of SaaS-based accounting is that you don’t need to be on your own premises in order to access financial data. You can work from anywhere without worrying about transferring files or backups. A single login gets you instant access to all your data from any device.
6. Zero need for manual maintenance
You no longer need to have the dedicated IT department setting up and maintaining that accounting system. Just pay your monthly subscription fee, log in from wherever you are and do your accounting from any device you want.
7. SaaS-based Accounting is Easy to implement
It’s easier to set up than conventional software. You don’t have to go through the hassle of installing it on your own computer and server or worry about updating it as they release new versions with bug fixes and functionality enhancements.
With all these benefits, why not switch?
SaaS-based accounting is quite a departure from running things the old-fashioned way, with all these benefits the switch is worthwhile.
Whether you’re starting out in business or have been running a company for decades, switching to SaaS-based accounting could make your life so much easier.
SaaS accounting can provide you with everything from invoicing and quotes to purchase orders, payments, payroll and financial reports. In short, it does all that a traditional accounting system can do plus more.
Why not give it a shot now? Book a demo of our NetSuite SaaS-accounting solutions and we’ll walk you through the process.