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SaaS Accounting Software is cloud based accounting software that helps businesses automate accounting processes, reduce administrative overheads, and cut costs, all from an easily accessible solution.
SaaS accounting software is highly versatile, and can be used by companies across many industries. As the software is hosted in the cloud, it can be accessed through most connected devices such as laptops or mobiles.
SaaS accounting software can be customized according to the needs of a business. For instance, companies can use such software for vendor management, preparing financial records that comply with specific financial reporting standards, and for tracking balances of different accounts, including payables, receivables, and others.
Companies prefer using SaaS accounting software because of the many benefits that it offers. Here are a few.
Companies that switch to cloud-based accounting software can save a significant amount of money, both upfront and over a longer period. There’s no significant upfront cost to worry about, and the monthly subscription is also lower.
Conventional on-premises accounting software requires companies to pay a significant upfront fee. They may also be charged an additional amount for ongoing maintenance. Conversely, with SaaS accounting software, there’s no maintenance cost either.
You will also have to invest money in training and for buying the necessary hardware required. However, companies that switch to SaaS accounting software don’t have to worry about such costs.
They only pay a monthly subscription fee for using the software. Popular SaaS accounting software also comes with different modules, so companies only pay for the features they require.
SaaS accounting software programs make it easy for finance teams to share information with cross-functional teams. Users who have access to the program can be assigned various roles, thus allowing for safe data transfer.
When sharing sensitive financial data, the software also maintains logs of who has access to information, so an audit trail exists. This also ensures that sensitive data isn’t shared through unapproved or unsecure channels.
Security is a key factor when selecting any accounting software. It’s one of the reasons why SaaS accounting software providers invest heavily in cybersecurity, making sure that sensitive information can’t be accessed without authorization.
All sensitive information is encrypted and secured in cloud servers, and additional security measures, such as the use of multi-factor authentication, is often required. Access logs are also maintained, while administrators can also configure access control as per the company’s policies.
Furthermore, SaaS accounting software providers also regularly update their infrastructure to ensure that the software doesn’t have any vulnerabilities. New security patches and updates are released frequently too.
Scalability is a key concern for growing businesses. Ideally, when selecting an accounting software, you want to make sure that it can adapt to your company’s growing needs.
SaaS accounting software is designed to be scalable. Different modules can be used with the software as the needs of your business continue to evolve.
More importantly, SaaS accounting software can also be configured to work seamlessly with existing ERP systems and other software in the company.
Customer support is a major reason why companies often choose SaaS accounting software. SaaS software providers have a dedicated team of support specialists on standby to answer any queries users may have.
In case you run into an issue, you can approach the support staff through multiple channels, including phone, email, live chat, or even support tickets.
Some SaaS accounting applications also offer additional features, like document management. This makes it easy for finance teams to store business-critical information, such as contracts, within the program.
The software can capture documents and store them securely, allowing for fast retrieval from anywhere. This simplifies regulatory and financial compliance for companies, while also offering practical benefits.
SoftCo’s Procure-to-Pay solution makes it easy for businesses to manage accounts payables and streamline their finance processes. It integrates seamlessly with existing ERP systems, making it easy for companies to integrate it with their existing SaaS accounting software.