Best Accounting Software for SaaS Companies
- By Jordan Salas
- May 8, 2023
Our top picks
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Are you looking for Saas accounting Software?
You need software that handles subscription billing, usage-based billing, and tracks revenue recognition.
You also need a way to manage your accounts receivable and accounts payable.
To help you find the right software for your business, we’ve compiled a list of the best accounting software for SaaS companies.
The 7 Best Accounting Software for SaaS Companies
Xero
1
Xero is an online accounting software company that provides a cloud-based accounting platform for small and medium-sized businesses.
The company was founded in 2006 in New Zealand, and it has since expanded to Australia, the United Kingdom, the United States, and Canada.
Xero is one of the leading accounting software companies in the world, and it has won numerous awards for its innovation and technology.
The company’s mission is to make accounting easy for everyone, and it offers a range of features that make accounting simple and efficient.
Xero is constantly innovating and expanding its product offerings, making it one of the most exciting software companies to watch.
Pros and Cons
here are many reasons why Xero can be appealing: it is easy to use, offers a variety of features, and is relatively affordable.
However, there are also some potential drawbacks to consider.
One of the biggest concerns with Xero is security: because it is an online platform, there is always the risk that sensitive financial data could be hacked or compromised.
QuickBooks Online
2
QuickBooks Online is the leading software used by small and medium-sized businesses.
It helps business manage their finances by providing an easy-to-use interface to track income and expenses.
QuickBooks Online also offers features such as invoicing, inventory management, cash flow, and creating financial reports.
QuickBooks Online is one of the many software-as-a-service (SaaS) companies that have revolutionized the way businesses operate.
Businesses can access SaaS software online, making it more convenient and affordable.
Pros and Cons
One advantage of QuickBooks Online is that it can be accessed from any computer with an internet connection.
This means that users can work from anywhere, which can be especially useful for business owners who travel frequently.
Another advantage is that QuickBooks Online automatically backs up data, so users don’t have to worry about losing important information if their computer crashes.
One disadvantage is that it can be slower than desktop versions of QuickBooks. Another disadvantage is that it can be more difficult to use for businesses with complex accounting needs.
Zoho Books
3
Zoho Books is popular software used by businesses and saas companies.
It is known for its ease of use and intuitive interface.
Zoho Books offers a variety of features that businesses need, such as invoicing, expense tracking, cash flow, and financial reporting.
It also integrates with other Zoho products, making it a valuable tool for businesses that use multiple Zoho products.
In addition, Zoho Books offers a free trial so businesses can try it before they commit to a subscription.
As a result, Zoho Books is a popular choice for businesses looking for affordable and easy-to-use software.
Pros and Cons
Perhaps the biggest advantage of Zoho Books is its price. The software starts at just $9 per month for a single user.
This makes it an affordable option for small businesses and startups. Another benefit of Zoho Books is its integration with other Zoho products.
One downside is that the software doesn’t offer as many features as some of the other options on the market.
Additionally, the software doesn’t have a time-tracking feature, which can make it difficult to track billable hours.
FreshBooks
4
As a small business owner, you have enough to worry about without having to keep track of your finances.
Fortunately, there is online accounting software like FreshBooks that can take care of your bookkeeping for you.
FreshBooks is easy to use and can save you a lot of time and headaches.
With FreshBooks, you can automatically generate invoices, track expenses, and sales tax, and see how much money you’re making.
And if you ever need help, the FreshBooks support team is always happy to lend a hand.
So why not give FreshBooks a try? It could be the best decision you ever make for your business.
Pros and Cons
The software does not integrate with other accounting platforms, which can make it difficult to keep track of finance.
Additionally, FreshBooks does not offer payroll services, which means that users will need to find another provider for this function.
Overall, FreshBooks is a helpful tool for small business owners and freelancers, but it is important to be aware of its limitations before using it.
Wave Accounting
5
Wave Accounting is cloud-based accounting software that helps small business owners and freelancers manage their finances.
The software includes tools for invoicing, bookkeeping, and tax preparation.
Wave Accounting is free to use, and there are no hidden fees or monthly charges.
The software is also available in multiple languages, making it accessible to businesses around the world.
Wave Accounting has received positive reviews from users, who appreciate its ease of use and comprehensive features.
The software is constantly being updated with new features and improvements, making it an excellent choice for small business owners and freelancers.
Pros and Cons
One of the main advantages of Wave Accounting is that it is free to use.
In addition, Wave Accounting is very user-friendly and easy to set up.
One of the main disadvantages is that it lacks some of the more advanced features offered by other software.
It also has a limited customer support service.
Kashoo Accounting
6
Kashoo Accounting is a leading accounting software that offers a range of features to help businesses manage their finances.
It provides an easy-to-use interface that allows businesses to track income and expenses, cash flow, create invoices and manage customer payments.
In addition to tracking performance and improving business decisions, Kashoo offers a variety of reports.
In addition, Kashoo Accounting integrates with a range of other software applications, making it a valuable tool for businesses of all sizes.
Pros and Cons
One major downside is that it does not offer a lot of customization options.
This can be a problem for businesses that need to track specific types of data.
In addition, Kashoo does not have a built-in payroll system, so businesses will need to use another service to process employee payments.
SlickPie Accounting
7
SlickPie accounting software is designed to save small business owners time and money.
The software is easy to use, and it integrates with other software to provide a complete picture of a business’s finances.
SlickPie also offers a mobile app so businesses can track their finances on the go.
Perhaps best of all, the software is free to use for up to 10 users.
This makes it an ideal solution for small businesses that are looking to save money on accounting expenses.
With its affordable price and comprehensive features, SlickPie is the perfect accounting solution.
Pros and Cons
The software is simple to use and offers a variety of features, making it a popular choice for business owners.
One downside is that the software doesn’t have a double-entry system, which means that it’s less accurate than other accounting programs.
Additionally, SlickPie Accounting doesn’t offer as many features as some of its competitors, which can make it more difficult to manage complex financial situations.
What is Accounting Software for SaaS companies and what does it do?
Software for SaaS companies is specialized software that helps manage the finances of a subscription-based business.
Businesses can use this type of software to track revenue and expenses so they can see how much money they make and where it is being spent.
Software for SaaS companies can also help businesses manage invoicing, billing, and payments.
By tracking this financial data, businesses can make informed decisions about pricing, product development, and marketing.
How does accounting software for SaaS companies work
With SaaS accounting software, you can access it from anywhere with an internet connection.
The software typically includes features such as invoicing, expense tracking, and financial reporting.
SaaS accounting software also often integrates with other business applications, such as CRM and ERP software.
This creates a seamless workflow between different business functions, which can save time and improve efficiency.
One of the key benefits of SaaS accounting software is that it is subscription-based, so there is no need to install or maintain the software.
In addition, SaaS software is usually updated automatically, so businesses can be confident that they are always using the latest version.
Why is accounting software important for SaaS companies?
Many software-as-a-service (SaaS) companies use some form of software to manage their finances.
This type of software is important for several reasons.
First, it can help to streamline financial operations by automating tasks such as invoicing and tracking payments.
This can free up time that can be better spent on other aspects of running the business.
Second, the software can provide valuable insights into the financial health of the company.
This information can help managers make informed decisions about where to allocate resources.
Finally, the software can help to build trust with investors and other stakeholders by providing them with accurate and up-to-date financial information.
For all these reasons, accounting software is an essential tool for any SaaS company.
How much does accounting software for SaaS companies cost
Software for SaaS companies’ costs vary.
The price depends on various factors such as the company’s size, number of employees, and features required.
For small businesses with fewer than 10 employees, basic accounting software can cost as little as $5 per month.
However, for larger businesses with more complex needs, the price can increase to $50 per month or more.
In addition to the monthly subscription fee, many software providers also charge a one-time setup fee.
This fee can range from $50 to $200, depending on the provider.
When choosing a software provider, it is important to compare prices and features to find the best value for your business.
What features should I look for in accounting software for my SaaS Company?
When you’re running a SaaS company, it’s important to have software that can keep track of your finances and help you manage your inventory.
There are a few features you should look for in accounting software:
– The ability to track accounting tools and inventory:
The software should make it easy to track your income and expenses, as well as your inventory levels.
This way, you can always know how much money you have coming in and going out, and how much inventory you have on hand.
– Bank account integration:
The software that integrates with your bank account can be a huge time-saver.
This way, you can easily track all of your transactions in one place.
– billing and invoicing:
When you’re running a SaaS company, billing and invoicing are crucial parts of your business.
Look for software that makes it easy to create invoices and manage your billing process.
By keeping these features in mind, you can choose accounting software that will help you run your SaaS company more efficiently.
Jordan Salas
Jordan is an experienced CPA and an author & editor at Financopedia. Over the past 12 years, he has written tax and financial content for leading brands. His writing has been featured in Forbes, The Los Angeles Times, Walstreet journal, and more. Jordan enjoys watching old movies and hiking in his free time.
