As a SaaS company or any other business, you would need the best accounting and financial management software to keep an eye on the performance of your business. Such software will help you reduce your expenses and optimize your efforts. To satisfy this need, companies are embracing a new wave of enterprise resources planning cloud-based systems.
These cloud-based accounting applications are also called SaaS finance software or SaaS accounting software. SaaS accounting software allows you to manage your finances remotely and take care of other issues like cash flow management, payroll, file taxes, etc.
While there are a few finance SaaS software that can you automate your financial management and accounting as a SaaS Company or an ordinary firm, here are the top best SaaS finance software.
Top 7 Advantages of SaaS Finance or SaaS Accounting Software
There are different reasons why these finance SaaS soft wares or SaaS accounting software are beneficial to companies. Some benefits of SaaS accounting software are;
#1 Changing the Entire Accounting and Financial Management Experience
These Cloud-based SaaS finance software are changing how accounting and financial management is being done. They also give users the best experience when it comes to managing their finance. Accountants and other users can now interact with data faster and easier, call up data from anywhere and anytime, etc. You can even automate some of the accounting and financial management tasks.
#2 Easier Collaboration
Most of these finance SaaS systems make for easy collaboration on projects with your employees, and you can even share access with those who want to and give specific tasks to some persons. They also allow you to track projects and the time spent on them.
#3 Allows Automation
SaaS accounting software allows you to automate most tasks you could have. This feature is in line with the commonality in the SaaS sphere, where no one wants to spend all their time doing accounting. This feature of finance SaaS platforms will allow you to focus on the most important parts of your business and less on accounting books.
#4 They Offer Scalability
One important advantage that SaaS accounting software offer is scalability. Many companies will need to increase their accounting and financial management operations as they grow in size, sales, and the number of customers they have. Cloud-based SaaS accounting software businesses and companies easily scale with them as they do. What’s more? These SaaS accounting can scale up and down to fit the business growth or downsizing.
#5 Offers a Multi-Business Support
Most SaaS accounting and financial management software include business solutions in other business areas such as customer relations management, inventory management, etc., that will help will help streamline your business.
#6 Use and Access to Real-Time Data
SaaS accounting and finance management software allows you to have access to data in real-time. You can even see changes in your finance as they happen. These capabilities will make CFOs and users, in general, to be able to make real-time analysis and better decisions easier and faster.
#7 Easier Access to Financial Data
With cloud-based SaaS accounting software, you can have access to data through the internet anywhere and anytime. This feature advantage makes it possible for you to work and stay updated with bookkeeping and accounting tasks easier.
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Top Disadvantages of SaaS Finance or SaaS Accounting Software
#1 Susceptibility to Malicious Internet Activities
As the accounting information processed with SaaS accounting software is stored online, it is easier for hackers to gain access to it. Other malicious activities and software on the internet can also affect your accounting data. This vulnerability depends on the security that the SaaS finance company uses and how it secures its servers.
#2 High Subscription Cost
To get access and use SaaS accounting software, companies and businesses must p[ay monthly or yearly subscriptions. While subscriptions can be high, if companies’ budgets are smaller, they cannot afford to obtain and use these awesome cloud-based SaaS finance platforms.
#3 Lack of Total Access and Control of Your Accounting Data
Most SaaS accounting and cloud-based SaaS financial management platforms do not give users total control of their data. When it comes to backed-up data, some don’t allow you to access it when you want to change platforms. If you want to switch to another SaaS accounting software in these cases, you would have to go without your backed-up data.
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10 Top Best SaaS Finance Software to Manage Your Business
| Brand | Starting price | Best for |
|---|---|---|
| 1. Freshbooks | – | Collaboration |
| 2. Zoho Books | – | Effectiveness |
| 3. Quickbooks | – | Multiple tasks |
| 4. Sage 50 Cloud | – | Finance control |
| 5. Xero | – | Compatibility with multiple languages |
| 6. Wave | – | Smaller and medium businesses |
| 7. Netsuite | – | Scalability |
| 8. FreeAgent | – | Freelancers and small businesses |
| 9. Kashoo | – | Ease of use |
| 10. Tally ERP | – | Cloud-based accounting solutions |
#1. Freshbooks
This SaaS accounting software was founded in 2012; since then, Freshbooks has been a major SaaS accounting tool. It offers cloud-based accounting and financial management solutions, and you can easily access them from anywhere. Freshbooks also secure your data.
Freshbook’s dashboard is one of the best you will see in the SaaS. It allows for collaboration among team members in your SaaS members.
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#2. Zoho Books
Zoho is an exceptional SaaS financial management software that is good for businesses to use to stay on top of their finances. This cloud-based accounting software gives users the capability to adjust the accounting management to match their projects. What’s more? You can use Zoho books no matter the size of your company or business.
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#3. Quickbooks
Quickbooks is one of the best cloud-based and SaaS accounting software that automatically helps businesses keep track of multiple tasks. Quickbooks enterprise version allows both small and large businesses to manage data with employees effortlessly, track and manage inventory, generate receipts, invoices, payroll, file tax reports, and many more.
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#4. Sage 50 Cloud
Sage 50 is another cloud-based SaaS accounting software. It is built to help various types of businesses stay in control of their finances. Designed with 50 enterprise-level characteristics, it lets you stay track of your budgeting, inventory, sales, revenues, taxes, and many more. As an addition, this SaaS service includes add-ons like POS, e-commerce, etc.
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#5. Xero
This SaaS accounting software is loved by many for letting its users stay on top of financial information in real-time from any location. Xero also lets you keep track of revenues, taxes, payables, and receivables, etc. Some other reasons why Xero is loved by many include its compatibility with multiple languages, multi-currency accounting.
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#6. Wave
Wave is the best free SaaS financial management tool you can employ to help you in your business. However, this SaaS accounting software focuses on smaller and medium businesses. It is easy to use, and you will have access to features like automatic billing, payroll management, invoicing, etc.
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#7. Netsuite
This ERP is one of the best SaaS accounting software that is highly scalable, and it aims to help startups solve many of their financial management problems at their early stage without incurring more cost.
Netsuite also makes collaboration in projects easier, and it includes other tools like order management, marketing, customer relations management, salesforce, etc.
What’s more? Netsuite comes with a highly customizable dashboard that you can use to select features to match your specific business needs.
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#8. FreeAgent
This cloud-based SaaS financial management tool is excellent for freelancers and small businesses who want to be at the top of their finances. It lets you automatically track payments, expenses, invoices, payroll, tax reports, returns, etc. This SaaS accounting software will make your small startup financial management seamless.
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#9. Kashoo
Highly affordable SaaS accounting software is best for smaller businesses and startups. It is also very easy to use. Kashoo will automate most of the tasks you will have as a small business, and it also offers lots of add-ons and integrations that will give the best SaaS accounting experience.
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#10. Tally ERP
Tally ERP is another ERP SaaS accounting and financial management software at the top of the game for cloud-based accounting solutions. It is highly user-friendly and is exceptionally good for both small and medium-sized businesses and companies. Users love Tally ERP because it lets you give various tasks to employees, and you can easily track time, payments, etc.
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Wrap-up
Picking the right SaaS accounting software to manage your business’ finances can be a turning point for its financial performance. Hence, you must make the best choice that will fit you and your business.
As every business is distinct with its own needs, what works for others might not work for your business, so take time and check out among these best options which will best fit you.