Advances in accounting technology have led to the development of SaaS systems. These offer a reliable and secure alternative to housing your accounting systems on-site. SaaS systems are also known as cloud-based accounting software and are a great tool for those who want to enjoy the benefits of being on the cutting edge with their accounting systems.
However, it can be a bit of an adjustment for some businesses to take the technical leap into SaaS systems. If you have completed your books a certain way for decades or are a SaaS provider your self concerned with ARR, ACV, TCV, etc., then you may be concerned that the learning curve is too advanced to make it worth your investment. Rest assured that with a little exploration of the capabilities of SaaS systems you will be interested in exploring this technology in more detail.
With this in mind, let’s look at some of the basics of handling SaaS accounting.
Benefit From Access To Your Data From Anywhere
SaaS software is easily accessed through a mobile phone or a PC. The flexibility of cloud-based retail accounting software makes it a great option for those who need to see their data from anywhere or who appreciate the advantage of being able to input data while you are away from the office. You will also be able to accommodate multiple users to bolster collaboration with your accounting processes across your teams.
Most SaaS systems can also be customized to fit the unique demands of your business. You can change the user interface to make it worth with your existing accounting processes. In fact, as time goes on and the competition for SaaS services increases, there are more and more options for customization emerging all the time.
Enjoy Cost Savings
With SaaS accounting, you do not need to make the large investment in hardware to house your accounting systems on your premises. This can be a big capital drain for smaller businesses that may be difficult to handle by paying upfront. If you are a small or medium-sized business, then you can benefit from the ability of SaaS systems to conveniently handle your accounting without having to take funds away from other areas of your business.
Be Confident In The Security Of Your Data
SaaS systems are a great way to ensure that your accounting data is secure at all times. If you are unsure or hesitant about keeping your data with an offsite provider, then consider the fact that a SaaS provider is able to commit far more resources for securing data than most small businesses. These institutions are usually obligated to provide disclosures and conduct regular audits to ensure that their security and data protection standards are up to date.
It is important that when considering a SaaS system that is best for your business that you look to verify that you will still own all of the data that is stored offsite. While most service providers will include this in their terms, it is imperative that you are sure that your sensitive data remains yours.
Bring On The Changes Slowly
As with any major change that you plan on implementing into your business, it is important to bring SaaS systems into accounting processes with care. Some of your team may feel uncomfortable with the change and the learning curve that the new software will require. Make sure that you provide adequate training sessions for your team members who will be responsible for using the system. Be sure to provide ample time for your staff to find answers to their questions and bring in the new system slowly once everyone is on the same page. Following these instructions will ensure that bringing SaaS accounting to your business is a success.