It takes an average of 8 minutes to process a single manual paper-based transaction. And it costs $3 more than an electronic transaction. Thankfully accounting software has revolutionized the way we manage our finances and keep track of business operations. Manual ledger-keeping and piles of paper for invoices and expenses are fast becoming a thing of the past.
But with so many options available, how do you choose the right one for your SaaS business? In this article, we'll talk about five popular options guaranteed to help streamline your financial management processes.
1) Xero
Geared towards small-to-medium-sized enterprises, Xero’s claim to fame is that the automated admin can be accessed not only anywhere at any time but on any digital platform. And the user experience is outstanding whether you’re uploading a receipt off your phone or performing tasks on your desktop.
Highlights of Xero include:
Storing documents online for quick access. Capturing bills and receipts via email or scanning files from your mobile.
Accessing over 1000 apps in the Xero App Store to streamline tasks.
Connecting Xero to your bank for automatic bank feeds. Easily syncing bank and financial information.
With reasonably priced monthly plans, Xero is incredibly popular and worth a look. They also offer webinars and high-quality customer service.
Customer Review - “Extremely helpful support agents responded promptly and helped me sort out the issue I was having. The matter was quickly resolved by means of a secure screen-sharing application, and it was made clear to me exactly where I was going wrong. Exemplary customer service from Xero.” - Geoff
2) Quickbooks
The ease of bookkeeping often stands out with QuickBooks. QuickBooks is designed for small business owners and self-employed professionals - they’re its bread and butter. Early on, an array of companies, from construction to art galleries, were early adopters due to its ease of use. QuickBooks allows the user to track data throughout the day and create business reports. Documents are easily scanned into the system, so switching from paper to digital is simple.
Other things that are easy with Quickbooks SaaS accounting software:
Invoicing customers
Tracking payments and sales
Automating payments
They use cloud accounting software, so your business data is always safe, accessible, and synced across all your devices. The companion mobile app means you can get work done on the go, and your financials are at your fingertips. Working in the cloud also enables you to connect to various third-party apps and business services you may already be using to help you get your work done.
Customer Review - “Quickbooks online has allowed our organization to update, modernize, and change the way we approach our finances. Within a few months, we moved from a fairly archaic bookkeeping system to one that is completely modernized, online, and easier to use. Our whole team has saved time and frustration after making the change to QBO. Changing to Quickbooks online has helped us to improve our record-keeping, issue payments faster, made it easier for us to prepare for an annual audit, and provides many different options for planning, budgeting and reporting for a Board of Directors. With a small team, we are very appreciative of the Help features and online support available. “ - Small business owner
3) FreshBooks
Freshbooks is built for business owners and accountants. It tends to focus on smaller businesses, contractors and freelancers. Forbes Advisor offers this insight:
FreshBooks...hasn’t traditionally been as popular because it focuses on the much smaller end of the business market. Many love the software for its simple interface and easy-to-use features. It’s perfect for freelancers and small businesses that don’t need all the bells and whistles that QuickBooks offers. It’s also superior if you just need invoicing capabilities.
Easy AP payments and easy-to-use AP software. It offers extremely affordable plans but doesn’t offer the budgeting tools and inventory management that QuickBooks has. Invoicing and payments are fast and efficient. It also offers a reporting tool, so cash flow and business management are clear every month.
Five other highlights include:
Offer clients flexibility with Payment Schedules and Partial Payments
Request deposits to control your cash flow
Accept international currencies with Stripe
Auto-generated Payments Collected Reports
Payment options include VISA, MasterCard, AMEX, Apple Pay
Customer Review - “Billing clients and tracking spending is a breeze in Freshbooks. It takes little effort to learn and put into practice, and it can complete tasks quickly and efficiently. And the help desk is available whenever it is called for.” - Becky
4) Wave
Wave is for small businesses, and its primary accounting features are completely free. Kudos to wave for its invoice creation, management tools, and good user experience. It has a pricing structure that appeals to a variety of users, from professional advisors or SaaS companies that require coaching or support from the Wave team of bookkeeping, accounting and payroll experts.
Its free accounting features offer:
Unlimited income and expense tracking.
Add unlimited partners, collaborators, or accountants.
Know if you should charge clients more just by glancing at your dashboard.
Unlimited bank and credit card connections.
Access helpful reports like Overdue Invoices & Bills and Profit & Loss.
Customers like their easy-to-use accounts payable automation and accounts payable process flow. Wave's money management tools are web-based, and they also have a mobile app.
Customer Review “The user interface and navigation layout are fantastic compared to some other "big accounting software" out there. I feel it's super easy to find things like old invoices, estimates and outstanding balances. Wave seamlessly interfaces with your bank account to make bookkeeping and reconciliation a breeze!” - Curtis
5) Sage
Cloud-based accounting software that claims to grow with start-ups to their enterprise phase. Although, it does seem best suited for small businesses. They also have a specific Accountant Edition of their software, which may suit a SaaS Accountant.
They have a ton of features, including core cloud accounting, audit trails, unlimited users and unlimited transactions.
Forbes Advisor points out that they have excellent multi-currency support: Sage accounting makes it easy to grow your business, especially if you cater to customers abroad. Its multi-currency feature allows you to create invoices and manage payments between banks and multiple currencies in one system.
On top of seeing all the transactions in the country and the currency you trade in, you’ll also be able to see how currency exchange affects your cash flow. Plus, some insight into accurate exchange rates to help you adjust your rates and reconcile all foreign currency transactions.
Customer Review - “I signed up for the trial, and the support has been wonderful. I really felt listened to, and there were NOT boilerplate responses. Becca, who I was dealing with, had to check a few things to solve mistakes I made (during) the setup and was back efficiently with appropriate solutions. Lots of attention to detail.” -Sally
Finding the right accounting software is just the tip of the iceberg. Today's businesses must maximize digitization and eliminate the friction from siloed systems. As companies grow and face increasingly complex money movement problems, they need to find more efficient ways to manage accounts payable and receivable. Integrated solutions can help them do just that.
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