Precise bookkeeping is critical for Software as a Service (SaaS) companies because it ensures the accurate financial data and insights needed to make informed business decisions. Since many SaaS companies invoice their customers based on recurring subscriptions, their bookkeeping varies slightly from the traditional business model. Keeping this information organized is critical for healthy growth, especially for SaaS startups and fast-growing mid-sized operations.
Compass East can help your SaaS company keep its finances in order by providing advanced bookkeeping services beyond basic accounting functions. Our experienced team leverages decades of combined industry experience to help take your business to the next level.
What Do Outsourced Bookkeeping Services Entail?
The primary elements of bookkeeping services typically involve recording, storing, analyzing and interpreting all aspects of your company’s financial information. Accuracy is vital because it gives businesses a clear perspective on how their operation is performing. Careful management lets you pay your bills on time, manage your receivables and control the rate of how cash moves through your business.
Some specific duties might include:
- Billing for products and services
- Managing invoices from vendors
- Tracking accounts receivable
- Compiling financial reports
Virtual Bookkeeping for SaaS Companies
Compass East offers outsourced bookkeeping services to SaaS businesses looking to increase efficiency and accuracy while freeing up their employees to perform core tasks. We implement our cloud-based technology stack to help automate processes and provide insight into a company’s most critical performance metrics. Because SaaS is a unique business, we design our approach using proven concepts specific to the industry.
Our services allow you to utilize the experience of a professional accounting team without hiring an in-house staff.
In the discovery phase of our service, our team will evaluate your current accounting processes and procedures to identify the areas requiring improvement and determine the best optimization strategy. Specific areas we look at include:
- All existing accounts payable and receivable
- Credits and debits
- Debt level
- Incoming cash
- Balance sheets
- Cash flow statements
- Payroll
After we implement the foundation of our bookkeeping methods, we can establish new processes that help you succeed over the long term.
Advantages of Online Bookkeeping Services for SaaS Companies
When your company chooses Compass East for outsourced bookkeeping, you’ll experience the following benefits:
- Reduced costs: Utilizing a cloud-based accounting solution eliminates the high salaries of a dedicated accounting department.
- Increased accuracy: Our proven methods will lead to more accurate financial data and insights, enabling you to make better business decisions.
- Improved efficiency: Virtual bookkeeping eliminates the tedious tasks of manually recording and analyzing information, allowing employees to focus on their essential duties.
- Access to new technology: Our cloud-based platform will enable you to quickly implement new technology without complex software additions or network overhauls.
- Business growth: Accurate financial statements increase your revenue, reduce overhead costs and provide you with the insights you need to nurture growth.