SaaS Accountants

At DH Business Support, part of our team consists of experienced SaaS accountants. Recently, there’s been a surge in the SaaS economy, and in turn, how accountants handle businesses has changed.

Our trusted SaaS accountants can help you in all aspects – from tracking SaaS metrics to allowing for more free time to focus on other areas of your business. We ensure that your business’ finances remain under control while offering expert advice and support.

What Is SaaS Accounting?

Software-as-a-service (SaaS software) accounting refers to the recording and analysis of financial data. This type of accounting service is for businesses that operate as software-as-a-service.

The type of accounting required for this business model includes considering recurring revenue from subscription-type business models. Providing financial statements, regulated and identified by the International Financial Accounting Standards Board (FASB), International Financial Reporting Standards, and so on, is specific to these kinds of businesses.

Due to the complexity of accounting for SaaS businesses, financial data must be interpreted. With SaaS accounting, data is securely accessed through the internet on multiple devices through the cloud.

This is because SaaS accounting software allows users to connect to cloud-based apps through the internet too. Common SaaS examples include email and office tools, such as Microsoft Office.

How Our SaaS Accountants Will Help You

At DH Business Support, we have set practices in place to ensure the best SaaS accountancy service. Our dedicated team have a wealth of experience dealing with SaaS businesses.

SaaS Accounting Methods

• Cash and accrual accounting – cash accounting counts revenue and expenses when cash is received or paid. On the other hand, accrual accounting doesn’t count revenue until it’s earned, regardless of the cash that comes into the business. This method can be complex but better for SaaS businesses with a subscription-based income

• GAAP-compliant financial management – GAAP (Generally Accepted Accounting Principles) is a set of accounting guidelines, rules, and regulations. It helps with business accounting and requires organisation, consistency, and comparable financials – all of which are provided by our SaaS accountants, who ensure data is accurate and reliable

SaaS Specific Financial Reporting

It’s important that your SaaS business generates the following data at least monthly.

• Profit and loss statements or income statements – important financial statements that summarise your business’ revenue, costs, and expenses over time. Your trusted SaaS accountant can keep track of these finances on your behalf
• Balance sheet – provides information regarding your company’s assets and liabilities. Additionally, balance sheets can show equity and things your company owns
• Bookings – helps show how much your business is expected to earn over time and the amount that customers have committed to paying towards either subscriptions or services. It also helps show the success of your SaaS business
• Billing – shows what’s billed to your customers and the amount that your business plans on collecting from them
• Cash flow statement – shows the ins and outs of cash flow in your business
• Revenue – displays your business’ earnings and profit. SaaS revenue recognition can be hard to measure. With subscriptions, some customers can pay upfront for a year and not count the entire payment as profit yet. The money will only be counted as your customers consume your service as each month goes by

Why Us?

Our professional team of SaaS accountants are here to assist you while offering ongoing guidance and support. We provide a range of benefits:

• Productivity – we provide you with more time, allowing for better-made business decisions. A cloud-based company needs cloud-based accounting services to speed up your team’s efficiency
• Flexibility – our SaaS accounting services allow you the freedom to adapt and expand, as you can access your accounts from anywhere
• Security – we keep your financial data protected and secure
• Insight into real-time financial data – you’ll have access to your data anytime, anywhere, helping make timely decisions

Reach Out to Our SaaS Accountants Today

At DH Business Support, we can help you and your SaaS business. More beneficial than your regular accountants, we remain on hand and support your business in succeeding. Our expertise and strategic planning allow your business to strive towards future goals.

Our friendly SaaS accounting professionals free up your time, handling the more tedious side of accounting – like dealing with general accounting chores, admin, and taxes.

Contact us today to find out more about how our SaaS accountants can assist you. We’re a trusted team who are waiting to help your business reach its full potential.