10 Best SaaS Accounting Software You Need in 2024

SaaS accounting is intricate, and using SaaS accounting software simplifies it. It automates, verifies, and executes every finance responsibility. But the trick is to choose the right tool, so in this article, we give you not just names but detailed information on top 10 SaaS accounting software.
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SaaS accounting is intricate, and using SaaS accounting software simplifies it. It automates, verifies, and executes every finance responsibility. But the trick is to choose the right tool, so in this article, we give you not just names but detailed information on top 10 SaaS accounting software. 

SaaS pricing is complex, and its accounting requires navigation of cost capitalization, multi-element arrangements, and evolving tax regulations. 

Usually, SaaS businesses ease down their accounting process with additional hires. Still, it’s a tiring process that sometimes also becomes inefficient because of- a lack of reliability, manual errors, and extra costs. 

Source

SaaS accounting software is a wise option when your finance leaders start relating to this problem. 

This blog spills beans on everything related to SaaS accounting software: definition, features, benefits, and top tools. 

TL;DR

  • A SaaS accounting software helps businesses manage financial transactions, bookkeeping, and reporting online, offering accessibility, scalability, and real-time data updates without on-premise installations.
  • There is a secret sauce to finding the right SaaS accounting software, i.e., key non-negotiable features. These are security features, ease of use, data & analytics reporting, and forecasting capabilities. 
  • We have listed the top 10 SaaS accounting software for your businesses to consider with features, pros, cons, and pricing. 

What is SaaS accounting software?

SaaS accounting software is a cloud-based solution that helps businesses manage their financial activities online. It automates tasks like invoicing, expense tracking, and financial reporting, making it easier for companies to handle their accounting needs without installing software on individual computers.

What features do you look for in SaaS accounting software? 

Here are some non-negotiable features that are a must in SaaS accounting software:

1. Security features

Security is a non-negotiable feature in SaaS accounting software. Businesses must prioritize software that offers complete encryption of data. It is extremely important for businesses when they deal with invoices, financial statements, and their clients’ information. Under the security realm, your SaaS accounting software must offer help for

  • Two-factor authentication (2FA)- for an extra layer of security.
  • Regular security audits- to identify and address vulnerabilities.
  • Compliance- for regulations and standards such as GDPR, SOC 2, and PCI DSS.

2. Ease of use 

It is another critical factor, especially for small businesses or startups that might not have dedicated financial personnel. The software should be intuitive, with a user-friendly interface that facilitates easy navigation. 

An easy-to-use platform reduces the learning curve, enabling employees to perform accounting tasks efficiently without requiring extensive training, thus improving overall productivity.

3. Data and analytics reporting    

Your accounting software must offer data and analytics reporting for managing financial performance effectively. This functionality enables businesses to keep a real-time view of a company's financial health and easily share them with the involved stakeholders. 

Your accounting software must offer 

  • All the reports and insights at a single place
  • Automate financial reporting generation
  • Customized analytics for your specific business goals

4. Forecasting capabilities

Forecasting capabilities are vital for strategic financial planning. The ability to project future revenues, expenses, and cash flows allows businesses to plan for growth, allocate resources effectively, and prepare for potential financial challenges. 

Advanced forecasting tools also help in scenarios such as mergers and acquisitions, cash flow management, and funding events, providing a clear view of the financial road ahead.

10 Best SaaS accounting software in 2024 

Some of the best SaaS accounting software to consider for your business in 2024 are:

  1. Zenskar
  2. Maxio
  3. Xero
  4. NetSuite
  5. Quickbooks Online
  6. Wave Financial
  7. Zoho Books: User-friendly
  8. Freshbooks
  9. Sage Intacct
  10. FloQast

1. Zenskar

Zenskar is the most flexible accounting software with no-code requirements and integration with over 200 sources of data. What this means is that it will create invoices accurately every time irrespective of the complexities the contracts hold. 

This billing process becomes more streamlined with Zenskar automation that automates everything from billing, managing receivables, and monitoring usage to handling revenue recognition. 

One feature that sets Zenskar apart from others is - the graphic data model. It allows the finance team to look at each parameter (pricing model, usage metrics, entitlements, and payment status) independently. 

This allows you to make changes in one without affecting the other. This approach provides unlimited flexibility to create custom pricing structures and contracts for each customer. 

For metering, Zenskar provides you the option- to either manage your own metering and give only the necessary billing data to Zenskar or use Zenskar as the authoritative source for all usage information. 

Key features

  • Flexible pricing configuration engine
  • Customizable email templates for automated follow-ups on invoices and payment reminders
  • Invoices with custom payment links
  • Intuitive, drag-and-drop contract builder
  • Easy-to-use, self-serve billing portal for customers

Pros

  • Updates existing subscriptions seamlessly without the need to cancel or create new ones
  • Effortlessly tracks payments across various payment gateways
  • Integrates smoothly with your current tech stack, CRM, and other payment processing platforms such as Stripe and Adyen

Cons

  • Zenskar has no in-built CPQ model, but it enables you to integrate with CQP tools 

Pricing

Contact our team here to learn all about our pricing plans

2. Maxio

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Maxio matches the exact needs of finance leaders of B2B businesses with end-to-end billing functionalities. It not only streamlines your finance operations with invoice automation but also gives you the right SaaS reporting and other relevant tools. Maxio grows with you and is fully equipped to accommodate your growth, no matter if the scale arrives unpredictable. 

With all this, Maxio is an easy-to-use platform. 

Key features

  • Templatized usage-based pricing configurations
  • Co-terming contracts and milestone-based revenue recognition
  • Generate custom reports

Pros

  • Maxio reports Annual Recurring Revenue (ARR) and Revenue separately, providing distinct metrics for each
  • Its customization options allow users to tailor billing workflows as per their needs and seamlessly integrate them into their system

Cons

  • There is no SSP or ASC 606 revenue recognition unless extra payment is made
  • Maxio is not for you if you have hybrid models (tiered or percentage-based pricing)

Pricing

Starting at $5000 per year, Maxio is an expensive accounting software

3. Xero

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Xero is one such SaaS accounting software that is widely recognized for its user experience. It supports invoicing, bank reconciliation, sales tax calculation, payroll, and expenses management. Xero also provides a real-time view of project profitability and seamless integration with over 1000 applications. 

Key features

  • Automate everything from reconciling bank transactions to sending invoice reminders. 
  • Real-time analytics for financial health
  • Mobile app for easy accessibility
  • Integrate payroll app for employees' payment

Pros

  • Xero offers more flexibility than QBO by not imposing restrictions on users, GL limits, or chart of accounts, and includes Hubdocs for free
  • Xero seamlessly integrates with job cards, linking inventory to specific jobs

Cons

  • The primary issue is that, unlike QuickBooks, it doesn't support all bank types, making it difficult to get clients to switch

Pricing

Xero’s subscription-based pricing plans range from $13 a month to $70 a month.

4. NetSuite

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NetSuite, a SaaS accounting software, offers features for business accounting, ERP, CRM, and e-commerce software. NetSuite strength’s lies in its flexibility, as it can be easily customized to meet the needs of businesses of all sizes. Also, it is scalable with your business growth and supports multiple subsidiaries, currencies, and tax jurisdictions.

Key features

  • Account Reconciliation
  • Tax Management
  • Close Management
  • Fixed Assets Management
  • Payment Management

Pros

  • It offers top-notch CRM and e-commerce solutions for sales and marketing activities
  • NetSuite's "saved searches," helps quickly access information in no time

Cons

  • The wide range and complexity of features can be hard to set up, often requiring significant investment in training

Pricing

Contact the team for pricing.

5. Quickbooks Online

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Quickbooks Online is best suited for small & medium businesses as it comes with a user-friendly interface and affordable pricing. Quickbooks has a mobile app that allows you to execute your financial obligations on the go. One of its biggest strengths is its ability to customize to fit business needs, and is scalable, provides end-to-end automation with multi-currency support. 

Key features

  • Bank reconciliation
  • Revenue recognition
  • Budgeting tools
  • Financial reports

Pros

  • Easy integration with online payment processors such as PayPal or Stripe
  • It provides automatic calculations for accuracy and speed

Cons

  • Errors occur during synchronization due to unstable connectivity with resource-tracking tools such as inventory or fleet management systems

Pricing

Quickbook subscription-based pricing plans range from $15 a month to $100 a month

6. Wave Financial

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It is a great choice for small businesses and individuals looking for a straightforward financial management solution. It is mainly because of its affordability. Wave Financial is a cloud-based accounting software that is free and easy to use, consisting of features like invoicing and expense tracking. 

Features

  • Create customized invoices
  • Send automated reminders
  • Unlimited income and expense tracking
  • Unlimited bank and credit card connections

Pros

  • Everything from creating bills to setting up automatic reminders is extremely customer-friendly
  • When there are changes in terms, the original text is simplified on the legal side for convenience

Cons

  • Businesses with complex financial needs may find it too basic
  • Some users also find the in-software ads distracting

Pricing

Wave Financial’s accounting software is free. The addition of advanced tools such as Tax service, Bookkeeping support, Bank payments, etc requires additional charges. 

7. Zoho Books

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Zoho Books offers end-to-end accounting support with a simple interface. Zoho Books also prioritizes data security with features like two-factor authentication and data encryption. It integrates smoothly with apps like Shopify, PayPal, and Stripe for easy payment processing. Plus, it offers cloud storage, making your data easily accessible.

Features

  • Create invoices and track payments effortlessly
  • Access valuable business insights with customizable reports
  • Streamline tasks with automated processes
  • Monitor inventory levels, prices, and vendors

Pros

  • Zoho Books simplifies accounting tasks, making them easier even for non-experts
  • It integrates seamlessly with other Zoho products and third-party apps for streamlined operations

Cons

  • Zoho Books may lack advanced functionality and comprehensive reporting tools compared to some other accounting software options

Pricing

Zoho Books offers a free plan, and other plans starting from $12/month to $249 a month. 

8. Freshbooks

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FreshBooks is a cloud-based accounting software designed to simplify financial management for small business owners and freelancers. It offers a user-friendly interface, making it easy to navigate and manage finances with minimal accounting knowledge. Users can track invoices, expenses, and time, and manage projects seamlessly. 

Features

  • Track project profitability
  • Automatically track expenses
  • Send estimates and proposals
  • Get paid with credit cards and bank transfers

Pros

  • User-friendly interface makes accounting easy for non-experts
  • Comprehensive invoicing solutions and real-time financial data access

Cons

  • Limited advanced accounting capabilities for complex financial needs
  • Can be expensive, especially for businesses needing additional users or features

Pricing

Freshbooks’ subscription-based pricing plans range from $17 a month to $55 a month 

9. Sage Intacct

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Sage Intacct is a cloud-based accounting software designed for medium-sized businesses, nonprofits, and financial service companies. It is ideal for users needing a sophisticated and scalable system to manage complex financial processes and provide advanced reporting. Sage Intacct stands out for its scalability and customization, catering to small startups and large corporations alike.

Features

  • Marketplace for add-on solutions
  • Automatic updates
  • Multi-dimensional reporting
  • Real-time collaboration

Pros

  • Powerful reporting capabilities make it easy to analyze financial data
  • An open-ended API system allows seamless integration with other software

Cons

  • Some functions, such as VAT reconciliations and purchase credit applications, can be cumbersome

Pricing

Contact their team for a custom quote.

10. FloQast

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FloQast offers end-to-end accounting solutions with AI-assisted automation and provides all key metrics in a single dashboard for simplified monitoring. 

Key Features

  • Reconciliation Management
  • Variance Analysis
  • Analyze
  • Connected Compliance

Pros

  • Many users shared a good review about their active and robust customer support.
  • The interface is intuitive and easy to navigate

Cons

  • It is costly for small businesses

Pricing

Contact the team for a custom quote. 

What are the benefits of SaaS accounting software?

With SaaS accounting software businesses can:

  • Access accounting data at any time or location with cloud accounting software that provides timely access to financial reporting and management information.
  • Perform CRM integration for smooth management process of cash flow and order-to-cash for customer and billing data.
  • Proper revenue recognition in compliance with standards such as ASC606 and IFRS 15 is significant in a SaaS firm, which typically has various billing models.
  • Tracks and manages all expenses in real time so one can have an improved budget and quickly analyze inflows and outflows of cash.
  • Automate billing for recurring payments, track churn, and measure acquisition costs about customers to minimize friction when it comes to the order-to-revenue process.

Why Zenskar?

Yembo, an AI-powered platform for virtual surveys and inspections for home service companies, was finding challenges with their manual accounting. 

Their pricing was usage-based and supported both prepaid and postpaid pricing models. 

They partnered with Zenskar to solve challenges like

  • Disjointed Systems leading to inefficiencies 
  • Requirement for separate invoices for prepaid charges, overages, and managed surveys, complicating the process
  • Non-Standard Billing Cycles
  • Revenue Recognition Issues

Zenskar automated the entire invoicing process to help Yembo 

  • Saved 90% of the time on billing and revenue recognition
  • Reduced revenue leakage by 100%
  • 50% of revenue collected a month earlier

Interested in giving Zenskar a try? Book a demo and we’ll show you how Zenskar can help you streamline your SaaS accounting. 

Frequently asked questions:

1. How much does SaaS accounting software cost?

The cost of the best accounting software for subscription businesses varies based on features and user numbers. Basic plans can start at around $10 per month per user, while advanced plans with more features can cost $50 or more per month per user.

2. Which software is used for accounting?

Best accounting software for Saas companies includes Zenskar, QuickBooks, Xero, and FreshBooks. These programs offer a range of features for managing financial tasks such as invoicing, expense tracking, and financial reporting.

3. What does SaaS accounting software do?

SaaS accounting software automates financial tasks like invoicing, expense tracking, and reporting. It helps businesses manage their finances more efficiently, providing real-time access to data and ensuring compliance with accounting standards.

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