SaaS accounting is a model for accounting software whereby the application is hosted by a service provider. Instead of installing and maintaining software locally, SaaS software is securely accessed through a PC or mobile device. Also known as “cloud accounting software“.
SaaS Accounting, while at its basic definition, has unique industry requirements. For example, non-profits require grant tracking and companies operating on a subscription billing model require ASC 606 compliance. Examples of industries that may benefit from SaaS accounting include:
- Accountants and CPA Firms
- Biotech and Life Sciences Companies
- Construction and Real Estate Companies
- Financial Services Companies
- Franchises
- Healthcare Companies
- Companies in the Hospitality and Restaurant Industries
- Nonprofits
- Professional Services Organizations
- Software, Subscription Business Model, and SaaS Companies