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5 Ways SaaS Can Benefit Your Accounting Firm

by | Jul 29, 2022 | Accounting Tech Trends, Productivity | 0 comments

Cloud based platforms are increasingly taking over in a range of industries. Accounting firms would be familiar with the new and innovative range of accounting platforms available to them, even if they’re not incorporating one of these platforms into the business functions and activities just yet. This is where SaaS, or Software as a Service, comes in, as a way these platforms can be distributed to users.

The SaaS model can be an effective way to stay relevant and competitive by creating a more collaborative and agile accounting environment through online or web-based accounting software.
 

The SaaS Model

Businesses can face any number of challenges and need to be dynamic and agile to tackle and solve them. With developments in remote or hybrid environments as well, flexibility and speed needs to be built into your accounting solutions. SaaS offers a number of advantages for accounting firms that can not only help them operate efficiently, but also build in and provide value-added services and functions that they require to efficiently handle rapid change.
 

Benefits of The SaaS Model

 

1. Cost Effectiveness

SaaS can bring a reduction in costs and significant savings in the long term for accounting firms. A cloud based accounting software can help your business avoid large upfront costs, costs of onsite data storage or fixed infrastructure and allows you to accurately forecast your accounting software expenditure. This ultimately brings about a sound return on your investment.

2. Quick Deployment

Accounting SaaS can be deployed quickly and efficiently, so that your business can react quickly to changes in circumstances, policies and procedures. There is no waiting time for configuration or compatibility issues to be sorted out as you typically can provide access to all users who need it with a password once the accounting software subscription is set up.

3. Scalability

With cloud accounting SaaS, resources can be easily managed and your business can scale resources up and down as needed. For example, when you need greater capacity during peak seasons or when you face an influx of clients, you can add capacity as needed. You can also add users and grant rapid access to combat these busy periods as well. SaaS improves business efficiency and adds to your overall business scalability as well.

4. Increased Security

As an accounting firm, you’d want to provide utmost assurance to your clients that their sensitive financial data is in secure hands. Additionally, your business data should also be kept secure and confidential. This might mean having to constantly review and update your security to ensure it’s meeting the latest standards and regulations. With cloud accounting software, security updates can take place in a timely and consistent manner automatically without any need for added intervention or manpower. You’re preemptively protected from threats instead of having to constantly be on the lookout or react after the security breaches have taken place.

5. Improved Collaboration

Remote and hybrid work can come with its own set of challenges. You need speedy and reliable cloud based accounting software for efficient collaboration from any part of the world, at any time. Using accounting SaaS can enable users to work together from multiple locations and accessed by everyone who needs them from any device. Collaborations become a breeze, both within the business as well as with clients. You can share and work on documents in a single, secure environment, manage workflow and track the status of projects and tasks automatically. Your client interactions and engagements are also managed more efficiently and flexibly with the accounting SaaS.
 

A Trusted SaaS Partner

When you need an accounting software for an accounting firm, you can rely on Eleven. Eleven is a SaaS solution specifically designed for accounting firms, gearing to revolutionise accounting using automation and Business Intelligence. Boost productivity, automate daily tasks, collaborate in real time and create added value for your clients with Eleven’s breakthrough features. Book a free demo today to see Eleven in action.

 

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