SaaS transformed the way technology companies do business. Everyone from Microsoft to Google is on the SaaS model. Why? It’s scalable, it’s easy to use and update, it brings in a reliable source of revenue, and it’s affordable for individuals and companies who want access to powerful software but don’t need every feature available.
We love the way SaaS companies are changing the world – so we’ve created an accounting firm that strives to be just as cutting edge as you. With cloud accounting services accessible anywhere in the world, 24/7, and accountants who are dedicated to seeing your SaaS company grow, you’ll love Compass Accounting.
SaaS companies face a variety of unique accounting challenges. From knowing how and when to remit sales taxes to filing business income tax, it pays to have an accounting company that specializes in technology and SaaS accounting. With our years of experience in the field, we can help.
How We Can Help
You might be on the move a lot or have a remote workforce – and if you’re like many SaaS companies, it’s probably both. That can make bookkeeping a challenge. You have to record financial transactions for everything from travel expenses to meals with clients. Then there’s your source of revenue – subscriptions – which can come from many different places, in several forms.
There’s good news – you can automate most of your bookkeeping using our cloud software. Even when you’re working remotely, tracking expenses is as simple as taking a picture of a receipt and uploading it to the software we provide you with. And we can set up your cloud bookkeeping software to automatically record revenue gained from subscriptions, so you don’t have to lift a finger.
The features don’t stop there. With multi-currency support to easily track payments from around the world, and many other features, you’ve got yourself one powerful piece of bookkeeping software. With our professional experience backing it up, you’ll never have to worry about bookkeeping again.
Our accounting services are here to take your SaaS business to the next level. With our professional services and our cloud accounting software, you’ll be able to run analytics, print out valuable financial statements, run forecasts, and do so much more.
SaaS companies have a lot of different accounting concerns. For startups, it’s all about having a runway – enough capital to see your project through to completion before launch. We can help you rein in expenses and ensure you can see your project through to its launch date – and to the point that you start making revenue off of subscriptions.
A key piece to having a long enough runway is having sufficient funding. We can help you acquire funding by monitoring your financial health and helping you track expenses, revenue.
We’ll also help you get your finances in order for certain grants, incentives, and tax breaks, like the Scientific Research and Experimental Development (SR&ED) program. With simplified expense tracking and our years of experience in the industry, we can help you bring your project to life.
If you’re a startup, you might not have a CFO yet. And if you’re the CFO of a startup, you probably have your hands full! Even experienced CFOs in mature companies need a hand sometimes. In any and all of these scenarios, our CFO solutions are here for you.
We offer business intelligence (BI) solutions to help you create a roadmap for your company’s financial success. From integrating all financial interactions into one piece of accounting software to helping you with process modelling, to more effectively manage financial information, we’ll give you the tools you need to succeed.
- How is SaaS accounting different? The main difference between SaaS accounting and traditional accounting is the subscription model – cash flows are much more complex when they’re based on recurring monthly payments, which can be upgraded, downgraded, or cancelled at any time. Then there’s the cost of goods sold, which consists primarily of support, marketing, sales, and hosting fees. And that’s just the tip of the iceberg – SaaS companies require specialized accounting!
- Why does good accounting matter for SaaS companies? Great accounting is essential for any company, and SaaS companies are no exception. From helping you secure grants to ensure that your subscription tiers are appropriately priced, there’s no end to the ways that good accounting can improve your business. SaaS companies are different (see above), and ensuring that you have enough revenue to pay investors and creditors, reinvest in your company, and bring your dreams to life is essential.
- When does a SaaS company need to start worrying about bookkeeping? From its inception. We recommend getting a company bank account, bookkeeping, and accounting from day 1. That way, you’ll be able to track every single expense from the start. Accounting is a data-based game – the more information we have about your cash flows, the better the recommendations we can make. And by tracking all of your expenses, you’ll be able to maximize the number of rebates, incentives, and other government programs available to you. Plus, investors love to see that a company has been tracking its finances since day 1.
- What financial statements do SaaS companies need? The exact financial statements that you’ll need will depend on your goals. Typically, there are 3 financial statements that are particularly important to SaaS companies: Balance sheets, cash flow statements, and income statements. Our accounting software can provide you with any of those 3 statements (and many more) with just the click of a button.
Start Working with Us Today!
We’re here to bring your SaaS company to the next level. With cloud accounting and bookkeeping software, expert consulting, CFO solutions, and much more, we’ll help you grow your business.
SaaS is one of the most exciting fields in the world today, and we want to help you excel in the market. We have accountants who are specialized in SaaS and technology companies. Call us today, and see the difference that Compass Accounting can provide.