The Top 4 Features Every Accounting SaaS Software Must Have

From the necessity of a user-friendly interface to the importance of real-time financial reporting and analytics, discover the top four features these experts believe every accounting platform should offer.

• User-Friendly Interface 

• Automated Revenue Recognition

• Robust Automated Financial Reporting

• Real-Time Financial Analytics

User-Friendly Interface 

One vital feature all accounting SaaS software should possess is a user-friendly interface. As a CEO, I know time is valuable. If our team spends hours figuring out complex systems, our productivity drops. 

Just like a well-designed app on your phone, the software must be easy and intuitive. It's about making your business processes as smooth as scrolling through your favorite social media platform. Simplicity boosts efficiency and lets us focus on what matters the most—growing and steering our company to success.

Abid Salahi, Co-founder & CEO, FinlyWealth

Automated Revenue Recognition 

One important feature that every accounting SaaS software should have is automated revenue recognition, particularly for subscription-based businesses. I've personally seen how manual revenue tracking can lead to compliance issues, especially for companies operating under ASC 606 standards, which require businesses to recognize revenue as services are provided, not when payment is received.

For instance, a client of mine once struggled to keep their financials accurate because they were handling deferred revenue manually. After switching to an automated system, like the one offered by QuickBooks or Xero, they saw a significant improvement in their reporting accuracy and compliance. Automated revenue recognition ensures your financial statements reflect true business performance and saves a lot of time. My advice to SaaS businesses: invest in this feature early to avoid financial headaches down the line.

Bhavik Sarkhedi, Growth Head & CMO, Content Whale

Robust Automated Financial Reporting

One crucial feature that every accounting SaaS software should have is robust automated financial reporting. This feature streamlines the generation of financial statements, balance sheets, income statements, and cash flow reports, reducing the time and effort required for manual report preparation.

Automated financial reporting ensures accuracy and compliance with accounting standards, while also providing real-time insights into the financial health of a business. This capability is essential for making informed decisions, tracking performance, and ensuring regulatory compliance without the burden of manual data entry and error-prone calculations.

Shehar Yar, CEO, Software House

Real-Time Financial Analytics

One important feature that every accounting SaaS software should have is real-time financial reporting and analytics. This feature is crucial because it enables businesses to have immediate access to their financial data, providing an up-to-date view of their cash flow, profitability, and overall financial health. In today's fast-paced business environment, decisions need to be made quickly, and having real-time insights can significantly enhance a company's ability to make informed decisions.

At TruBridge, we've seen how essential real-time reporting is for our clients in the healthcare industry, where managing revenue cycle processes efficiently is critical. By providing instant access to financial metrics, accounting teams can proactively address potential issues, such as cash flow shortages or delayed payments, and adjust their strategies accordingly. Additionally, real-time analytics allow for better forecasting, helping businesses to anticipate trends and plan for future expenses or investments.

In our experience, this feature not only improves operational efficiency but also increases transparency across departments, enabling cross-functional teams to access the data they need to align their actions with the company's financial goals. It's a game-changer in terms of accuracy and agility, and it ultimately drives better financial outcomes for businesses. Any Accounting SaaS platform lacking this capability is missing an essential tool for modern financial management.

Sandra Stoughton, Director, Marketing Operations, TruBridge

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