When selecting a financial management solution for your SaaS business, it’s crucial to consider various factors that will impact the efficiency, security, and scalability of your financial operations. In this article, we have put together the top 10 things you should consider when you’re looking to buy new accounting software.
Here at Itas Solutions, we’re big fans of Sage Intacct and we’ve also listed some FAQs that you can skip right to at the end of the 10 points.
Here are the top 10 considerations to keep in mind for new accounting software:
1. Features
Ensure the software has the necessary features to handle unique SaaS financial processes such as recurring billing, revenue recognition, and subscription management. Look for solutions that offer automation to enhance efficiency and reduce manual errors.
2. Integration
The ability to integrate with other systems is vital. Your financial management solution should seamlessly integrate with other tools and platforms you use, such as CRM systems, payment gateways, and analytics tools, to streamline operations and data flow.
3. Cost
Consider both the upfront and ongoing costs of the solution. Be aware of any additional charges for extra users, support, or features that may be necessary as your business grows. Opt for a pricing model that aligns with your business size and usage requirements.
4. Security
Data security is paramount. Ensure the solution provides robust security measures, including SSL encryption, multi-tiered access, and protection against data tampering. Verify the provider’s compliance with industry standards and regulations.
5. Scalability
Choose a solution that can grow with your business. It should be able to handle an increasing volume of transactions and customers without compromising performance. Scalability ensures that as your business expands, your financial management system can keep up.
6. Ease of Use
The system should be user-friendly, especially for team members who may not have an accounting background. Look for intuitive interfaces and features like drag-and-drop functions to facilitate ease of use.
7. Backup and Recovery
Ensure the provider has a reliable backup infrastructure to protect your data against emergencies. Check how quickly backup data can be retrieved and whether there are any additional costs for accessing it.
8. Customer Support
Good customer support can be a deal-maker. Determine if the provider offers free support or charges per call. Consider if they provide enough training on complex parts of the system.
9. Compliance
Your chosen solution should help you manage and track compliance costs effectively. It should be updated regularly to reflect changes in regulations and help you avoid potential legal issues and fines.
10. Testimonials and Reviews
Research the experiences of other users with the product. Look for detailed testimonials and reviews to gauge the reliability and effectiveness of the solution. Avoid relying solely on promotional material from the product’s website.
What to Avoid
Overlooking Customer Support
Don’t underestimate the importance of customer support. A lack of adequate support can lead to frustration and inefficiencies.
Ignoring Compliance Costs
Failing to account for compliance-related expenses can result in unexpected costs that can exceed your budget.
Choosing Inflexible Solutions
Avoid solutions that cannot adapt to your business’s changing needs. Flexibility is key to accommodating growth and new business models.
Neglecting Security
Compromising on security can lead to data breaches and loss of customer trust. Always prioritise security in your selection.
Insufficient Scalability
Don’t select a solution that cannot scale with your business. This can lead to costly migrations or system changes in the future.
By carefully considering these factors and what to avoid, you can select a financial management solution that will support your SaaS business’s current needs and future growth.
FAQs
Here at Itas Solutions, we’re big advocates of Sage Intacct and feel like it’s a perfect fit for medium-sized businesses – and one that exceeds the considerations we’ve already outlined. So, we’ve outlined some FAQs you might want to read through to make an even more informed choice.
1. Features
Q: What new features does Sage Intacct offer?
A: Sage Intacct continuously updates its features to enhance user efficiency and provide deeper insights. Intacct typically includes role-specific dashboards, advanced reporting capabilities, and automation tools to streamline financial processes.
2. Integration
Q: How does Intacct handle integrations?
A: Intacct offers integration capabilities with various third-party applications and services. It provides a developer portal for creating custom integrations and supports Web Services integrations. For example, it integrates with Salesforce for CRM functionality.
3. Support
Q: What kind of support can I expect with Sage Intacct?
A: Sage Intacct provides a comprehensive support system that includes a help centre with video tutorials, release notes, and training opportunities through Sage University. If you get an approved supplier like Itas Solutions, we can offer support to you and your business.
4. Purchasing and Implementation
Q: How do I purchase and implement Sage Intacct?
A: To purchase, contact Itas Solutions, and we can help get you set up and take you through the process.
5. Training and Resources
Q: Are there training resources available for new Sage Intacct users?
A: Yes, Sage Intacct provides training through Sage University, where users can learn at their own pace. The platform offers a variety of courses and resources to help users get up to speed with the software’s features and capabilities.
6. Security and Updates
Q: How does Sage Intacct ensure the security of my financial data?
A: Intacct takes security seriously and uses measures like SSL certificates to secure data transmissions. Users are responsible for keeping their SSL certificates up to date to avoid connection errors. Sage Intacct also uses CloudFlare as a content delivery network to enhance security and performance.
7. Customisation
Q: Can I customise Sage Intacct to fit my business needs?
A: Yes, Sage Intacct provides customisation services that allow you to add custom fields, reports, list views, and applications. Platform Services enable the creation of custom objects and pages, and you can also use Smart Rules and Smart Events for automation within the system. Itas Solutions can take you through all that if you purchase Intacct through us ensuring Intacct is perfectly set-up to suit you and your business.
8. Troubleshooting
Q: Where can I find help if I encounter issues with Sage Intacct?
A: For troubleshooting, Sage Intacct offers a FAQ section on their developer portal and a support community where you can submit cases or search for solutions to common issues. The help centre also provides resources for resolving potential problems
Who Are We?
We are Itas Solutions, a UK-based financial transformation consultancy and Sage Intacct partner and specialise in supporting SaaS businesses, so we know how good Intacct is as a financial management solution. We love Intacct because of the variety of reports it creates, its cloud-based accounting solution means you don’t have to worry about back-ups, data-loss or software updates.
We started in 1995 with just one client; today, we provide services to more than 200 organisations in the UK. We are here to help our clients at all times.
For over 20 years, our clients have trusted Itas with their business, and we have grown as a result of their recommendations and the appreciation of IT experts for our knowledgeable yet individualised support.
