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A Guide to the Top Bookkeeping Services for SaaS Companies

Ashwani Shoda
By Ashwani Shoda
Published on 9 Dec 2024 6 min read
A Guide to the Top Bookkeeping Services for SaaS Companies

Are you a SaaS entrepreneur navigating the complex world of finances?

The key to unlocking your company’s growth lies not just in technologies but also in solid financial management. 

But with countless service options available, how do you choose the right partner for your unique needs? 

Enter doola Bookkeeping — the unsung hero that ensures your revenue flows smoothly and your expenses are under control. 

In this comprehensive guide, we’ll explore the top bookkeeping services tailored specifically for SaaS companies. 

Whether you’re seeking to streamline processes or gain insights into profitability, we will illuminate the best options. 

So you can focus on what truly matters: scaling your business and delighting your customers.

Benefits of Outsourcing Bookkeeping as a SaaS Company

Outsourcing bookkeeping for a SaaS company can bring numerous benefits that can positively impact the business’s overall success and growth. 

From saving time and money to gaining access to expert knowledge and resources, here are some of the key advantages of outsourcing bookkeeping as a SaaS company:

1. It Saves Money

Outsourcing bookkeeping services eliminates the need to hire full-time employees or invest in expensive software and technology.

This results in significant cost savings as you only pay for the services you actually use.

2. It Saves Time

Outsourcing bookkeeping tasks allows you to focus on other important business aspects, such as product development and customer acquisition. 

Professional bookkeeping services have the expertise and experience to efficiently handle all accounting tasks, saving you from spending hours figuring out complicated financial processes.

3. It Provides Knowledge

Bookkeeping service providers have a team of professionals who specialize in this industry niche. 

This means they understand your unique financial needs and can provide valuable insights and advice for your business.

4. It Helps in Scaling

One of the biggest challenges for growing SaaS companies is managing their finances as they scale up operations. 

With an outsourced bookkeeping service provider, you have a team that can easily handle workload fluctuations without any additional investments or disruptions.

SaaS-Specific Bookkeeping Needs — What to Look For

SaaS-Specific Bookkeeping Needs — What to Look For

Traditional bookkeeping methods may not be equipped to handle the specific challenges of SaaS companies. 

Here are some key considerations to keep in mind when selecting bookkeeping services for your SaaS business.

1. Subscription Billing Management

In traditional businesses, customers make one-time purchases or pay for services rendered on a monthly basis. 

However, SaaS companies typically rely on recurring revenue from monthly or annual subscriptions. 

These businesses require specialized business transaction categorization to track and record these transactions for seamless accounting, tax filing, and revenue management.

2. Revenue Recognition

For SaaS companies, revenue is recognized over time as services are delivered rather than at the point of sale. 

This can be a complex process, and it is essential to choose a bookkeeping service that supports accrual accounting and has experience with subscription-based revenue models.

3. Account Integration

Many SaaS businesses use multiple bank accounts or payment gateways to manage their online payments for services rendered. 

So, make sure to select a bookkeeping service that seamlessly integrates multiple bank accounts and feeds all financial data in your books with accuracy and in real-time.

4. Sales Tax Compliance

If your business operates in multiple states or globally,  you need a bookkeeping service that should have experience handling sales tax requirements in multiple states/countries.

Top Bookkeeping Services for SaaS Companies

Having a well-managed bookkeeping process in place not only ensures accurate financial records but also helps with decision-making and compliance requirements. 

However, the unique nature of SaaS companies can make traditional bookkeeping methods challenging to implement effectively.

Luckily, there are many bookkeeping services specifically tailored for SaaS businesses, offering specialized solutions to meet their unique needs. 

1. Automated Bookkeeping Services

SaaS companies typically have high volumes of transactions, which can be time-consuming and error-prone to record manually. 

As such, an automated bookkeeping solution like doola is ideal since it integrates with your banking feeds and automatically categorizes transactions accurately for seamless reconciliation.

2. Subscription-based Bookkeeping Services

Since most SaaS companies operate on a subscription-based business model, using a subscription-based bookkeeping service like doola Bookkeeping is the recommended choice

It specializes in working with recurring revenue models and understands the complexities of deferred revenue recognition and how it affects financial statements.

3. Virtual Bookkeeping Services

Virtual bookkeepers work remotely and provide all the necessary bookkeeping services through cloud-based software platforms like Xero or QuickBooks Online. 

This option offers flexibility in terms of cost and access but does not provide an open line of communication since they charge extra for one-on-one sessions.

However, doola Bookkeeping provides comprehensive bookkeeping solutions that automate all your back-office operations, as well as a dedicated account manager with support from expert bookkeepers.

4. Outsourced Bookkeepers/Accountants

The next best option is outsourcing bookkeeping and accounting tasks, which can be extremely beneficial for growing SaaS companies that may not have the resources for an in-house team.

While this offers more hands-on support than virtual services, it isn’t cheap, and you also need to bear the additional costs of bookkeeping software. 

With doola Bookkeeping, you get access to expert bookkeepers, accountants, and payroll specialists who work closely with your team to manage all financial aspects of your business.

How to Select the Right Bookkeeping Service for Your SaaS

Finding the right bookkeeping service for your SaaS company is like finding a needle in the haystack, especially when there are so many options available in the market.

To help you navigate through this process, here are some key factors that you should consider when selecting the right bookkeeping service for your SaaS:

1. Understand Your Business Needs

Before looking into different bookkeeping services, it’s essential to understand your business needs. 

This includes assessing your current financial situation, identifying what tasks you want the bookkeeper to handle (invoices, payroll, taxes), and determining your budget.

2. Check Their Experience and Expertise

When considering a bookkeeping service for your SaaS company, it’s vital to review their experience and expertise in handling similar businesses like yours. 

Ask them about their clients and how long they’ve been working in this industry. You can also check if they have any certifications that set them apart from other bookkeeping services.

3. Consider Their Technology and Processes

With advancements in technology, many bookkeepers use software programs to streamline their processes and provide real-time data. Hence, you must inquire about the technology they use and how it integrates with other systems or tools used by your company.

4. Track Record of Accuracy 

Before finalizing a bookkeeping service provider, research their track record of accuracy in handling the financial data of previous clients. 

Since accuracy is critical when it comes to managing finances for any business, this will give you an idea of how reliable they are in keeping up-to-date records without errors.

5. Evaluate their Communication and Customer Service

Effective communication and good customer service are crucial for a successful partnership with a bookkeeping service. 

doola Bookkeeping offers expert support with a dedicated account manager to understand your business’s needs, respond to your queries on time and is readily available to address any concerns or provide updates on finances.

Bookkeeping Tips for SaaS Business Owners

Bookkeeping Tips for SaaS Business Owners

As a SaaS business owner, managing your company’s finances can be a daunting task. It’s crucial to have an efficient and accurate bookkeeping system in place to track expenses, revenue, and overall financial health.

With that in mind, here are some essential bookkeeping tips for SaaS business owners:

💡 Keep Detailed Records

As a SaaS company, you deal with numerous transactions every day – from subscription fees to operational expenses. 

It’s vital to keep track of all these transactions in one central location, whether it be through accounting software or a dedicated spreadsheet. 

This will not only help you stay on top of your finances but also make tax season much more manageable.

💡 Separate Personal and Business Accounts

For SaaS companies that are just starting, it may be tempting to use personal accounts for business transactions. 

However, this can lead to confusion and difficulties during tax time.

To avoid any mix-ups or complications, make sure to keep separate bank accounts and credit cards for your business.

💡 Track Your Revenue Streams

SaaS businesses typically have multiple revenue streams, including monthly subscriptions, one-time purchases, upsells, etc. 

It’s essential to monitor each revenue stream separately, as it may require different accounting methods or tax implications.

💡 Choose An Easy-to-Use Bookkeeping Software

Investing in bookkeeping software can save you time and effort when it comes to mundane tasks such as invoicing, tracking expenses/revenue, and generating financial reports. 

To simplify your bookkeeping process even further, remember to choose bookkeeping software that is simple, intuitive, and tailored to SaaS companies.

Set Your SaaS Business for Success With doola Bookkeeping

When to Choose doola

doola offers comprehensive bookkeeping services designed to support SaaS companies and help them achieve their financial goals. 

Our team of experts provides customized solutions tailored to your specific requirements so you can rest assured that all your financial data will be accurately recorded and organized. 

We will automate all your bookkeeping tasks, such as income tracking, expense management, invoicing, tax preparation, and more

This allows you to focus on growing your business without worrying about the complexities of bookkeeping.

Moreover, our team keeps up-to-date with tax deadlines and regulations, so we can help ensure that your books are always compliant with relevant guidelines and ready for tax season.

Book a demo today to learn more about our services and how we can help take your company’s financial management to the next level.

Simplify bookkeeping and maximize tax savings

Try doola free today – your all-in-one solution for bookkeeping, tax filings, and business tools.


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A Guide to the Top Bookkeeping Services for SaaS Companies