If accountants and other business consultants want to make the most of the benefits that the SaaS model offers, they need to understand how it works.
Even if you haven’t implemented one of these next-generation accounting platforms in your own business just yet, it’s likely that you’re already familiar with them. These platforms are stored “in the cloud” rather than on the hard disk of your computer, and users connect to them through the internet.
Platforms that are hosted in the cloud are making rapid headway in a variety of business sectors. Cloud-based versions of well-known products, such as Microsoft Office, Dropbox, and Adobe Photoshop, are now available. In addition, despite the fact that they perform a variety of functions, each of these platforms is organized in the same way.
This is where SaaS, which stands for software as a service, comes into play. The word refers to the manner in which these platforms of the next generation are made available to users.
Users make a payment to the developer of the software in order to utilize the platform for a predetermined period of time, which is often one month. This is how the SaaS business model works. Because SaaS is offered on a subscription basis, users have unrestricted access to the platform during the term of their agreement unless they specifically opt out.
The SaaS model provides a number of characteristics that make it superior to previous approaches. Users, for instance, who desire more or fewer features can simply shift to a different subscription tier as opposed to purchasing a whole new piece of software. This saves the customer from having to budget for the acquisition of a whole new program. The most important advantage, however, is that SaaS cuts down on the amount of technical support that is required by the typical organization.
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Users are able to always access the most recent version of cloud-based platforms thanks to the SaaS model, which enables continuous development and improvement of cloud-based platforms. That means there will be fewer problems with bugs and security as a result. There is also no requirement for you to update either your hardware or your software in order to remain current.
SaaS has fundamentally transformed businesses’ relationships with their accountants. Accountants can now invest more time helping their clients to make the most of the tools that are available to grow their business and enhance their strategic management.
What’s more, accountants can now relinquish any stress and worry associated with upgrading their software because the subscription model ensures that they access the latest updates, and the total cost will be incurred over the course of a few months or years.
Up-to-date info in real time
The fact that both the accountant and the client often have a subscription is another significant difference between the SaaS model and earlier configurations. In the past, customers frequently compiled their financial data with the help of non-specialized tools such as Excel.
Now, clients can access the same capable platform as their accountants, yet in most cases, the membership cost is lower because clients need fewer functions than accountants do. They are free to terminate their subscription at any time, and it does not cost them significantly more than purchasing a copy of Excel.
After a client of an accountant has subscribed to the service, there are major benefits to be had by both sides.
Previously, accountants could only access data that their clients sent to them. Now, after the appropriate access permissions have been granted, accountants can view data on a real-time basis and can take any immediate actions that are required.
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