Constant change is to be expected when you work in the SaaS (software as a service) industry. It is a fast paced industry that requires you to adapt quickly in order to stay relevant to your customers. The demanding nature of SaaS can mean that other aspects of running your business get pushed to the side. One of the things that can easily get pushed to the side in any small business is the bookkeeping. It may seem difficult to keep accurate and up to date books, but it is essential to the long term success of your business. If you are behind or disorganized, there are a few steps you can take to get your books in order.
Start keeping accurate records going forward. A good place to start the process of getting your books in order is to keep track of everything going forward. If you only focus on catching up with past books, things will continue to pile up. Create an efficient plan for staying on track with your accounting responsibilities. You have some options to help with your bookkeeping responsibilities which include accounting software and hiring professional help. The type of help you choose will depend on the needs of your business and your preference. Before you start any work on getting your past books in order, fix the problem that caused you to get behind on your books in the first place.
Come up with a detailed plan of action. You may feel overwhelmed by the amount of information you need to gather and sort through. The best way to combat getting overwhelmed is to create a detailed plan that includes specific goals and deadlines. One way to organize your plan is to focus on a month at a time. As the owner of a software company, it is likely that you have electronic records of all transactions. If you do not have everything in a centralized location you will have to take the time to find all relevant invoices and receipts. Once you have gathered all the necessary information you can compile it for business and tax purposes.
Bring in outside help. Sometimes the best way to get your books in order is to bring in professional help. An experienced accounting professional or firm can guide you through the process of gathering up and compiling all the pertinent information. They can also help you with all of your accounting needs moving forward.
Accurate bookkeeping is essential to the financial health of your SaaS business. It is a way for you to keep up with what money is coming in and going out of the company. In addition, it will make your life easier at tax time if you have been keeping up with your numbers. Whether you choose to do it on your own or hire help, get your books in order for the well-being of your business.