Best SaaS Accounting Software (UK - 2024)

Run a Software as a Service (Saas) business in the UK and need a better system for accounting? Perhaps you’re growing your business or expanding overseas, or maybe your current solution just isn’t working well.

In this guide, we’ll help you find the best SaaS accounting software for your needs. We’ll take a look at some of the most popular options out there, comparing features, fees and integrations.

We’ll also show you how you can expand your business overseas with other solutions like Wise Business. This powerful international account lets you manage business funds in currencies, and integrates seamlessly with accounting software like QuickBooks, Xero, FreshBooks and many more.

💡 Learn more about Wise Business

Accounting software for SaaS companies

Software as a Service companies have very specific and unique needs when it comes to accounting solutions.

One of the main requirements is automation, as SaaS businesses need tools to streamline accounting processes, boosting efficiency while reducing costs.

Must-have features include managing recurring subscription billing and accounts receivable, along with SaaS real-time dashboards showing useful and relevant metrics and KPIs.

It can also be useful to automate the processing of supplier invoices, along with the ability to make and receive global payments with full regulatory compliance.

The good news is that there are plenty of suitable solutions out there for SaaS businesses, which offer exactly these kinds of features. But how do you choose the right one?

To help you compare what’s out there, we’ll run through all of the most popular options along with their features, costs and other useful info. The providers we’ll look at are:

• Sage Intacct
• Quickbooks Intuit
• Xero
• NetSuite
• Freshbooks
• Zoho Books

Best accounting software for SaaS companies: overview

Let’s start our comparison of SaaS accounting solutions with an at-a-glance look at their monthly costs, TrustPilot score and main offer:

Provider	Trustpilot score	Monthly cost	Best known for
Sage	4.4 from +18.000 reviews²	Custom	Powerful cloud accounting software
QuickBooks	4.6 from +14.000 reviews⁴	£14 to £90³	Accounting for small businesses and sole traders
Xero	3.6 from +7.000 reviews⁷	£16 to £59⁶	Accounting for small businesses
NetSuite	n/a	Custom	Global ERP for larger businesses
FreshBooks	2.3 from +800 reviews⁹	£7.50 to £17.50⁸	Easy-to-use accounting for sole traders and small businesses
Zoho Books	4.2 from +4.000 reviews¹¹	£0 to £165¹⁰	Comprehensive suite of accounting tools and apps

Comparing accounting software for SaaS: criteria

When searching for the best solution for Software as a Service accounting, there are a few key criteria to look for.

It’s easy to get distracted with long lists of advanced features you might not even need, so it’s best to focus on what matters. These are:

• Essential features
• Cost (including monthly subscription costs and fees for add-ons)
• Integrations with other business tools and solutions

We’ll cover all of these for the providers below, making it easier for you to compare options and choose the right one for your business.

Sage

Sage Intacct is cloud finance software suitable for organisations of all sizes, which offers a full range of financial management and accounting capabilities.

It has particular features for subscription billing, making it ideal for SaaS businesses. These include:¹

• Automation of complex processes like cash management, order management and AP/AR
• Automated billing workflows
• Smart revenue recognition
• Custom real-time dashboards, reports and visualisations
• SaaS metrics, with over 300 subscription, project billing and usage scenarios
• CRM integration with Salesforce

Sage Intacct also has add-on modules for SaaS companies, including multi-entity and global consolidations, project accounting and SaaS Intelligence.

In terms of pricing, you’ll need to get in touch with Sage to request a custom quote. You can also discuss adding Sage payroll services to your package.

Sage has an ‘Excellent’ rating of 4.4 on TrustPilot, based on over 18,000 user reviews.²

QuickBooks

Aimed at small and medium-sized businesses, QuickBooks is a cloud-based accounting software package marketed by US financial software company Intuit.

QuickBooks is a popular choice for SaaS businesses due to its scalability, as well as its automation tools. It’s often compared to rival FreeAgent - see how the two stack up here

The software’s main features (based on the Essentials plan) include:

• Accept and make payments in different currencies
• Manage income and expenses
• Income Tax estimates
• Submit VAT directly to HMRC, plus VAT error checker
• Making Tax Digital ready
• Cash flow forecasting
• Send invoices that can be paid in a click, including scheduling custom recurring invoices (ideal for subscription-based SaaS businesses)
• Employee time tracking
• Optional add-ons such as payroll

QuickBooks can be connected to a large number of apps, including CRM, inventory, expense management and reporting tools. It can also be integrated seamlessly with Wise, a powerful international payment solution ideal for organisations needing to send and receive money globally.

💡 Learn more about Wise Business

Pricing for QuickBooks starts at £28 a month for the Essentials plan, although QuickBooks does occasionally run special offers which can drive the price down.³

QuickBooks has an ‘Excellent’ rating of 4.6 on TrustPilot, based on nearly 15,000 user reviews.⁴

Xero

Similar to QuickBooks, Xero is cloud-based accounting software designed for smaller businesses.

Some of the main Xero features include:

• Sending invoices and quotes
• Bills management
• Reconciling bank transactions
• Submit VAT returns to HMRC
• Automatic CIS calculations and reports
• Short-term cash flow snapshot function
• Expenses management (optional add-on)
• Payroll (optional add-on)

One of the main reasons Xero is a top choice for SaaS businesses is its free API, which lets you connect with hundreds of apps and tools. This includes SaasAnt Transactions, Maxio, Chargebee and ScaleXP - which are all targeted towards SaaS companies.⁵

Xero also integrates with Wise Business, a powerful global payments solution enabling you to send payments in 40+ currencies worldwide.

💡 Learn more about Wise Business

Pricing for Xero ranges from £16 to £59 a month, depending on the plan you choose.⁶

The company gets an ‘Average’ rating of 3.6 on TrustPilot, based on over 7,200 user reviews.⁷

NetSuite

Oracle NetSuite is cloud-based business management software that does far more than just accounting. It’s a Global ERP (enterprise resource planning) solution designed for larger organisations, especially those with international activities.

Features include:

• Financial management, including a full suite of accounting services
• Comprehensive currency management
• Audit and compliance reporting, including built-in analytics and enhanced compliance support
• Configurable indirect tax engine
• Project management solutions
• Tax management and reporting capabilities
• Automated subscription billing
• Tools to optimise recurring billing processes
• SaaS metrics

Oracle NetSuite offers handy integration with CRM tools such as Salesforce, and it also works seamlessly with global payment solutions like Wise Business.

Pricing for Oracle NetSuite is available on request, as is a free demo. The company doesn’t seem to have a verified page on TrustPilot, so doesn’t have a rating or history of user reviews.

FreshBooks

FreshBooks is known as easy-to-use accounting and invoicing software for small businesses, sole traders and freelancers.

If you’re a new SaaS business and don’t need a lot of advanced tools, this user-friendly solution could be a good fit.

Features include:⁸

• Automated invoicing, including recurring billing
• Automatically capture bills and receipt data for expenses management
• Multiple payment methods
• Financial and accounting reports
• Submit MTD-compliant VAT returns directly to HMRC
• Subscription-based payments (Select plan only)
• Accountant access

FreshBooks integrates with a decent number of apps and tools, including a handful that are popular with SaaS businesses like SBPay.me, Agile CRM and Skyvia. And of course, it integrates seamlessly with Wise Business.

Prices range from £7.50 to £17.50 a month, although you may need to upgrade to the custom Select plan (pricing on request) to access features such as subscription-based payments.⁸

Unfortunately, FreshBooks currently has a ‘Poor’ rating of 2.3 on TrustPilot, based on around 800 reviews.⁹

Zoho Books

Last but not least, we have Zoho Books. It works in a very similar way to FreshBooks, as it’s cloud-based, aimed at small businesses and with a user-friendly interface and features.

SaaS companies will find many useful features in Zoho Books, including recurring invoices, multilingual and multi-currency invoicing (depending on plan) and access to a wide range of other Zoho apps. This includes Zoho Billing solutions designed specifically for SaaS, available at an extra cost.

Core features of Zoho Books include:

• Custom and recurring invoicing
• Payment reminders and payment links
• Auto-scan receipts for easier expenses management
• Bank reconciliation
• Accountant access
• Inventory management
• A clean and simple dashboard
• VAT tracking, filing and MTD VAT submission

Zoho Books offers integration with a wide range of business tools and apps, including payment gateways, cloud-based storage solutions like Google Drive and international payment solutions like Wise.

Get started with Wise Business 🚀

Prices range from £0 to £165 a month.¹⁰

Over on TrustPilot, Zoho Books currently has a ‘Great’ score of 4.2, from nearly 5,000 reviews.¹¹

Discover Wise Business: international finances made easy

Want to grow your business and expand overseas? The Wise Business account is ideal for companies which trade internationally, who buy goods or employ people from other countries.

There’s just one powerful account, with no monthly subscription fees. Features include:

• Local account details for 8+ major currencies - so you can get paid by clients and customers in their own currency, without unnecessary currency conversion
• International payments to 160+ countries for low, transparent fees
• Currency conversions at the mid-market exchange rate, with no margin or mark-up added.
• Employee expense cards and expense management tools
• Payroll and invoice payments
• Bulk payments - batch pay up to 1,000 people at once
• Bespoke permission levels to control team access

And whichever accounting tool you choose to use, you can integrate it seamlessly with your Wise account.

Through the powerful Wise API, you can connect with QuickBooks, Xero, Oracle NetSuite, FreeAgent, FreshBooks, Zoho Books and many more.

Get started with Wise Business 🚀

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And that’s it - our handy guide to the UK’s best accounting software for subscription and SaaS businesses. We’ve covered all the big names, including info on their features, costs and integrations.

So after reading this, you should be all set to compare accounting solutions and find the best fit for your business.

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Sources used:

1. Sage - Subscription billing and accounting software for SaaS companies
2. TrustPilot - Sage
3. QuickBooks - Pricing
4. TrustPilot - QuickBooks
5. Xero - App Store
6. Xero - Pricing plans
7. TrustPilot - Xero
8. FreshBooks - Pricing
9. TrustPilot - FreshBooks
10. Zoho - Pricing comparison
11. TrustPilot - Zoho

Sources last checked on date: 27-Sep-2024