In a previous article titled ESEF mandate compliance: Why opt for a SaaS solution?, we briefly discussed how a cloud-based or SaaS solution works and what benefits it offers over the on-premise model.

In this article, we discuss how firms can save money by subscribing to a SaaS solution for their ESEF compliance.

ESEF

Tried-and-tested product

One of the most obvious reasons why a SaaS subscription saves you money is that you receive access to a ready-made, tried-and-tested product. A user only needs to log in to start using the application. Users save a good amount of investment as compared to building a software, testing it, maintaining it, and so on.

Infrastructure

When you opt for a SaaS subscription, the hosting of the software falls under the service providers’ purview. So, a SaaS solution saves you the capital you otherwise would have to spend setting up servers, databases, and storage. The capital you save may be reallocated to reassess your existing infrastructure needs and comprehend additional hardware requirements.

Moreover, the maintenance of cloud-based software and its infrastructure lies with the SaaS vendor. This would save you the recurring software and hardware maintenance costs that accompany an in-house designed software hosted on-premises. 

Scalability

Cloud-based software offer higher scalability than on-premise solutions. Users can opt for additional user-subscriptions or storage easily, whenever the business demands it, e.g., during quarterly filings, you may need a few additional users working on your iXBRL documents. Likewise, SaaS also offers you the choice to scale down on user subscriptions, storage etc. when you do not need them. This would save you the trouble of investing in hardware that would serve a temporary need at best.

Access anywhere, anytime

 On-premise software would need a secure VPN set-up in users’ laptops to let them access the software or application from outside the company’s network. However, since a SaaS application is hosted on the cloud, users can log in anytime they want (24/7) through a secure webpage.

Disaster Recovery

The datacenters of SaaS companies are spread across different geographies even within a specific country or region. This allows SaaS companies to effectively provide disaster recovery options to customers as opposed to an on-premise set-up.

Industry-best security

 Building your own software and hosting it on your own is not an uncommon thing to do. However, as a best practice, you also need to devise and maintain a certain level of security standards. With SaaS, the service provider offers security standards such as encryption, conducts regular audits, and complies with industry-best standards like ISO standards and SSAE 18 SOC along with the software subscription.

Training

Users need to be trained to effectively use a new application. It goes without saying that a substantial amount of investment goes into the training — the significance and effort for which is higher when your application has been built in-house. Nowadays, most customer-friendly SaaS companies such as IRIS CARBON® provide extensive, customized training to users so that they can use the application efficiently and effectively.

Get our state-of-the-art SaaS solution IRIS CARBON® for your ESEF compliance

SaaS, SaaS solution, Cloud, Cloud-based, cloud software, on-premise software

SaaS, SaaS solution, Cloud, Cloud-based, cloud software, on-premise software

SaaS, SaaS solution, Cloud, Cloud-based, cloud software, on-premise software