The rise in revenue as your SaaS business scales from startup to scaleup to enterprise can be exhilarating to watch. Less exciting—but no less essential—to manage, however, is the associated increase in accounting complexity. After all, as your business grows, its compliance burden grows as well.
Just take the Sarbanes Oxley Act, for example, which begins to apply to businesses when they go public.
This U.S. federal law imposes financial compliance and reporting requirements on public companies and the accounting firms that audit them. It states that companies’ annual reports need to include an internal control report stating that the company management is responsible for establishing, and maintaining, adequate internal control structures and procedures for financial reporting.
source https://blog.fusebill.com/accounting-compliance-saas-billing-software
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