The Software as a Service (SaaS) business model is a cloud based service. It accessed through an application or an internet browser. What makes it stand out is that traditional software applications are sold along with a license. That will need to be renewed after a certain amount of time has passed. SaaS companies vendors charge for their services through a subscription based format on either, a monthly or annual basis.
Some of the most renowned SaaS examples are Google Apps, Salesforce, NetSuite, Zendesk and Slack. The best features of these SaaS companies listed below.
There are many advantages when using SaaS applications such as the accessibility factor, cloud storage backup, carrying out over the air updates, data processing and analysing, etc.
Salesforce is think to be the forefront Customer Relationship Management (CRM) platform. This SaaS company uses the latest cloud technology to establish a connection between existing customers, new customers and partners in an efficient way.
The main features it offers are as follows.
1. Creation of Workflow Templates
2. Customer Engagement Tools
3. Cloud Collaboration Tools
4. Task Management
5. Tracking and Managing Contacts
6. Intuitive User Interface
7. Mobile-Ready Dashboard
NetSuite is one of the earliest SaaS companies vendors, they have over hundreds of users located across 200 countries. Their most sought after feature is a cloud based Enterprise Resource Planning (ERP) platform. The main components of this ERP listed below.
1. Financial Reporting and Analytics
2. Financial and Billing Management
3. Global Accounting and Consolidation
Apart from the above listed ERP features, NetSuite also offers its customers with the following.
4. Revenue Recognition Management
5. Cloud based Global Business Management
6. Customer Relationship Management (CRM)
7. Professional Automation Services
8. Human Capital Management
9. Business Intelligence and Analytics
Zendesk is marketed as a premium cloud based customer service application. It is designed for effective communication between the business and its customer base. Zendesk can be applied in both large scale and small scale businesses. And comes with the ability to integrate and support other productive applications such as Slack and Slaesforce. The most premium features are listed below.
1. Efficient Reporting
2. Advanced Analytics
3. Automated Workflow
4. Flexible Ticket management
5. Multi-channel support
6. Mobile support
Slack is the go to solution for businesses looking for a seamless and intuitive collaboration software. Some of Slack’s main features are as follows.
Slack enables its users to assign specific workspaces within channels. This allows members of a select team to work seamlessly and coordinate effectively.
Slack comes with an in-built communication feature that allow its users to communicate directly one on one or in a group chat where users can message each other within a specific group.
Receiving notifications on time is vital when running a business. Slack makes sure that all notifications received instantly to maintain an efficient workflow. Furthermore, the user can choose the method to receive notifications such as through a desktop, mobile phone or through emails. You can also mention a user specifically in a channel which can help avoid unnecessary confusion among your team members.
Form 6765 is mandatory for all businesses who are claiming the federal research and development tax credit. This form is classified into 4 different sections. A breakdown of each section listed below.
To claim regular credit for the purpose of research and development is quite complex. An easier way to simplify this process is. The regular credit is 20% of the taxpayer’s current year Qualified Restoration Expenses (QRE) that can extend beyond the calculated sum.
The Alternative Simplified Credit (ASC) offers taxpayers an alternate method to calculate their research and development tax credits. The ASC allows businesses to claim this credit even if their current year expenses do not match the threshold of regular credit calculation.
The ASC rate is 14% of the total QRE that extends to 50% of the average QRE for the 3 previous tax years. To determine if your business meets the criteria and for Section A or B, calculate both ways. This way you can choose the method which has the biggest final credit benefit.
Once the calculation for the current year of research and development tax credit done in Section A or Section B. Proceed to Section C to identify additional forms based on your business structure.
Section D is necessary only for taxpayers that are claiming the payroll tax election for their small businesses. To make payroll election, a company must meet the terms and conditions of a Qualified Small Business. This includes having less than 5 million dollars in revenue. This revenue should have obtained 5 years prior to the election year. Certain designated businesses can apply for research credits of upto 250000 dollars to offset any of the payroll tax obligations.
Before you start this process, it is advisable to approach the services of a tax consulting firm as they can assist you in leveraging the R&D tax credit benefit to increase cash flow and the operational returns on investments. By using their services. The chances of errors in your report will be nil and they make sure that Form 6765 is 100% accurate.