There are many benefits to using online accounting software, such as saving time and money. However, not just any software will do. There are different types of software out there, and each type has distinct advantages and disadvantages. Here we will look at some online accounting software that can be used by small businesses in South Africa – and what they have to offer.
WAVE accounting Software
WAVE is a Canadian based company that operates worldwide and provides services in finance and small business software. WAVE accounting software is probably the best free accounting software in the world.
The software is very user friendly and can be easily used by anyone interested. The software can be easily optimized to use the tax framework of South Africa. WAVE uses International Financial Reporting Standards for financial statements so it is reliable especially if your company is practicing world best standards.
This software will help you with your invoicing needs, payroll, and accounting entries to the financial statements. WAVE will charge you for making online payments as part of their value-added services.
Wave Accounting software is among the top 10 free accounting software in South Africa. As a small business owner, you can download this software online. The software offers all the basic bookkeeping features you may need. Wave is special for both freelancers and entrepreneurs. These mostly transact online and thus in need of tracking their income and expenses from multiple clients or businesses as well.
The Wave design is well-thought-out and simple to use. Besides, Their application is completely free, and users are not required to upgrade to a paid plans when using it.
Money Manager EX
Money Manager EX is also one of the best in top 10 accounting software in South Africa. It’s excellent one of it’s kind, user-friendly and very easy to use. Their application is also very portable.
You can easily save and use it from a USB stick without installing. Alternatively, you may use a Money Manager EX mobile application to access your business records wherever you are. The features it provides are super impressive.
Start today to use this application, by visiting the Money Manager EX website to download it. In fact, Money Manager EX is an open source free accounting software that is provided for free. Useful features include:
- Money Manager EX as an accounting software is simple to use especially when it comes to everyday use.
- The software helps business owners to keep track of cash flow as well as budget.
- With Money Manager EX, You can import a CSV document to the software from your bank.
For more details, contacts and information, kindly visit their website.
GnuCash Free Accounting Software
GnuCash Accounting Software is another best open source accounting software which is completely 100% free. With it you will enjoy simplicity, flexibility, as well as other amazing features like handling multiple currencies and payroll features. You can find the GnuCash App for downloads on Android, Linux, OpenBSD, Windows, GNU, and MacOS devices. Download the GnuCash App now and start using it,right away. GnuCash can easily be optimized to fit the South African standards of accounting and has both built-in IFRS and GAAP functions.
Other features include managing accounts both payable and receivable and managing employee expenses.The GnuCash Accounting Software is an open-source accounting software and hence, a freely available to anyone who needs to make use of it.
GnuCash is open-source accounting software and it is freely available to anyone who wants to make use of it. GnuCash is available for Linux, Microsoft, and Mac OS. GnuCash can be optimized to fit South African standards of accounting and has built-in IFRS and GAAP functions. There is more to benefit from using this software and the benefit is not only monetary but also the quality of output that the software offer. Further benefits include
- Double-Entry Accounting
- Stock/Bond/Mutual Fund Accounts
- Small-Business Accounting
- Reports, Graphs
- QIF/OFX/HBCI Import, Transaction Matching
- Scheduled Transactions
- Financial Calculations
If you are looking for multicurrency free accounting software that is linked to your business bank account and offers flexibility then GnuCash is for you.
xTuple PostBooks
PostBooks is a free accounting software developed by xTuple. This software is best suited for manufacturing companies so if you are a manufacturer than PostBooks is for you.
With PostBooks you will not only be able to manage your accounting entries but you will also be able to manage your inventory and debtors with are the most key factors to your business success. You will also be able to manage your purchases and work in progress inventory so that you can run your manufacturing process efficiently.
XTuple PostBooks has value-added features that are offered at a price such as a customer relationship management and sales management.
ZipBooks
ZipBooks offer three accounting sofware solutions and only one is for free. For a very small business with no sophisticated accounts needed to operate your business you might consider ZipBooks as your accounting software choice.
The free ZipBooks software is easy to use and all you to link your business bank account and PayPal account to the software to make accounting easier. However, on a free ZipBooks website, you will have to make reconciliations for yourself since the plan doesn’t cover such. With ZipBooks you will be able to manage unlimited customers and make unlimited invoices for free.
It has a modern interface with a variety of features that make accounting easy for the any business owner. When it comes to Zipbooks, there are different tiers, but the starter tier is the only free option you can use. Th Starter package gives a user unlimited bookkeeping.
With Zipbooks, You can also use PayPal and credit cards for monetary transactions. On the other hand, the free option allows you to:
- Manage easily your accounts receivable.
- Ability to manage your accounts payable.
- You are able to connect credit cards and bank accounts
- You are authorized to connect only one credit card or a bank account for every user.
- In case, you want to connect more, you will have to upgrade to the paid-for packages.
- With Zipbooks, you can also generate key fiscal statements as well.
You can start using the Zipbooks mobile application for iOS devices. Head over to Zipbooks , create a user account, then enter the required details to create a user account. For a small business owners with no sophisticated accounts required to operate your business you may consider ZipBooks as your accounting software.
The free ZipBooks software is simple to use and all you need to do,is to link your business bank account with PayPal account to the software to make accounting easier. For more details and information, kindly visit their.
TurboCASH
TurboCASH is one of the best free accounting software in Software that has been available since April 1985. The developers are always striving to make it better for contemporary users. As of currently, the TurboCASH software can be used to manage both small and medium-sized businesses.
With TurboCASH, you can deal with multiple users, companies, value-added taxes, creditors, your debtors, bank, inventory, sales, and other relevant accounts using only one software. You can opt to upgrade to a paid version to access enhanced features like running TurboCASH from the cloud and PDF reports.
Just Download TurboCASH here and start having quality real-time financial reporting. For more details, information and contacts, kindly visit their website.
Palladium Accounting Software
Palladium Accounting software offers multi-currency accounting software which uses current accounting processing technology. It’s effortless to use and navigate. You can learn how to use this accounting software as it won’t take much time. No any mandatory fees attached when it comes to the software application and you can also store your data on the cloud. For more details and information, visit the Website.
Xero
Xero is the best in our review for micro-businesses that are looking for very simple accounting software. This software has a clean interface and also fully integrates with a third-party payroll service. Businesses can collect payment online from customers through Xero’s integration with Stripe and GoCardless.Pros
- Cloud-based
- Mobile app
- Payroll integration with Gusto
- Third-party app marketplace
- Simple inventory management
Cons
- Limited reporting
- Fees charged for ACH payments
- Limited customer service
Xero was founded in 2006 in New Zealand and now has over two million users worldwide. This accounting software is popular in New Zealand, Australia, and the United Kingdom. Xero has over 3,000 employees and is growing rapidly in the U.S., as well.
Xero offers three monthly subscription options and a full-service payroll add-on: Early at $11 per month, Growing at $32 per month, and Established at $62 per month. The full-service payroll option is offered through Gusto and is an additional $39 per month, plus $6 per employee. The company offers a 30-day free trial and a promotion for 50% off for two months.
The Early plan limits usage and only allows entry for five invoices or quotes, five bills, and reconciliation of 20 bank transactions per month. This limited plan may be suitable for a micro-business with high-ticket transactions, but only a few per month, such as a consulting or small service provider. Both the Growing and Established plans offer unlimited invoices, bills, and transactions. The only difference between the two is that the Established plan has additional features like multi-currency, expense management, and project costing. All three plans offer Hubdoc, a bill and receipt capture solution.
BEST FOR SERVICE-BASED BUSINESSESFreshBooks
The most crucial accounting need for most service-based businesses is invoicing. FreshBooks offers more customizations for invoicing compared to other accounting software. Its primary function is to send, receive, print, and pay invoices, but it can also take care of a business’ basic bookkeeping needs as well. This accounting software makes it easier for service-based businesses to send proposals and invoices, request deposits, collect client retainers, track time on projects, and receive payments.Pros
- Cloud-based
- User-friendly interface
- Third-party app integration
- Affordable
- Advanced invoicing features
Cons
- No inventory management
- No payroll service
- Mobile app has limitations
Founded in 2003 in Toronto, FreshBooks started as just an invoicing software. Over time, more features have been added and FreshBooks now has over 500 employees. There are four different plans, and businesses can get a 10% discount if they choose to pay yearly, rather than monthly. Additionally, FreshBooks offers a 60% off discount per month for six months. The four plans are: Lite at $6 per month, Plus at $10 per month, Premium at $20 per month, and Select, which is a custom service with custom pricing.
The main difference between the four plans is the number of different clients that are allowed to be billed per month. In the Lite plan, up to five clients can be billed per month. In the Plus plan, up to 50 clients can be billed per month. In the Premium plan, unlimited clients can be billed per month. The Select plan also does not have a limitation on the number of clients that can be billed per month, but adds unique features. It costs an additional $10 per month for multiple team members to use the accounting software and it costs an additional $20 per month for the advanced payment feature, which allows users to charge a credit card in real-time or set up a recurring credit card charge for a client.
There are many third-party app integrations available, such as Shopify, Gusto, Stripe, G Suite, and more. A unique feature of FreshBooks is that invoices can be highly stylized and customized for a professional look and feel. FreshBooks is a great tool for budgeting out projects, sending estimates or proposals, and collecting customer payments.
Conclusion
It is never to late to begin. If you really want to attain the best results from any software of your choice, you just have to practice using it daily!