Free accounting software in South Africa is what businesses need to survive. Since online accounting software has become very popular, a lot of companies are using it as their primary source of information. However, there are also various offline accounting software packages that small business investors and other companies can use for their financial information needs.
The most important part of any business is its books. For small business, it can be difficult to find a good accounting software that checks all the boxes and offers features like book keeping, payroll, and tax declarations. We reviewed different accounting software tools and have compiled the top most powerful free business software in South Africa
FNB instant free accounting software
This accounting software is free for FNB business account holders. One of the best all-round free software in South Africa, FNB instant accounting has a variety of features to help you run your day to day business finance.
The software is capable of storing all your clients and creditors and it is linked to your business account. Whenever you make a payment to a third-party you can record the transaction instantly. It helps with managing your employees’ salaries so you can perform monthly debit orders for employees’ salaries and make automatic data captures to relevant accounts.
The software also helps with your VAT calculations, using this function you will cut off your VAT accounting costs and do it yourself. You will be able to pay all your SARS bills using this software such as paying PAYE, Skills Development Levy, and UIF for employees and directors.
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.
GnuCash Free Accounting Software
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.
FreshBooks
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.
QuickBooks
Most comprehensive accounting software for small business
TODAY’S BEST DEALSQuickbooks Simple StartUS$10/mthQuickBooks EssentialsUS$17/mthQuickBooks PlusUS$30/mthVISIT SITEat QuickBooks
REASONS TO BUY
+Even basic plan is well-featured+Lots of extras available+Free trial
REASONS TO AVOID
-Several versions-Deals change frequently-Lots to learnAdvertisement
QuickBooks is an instantly recognizable name in the world of accountancy and bookkeeping. It’s owned by Intuit, which also has other options for small business and large ones too, with a diverse portfolio that includes Turbotax, Mint and Proconnect. QuickBooks also comes in numerous different varieties, from desktop editions through to the hugely popular Online edition.
Depending on your requirements, you can choose from QuickBooks Online, QuickBooks Self-Employed, QuickBooks Online Advanced, QuickBooks Live Bookkeeping, QuickBooks Desktop for Mac, QuickBooks Desktop Pro, QuickBooks Premier and QuickBooks Enterprise. However, it is possible to create a custom package using the help of the QuickBooks team if you need a more bespoke option.
Due to the sheer expanse of QuickBooks-based products it’s best to check out the website in order to get the latest update on pricing, versions available and also any deals that Intuit has on this vast range of accounting solutions.
Conclusion
Small businesses need good accounting software to properly organize their finances while keeping the costs down. This is why we’ve put together a list of popular solutions that are free or offer a free trial. If you have experience with any of them, please share your thoughts in the comments below.