With the advent of COVID-19 and recent looting riots, running a small business in South Africa can be tough and challenging. With a lack of resources, the last thing you need as a small business owner is paying for an accountant to compile your business accounts at a cost. Getting a good free accounting software is the first step in the right direction.
Best free accounting software in South Africa
|#||Free Accounting Software|
|1||FNB instant accounting software|
|2||WAVE accounting Software|
|7||Money Manager EX|
You can compile your business books easily with free accounting software, this can be done from a computer or on a mobile device. As a small business owner, you have more important things to worry about as resources can be constrained times, so paying for accounts compilation can be costly.
There are many accounting softwares in South Africa that are free for small businesses. This software helps in generating payroll, ledger entries, invoicing, trial balance, vat, and financial statements.
The best thing about using an accounting Software is that captured data is always available and can be turned into information at any given time.
Your information will be ready in a matter of seconds. Automation is a very efficient way of holding information, if you want to borrow money at a bank of alternative lenders then you can access your financial information in minutes.
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.
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 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.
Talking about free, Akaunting is all free accounting software with no subscriptions involved. Akaunting will help your company to track.
- Cashflow- you will be able to track your company cashflow and how liquid your business is at any given point.
- Invoices- you will be able to track paid and unpaid invoices so that you can make follow-ups if necessary.
- Expenditure – all your expenses will be tracked and you will be able to know where you spend most of your money and if there are any cuts that need to be made.
- Clients – you will be able to track each client and know how much they owe you. This will help your business in making future decisions to borrow certain debtors.
Akaunting is a powerful software and can be used by many businesses. You can’t link business bank accounts on Akaunting.
Money Manager EX
Money Manager EX is an open source accounting software that is delivered for free. The software is very easy to use especially for your everyday use.
The software helps you keep track of your cash flow and budget. You can import a CSV document to the software from your bank to get started.
With TurboCash it’s all about quality financial reporting. This accounting software is good for both small and medium enterprises. Using this software you will be able to handle multiple companies and reconcile every account whenever you want to for a group of companies.
You can deal with multiple VAT, creditors, debtors, bank, inventory, sales, and other relevant accounts using one software.
SlickPie has its user experience on a different level with revenue charts, spending graphs and bank account activity all visible on the home page. This accounting software is not entirely free, it is, however, very easy to use and come with value-added services that one can subscribe for at a fee.
If your business is online then you can use SlickPie’s payment processing system to allow payments on checkout. SlickPie has many services and the services are beyond accounting, many of these services are charged so if you really need additional services from SlickPie then you just have to pay for the service.
Palladium offers multicurrency accounting software that uses current accounting processing technology. The software is easy to use and to navigate so learning how to use the software won’t take as much time.
There are no mandatory fees attached to the software application and you can store your data on the cloud. It is a good option for a start-up business with inadequate resources.
Choosing an accounting software can be difficult at times, especially if you want one for free. You need to understand your business before choosing an accounting software so that you can have software that best fits your business needs.
As a small business, it is unnecessary to buy an accounting software where you can get one for free. Most free accounting software is user-friendly and you won’t need an accountant to do entries on the software.
As long as your business is in its infancy with no complicated accounting transactions then you can make use of any of the top 10 free accounting software.
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