Tag: accounting software

In the 2025 Budget Speech, Finance Minister Enoch Godongwana unveiled a proposed staggered increase to the Value Added Tax (VAT) rate. This move, designed to address economic challenges and fund key government initiatives, will undoubtedly add pressure to small businesses, especially those who are already struggling with cash flow. However, it’s worth understanding who pays VAT, how VAT contributes to total tax revenue, and how you as a small business can manage this change.

Real-time financial insights have become crucial to both big and small businesses. Advancements in accounting software technology provide up-to-the-minute information. This innovation offers enhanced decision-making, better cash flow management, and greater financial accuracy.

It is projected that the global accounting software market will grow to some R660 billion by 2033. The automation of accounting procedures and financial activities across industries has completely changed the international business landscape. In most large companies, manual data capturing processes have been relegated to the past, and it is only in the most extreme cases that these are still implemented.

Running a business is no easy feat, and for self-made entrepreneurs, every decision counts. Managing finances effectively can be the difference between thriving and just getting by. That’s where Xero steps in—offering cloud-based accounting software that provides business owners with the tools they need to manage their finances smarter.

In the last decade or two, there have been significant advances in cloud computing, the provision of software-implemented services (Software-as-a-Service or SaaS) and web-based applications. These offerings rely on software that runs on a remote server and are accessed by users from their own computer, via a network connection (rather than being locally installed on the internal memory of a user’s computer).

Accounting is in a very exciting space. Access to modern technology has been changing the profession for several decades already. But today, it stands at a crossroads that shapes accounting's future - a break away from the routine capturing, recording and presentation of historical data.

Many small and medium businesses (SMBs) want to implement innovative technology that gives them visibility, flexibility, and efficiency in managing finances, operations, and people. Yet companies face an overwhelming selection of choices when they evaluate their options for finance, payroll or enterprise resource planning (ERP) software.

If a business suddenly had no access to its business documents and financial records, the consequences would be severely felt. And if the company suffered a cyberattack, it could be devastating. These are just two reasons why cloud computing has become so important, and why moving to online accounting can genuinely help small- to medium-sized enterprises (SMEs).

Creating awareness around financial saving is important for businesses, and cash flow management is critical for survival.

Every year people make promises to themselves in the form of new year’s resolutions, and the happiest and most successful people are those who have managed to turn a promise to improve themselves into a sustainable habit.