Insights to guide you in assessing whether, where, when, and how you can land a buy that suits your pocket

Johannesburg, 14 January 2025 – Real-time financial insights have become crucial to big and small businesses.

Enhanced decision-making, better cash flow management and financial accuracy are benefits of having up-to-the-minute information on hand thanks to advancements in accounting software technology.

Tech research and consulting firm Gartner expects the global financial management software market to be worth $24.4 billion (R423 Billion) by 2026 as more businesses turn to technology to improve efficiency, ensure compliance, and make data-driven decisions.

However, the most advanced financial software is costly.

Stephen Howe, director of South African business solutions specialist Times 3 Technologies (T3T), says that, generally, the more features the software offers, the higher the cost.

Software that includes features like multi-entity management, advanced reporting, and high-level integration generally has a higher price tag. Technology that can be customised to a business’s specific needs can also have a higher price tag.

It stands to reason that established brands are more expensive since they have built a strong reputation for reliability over time. Licensing for more personnel to use the software also brings additional costs.

Howe advises that choosing effective and affordable software is a process that should not be taken lightly, particularly in a country like South Africa.

“There are certain criteria you always want to look at,” he says.

“Perhaps the most important one is whether the features offered align with your business needs. But even if they do, don’t be hasty. It may well be that a rival brand offers the same but at a more competitive price.”

Many business owners need to consider expenses beyond the initial installation cost. While the software may seem like the deal of the century, subscription fees, upgrades and maintenance costs often catch them out later.

Another aspect to consider is return on investment, Howe says.

“You need to ask whether the software will improve your business’s efficiency and accuracy. If you are concerned that it won’t, continue your search.

“You will want to determine whether the software can be tailored to your company’s growing needs. Overhauling your entire system is incredibly expensive, so you should choose software that can be tweaked as and when needed.”

A final consideration is the user experience. Software that negatively affects productivity is not worth buying.

In South Africa, many firms use accounting software and choose products that help them save money in the long run; Sage Intacct is one example.

Firms save time and money because its automation and integration can streamline key business processes and eliminate manual tasks for increased speed and productivity.

Research has found that this accounting software shows a 250% return on investment and a 65% improvement in productivity.

“I think we are seeing more South African businesses opting for software like this because they have recognised that their existing systems can no longer meet their needs,” Howe says.

“Especially in the aftermath of load-shedding, businesses simply can’t afford to lose more time to outdated technology. In addition to constantly having to fork out money to have someone maintain a system that is no longer relevant, there is also the problem of falling behind competitors using modern features for their financials.”

Howe reiterates that products are available to suit every business and budget, but extensive research is needed, whether studying tech websites, vendor portals, or participating in community forums.

About Times 3 Technologies (T3T)

Times 3 Technologies (T3T) is an established South African Sage business partner and provider of Sage business software and implementation services. Sage, established in 1981 in the UK, is the third-largest software company in the world. T3T, a leading Sage partner, resells Sage Enterprise Resource Planning (ERP) and Payroll & HR software, customising its implementation to clients’ specific needs through the following main products and services: Sage X3 (formerly known as Sage Enterprise Management), Sage Intacct, Sage 300 People, Strategic Customised Developments, and Implementation Service and Support. The subscription cloud-based financial-management applications and services enable businesses to tailor a solution covering finance, procurement, distribution, inventory management and manufacturing and facilitate payroll and HR functions. The T3T team has in-depth experience in providing and fine-tuning solutions that suit a business’s needs and enhance its growth.

T3T holds Sage’s highest-ranking, ‘platinum’ status. With 30 years of successfully implementing business solutions across numerous industries and sectors throughout Africa, Sage has recognised T3T’s ongoing commitment to providing the best solutions by awarding dozens of accolades, including Partner of the Year, Top Implementation Partner, and Highest Customer Retention in AMEA (Africa and Middle East).