A couple of South African banks have recently launched software offerings that their customers can access – but Andre Coetzee, CEO of Cubit Accounting is puzzled about their strategy.
"The bank's offerings are exorbitantly priced, extremely basic systems with no integration between payroll and accounting," he says. "Yet it seems they're being marketed as 'a world first' because they're online.
"I have news for them: Cubit has been doing online accounting and payroll systems for South Africa and the world since 2001."
Coetzee says there are two main differences between what the banks are offering, and what a company like Cubit offers.
"Cubit's accounting and payroll systems are tightly integrated, while the banks' systems are not. And the pricing model of Cubit accounting and payroll is the cheapest anywhere on the planet; while the bank's software is quite possibly the most expensive – certainly for the SMME market," Coetzee says.
He says Cubit Accounting is more than 90% cheaper than what the banks are offering.