Top 5 Accounting Solutions for Small Businesses in the Caribbean

In 2020, Wave announced that there will be several changes to their platform for users outside of the United States and Canada. Entrepreneurs in the Caribbean who were previous Wave users had to face a huge decision which led to some migrating to other accounting solutions such as ZipBooks, Zoho Books or QuickBooks to name a few; while other existing Caribbean users stuck with Wave and continue to use the platform in their accounting framework. But what applications do Caribbean business owners actually use when it comes to accounting? 

In this article, we highlight the top five accounting applications that are downloaded in the Caribbean, according to SimilarWeb.com. So let’s dive in*:

5. My Payroll: This app is ranked as #31 in Barbados. If you are thinking of doing your payroll via a mobile app, you must ensure  that you assess the features of the app so that your payroll process is smoother and not more complicated and time-consuming than a manual system.

4. Cash Book: Cash Management App: This app has a ranking of #27 in Trinidad & Tobago and has a 4.5 star rating based on over 60,000 votes. The app boasts of being a bookkeeping and report generator tool in one and has features for both individuals and businesses. 

According to a review from one of the app’s users on Google Play: Cash book is super easy to use with no ads or in-app purchases. It's perfect for tracking my budget and makes managing my money really simple. The only suggestion I would make is having a way to change the order each book is listed in so you can easily put specific books at the top of the list.

3. Invoice Maker: Ranked as #23 in Barbados, Invoices Maker may be used by Bajans for the simplicity of use to generate invoices for their business. 

2. Paypal Business: In Jamaica, Paypal Business is ranked as #16. This may be the case because users can link their credit card to the account, thus creating an easier payment process. 

Considering the other apps that were ranked above Paypal Business such as Upwork for Freelancers, it can be deduced that Jamaican freelancers may opt to receive their earnings from these freelancing platforms via Paypal. Some persons within the region shared that they do experience difficulties in obtaining their funds from Paypal, however, there are documented experiences where other Caribbean persons have been successful in doing so. Click here to learn more about how you can receive money from your Paypal account in Jamaica.

1. Invoice Home (Invoice Maker & Billing App): In Trinidad & Tobago, this app is ranked as #16. This ranking could be attested to the ease of use of the platform and the number of tasks you can achieve within the app such as the creation and sending of PDF estimates, quotes and receipts. There is a disconnect, however, in terms of automatically tracking payments on this app, however, it can be done via Stripe.

Most of the applications highlighted above are not all-in-one accounting solutions. However, as a new small business owner who is now establishing their accounting structure, the fastest and most accessible applications may be used in your invoicing process. This should be reassessed as the business grows to ensure that the application can be successfully used within your accounting system while the business scales. It is also advisable that instead of using several apps that may not be able to integrate with each other, you should conduct due diligence to find an all-in-one accounting solution that works for your business where you will be able to do multiple accounting tasks from one platform instead of many independent platforms.

*Please note that this data is subject to change based on the time and date of this article’s publishing. 

References

Cash book: Cash management app stats: Ranking in google play, downloads & users. Similarweb. (n.d.). Retrieved April 5, 2022, from https://www.similarweb.com/app/google-play/com.cashbooknew/statistics/

Free accounting software & online invoicing. ZipBooks. (n.d.). Retrieved April 5, 2022, from https://zipbooks.com/

Google. (n.d.). Cash book: Cash management app - apps on Google Play. Google. Retrieved April 5, 2022, from https://play.google.com/store/apps/details?id=com.cashbooknew

How to get money from Paypal in Jamaica? – ictsd.org. (n.d.). Retrieved April 5, 2022, from https://www.ictsd.org/how-to-get-money-from-paypal-in-jamaica/

How to: Get paid in a flash with payment links! View Your Invoices. (n.d.). Retrieved April 5, 2022, from https://invoicehome.com/blog/get-paid-faster-with-payment-links-heres-how#:~:text=If%20you're%20tired%20of,It's%20a%20win%2Dwin.

Invoice Maker & Billing App Stats: Ranking in google play, downloads & users. Similarweb. (n.d.). Retrieved April 5, 2022, from https://www.similarweb.com/app/google-play/com.invoicehome.invoicehome/statistics/

Invoice maker! stats: Ranking in Apple App, downloads & users. Similarweb. (n.d.). Retrieved April 5, 2022, from https://www.similarweb.com/app/app-store/1578124207/statistics/

MyPayroll stats: Ranking in Apple App, downloads & users. Similarweb. (n.d.). Retrieved April 5, 2022, from https://www.similarweb.com/app/app-store/1336410828/statistics/

PayPal Business Stats: Ranking in google play, downloads & users. Similarweb. (n.d.). Retrieved April 5, 2022, from https://www.similarweb.com/app/google-play/com.paypal.merchant.client/statistics/

QuickBooks®: Official Site: Smart Tools. Better Business. QuickBooks®: Official Site | Smart Tools. Better Business. (n.d.). Retrieved April 5, 2022, from https://quickbooks.intuit.com/#

Website traffic - check and analyze any website. Similarweb. (n.d.). Retrieved April 5, 2022, from https://www.similarweb.com/

Zoho Corporation. (n.d.). Online accounting software, built for your business. Online Accounting Software | Zoho Books. Retrieved April 5, 2022, from https://www.zoho.com/books/