Financial accounting is essential for any business. Without proper accounting, it would be hard to track its expenses, income, and profit. Therefore, choosing the best accounting software is crucial for small businesses in Singapore.
There are many different types of accounting software available on the market today. However, not all of them are created equal. If you are looking for the best accounting software in Singapore, you have come to the right place.
In this blog post, I will review the top 5 accounting software in Singapore and provide a buying guide to help you make the best decision. Each of these accounting software programs has its own unique set of features, so it is crucial to understand what each one offers before making a purchase.
Top 5 Accounting Software in Singapore
Xero Review
Unlike other top accounting software in Singapore, Xero is a cloud-based software. This means that you can access it from anywhere globally, as long as you have an Internet connection. The interface of Xero is user-friendly and intuitive. Even if you are not familiar with accounting software, you should learn how to use it quickly.
Xero is also interoperable with other programs. For example, you can integrate it with your e-commerce platform to automatically update your sales and inventory data in Xero. In addition, the software is scalable to add on additional features as needed.
Key features:
- Allows businesses to track and manage invoices and payments.
- Allows businesses to keep track of vendor invoices and payments.
- Tracks all financial transactions for a business.
- Generates financial reports for a business.
Pricing:
The pricing starts at $20 per month and then goes up to $60 per month. This plan includes invoicing, bank reconciliation, and support for multiple currencies.
Highnix Review
Highnix is one of the best accounting software in Singapore. It offers a wide range of features and is very easy to use. The software is also interoperable with other programs, so you can avoid entering data manually into multiple systems. In addition, the software is scalable to add on additional features as needed.
The best thing is that Highnix is recognized by IRAS (Inland Revenue Authority of Singapore). This means that it is compliant with all the necessary tax laws and regulations.
The software also offers excellent customer support. If you encounter any problems, you can contact the customer support team for help.
Key features:
- Allows businesses to track and manage invoices and payments.
- Allows businesses to keep track of vendor invoices and payments.
- It helps firms keep track of inventory levels and stock movement.
- Tracks all financial transactions for a business.
- Generates financial reports for a business.
Pricing:
The pricing is flexible and depends upon the number of services you get. $90 for SaaS licensing, but the other services like inventory management or ERP licensing have additional charges.
Sage 50cloud Accounting Review
People are using accounting software for their business transactions and looking for software that would automate and manage complex financial operations. Sage 50cloud Accounting is one top accounting software in Singapore which is rich in features and offers various customization options according to the need of businesses. The best thing about this software is that it can be operated offline.
Sage 50cloud Accounting is also known as Peachtree. It offers various features such as inventory management, tracking vendor invoices and payments, managing customer orders and sales, generating financial reports, etc. You can also get help from the customer support team if you encounter problems while using the software.
Key features:
- Allows businesses to track and manage invoices and payments.
- Allows companies to keep track of vendor invoices and payments.
- Tracks all financial transactions for a business.
- Generates financial reports for a business.
- Free trial version without credit card integration
Pricing:
The pricing starts at $12 per month, including basic features such as invoicing, bank reconciliation, and support for multiple currencies.
ABSS (formerly known as MYOB)
Like other premium accounting software, it offers various features such as invoicing, tracking vendor invoices and payments, and managing customer orders and sales. The thing that makes it more reliable is that it is a Singapore-based company, so the trust is already there. Also, it has a good customer support system which is always beneficial for the users. Moreover, it is suitable for businesses of all sizes, from small to large enterprises.
Key features:
- User-friendly design for easy navigation
- Flexible and customizable according to business needs
- Lifetime licensing so you don’t have to renew it every year
- Generates real-time financial reports
- Various payment options
Pricing:
The pricing starts at $680 with multiple variations in the features as per the business needs.
Intuit QuickBooks Review
QuickBooks Online is one of the top accounting software in Singapore. It is a cloud-based software which means that you can access it from anywhere in the world, as long as you have an Internet connection. QBO has a user-friendly interface and is suitable for businesses of all sizes.
The software offers various features such as invoicing, tracking vendor invoices and payments, managing customer orders and sales, generating financial reports, etc. You can also get help from the customer support team if you encounter problems while using the software.
Key features:
- Tracking expenditure will help businesses keep within their budget.
- Invoice and payment tracking to help businesses manage their finances more effectively
- Ability to create and manage P&L statements.
- Customizable unlimited invoices with e-signature
- Flexible plans as per client needs and firm levels.
Pricing:
Budget is always a top priority for smaller companies, so QBO offers a very affordable monthly subscription starting at $12 per month.
Things one should consider while getting an accounting software
Companies should consider the following things while getting an accounting software:
- Ease of use
- Interoperability
- Security
- Scalability
- Pricing
- Customer support
Let’s take a look at each of these factors in more detail.
Ease of use
Ease of use is important because you want to learn how to use the software quickly and without any problems. If the software is difficult to use, it will take longer to learn and cause frustration.
Interoperability
Interoperability is essential because you want to integrate the software with other programs you are using. This way, you can avoid entering data manually into multiple systems.
Security
Security is important because you want to ensure that your data is safe and secure. You don’t want to worry about hackers being able to access your financial information.
Scalability
In the beginning, you may only need a few software features. However, as your business grows, you will likely need more parts. You don’t want to switch to a new program later on down the road. Therefore, it is important to choose scalable software so that you can add on additional features as needed.
Pricing
Of course, pricing is always a consideration when choosing any software. You want to be sure that you are getting a good value for your money. But if you have a bigger firm, it is best to choose an enterprise accounting software that may be more expensive.
Customer support
Last but not least, you want to be sure that you can get help from the customer support team when you need it. When you encounter problems with the software, you will want to be able to get help from customer support. Therefore, it is important to choose a company that offers excellent customer support.
Conclusion:
In Singapore, almost 40% of world businesses are online, and this number keeps growing. So, it’s time to ditch the manual accounting method and switch to accounting software to make your life easier.
Not every business is the same, so choosing accounting software that best suits your business needs is essential. When selecting accounting software, companies should first consider their specific needs and then compare the features of different software programs to find the best fit. You can choose any of the above-mentioned accounting software programs according to your business needs. Some of these software programs offer a free trial, so you can try them out before deciding.
I hope this blog post has helped you understand the different features of accounting software and choose the top accounting software. If you have any questions, feel free to contact us.
Affity is certified expert in Intuit Quickbook. We have 20 years of experiences in Finance/Accounting/Taxation/Merger Acquisition/Valuation/Budget Forecast/ DD in regional area (USA, Singapore, HK/Mainland China/ Malaysia, Indonesia, Philippines, Myanmar).
Intensive ERP project experience, including SAP HANA, SAP B1, Oracle, Autocount, Myob & Exactsoftware
HQ team office in Singapore and China Shenzhen to handle:
• Monthly / Yearly Accounting service
• Corporate secretary Service
• Taxation filing service
• CFO level of services
We also help our Singapore SME clients to take care of various SME grants including:
• PSG Grant
• EDG Grants
• Grants/incentive supported / provided by various government sectors.