8 Best Accounting Software for Small Businesses in Singapore
Small business owners have enough problems to handle. The last thing they need is to stress out over day-to-day accounting.
Bookkeeping is critical to small business success, but most can't afford to hire the services of an accountant. These days you don't have to—there's a wide variety of sophisticated accounting software programmes, including QuickBooks, Financio, Xero, and many more.
But what's the best accounting software for your business? To help out, we've put together a list of the best accounting software.
Small business accounting software #1: QuickBooks Online
QuickBooks Online is among the top small business accounting software on the market.
QuickBooks has a huge customer base and a time-tested software ecosystem, which includes training resources and support forums. And what makes QuickBooks an excellent accounting software for small businesses is its streamlined convenience. All features are easily accessed on a single, intuitive dashboard.
What we like about Quickbooks Online
QuickBooks Online has a number of pros. It's scalable, cloud-based, and can be integrated with ease into various third-party applications. It comes with a mobile app for convenience, and its large customer base means it has numerous support services.
Quickbooks Online pricing
The pricing tiers for QuickBooks Online are fairly simple.
Once the 30-day free trial has expired, you are prompted to choose between four subscription options. Simple Start is priced at S$23 a month, Essentials is S$35 a month, while QuickBooks Plus is S$47 a month.
Small business accounting software #2: Xero
If you're a small or "micro" business, it can be difficult figuring out how to choose accounting software.
Xero makes this process much easier. It is one of the best accounting software programmes for small businesses looking for streamlined, simplified accounting services. Its interface is intuitive and easy to understand, and it works seamlessly with third-party apps and payroll services.
What we like about Xero
Among the many pros for Xero is that it is cloud-based and features a mobile app for on-the-go accounting. Plus, its third-party interfacing is very popular and includes an app marketplace for greater convenience.
Xero pricing
Xero comes with three different monthly pricing tiers. The Starter tier charges S$33 per month, the Standard tier charges $50 per month, and the Premium tier charges S$65 per month.
Small business accounting software #3: Financio
Financio was designed with several specifics in mind. It's geared towards simplifying accounting operations for small businesses and startups, so they can target their energies and resources to what they do best.
What we like about Financio
Financio is very easy to understand and use. Beginners can get things started in a simple, 5-step setup. Like Xero, Financio is perfect for business owners without specialised accounting knowledge.
Financio also has a number of features that are directed at the Singapore market, including Multilingual Interface, WhatsApp Notification, and IRAS-Compliant GST and IAF reporting. Plus, the software is compatible with multiple currencies and is unlimited as far as the number of users is concerned.
Financio pricing
Financio comes with a Essential tier at S$15/mth which covers basic financial reports, as well as a limited number of sales and purchases tracking per month. Upgrading to the premier package, at $25 per month, allows you to access extra features such as multi-currencies support and multi-location inventory tracking.
Small business accounting software #4: FreshBooks
FreshBooks features many more customisations related to invoicing than the other software programmes on this list.
This is especially important for businesses in the service sector, where invoicing is the main accounting need. FreshBooks is optimised to dispatch, receive, print out and pay invoices, in addition to handling regular accounting services.
For a business in the service industry, FreshBooks is an ideal accounting software package.
What we like about FreshBooks
FreshBooks is very intuitive and user friendly. Its interface is easy to understand, and it is cloud-based, meaning all its data are backed up and easily accessible. Its invoicing features are exceptional, and best of all it's very affordable.
FreshBooks pricing
FreshBooks comes in four separate pricing plans. The Lite plan is S$8 per month, the Plus plan is S$13.60 per month, the Premium plan is S$18.90 per month, and Select, which is a customised plan. FreshBooks also offers a 10% discount for businesses that pay per year rather than per month, and there's a general 60% monthly discount for the first six months.
Small business accounting software #5: Zoho Books
Our final software platform is Zoho Books, which is a powerful small business accounting platform with a world-class mobile app. It also has a wide array of tools to handle almost any accounting service, from sending invoices and reports, to entering online payments.
The versatility of Zoho Books is probably its greatest strength. From self-employed freelancers to larger enterprises, this accounting software can handle almost every bookkeeping task.
What we like about Zoho Books
Zoho Books has plenty to recommend it. Its mobile app is second to none, and it has numerous support features. It also has a free plan that is surprisingly comprehensive.
Zoho Books Pricing
Besides the free plan, there are three paid tiers. The Standard plan is $12 per month, the Professional plan is $24 per month, and the Premium plan is $36 per month.
Small business accounting software #6: Wave
Wave is a free, cloud-based software that provides a suite of financial tools for small businesses and entrepreneurs. It offers a suite of tools for managing accounting, invoicing, payments, payroll, and receipts. Wave's user-friendly platform simplifies financial management by allowing users to track expenses, generate financial reports, and accept credit card payments.
What we like about Wave
The software's integrated features help streamline financial operations without the need for complex accounting knowledge.
Wave Pricing
Wave offers a free Starter plan and a $16/month Pro plan for small business accounting. The Starter plan includes basic features like invoicing and expense tracking but lacks live bank connections and customer support. The Pro plan adds unlimited users, live chat, email support, and bank account integration. Additional services, such as payroll and receipt scanning, are available for extra fees, providing scalable financial management options
Small business accounting software #7: ABSS Singapore (Formerly MYOB)
ABSS Singapore is an accounting software that streamlines the accounting process, simplify complex inventory management, and increase operational efficiency with the multi-user capability. ABSS accounting software is great for small to medium-sized businesses in Singapore.
What we like about ABSS Singapore
ABSS Singapore accounting software offers a complete business management solution that automates and simplifies accounting, banking, sales, purchases and inventory control. ABBS Singapore is also IRAS and PSG grant approved.
ABSS Singapore Pricing
ABSS Singapore accounting software packages come various pricing options to suit different business needs. The ABSS Accounting single user version is priced at $580, The ABSS Premier single user version costs $1050, and The Premier 3 user version is priced at $1750. All these prices are discounted at 30-25%.
Small business accounting software #8: Sage Business Cloud Accounting
Sage Business Cloud Accounting is software for managing your business's accounting. It allows you to quickly and easily create and track invoices, track cash flow, accept payments, record transactions, automate admin, capture expenses, and much more.
What we like about Sage Business Cloud Accounting
Sage Business Cloud Accounting offers scalable options for every business sizes (start from 10 employess) and become the PSG approved vendor so it can reduce costs and improve business management performance.
Sage Business Cloud Accounting Pricing
Not available on the website. Please reach out to the provider.
Do I need accounting software for my small business?
Yes, most small businesses can greatly benefit from using accounting software. Here are a few reasons why:
Efficiency: Accounting software automates many of the routine bookkeeping tasks, such as invoicing, payroll, and tracking expenses, saving you time and reducing the risk of human error.
Accuracy: Automated calculations and data entry reduce the likelihood of mistakes that can occur with manual bookkeeping.
Financial insight: These tools provide valuable insights through real-time financial reporting and analytics, helping you make informed business decisions.
Compliance: Accounting software helps ensure compliance with tax regulations by maintaining accurate records and simplifying the process of filing taxes.
Scalability: As your business grows, accounting software can easily scale to accommodate increased transaction volumes and more complex financial management needs.
Accessibility: Many accounting software options are cloud-based, allowing you to access your financial data from anywhere, at any time.
How to choose the best accounting software for my small business?
Choosing the right accounting software involves considering several factors:
Business needs: Identify the specific needs of your business. Do you need invoicing, payroll, inventory management, or multi-currency support? Understanding your requirements will help narrow down your options.
Ease of use: Look for software that is user-friendly and has an intuitive interface. This will save time on training and reduce frustration for you and your staff.
Features: Ensure the software includes the features you need. Common features include invoicing, expense tracking, payroll, tax preparation, and financial reporting.
Scalability: Choose software that can grow with your business. Consider whether it can handle increased transaction volumes and more complex accounting needs as your business expands.
Integration: Check if the software can integrate with other tools you use, such as CRM systems, payment processors, and e-commerce platforms.
Customer support: Good customer support is crucial, especially if you encounter issues or need help setting up the software. Look for providers that offer reliable support via phone, chat, or email.
Cost: Compare pricing plans to find software that fits your budget. Some software offers a basic free version with optional paid upgrades, while others have a fixed monthly or annual fee.
Reviews and recommendations: Read reviews and seek recommendations from other small business owners. This can provide insight into the software's reliability and user satisfaction.
By considering these factors and exploring different options, you can choose the best accounting software that fits your small business needs and helps streamline your financial management processes.
Can I use these accounting softwares for HR-related matters such as payroll processing and claims management?
While some accounting software such as Xero may provide optional add-ons such as claim expenses, it may still be a time-consuming and stressful task to calculate payroll especially if your company hires different types of employees (e.g. full-time, part-time, contract, shifts, etc).
You can therefore consider subscribing to a payroll and HR software like Payboy, which is fully integrated with some of these accounting softwares (Quickbooks Online, Xero, and Financio), which helps to sync the payroll calculation seamlessly with a simple button click!
Benefits of using Payboy payroll software with an accounting software
Our fully compliant, customisable, and integrated Payroll Processing module simplifies payroll calculations, including ad-hoc pay items like per diem allowances. With additional time-saving features, effortlessly manage your payroll process and ensure accuracy every time.
100% compliance and 100% peace of mind
Forget about payroll and SDL calculations, CPF contributions, and IR8A submissions. Our software will automatically calculate them for you and keep you compliant with the latest regulations from MOM, CPF, and IRAS.
Covers any work arrangement
Working with full timers, part-timers, freelancers, and contract staff? We’ll take care of the unique payroll requirements for each working arrangement.
Transparent, Accurate, and Simple
Have full visibility on how payroll is calculated automatically based on shifts, attendance, leave, and submitted claims within an intuitive experience.
We’ll fit into your ecosystem seamlessly and keep your finance team happy. Learn more about our seamless integrations with Xero, Financio, and Quickbooks.
Benefits of using Payboy’s claims management module with an accounting software
Integrating Payboy’s claims management module with your accounting software offers numerous advantages for small to medium-sized businesses. Here are some key benefits:
Streamlined claims processing: Automates the claims process from submission to approval, reducing paperwork, and speeding up reimbursements.
Enhanced accuracy: Minimises data entry errors, ensuring accurate and consistent financial records.
Improved transparency: Provides real-time tracking of claim statuses, ensuring fair and prompt handling of claims.
Seamless integration: Automatically records approved claims in the accounting system, saving time and maintaining up-to-date financial data.
Better financial reporting: Enables comprehensive financial reporting for better budgeting and cost-saving decisions.
Compliance and audit readiness: Maintains automated records for compliance with regulations and simplifies the auditing process.
Centralized data management: Centralises claims data, improving accessibility and security of financial management.
How do I integrate Payboy with an accounting software?
Here are some useful guides on integrating Payboy with your preferred accounting software:
Reach out to us if you are keen for a free demo on how we can help you save hours and give you some peace of mind on payroll and other HR matters so that you can focus on your business and people.
