In the world of business there is no more important a role than that of an accountant. They are responsible for the company’s books and other financial transactions, which determine whether a business will be successful or not. It can be hard to know what kind of accounting software you need to use if you’re a small business owner. After all, it seems like your options are limitless. That’s why I created this page to list the best accounting software for small business Singapore.
Below I have listed some of the best accounting software from the top providers in the industry, including Sage One, FreshBooks, Wave Accounting and more.
Highnix
| BEST FOR | SMEs and start-ups |
| FEATURES | Inventory and sales management, human resource, payroll, leave management, point of sale, and customer relationship management |
| PRICING | SaaS License starts from $90 per month. With inventory management starts at $120 per month. Both come with a 6 months subscription waiver. Permanent license ERP starts from $4,040 with government’s subsidies. |
| WEBSITE | https://www.highnix.com/ |
Highnix offers a variety of accounting systems and cloud-based enterprise resource planning software to start-ups and SMEs all over the island. It aims to simplify accounting processes and accelerate corporate procedures.
If there’s one thing to know about Highnix, it’s that it’s compliant even with the most stringent government regulations. Its systems have been listed on the Inland Revenue Authority of Singapore and come with automatic reminders to fix your tax dues.
Another thing SMEs like about its accounting software is its integration with third party applications that allow businesses with multiple departments to exchange data with each other easily, reducing data inaccuracies in the process.
Highnix is the perfect accounting software choice if what you’re after is a faster and shortened payment cycle for your business. Its accounting systems come with a Peppol ID registration and Dynamic Paynow QR Code.
Any of its accounting systems work on Linux, Windows and MacOS. You can even access them through smartphone, tablets, and other mobile devices.
Flexibility is another thing that businesses can enjoy with Highnix’s accounting software as there are two types of license plans to choose from. The perpetual license allows system customisation, while the subscription license fits the limited needs of small businesses.
Pros
- PSG pre-approved full cloud ERP System
- With two types of license plans
- With security and data backup
- Works with Windows, Linux, and MacOs
Cons
- Some accounting software are high-maintenance
Customer Reviews
Here’s some customer feedback posted on its website:
“We have been using spreadsheets as our main tool to record sales orders, generate Sales POs and Customers’ POs. At the end of each month, our accounting staffs have to stay late till late night during month end close. With Highnix, we have eliminated most of the unproductive tasks. Our sales from China, Taiwan and Singapore can be captured real time without having to send to Taiwan for processing. We can switch between Chinese and English interface as we like.” -Kevin Woo, Tensky International
“Highnix has helped us to implement the cloud system which resolved our long term issues of tallying sales, purchase, inventory and accounting data at different offices. We have used it since 1 Jan 2014. Our sales offices in Shenzhen, Hong Kong and Singapore are now in sync. Thanks to Highnix.” -Sean, Managing Director
MYOB/ABSS
Pros: Formally known as MYOB, ABSS is one of the more familiar automated accounting systems amongst business owners in the region. It offers a pretty robust inventory tracking system, along with an automated processing of your sales and purchases, report generation, and customisable invoices.
Cons: ABSS starts off at one user for ABSS accounting, with up to a maximum of 15 users for ABSS Premier. However, they don’t have a mobile app at the moment, which can be pretty tricky if you’re a business owner that’s constantly on the go.
SmartCursors
Pros: This accounting software is a multi-currency and multi-entity integrated platform, which means all your currency gains and losses will be automatically tracked in your dashboard. It’ll also be able to handle the accounting of multiple entities, allowing cross-billing, receipts and funds transfers.
Cons: It’s very easily integrated with other SmartCursor applications, but might face a few difficulties when matched with softwares outside of the brand.
Sage Business Cloud Accounting
Pros: Sage’s Business Cloud Accounting system allows business owners to forecast their cash flow on a comprehensive dashboard. Identify where you could save and spend on, and make clever business decisions with Sage. You’ll also be able to send and track invoices sent out, which makes tracking payments way easier.
Cons: Take note that Sage’s software does not come with payroll features, which can be a dealbreaker for founders looking for a well-rounded accounting software.
Xero
| BEST FOR | Small business and freelance accountants and bookkeepers |
| FEATURES | Pay bills, claim expenses, bank connections, accept payments, GST returns, send invoices, track projects, bank reconciliation, payroll management, and multi-currency accounting |
| PRICING | Starting from $20 per month |
| WEBSITE | https://www.xero.com/sg/ |
Xero has well-designed and highly functional accounting software that can automate all your business transactions, providing you with absolute accuracy and security. Here are other reasons it ended up on our list:
Through its accounting software, it’s now possible to send invoices, track projects, manage payroll, and purchase your orders with one click on your smartphone. Gone are the days of managing all business transactions using your personal computer.
To help your business have a healthy and consistent cash flow, Xero lets you connect to the invoicing network launched by the Infocomm Media Development Authority of Singapore. This will make your invoicing process faster and more convenient.
In order to attract more entrepreneurs, Xero offers a free 30-day trial where users can enjoy all of the features of its accounting system. After the trial is over, users can decide which plan works best for their business.
However, if you’re convinced that it’s the right accounting software for your business, you’re free to cancel your membership anytime without being charged anything.
Finally, the best thing about this accounting software is that it includes updated calculations for a hassle-free IRAS tax filing, removing the stress of calculating your own taxes. This is why many local businesses call it one option for the best accounting software in Singapore.
Pros
- Free 30-day trial
- 24/7 online customer support
- User-friendly interface
Cons
- Some plans have confusing terms, so make sure to read carefully
Smart Cursors
| BEST FOR | Multi-entity businesses |
| FEATURES | Multiple entities, customer management, vendor management, cash flow management, and multi-currency platform |
| PRICING | $30 to $100 per month |
| WEBSITE | https://smartcursors.com/ |
Smart Cursors is accounting software that manages the finances and business performance for less than $50 per month. It’s mainly recommended to multi-entity organisations, but it also has accounting systems fit for single entity businesses.
Speaking of multi-entity organisations, Smart Cursors makes it easier to manage financial transactions of multiple entities through a single platform. There’s no need to be constantly in touch with other departments given that you’re all using the same accounting platform.
Another notable feature of Smart Cursors is the customer management platform that allows your team to access real-time data on the customers invoice, credits, discounts, and receipts.
On top of that, with an add-on context-based analytics dashboard, users can access real-time data on the customers, vendors, and bank balances and transactions. These dashboards deliver valuable insights to your team, enabling them to make smarter decisions.
Smart Cursors’s single entity accounting platform costs $30, while its multi-entity platform is priced at $100. Obviously, it’s a great choice for medium businesses, as long as there are no more than five entities in your organisation.
Pros
- Multiple entities in a single platform
- Modern cloud storage
- Access to real-time context-based analytics
- Multi-currency platform
Cons
- Limited to five entities
FreshBooks
| BEST FOR | Freelancers, self-employed professionals, business with employee, and business with contractors |
| FEATURES | Easy invoicing, expenses organisation, time tracking, project tracking, faster payments, double-entry accounting, and proposal software |
| PRICING | Starting from $6 per month |
| WEBSITE | https://www.freshbooks.com/ |
Founded in 2003, FreshBooks has grown into its status as trusted accounting software not only in Singapore but across the globe. It has more than 24 million users from over 160 countries, which says a lot about its quality.
If most accounting software are made for either start-ups or large corporations, FreshBooks is made for both freelancers and self-employed professionals as well. There are affordable accounting packages suitable for the budget of contractual individuals.
Some of its features include project tracking, invoicing, time tracking, double-entry accounting, and proposal software, among others. Its customisable accounting plans allow users to add more features that would further help their businesses.
There’s no better option for you if you want accounting software that speeds up the entire payment process. By using FreshBooks, you can receive your payment 11 days faster through credit cards, so no more running after clients for checks.
Additionally, FreshBooks integrates with more than 100 applications to streamline your business operations and make it easier for you to connect with partners and customers.
For as low as $6, it’s among the cheapest accounting software we could recommend to local businesses and employees. To make this even better, you get a 50% discount for the first three months!
Pros
- Budget-friendly plans
- Customisable plans
- 30-day guarantee
- 50% on the first three months
- Open to freelancers and businesses
Cons
- Its cheapest plan can only bill five clients
ABSS (formerly known as MYOB)
| BEST FOR | Small and medium-sized businesses |
| FEATURES | Accounting systems, payroll management, invoicing, debt and credit tracking, inventory management, financial reports, multi-currency accounting, and job costing |
| PRICING | Starting from $680 |
| WEBSITE | https://www.smetechsg.com/ |
Formerly known as MYOB South Asia, ABSS is among the most popular accounting software in Singapore, helping small to medium-sized businesses simplify their daily operations and increase employee efficiency.
ABSS has remained the top choice for Singapore companies from all types of industries due to its user-friendly interface, multi-user capability, flexible features, and compatibility with any operating system.
It’s versatile accounting software: no matter whether you’re a part of the SME sector, business owner, freelance accountant, sales manager, or self-employed professional, you’ll find that it has everything that you need.
Compared to our other entries, though, it’s not subscription-based accounting software. You will have to purchase its license, which ranges from $680 to $1900, so it may be the perfect choice if you’re after a lifetime software license.
Pros
- Lifetime license
- User-friendly interface
Cons
- Not subscription-based
GnuCash
Pros: As an open-source application, GnuCash’s free-to use interface is definitely a draw for many business owners. It’s easy to navigate interface makes it fuss-free when you’re managing transaction reports.
Cons: Being a downloadable programme online means GnuCash is a little short on the support front. It’s also a little difficult to integrate and import data from other apps, which might be a consideration for some users.
Oracle NetSuite Cloud ERP
Pros: Oracle NetSuite is another ERP used by companies to manage inventory, maintain CRM systems and monitor transactions. It remains one of the trusted players in the field because of its scalability. Its tools for billing, revenue, and accounting management are versatile and forward-looking.
Cons: It’s a pretty comprehensive set of tools, so it might be quite overwhelming for small business owners who have no background in accounting. The tools are also very much tailored to rapidly expanding businesses, which might not suit the needs of small businesses who are just starting out in their respective fields.
Conclusion
I’ve been running my own online business for over 15 years and over the years I’ve used a wide range of accounting software. The truth is that you can manage your business finances without the need for any accounting software — but it certainly makes everything much easier and faster when you use one. The trouble is finding the right software without having to test drive every product in the market.