Are you looking for a free accounting software for small business in malaysia? We have reviewed powerful and easy-to-use application for management accounting. These free Accounting Softwares is integrated with all the essential features an organisation needs, such as sales and purchase order processing, expense tracking, account payable and receivable transactions, customer and vendor management, inventory control, job costing and more.
So, here are the free accounting tools for small business.
FreshBooks
Ideal for service-based businesses. Well-rounded features; unlimited invoices; unlimited estimates; affordable prices.
With its cloud-based and intuitive accounting features, Freshbooks is the best accounting software for self-employed, small, and medium businesses (SMBs).
Freshbooks allows you to create invoices, track time, and receive payment. The website has updated the features of double-entry accounting forms and standard bookkeeping.
With the newly designed “Chart of Accounts” and “General Ledger Accounts,” you get a more detailed analysis of your business’s performance. For our beginners, a Chart of Accounts is a list that contains all your company’s accounts. However, a General Ledger includes information on your company’s accounts.
Freshbooks also provides other accounting features such as “Other Income” and “Cost of Goods Sold (COGS)” to understand the expenses you make when producing your products. With essential features like “Bank Reconciliation,” “Trial Balance,” and “Balance Sheet,” you have various options to classify and divide your finances for a better organization.
With high sales and orders, it might be a challenging task to keep track of your inventory. Fortunately, Freshbooks comes in handy with its all-in-one inventory tracker. The feature offers a manager user, automatic mileage tracking and checkout links. The inventory options cater to a range of industries, from contractors to managers.
FreshBooks has an effective dashboard enabling you to have a quick overview of your company’s financial status. With its five charts, the “Outstanding Revenue” shows clients who are behind payments and who have not paid at all. The “Total Profit,” also accessible from the dashboard, provides real-time information about your company’s performance.
Receiving customers’ payments is much easier using the payment tool, with a transaction fee of 2.9% + 30 cents. The software also has an “Add Tax” that helps you add sales taxes to your invoices and payments. To help you fill your taxes, FreshBooks has a Sales Tax Summary Report with detailed transactions.
The system also provides better project management compared to other accounting software. If you have a manager or admin account, you can add an external client to the software for collaboration and payments. The feature offers two billing options, namely hourly or a flat rate.
Now you can also access Freshbooks through its mobile app available for both Android and iOS wherever you are. However, not all features are available on the app compared to the main site. Only the basic charts such as Outstanding Revenue, Total Profit and Total Spending are offered.
Pricing
Freshbook offers a 60% discount for six months along with a 10% off on its yearly billing options. Moreover, you can also use the 30-day free trial to test their features but the renewal prices after the discounts are steep.
Available at $15/month, the Lite plan enables you to bill a maximum of 5 clients, while the Plus Plan at $25/month bills 50 clients.
The Premium tier at $50/month bills up to 500 clients for midsize businesses. Custom pricing is also provided for high-volume enterprises for more than 500 clients.
Customer Review
Pros
- Double-entry accounting
- User-friendly
- Inventory Tracking
- Payment and Tax features
- Detailed client records
Cons
- Minimal help when setting up
- Limited customization of invoices
- Mobile app lacks site features
Wave Accounting
Perfect for emerging businesses with small budgets; user-friendly dashboard; excellent management tools.
The free accounting software beats all competitors with its price. While Wave Accounting has a limited range of features, the free invoice and unlimited expense tracking make it ideal for freelancers and small businesses on a budget.
Wave Accounting offers only one monthly plan that includes all features the software provides. The unlimited credit card and bank account connections, along with expense tracking, are a perfect way to highlight your monthly revenue and are all for free.
With its valuable prompts and intuitive interface, you will have no problem setting up your account. Besides, Wave Accounting has a clean and efficient dashboard that enables you to perform double-entry accounts. If you do not have a background in accounting and finances, the user-friendly interface will guide you to different tools and functions.
Various integrations are offered on your Wave account, like Google Sheets and Etsy. More than 1,500+ apps can be integrated through Zapier support, a software that syncs all your apps.
However, Wave Accounting provides a less detailed template than some competitors. The product and service records are also basic as you can only enter the name, description, and sales tax data.
Wace accounting makes up for its limited templates with an advanced transaction tool. A transaction table classifies and lists all your transactions according to the date, description, amount, and category. There is also a checkmark tool where you can verify if the transactions are correct or complete.
If you have a scalable small business, Wave Accounting is not for you. There are neither inventory management nor dedicated time-tracking features like FreshBooks. While the integrated payroll feature automatically calculates your taxes, you will have to file and pay them manually.
However, the software makes creating invoices easy by adding new customers or items to the list, but no discounts can be added for now. Yet, you can modify the time zones for your customers to ensure that invoices are sent at the right time. Estimates can also be converted into invoices later after the expiry date.
Despite providing basic reports such as Balance sheets and Cash Flow, Wave Accounting contains a limited category of reports compared to its competitors.
Additionally, Wave Accounting has a mobile app that contains simple features such as creating invoices and accepting payments. You can also download a second app called Receipts by Wave that includes OCR technology to transcribe your receipts in your account’s expenses section. However, Receipts by Wave is only available on iOS.
Pricing
Wave Accounting provides a free monthly plan for its accounting features but charges a small transaction fee of 2.9% + 30 cents per transaction. If you are interested in the payroll feature, it is available at $35/month with tax features or $20/month without any tax tools.
While Wave is perfect for micro-businesses and freelancers, growing small businesses may feel restricted with the lack of advanced features.
Customer Review
Pros
- Free accounting software
- Double-entry standards
- Unlimited invoices
- Simple and clean interface
- Multi-Currency support
Cons
- Simple record templates only
- Limited invoice customization
- No time-tracking features
- Missing features in mobile app
Sage Business Cloud Accounting
Sage Business Cloud Accounting, formerly known as Sage One, is a global brand that offers online accounting and business services for small businesses. It was founded in 1981 in Newcastle, England, as a way to develop estimating and accounting software specifically for small businesses. It’s now cloud-based and allows you to choose your industry, company size, and needs. It will match you with specific accounting solutions and is used by over three million businesses.
It’s our choice for best accounting software for small businesses with multiple users because it’s a reputable company, provides software that doesn’t require any accounting knowledge, and is set up for use by multiple users. Your accountant can use the software and access your books for no additional fees.
Sage Business Cloud Accounting’s features include:
- Manage business finances and cash flow
- Accept and receive payments
- Create and send invoices
- Manage payroll
- Available on all devices so you can check your financials on the go
- Integrate with your financial institution and other apps including AutoEntry, Zync, and more
- Tax compliance tools
- Dashboard view with easy-to-read financial reports and analysis
- Inventory control
- Forecast cash flow
- Share access with your accountant in real-time on any device
- Add-ons such as human resources management and estimating
Pricing is tiered for Sage Business Cloud Accounting as follows:
- Accounting Start: $10 per month for entry-level accounting to help manage cashflow
- Accounting: $25 per month for powerful cloud accounting with invoicing, cash flow, management, and actual entries
The company is currently offering a 50% discount for three months and offers free trials. Contact them directly for specific features your business may need.
BEST FOR EXPERIENCED ACCOUNTANT
AccountEdge Pro
AccountEdge Pro is desktop accounting software for small businesses founded in 1989 and has developed new features and enhancements over the years. If you need to access your finances on the go or from your smartphone, you can use their cloud-based app or their hosting platform. It’s geared toward small to medium-sized businesses, has a basic version and a pro version, and offers comprehensive accounting solutions full of customizations.
We chose AccountEdge Pro as our best accounting software for experienced accountants because of its robust features and reporting capability. It’s a bit more complex than some of the other software, so this software works best if you’re already familiar with accounting terminology.
AccountEdge Pro’s features include:
- Bank feeds with integration
- Direct deposit
- Inventory management
- Payment processing
- Turn quotes into invoices
- Customer and vendor management
- Full-service payroll
- Free accountant copy
- Data sync with company files
Pricing for AccountEdge Pro is as follows:
- AccountEdge Basic: $149 one-time fee, $199 per year for one user
- AccountEdge Pro: $499 one-time fee, $199 per year, and additional fees for licenses and add-ons such as payroll services, checks, and credit card processing
To find out more about what features are included and how much add-ons cost and to add custom features, it’s best to contact the company directly.
AutoCount
AutoCount can be your saviour in this unprecedented time. This software has gained immensely popularity with 600,000 active users all over Malaysia. AutoCount is especially useful for today’s work environment as many businesses are now working remotely from their home.
With AutoCount, you can easily backup your data, invoices and vouchers securely in the cloud so that it won’t be prey of any natural disasters like flood or fire. Also, the secured access and login would make sure who has the ability to access your company files so that you can entrust your trusted information only to your loyal employees.
Besides that, AutoCount enables you to schedule your recurring payments and create document templates so that you do not have to waste your time in repetitive work. It also has an auto-generating stock adjustment system which can be valuable if you are in an e-commerce business and need to keep your stocks updated to cater your clients.
But of course, hopping on to a new software always demands consideration. So, you can try AutoCount’s free trial to see how the software can come to your use. AutoCount is trusted not only by its vast pool of users but the Government as well.
So, the Government has appointed AutoCount as one of the Technology Solution Providers under its Matching Grant Programme for the first 100,000 Malaysian SMEs to apply. You can use this 50% Matching Grant up to RM 5,000 to scale your business software and maximize your efficiencies.
Bukku Accounting
Bukku is the only AI-powered cloud-based accounting software designed for SMEs in Malaysia, allowing you to run your business and access your financial information securely anywhere, anytime with any connected devices.
Bukku is designed for both business owners and professional accountants, from your business dashboard, invoicing, getting paid online, recording expenses & claims, stock control, managing your fixed assets, bank reconciliation to complete accounting software for your year-end submissions, we have got you all covered!https://www.youtube.com/embed/hHlKT4ZjYeU?feature=oembed
Here are three key offerings from Bukku that is worth mentioning:
- Get paid online with free merchant account
Bukku is seamlessly integrated with a payment gateway that offers you the lowest transaction fees you can find in the market. Get paid faster via FPX / credit cards and have the official receipt automatically generated. - Record expenses without data entry
You can upload receipts / bills from your computer or mobile phone into Bukku with Digital Shoebox. Data entry is done automatically for you with high accuracy, assisting you to greatly reduce your workload. - Bank reconciliation automated
SmartRecon automates your bank reconciliation process, allowing you to upload your bank statement PDFs and have the entries matched automatically. It contributes up to 80% time saving if compared to other accounting system.
Bukku is the smartest online accounting and probably the only accounting software you will ever need for your business. Get started with their 30-day free trial today.Try For Free Now!
SQL
SQL Account is a complete suite of GST accredited accounting software that is targeted to Malaysia’s small and medium-sized businesses. It is a cloud-based platform that includes all accounting functionality and functionalities including receivable account, billing, invoices, management of GST Taz and reporting functionality.
SQL is considered as one of the top accounting in Malaysia. It’s quite special as it provides specific accounting template designs. This program makes monitoring all transactions, collections and sales simple for the consumer as it smartly stores all financial records in one place. Inventory documentation is also kept up-to-date with the aid of this program.
Intuit Quickbooks
It is designed to smartly manage invoices, as you can immediately create quotes and invoices. This had become effortless to track the receivables. The ability to track GST inside invoices, expenditures and purchase order is helpful as it is possible to generate the GST-03 Form easily. The receipts are then distributed electronically without any issues. The ease of making a recurring invoice would be helpful for the customer because they can repetitively save time on making the invoice.
MYOB
This accounting software makes it easier for you to process tax-based transactions using convenient, built-in tools that can work through GST and other tax practices. Businesses with much GST-related operation would be able to file their returns with this program more quickly and on time. It is capable of making GST computations in a quick real-time interface so your accountant doesn’t have to struggle every time to add up percentages.
QNE
QNE is known as the easy-to-use accounting software. It has strong features such as user audit trail availability and date sensitive report performance, which will help meet business requirements. It runs in the cloud and offers real-time service to the customer. QNE also provides forecast statistics, the status of cash flow and the break-even stage.
The resources also allow for the systematic execution of processes. For example, inventory management is made simple with the inventory software because it is easy to build invoices, documents such as stock balance, invoice management, and staff information can be managed well.
Million
Million’s key feature is that it goes very well with Microsoft Excel which is used by many small businesses to produce and maintain reports. Million has an easy user interface similar to Excel, makes it an extremely popular program in the less structured business sector that is less dependent on administrative practices. The program is not flexible as the company grows bigger, but it supports multiple currency inputs and has functions to hold multiple business accounts, making it a relatively valuable tool in the hands of someone who wants to do small yet essential accounting work.
Mr Accounting
The features in this program are designed to furnish a new look for any businesses. It includes the new GST enhancements with support for an automated calculator, which has added to the overall process performance. This offers data support so that the user can easily access the information they need, even though they don’t have any accounting experience. The user is provided with full power, and it can be changed to suit the entire company.
Wave Accounting
Wave is one of the accounting software that was featured internationally in The New York Times and Forbes. Wave has different feature sets such as billing, invoices, fees, payroll and receipts, this platform is developed primarily for small companies, freelancers and billing consultants. If you’re looking for a program that can handle all financial functions at no cost, Wave is the best choice.
Sage UBS
Saga UBS has a simplified process of accounting. It eases the planning of all Account Receivables (AR), General Ledger (GL), and Account Payables (AP). The financial data are easily incorporated with the payroll system since it is a program that enables complete user integration. It comes with a Wizard System that speeds up installation processes. Transaction Wizards constantly direct the user to join transactions. This software is conveniently available, so there is no hassle in getting technical help
Biztory
Biztory is a cloud accounting software in Malaysia designed to support small and medium businesses around the world. It is a convenient platform for people who are not tech-savvy as the software is built in the simplest way with a user-friendly interface. The features include e-invoicing and billing software system, customer statement data tracking and monitor software, inventory log management software and more.
All data is backed up daily, and the 128 bit SSL Data Protection Encryption protects it, therefore there will be no issues over missing transaction and statement. Biztory is easily accessible via any desktop, laptop, tablet and even smartphone because its software offers flexibility and compatibility for different devices.
Conclusion
Accounting software for Malaysia is not only a way to keeping track of your business expenses, but it can also be a cost-saving aid in terms of taxes and financial accountability. When you use the best online accounting software in Malaysia, you’re assuring yourself that your business expenditures and receipts will be in one place so you’ll have no problem finding them when tax season comes. It’s important to do your homework before picking the best accounting software for your needs so you can avoid unnecessary pain later on. Here’s what you need to look for when choosing an accounting package.