So you are looking for the best accounting software for small businesses in Malaysia. When your small business grows, it’s not easy to manage everything using an excel sheet anymore. In this article, I am going to tell you what other options of accounting software are available. Small businesses face a lot of challenges when it comes to keeping records. This worsens when they have to deal with cash periods, taxes, and salaries. With the right accounting software, you can save time, increase profitability, and provide a better business service to your clients.
Things to consider before choosing an accounting software
- Features: With the help of an accountant, you should check whether the product’s features match with your needs because software solutions are not created equal.
- Overall value: Take into account the software’s overall value based on its set of features and functionalities.
- Scalability: Growth is one of any business’ goals; hence, factor in scaling to ensure the software will grow with you as your needs become more demanding.
- User-friendly:Take into consideration how long it will take to learn the software. Choosing one that’s user-friendly is essential to immediately implement the system.
- Integrations: Maximizing what you can do in the software is achieved with a robust marketplace of integrations that will enhance the system’s functionality and core capabilities.
Wave
Wave is one of the top free accounting software for small businesses in Australia because it offers all the basic bookkeeping features. It is particularly suitable for freelancers and entrepreneurs who pay most of their bills online and track their income and expenses from multiple clients or businesses.
Pros: The design is well-thought-out and easy to use. The application is free. Easy generation of key financial statements Access is available through mobile apps for both iOS and Android.
Cons: Wave charges you for processing payroll and accepting online payments. Wave cannot track unpaid bills (accounts payable). If you pay all of your bills online, then not having the A/P functionality would not be a deal-breaker.
SlickPie
SlickPie provides basic small business accounting software that can be used on the go, thanks to a handy web app. SlickPie says that its software is designed to do all the heavy-lifting work to deliver a delightful expense management experience via a cloud platform. While there is a pay per month Pro package, the Starter free version has a number of features, including:
- Unlimited automated receipt data entries
- 10 companies on one account
- Email support
- Send quotes, estimates and invoices online
- Accept PayPal, Stripe and credit card payments online (these platforms charge their own fees)
- Track expenses and manage bills
It’s also worth noting that the pricing on the website is in American dollars, so keep that in mind if you decide to upgrade to the paid version.
Sunrise
Sunrise provides bookkeeping software for small and medium-sized businesses, through a variety of monthly paid plans, alongside a free ‘Self-Service’ plan. They also have an online blog and some Bookkeeping 101 tips on their website to help you get money-savvy. The free Self-Service plan includes the following:
- Unlimited customised invoices
- Unlimited bank transactions
- Cash Flow reports
- Double entry accounting
- SunrisePay, which allows you to accept online and mobile payments
If you decide to invest in your accounting software by upgrading to a paid Sunrise plan, you’ll be assigned a professional bookkeeper to manage your finances, although if you think you can manage them on your own, the Self-Service plan may be just the ticket.
Intuit Quickbooks
Intuit Quickbooks calls itself smart, simple accounting software for small businesses, and is one of the more prominent players within the market. A Quickbooks account allows you to track expenses, send invoices, run payroll, manage GST and BAS and accept online payments, allowing you to run multiple areas of your business from one place. There are currently three tiers of plans available, all varying in inclusions and monthly price, with Quickbooks also offering a free 30-day trial to help you find your feet in the accounting scene.
Sage
Sage provides basic accounting software for small businesses, advanced tools for medium businesses, and professional solutions for accountants and bookkeepers, aiming to help regardless of your business size. The basic accounting software plan is paid monthly and includes a compliant payroll system for up to four employees, access for two users and one company, unlimited automatic bank feeds, reports with drill-downs and unlimited transactions, with the other subscriptions offering a number of additional features, but with an added cost. If you prefer to try before you buy, Sage offers a 35-day free trial for you to see what the platform is all about.
Akaunting
You should also consider a free accounting software called Akaunting. This option offers many of the most necessary features that a small business accounting software should. Within this technology, you’ll be able to invoice, sync accounts, track expenses, set up recurring bills, manage customers, and manage vendors. However, to access more advanced features like online payments, for example, you’ll have to download third-party apps that will cost you a yearly fee on top of whatever fees you have to pay for this third-party account.
Long story short, creating an Akaunting account won’t cost you anything, but as you navigate this software, you’ll realize that all the capabilities that you might expect to be ready-to-use will rely on your purchasing these third-party apps.
Zoho Books
Pros
- Strong feature set
- Advanced invoicing
- Excellent customer support
Cons
- Some advanced features only available with paid plans
- Free plan limits invoices
Zoho Books offers everything you’d expect from accounting software, such as journal entries, charts of accounts, expense tracking, and financial reports. Where the software really shines, though, is in its invoicing. Zoho Books has 16 invoice templates and multiple customization options and automation to make invoicing more personalized and easier than ever.
Additionally, you’ll find that Zoho Books has an excellent public reputation and exceptional customer support. Though there are some limitations with the free plan (more on that in a minute), Zoho Books is an excellent choice for businesses that want strong accounting software comparable to QuickBooks Online without the monthly subscription fee.
Zoho Books Features
Until recently, Zoho Books was only available as a paid subscription. The company has now added a free plan that’s ideal for businesses with revenues of $50,000 or less per year. Zoho Books’ free plan is made for a single user and includes:
- 1,000 invoices per year
- Expense tracking
- Mileage tracking
- Bank reconciliation
- Chart of accounts
- Journal entries
- Contractor management
Zoho Books Pricing
More invoices, additional users, and advanced features, such as project management, job costing, and budgeting, require a subscription to a paid plan. The free plan only includes email support, and access to text and phone support also requires a paid subscription. Plans start at $20/month. Additional users can be added for $3/month per user, and you can also purchase advanced auto-scans and snail mail credits.
Conclusion
Small business software is a must in order to scale efficiently. Depending on the size of your business, you will, therefore, need to choose the best accounting software that can cater to all your needs.