Are you looking for accounting software in Singapore? If so, you’ve probably noticed how many options there are when it comes to choosing an accounting software. If you’re like most of my clients, you’d rather deal with more vendors than not; however, that can get expensive and complicated if you’re not careful.
It is not easy to choose Singapore SME accounting software, because it requires more detailed research. But I have some good news for you, because on this blog post, I am going to first share with you some essential things about SME accounting software, which will help you through making the right decision.
Wave
Wave is an ideal accounting software platform for a service-based small business that sends simple invoices and doesn’t need to track inventory or run payroll. For many freelancers or service-based businesses, Wave’s free features will cover all of their accounting needs and is the best free software in our review. At year-end, accountants can pull the necessary reports from Wave to prepare a business’ tax return.Pros
- Free accounting, invoicing, and receipt scanning
- No transaction or billing limits
- Run multiple businesses in one account
- Unlimited number of users
- Mobile app
Cons
- Limited third-party app integrations
- Higher fees for credit cards and ACH payments
- Full-service payroll is limited to only 14 states
- No inventory management
Wave was founded in 2010 and is based in Toronto. The company has over 250 employees and was purchased by H&R Block in 2019.34 The foundational accounting features that most small businesses need, such as income and expense tracking, financial reporting, invoicing, and scanning receipts, are all included with this free software. These features can be accessed online or on the mobile app. Customer payment processing and payroll are considered premium services that cost extra, but all of the bookkeeping, invoicing, and reporting features are completely free.
Wave makes its money on its payment gateway. To process payment from a customer, Wave charges 2.9% plus 30¢ per transaction for Visa, Mastercard, and Discover, and 3.4% plus 30¢ per transaction for American Express. These fees are slightly higher than other accounting software. Additionally, to process an ACH payment, rather than a credit card, Wave charges 1% per transaction with a $1 minimum fee. This is unique to Wave, as the majority of accounting software does not charge a fee for ACH payment processing.
Wave offers two payroll plans as an add-on service. The first plan is $20 per month plus $6 per employee or contractor. In this plan, Wave will process payroll and prepare payroll tax calculations, but the user is responsible for manually completing payroll tax forms and submitting tax payments. The second plan is $35 per month plus $6 per employee or contractor. In this plan, payroll is full-service, which means that all tax filings and payments are completely managed by Wave. This full-service payroll option is only available in 14 states.
Sage Business Cloud Accounting: Best user-experience runner-up
3.9
- Starting at $10.00/mo.
Low starting price
Unlimited users ($25.00/mo. plan only)
Automatic bank reconciliation
Data as of 11/5/21. Offers and availability may vary by location and are subject to change.
Sage Business Cloud Accounting’s cheapest plan lets you create invoices, track amounts owed, and automatically reconcile your bank accounts. If you’re willing to pay a bit more ($25 a month), Sage adds unlimited users, quotes, estimates, cash flow forecasting, and purchase invoice management. Unfortunately, Sage charges extra for receipt scanning, a feature competitors like Wave, FreshBooks, Xero, and QuickBooks include for free. And Sage’s pricier plan has fewer features than, say, Xero’s cheapest plan (though Sage doesn’t limit your monthly invoice amount).
Other Sage products
If you like Sage’s platform but are looking for more fully featured plans with intense support and automation, Sage Intacct could be a good pick. It’s also our top accounting software recommendation for nonprofits. We also like other versions of Sage for construction company accounting (as do many construction professionals themselves).
ZarMoney: Best for Transparent Pricing
ZarMoneyThe ZarMoney website clearly lays out pricing.ZarMoney connects with more than 9,600 banks in the U.S. and Canada to automatically import bank transactions.You can’t send recurring invoices yet.COMPARE QUOTES
With ZarMoney, there are no secrets about pricing. The company’s website states exactly how much you’ll pay monthly, which is why we chose it as our pick for the best accounting software for transparent pricing. Far too often, it’s hard to determine how much an accounting program will cost, making it difficult to comparison-shop. ZarMoney, by contrast, prides itself on being straightforward, and that’s reflected in the clearly laid-out pricing plans.
Editor’s score: 8.25/10
OneUp: Best for sales teams
- Starting at $9.00/mo.
Low starting price
Plan-limited users
Unlimited invoicing
Data as of 11/5/21. Offers and availability may vary by location and are subject to change.
All of OneUp’s plans include customer relationship management (CRM) features, which makes it perfectly suited to sales teams that frequently follow up with customers. Plus, it’s affordable: pricing for one user starts at $9 per month. If you’re a Mac user, though, you’re out of luck: OneUp works only for Windows users. And while every OneUp plan includes all of OneUp’s features, its plans limit your user numbers. Only the priciest plan, which starts at $169 a month, includes unlimited users.
Plooto: Best for Automating Accounts Payable Processes
PlootoPlooto’s payment platform lets you manage payments, approvals, reconciliation and reporting from one central location.The software provides accounts payable and accounts receivable automation, speeding up payments.Plooto syncs with only QuickBooks and Xero, which could be limiting.VISIT SITECOMPARE QUOTES
Most small businesses are crunched for time, so anything they can automate is welcome. Plooto gives small businesses a whole lot of that for a low price, which is why we selected it as the best accounting software for automating accounts payable processes.
Editor’s score: 7.75/10
Conclusion
It’s difficult to get started with small business accounting software because there are just so many options around. We’re here to help you find the right small business software for your business.