Last Updated on 14/06/2023 by Singapore You
Are you looking for a more convenient approach to managing your company’s financial records? If the answer is yes, then it might be time to start using the best accounting software available in Singapore.
Using the right accounting software can help you avoid calculation errors, easily track and monitor cash flow, and stay up-to-date on invoice reports. These benefits can help your business reach its full potential.
To assist you in finding the ideal accounting software, we have compiled a list of the top choices that businesses of all sizes in Singapore should consider. First, let’s review the various types of accounting software available in Singapore.
What Are The Types Of Accounting Softwares In Singapore?
A majority of businesses in Singapore use accounting software to simplify and monitor their financial records. As there are different types of businesses, there are also various accounting software options available to cater to their unique needs. Here are some of the common types:
Spreadsheets are commonly used by small businesses and organizations with minimal financial transactions. Although not the most effective option, it can record and track occasional business transactions. It is a cost-effective (sometimes free) software with a flexible system that can be customized to fit specific requirements.
However, one should be cautious when using spreadsheets, as they are more prone to errors due to the ease of making mistakes while entering financial information, leading to inaccurate financial statements.
Commercial off-the-shelf software
Commercial off-the-shelf software is one of the most popular accounting software types used by businesses of all sizes throughout the island. It can be configured to fit the specific needs of a business and includes several layers of error detection to prevent the input of incorrect financial data. Additionally, it can produce standard reports that can be modified to match user requirements.
There are hundreds of commercially available software options, with some catering to particular industries and added features to fulfil their market needs. However, installation is a lengthy and complex process that requires consultation and on-site staff to ensure proper functioning.
Enterprise Resource Planning Software (ERP)
ERP software is one of the most expensive accounting software types, usually obtained by large corporations with complex business structures. Despite its cost, ERP software can integrate all financial information for every part of the organization into a single database, eliminating issues that arise from using independent department-specific software used by other departments.
Custom accounting software
If commercially available or ERP software cannot accommodate your accounting needs, custom accounting software specifically designed for your business or organization may be necessary. However, this is not a popular option, as most custom accounting software tends to be buggy and sometimes requires more maintenance than readily available options.
Bevootech is a company that develops accounting software solutions to help businesses improve their operations using CRM solutions and custom-made software. Among its wide selection of business software, accounting software stands out for several reasons.
Firstly, it’s an IRAS-accredited software that’s primarily designed for accounts and inventory management. This feature makes it easier for small businesses to track expenses and monitor their stock levels.
Moreover, it comes with a user-friendly interface and simple features that anyone can learn, including those who aren’t tech-savvy.
Bevootech’s accounting software also boasts additional features, such as real-time management dashboards, financial reporting, multi-currency transactions, goods and service tax computation, loss computation, and more.
However, the software isn’t cheap, with a license costing more than $3,000. Nonetheless, it’s a one-time payment software that doesn’t require a subscription, which means you’ll have the license for as long as your business is operational.
Website | Rates Start at S$90.00
Highnix provides a range of accounting systems and cloud-based enterprise resource planning software to start-ups and SMEs across the island, with a focus on simplifying accounting processes and accelerating corporate procedures.
Highnix is renowned for being compliant with even the strictest government regulations. Its systems are listed on the Inland Revenue Authority of Singapore and come with automatic reminders to pay tax dues.
Another popular feature of Highnix’s accounting software is its integration with third-party applications, making it easier for businesses with multiple departments to exchange data, reducing inaccuracies.
If you’re looking for a faster and more streamlined payment cycle, Highnix is the ideal accounting software. Its accounting systems include Peppol ID registration and a Dynamic Paynow QR Code.
Highnix’s accounting software is highly flexible, with two license plans available. The perpetual license offers system customization, while the subscription license caters to the limited needs of small businesses. Additionally, Highnix’s accounting systems work seamlessly on Linux, Windows, and MacOS, and are accessible on smartphones, tablets, and other mobile devices.
Website | Rates Start at S$12.00
Sage has repeatedly been recognized by renowned entrepreneurs for its award-winning business solutions that efficiently manage accounting operations. It deserves a place on this list for two main reasons.
Firstly, Sage caters to both small and medium-sized businesses, offering separate accounting and payroll systems tailored to their specific needs.
Secondly, Sage’s user-friendly accounting software is designed to reduce the administrative workload of small businesses, allowing employees to focus on enhancing brand development. Sage stores your financial data securely in the cloud, on a remote server and computer, enabling access to your data from anywhere, even on your smartphone.
Sage’s accounting software offers other notable features, including easy tracking of accounts receivable and payable, fast bank feed connection to tally bank statements, inventory management, sales invoices, and more.
Due to its user-friendly interface and multiple features, Sage’s accounting software is a must-have for small and medium-sized businesses.
Website | Rates Start at S$20.00
Xero offers well-designed and highly functional accounting software that can automate all your business transactions, providing accurate and secure financial records. Here are some reasons why it made it to our list:
Xero’s accounting software allows you to send invoices, track projects, manage payroll, and purchase orders with just one click on your smartphone, eliminating the need for personal computers for managing all business transactions.
Xero also allows you to connect to the invoicing network launched by the Infocomm Media Development Authority of Singapore to ensure healthy and consistent cash flow by making the invoicing process faster and more convenient.
To attract more entrepreneurs, Xero offers a free 30-day trial, enabling users to enjoy all the features of its accounting system before deciding on the plan that works best for their business. Additionally, users can cancel their membership anytime without being charged anything.
One of the best features of Xero’s accounting software is its updated calculations for hassle-free IRAS tax filing, relieving the stress of calculating your taxes. This is why many local businesses consider Xero one of the best accounting software options in Singapore.
5. Smart Cursors
Website | $30 to $100 Monthly
Smart Cursors is an affordable accounting software that manages finances and business performance for less than $50 per month. It is recommended mainly for multi-entity organisations but also has accounting systems suitable for single-entity businesses.
For multi-entity organisations, Smart Cursors makes it easier to manage the financial transactions of multiple entities through a single platform, eliminating the need to constantly coordinate with other departments since they are all using the same accounting platform.
Smart Cursors also offers a customer management platform that allows your team to access real-time data on customers’ invoices, credits, discounts, and receipts. Additionally, an add-on context-based analytics dashboard provides users with real-time data on customers, vendors, bank balances, and transactions, delivering valuable insights to help make smarter decisions.
Smart Cursors’ single-entity accounting platform costs $30, while its multi-entity platform is priced at $100. It is an excellent choice for medium businesses, provided there are no more than five entities in the organization.
Website | Rate Starts at S$6.00
FreshBooks, founded in 2003, has become a trusted accounting software not only in Singapore but globally, with over 24 million users from 160 countries, demonstrating its quality.
Unlike other accounting software, FreshBooks caters to both freelancers and self-employed professionals, with affordable accounting packages suitable for their budgets.
FreshBooks offers project tracking, invoicing, time tracking, double-entry accounting, proposal software, and more. Its customizable accounting plans enable users to add more features that would benefit their businesses.
If you want accounting software that accelerates the payment process, FreshBooks is the perfect option. By using FreshBooks, you can receive payment 11 days faster through credit cards, eliminating the need to chase after clients for checks.
Moreover, FreshBooks integrates with over 100 applications to streamline business operations, making it easier for you to connect with partners and customers.
Starting at just $6, FreshBooks is one of the most affordable accounting software options for local businesses and employees. And to sweeten the deal, users can receive a 50% discount for the first three months!
Edulabs is a cloud-based management system established for tuition and enrichment centres across Singapore, specifically designed for the accounting needs of educational institutions, including music, physical education, art, and other categories.
What makes Edulabs unique from our other picks is its focus on schools rather than businesses and organizations, providing one of the few accounting software options for schools.
With Edulabs, schools can monitor expenses, track student attendance, manage teacher payroll, create lessons, communicate with students and parents, and generate end-of-day closing summaries. Edulabs also offers an unlimited number of users, accommodating all students, parents, teachers, and support staff.
Edulabs’ lesson scheduling feature makes lesson planning easier, auto-generating lessons for an entire class for the entire school year in minutes, reducing the workload of teachers and admins.
Overall, Edulabs is an excellent choice for any academic institution in Singapore seeking an accounting system that can lessen the workload of their teaching staff and improve the learning experience of their students.
8. Autocount Accounting
For 20 years, Autocount Accounting has been providing local businesses with accounting software that streamlines inefficient business processes into efficient and convenient procedures.
Autocount Accounting’s most prominent software is AutoCount POS, designed for retail and food and beverage businesses. This software integrates inventory control, sales, purchase, and other accounting modules.
Business owners don’t need to worry about tax-related transactions, as AutoCount POS is fully compliant with statutory requirements and provides a complete list of tax codes that users can access at any time.
AutoCount POS is customizable, allowing businesses to add more features beyond standard reports and inventory tracking to keep up with daily operations.
Moreover, Autocount Accounting provides dedicated customer support that can answer questions immediately, at any time of day.
Website | Free Subscription
GnuCash is a free accounting software that caters to personal and small-business accounting needs. Although it lacks the fancy features of our other picks, it’s still a decent option, especially since users don’t have to pay for it.
GnuCash features a user-friendly interface with flexible features that allow users to keep track of business expenses, stocks, income, and bank accounts.
While it doesn’t have many standout features, it is one of the most user-friendly accounting software options available, which is excellent for users who are not technologically proficient.
GnuCash is easy to use, with a chequebook-style register, and a familiar interface for managing financial transactions. Users can even split transactions, view multiple accounts in a single window, and manage multiple currencies.
As one of the best accounting software options in Singapore, GnuCash is accessible through all desktop operating systems, including older versions of Windows such as Windows XP/Vista and 7.
Website | +65 8001 204 517 | 877-683-3280 | $11.50 to $23.54 Monthly
Quickbooks is an accounting software designed to help business owners manage their finances, monitor inventory, and gain business insights on a single platform. We have included it in our list for two main reasons.
First, it is among the most budget-friendly accounting software options suitable for small businesses in Singapore, with a price range of $11.50 to $23.54 per month.
Second, all accounting plans, regardless of their tier, include essential features that businesses need to improve their daily operations, such as expense tracking, unlimited invoices, secure cloud storage, and customizable reports.
One of the features that most users appreciate about Quickbooks is its organized categories that enable users to easily find a particular transaction. With every expense stored in a cloud database, users can easily monitor their spending.
Quickbooks is a flexible accounting software option as users can upgrade or downgrade their plans at any time, depending on the needs of their business.
Whether you’re just starting your business or thinking about expanding it, Quickbooks has got your accounting needs covered!