18 Best Accounting Software in Singapore
18 Best Accounting Software in Singapore
Managing finances is a crucial aspect of any business. It's an important aspect that helps you balance your cash flow and realize profits. In the ever-evolving digital age, accounting software has become an essential tool for businesses in Singapore. The right accounting software helps businesses in a wide range of ways. From tracking costs and streamlining invoicing to reconciling transactions and generating comprehensive reports, these software tools provide the necessary tools for efficient financial management.
This article explores the 18 best accounting software options available in Singapore. These options cater to businesses of all sizes and industries.
What is the Importance of Digitization and Automation in Accounting?
Digitization and automation have become essential for businesses to stay competitive in today's fast-paced business environment. In addition, the increasing popularity of accounting software makes accounting no exception. Accounting software provides businesses with the tools they need to manage their finances efficiently. The tool can also help automate tasks and provide valuable insights into their financial performance. Automation and digitization come with a wide range of benefits. For instance, by automating tasks such as invoicing, payment processing, and financial reporting, businesses can save time and reduce the risk of errors. Accounting software also gives businesses real-time financial data. Thus, it allows you to make informed decisions about your finances. Whether you're a small business owner, an accountant, or a freelancer, finding the right accounting software is essential for keeping your business running smoothly.
Why is Account Automation Important for SMEs and Startups in Singapore?
Accounting automation is becoming increasingly important for startups and SMEs in Singapore. Why is it important for SMEs and startups in Singapore? Let's explore some reasons:
- Saves time - Automating accounting tasks can save businesses a significant amount of time. Thus, it leads to higher productivity.
- More accurate data - Automated accounting software can help reduce errors and ensure accurate financial data.
- Lower overhead - Automating manual accounting tasks can lead to lower overhead costs for businesses.
- Greater productivity - Automating accounting tasks can free up employees to focus on other important tasks.
- Almost-instantaneous data - Automated accounting software can provide almost-instantaneous access to financial data. This property allows businesses to make informed decisions quickly.
- Multi-currency support - As Singapore is a global business hub, many companies deal with international clients and suppliers. The best accounting software offers multi-currency support to help businesses manage their finances effectively.
- Easy access to digital invoices - Automating payment services can generate digital invoices after every purchase, which businesses can easily access through their accounting software.
Accounting automation can help businesses in Singapore streamline their financial processes, improve efficiency, and make data-driven decisions for financial success. By choosing the best accounting software for their needs, businesses can automate financial reports, track expenses, manage invoices, and gain valuable insights into their financial performance.
What are the Best Accounting Software in Singapore?
With the numerous accounting software in Singapore, you may find it challenging to get the right one for your needs. Here are the best accounting software in Singapore:
1. XERO
Xero is powerful accounting software with features that can help small businesses of all sizes manage their finances. It's the best choice for service-based businesses requiring easy-to-use accounting software with customizable invoicing features. The accounting software is easy to use, accessible from anywhere, and integrates with your bank account and other apps.
While it may not be ideal for fast-growing businesses due to user and client limits on some plans, Xero provides a comprehensive accounting solution for managing invoices, expenses, and financial reporting. Xero offers a range of pricing plans to suit different business needs. The pricing plans range from basic bookkeeping tools to advanced accounting and ERP features. Here are some of the key features of Xero:
- Invoicing
- Expense tracking
- Bank reconciliation
- Financial reporting, including profit and loss statements, balance sheets, and cash flow statements
- Customizable dashboards
- Collaboration tools
- API
- Mobile application for Android and iOS
QuickBooks is a popular accounting software from Intuit. Developers create it for small and medium-sized businesses. This accounting software offers a range of features and functions. With these features and functions, the software helps businesses manage their financial processes, including accounting and ERP, planning, analytics, payroll and HR, etc. The software is popular due to its user-friendly interface, affordability, and excellent customer support. Importantly, you can easily integrate this software with other business platforms and tools, such as CRM systems and payment gateways.
Let's look at the key features of Intuit Quickbooks:
- Effortless invoicing
- Expense mastery
- Bank harmony
- Insightful reports
- Tax-time Zen
- Multi-currency magic
- Unified business control
- Fortified data security
3. Sage
Sage Intacct is a comprehensive accounting solution. This tool offers a range of features and functions to help businesses manage their financial processes effectively. While it may be good for midsize and growing businesses with a finance team, Sage Intacct provides a solid and user-friendly platform for managing invoices, expenses, and financial reporting.
Sage Intacct can easily integrate with other business tools and platforms, such as CRM systems and payment gateways. The integration helps to streamline workflows and improve efficiency. You can integrate it with CRM to enable your business to track information about your customers and customer interactions in one place that's accessible for both sales and finance teams. It's a nice strategy that gives teams valuable insight and ensures they're on the same page with the same information.
Below are the key features of Sage:
- Effortless invoicing
- Expense tracking made easy
- Balancing act with banks
- Smart financial insights
- Master of multi-currencies
- Unified team management
- Vendor bill control
- Banish data entry blues
- Fortress of data security
4. Kashoo
It's a popular cloud-based accounting software suitable for small business owners, freelancers, contractors, and other solopreneurs. Experts recommend it for small business owners who want control and simplicity in managing their own books. This accounting software is fully customizable and easy to use, making it popular for various small business needs. While it may not have the advanced features of more comprehensive accounting suites, Kashoo provides a cost-effective option for different needs. You can use it for managing invoices, expenses, and financial reporting.
The key features of Kashoo accounting software include:
- Simple and easy to use
- Cloud-based solution
- Various invoicing capabilities
- Expense tracking
- Bank reconciliation
- A wide range of financial reports, such as balance sheets, cash flow statements, and profit & loss statements.
5. Freshbooks
Freshbooks is one of the best accounting software in Singapore. Designers created it with features that make it suitable for small businesses, freelancers, and independent contractors. It's the ideal option for service-based businesses that require easy-to-use accounting software with customizable invoicing features.
The software offers a range of features to help businesses manage their bookkeeping, invoicing, and financial processes in one place. The tool is popular among most business owners due to its solid phone support, customizable invoicing, and user-friendly interface. Nevertheless, the user and client limits on some plans make it not ideal for fast-growing businesses.
The key features of FreshBooks accounting software include:
- Professional-looking invoices
- Expense tracking
- Time tracking capabilities
- Financial reporting
- Online payments
- Mobile app for Android and iOS
6. Zoho Books
Zoho Books presents an impressive arsenal of tools for businesses in Singapore. It stands as a dynamic and all-encompassing accounting software offering a comprehensive suite of features to streamline financial processes. Besides simplifying accounting tasks, this user-centric platform serves as a strategic compass for businesses navigating the intricate channels of Singapore's economic landscape.
Whether charting new horizons or optimizing established routes, Zoho Books equips businesses with the tools to steer confidently toward financial success. The user-friendly design and robust functionality make Zoho Books redefine how businesses navigate their financial journey.
Let's explore the features of Zoho Books:
- Invoicing and billing
- Expense tracking
- Bank reconciliation
- Various financial reporting, not limited to cash flow statements
- Project accounting
- Automated workflows
- Inventory management
- Expense approval
- Tax management
- Mobile applications for iOS and Android
- Vendor management
- Time tracking
- Robust data security measures
Odoo Accounting is a versatile and integrated accounting software. It empowers businesses with comprehensive financial management solutions. This top accounting software combines various features to help simplify various complexities of accounting. With this strategy, the software enables businesses to efficiently handle their finances. These features streamline the accounting processes, from tracking expenses to generating insightful reports. In addition, it provides businesses in Singapore with the necessary tools to enhance success.
Below are the key features of this accounting software:
- Customizable invoice templates
- Expense tracking
- Bank reconciliation
- Detailed financial reports
- Tax management
- Multi-currency support
- Multi-company management
- Automated bank feeds
- Inventory accounting
- Dashboard insights
- Integration with other Odoo Apps
- User access control
8. Wave
Wave Accounting is a free cloud-based accounting software suitable for small businesses. This accounting software comes with a wide range of features and functionalities. These features help businesses manage their bookkeeping, invoicing, and payment processes in one place. Wave Accounting is popular for its user-friendly interface, affordability, and comprehensive functionality.
Its benefits, features, and pricing plans make it suitable for micro-businesses, freelancers, and service-based businesses on a budget. Wave Accounting software comes with features like unlimited invoices and users. In addition, it also features compliance with accounting standards and automation of the reconciliation process. Nevertheless, this accounting software lacks the advanced features of paid accounting software.
Key features of Wave Accounting Software include:
- Bank reconciliation
- Invoicing properties
- Different financial reporting
- Payroll functionality
- Integration with other Wave apps, such as invoicing, receipt scanning, payment processing, etc
- Expense tracking
9. Patriot Accounting Software
Patriot accounting software ranks among the best accounting software in Singapore. It's a powerful and user-friendly accounting software that can help simplify financial management for businesses. Whether you're a budding entrepreneur or an established company, Patriot Accounting streamlines your accounting processes. In addition, it helps businesses to bring efficiency and accuracy to financial management.
With its intuitive interface and comprehensive features, this software is a valuable asset for businesses looking to efficiently manage their finances. Its properties and functionality allow you to focus on achieving your business goals without worrying about complex accounting tasks. Thus, it's a valuable tool for businesses in Singapore seeking reliable accounting software.
Here are the key features of this accounting software:
- Easy invoicing
- Expense tracking
- Bank reconciliation
- Financial reports, such as profit and loss statements and balance sheets
- Tax management
- Payroll processing
- Multi-user access
- Inventory management
- Mobile app available for iOS and Android devices
10. Trullysmall
Designers create this accounting software to cater to the needs of small businesses. The software is vital, especially for small enterprises requiring a straightforward and easy-to-use accounting solution. While it may not offer the extensive features of more robust accounting applications, it focuses on providing the essential tools that many small businesses need.
Its user-friendly interface and automation capabilities make it simplify accounting processes and help small businesses stay organized financially. You can use the tool to It aims to automate bookkeeping tasks, eliminate manual entries, and save time for small business owners.
The key features of this software include:
- Double-entry accounting
- Online financial account integration
- Invoicing
- Reporting
- Bill tracking
- Sales tax management
11. Spenfi
Spenfi is an invoice processing software that offers automated invoice processing. Automated invoice processing helps streamline and simplify the accounts payable process. You can use the software to eliminate the costs, errors, and manual labor associated with invoice processing. Thus, it provides businesses with a more efficient and accurate solution.
Key features of Spenfi invoice processing software include:
- Automated invoice processing
- Cost reduction from manual data entry, paper-based invoices, and errors.
- Error reduction
- Time savings by automating repetitive tasks
- Integration with other accounting systems
- Comprehensive reporting and analytics capabilities
- Financial regulations and standard compliant
12. Tax Dome
NetSuite Cloud Accounting Software is a powerful cloud-based financial management software solution. It helps businesses effectively handle their financial operations. With its numerous features, this accounting software simplifies the process of recording transactions, managing payables and receivables, collecting taxes, and closing books. You can combine NetSuite with some core accounting and finance functionalities to create strong compliance management. It's an important step that helps enhance business or investment performance and increase financial close efficiency while reducing back-office costs.
Key features of NetSuite Cloud Accounting Software include:
- Comprehensive core accounting functionality, including general ledger, accounts payable, accounts receivable, and bank reconciliation
- Automates various accounting processes
- Robust analytics and reporting capabilities,
- Create and manage budgets
- Integrates with other key business systems
- Compliance management
- Real-time financial data
- Multinational functional management
NetSuite Cloud Accounting Software is a cloud-based financial management solution. The tool provides businesses with comprehensive financial management capabilities on a single platform. You can use it to automate core finance and accounting processes. More so, the software can also help provide detailed insights into the performance of your business and delivers accurate financial reports.
NetSuite integrates seamlessly with other key business systems like payroll software and HR software. This integration helps eliminate the need to enter the same data manually in multiple systems. With NetSuite Cloud Accounting Software, businesses can improve financial performance with better controls, close faster, and provide accurate financial reports.
Here are the key features of NetSuite accounting software:
- Real-time financial data and accurate financial reports
- Automated core finance and accounting processes
- Comprehensive financial management capabilities on a single platform
- Integration with other key business systems like payroll software and HR software
- Advanced features for midsize and growing businesses
- Dashboards that provide an at-a-glance overview of key financial aspects like accounts receivable, accounts payable, historical sales data, and cash flow
14. Abbyy Accounting
ABBYY AP Automation Software Solution is an end-to-end AI account payable and invoice automation solution. Businesses use this software to optimize the accounts payable process automation. It's a payable automation software solution that enables organizations to increase the productivity of their AP.
It delivers it to organizations' workflow and accounting systems to provide an end-to-end Accounts Payable solution. It can also process other documents, such as purchase orders, receipts, and bills of lading. The tool utilizes artificial intelligence (AI) technologies like natural language processing. This technology helps to automate various business tasks not limited to drafting invoices, processing payments, etc.
Some of the key features of ABBYY AP Automation Software Solution include:
- Automated invoice capturing, field extraction, etc
- Integration with information systems and corporate standards
- Real-time financial data and comprehensive reports
- Mobile cameras to access and capture invoice line items
- AI technologies, including natural language processing, robotics, etc
15. Highnix
This accounting software is more for small and medium enterprises who wish to manage more than just their finances. Highnix prides itself in being an ERP software (Enterprise Resource Planning) instead of an accounting software. It not only focuses on the finances but also the procurement, hiring, inventory, risk and supply chain management. It uses cloud technology as well as connects directly to your bank accounts to make invoice creation and accounting easier for your team. Highnix helps businesses do accounting with multiple users and multiple currencies through the same package. Although, the features span over a variety of verticals, this is one of the more expensive platforms to utilize holistically. Different features require different ongoing licenses, whilst permanent licenses can be expensive for smaller businesses.
Some of the key features of the Highnix Software Solution include:
- Inventory reports
- Finance tracking
- Data backups and restoration
- Sales management
- Enterprise resource planning
16. Bevootech
One of the more holistic software systems, Bevootech has an accounting software package, that is suitable for service companies/firms, alongside customer relationship management and enterprise resource planning solutions. The accounting software is compliant with the Inland Revenue Authority of Singapore (IRAS) and has in-built features to track stocks and inventory alongside cashflows and expenses. Being compliant with the IRAS makes it an intriguing choice for businesses whilst its simple user interface makes it easy for beginners to utilize it as well. You can also create audit trail reports and profit/loss statements whilst analyzing past transactions with the software too. It is one of the platforms with the most diversified and varied solutions. To fully get an idea of the software, you need to request a demo on their website, unlike platform that may be available to utilize immediately. It is also not one of the cheaper options available in Singapore and can cost businesses a heftier amount to get a permanent license.
Some of the key features of the Bevootech Software Solution include:
- Real time dashboard management
- Accounting and inventory management
- Goods & Services Tax (GST) computation
- Audit trail reports
- Customizable data access security
- Accredited and compliant with the Inland Revenue Authority of Singapore (IRAS)
17. SQL Account
SQL Cloud, unlike other desktop and cloud accounting software systems out there, takes a hybrid approach to help businesses take their accounting practices one step further. Their hybrid approach makes sure that your operations continue even if you lose access to the internet, making it one of the most accessible and flexible software to use. From GST and ledger creation to stock tracking and warehouse management, the software holistically helps enterprises grow. It is compliant with the Inland Revenue Authority of Singapore (IRAS) and is a Peppol-Ready Accounting solution, which means it helps businesses send e-invoices through the Peppol network. It is also connected to CTOS Malaysia, a credit reporting agency, making this software recognizable in other parts of the world too. Furthermore, they also provide free accounting training sessions on a monthly basis to teach businesses and enterprises about managing their finances better.
Some of the key features of the SQL Account Software Solution include:
- Comprehensive intelligence reporting
- Thorough management reports
- Real time project tracking
- Accredited and compliant with the Inland Revenue Authority of Singapore (IRAS)
- WhatsApp Integration to send documentation to consumers directly
18. Edulabs (Our Niche Pick)
Although a renowned accounting solution, this platform is more niche than the rest and operates for institutions in the education space, regardless of their size. From generating invoices that are shareable through Whatsapp and email with just a click, to lesson billing of whatever timeframe it may be (monthly, per term, per lesson), it helps educational institutions in recording payments and managing funds. On top of that, this software also helps teachers and professors manage attendance and schedule their lessons digitally. Not only that, but teachers can also add lessons and classes onto the software for students to access with their personal profile that is connected to all their lessons, calendars, assignment histories, reports, and invoices for fee payments.
Some of the key features of the Edulabs Software Solution include:
- Real time and customizable reports
- Automated invoice generation
- Conversion tracking for different sales stages
- Learning management system for Singaporean centres and schools
Closing Thoughts on the Best Accounting Software for Startups and SMEs in Singapore
Choosing the right accounting software can be the defining factor between mere survival and triumphant success in the ever-evolving landscape of business and finance. Above are the 18 best accounting software options in Singapore. These tools offer a range of features to help businesses manage their financial processes effectively, from basic bookkeeping tools to advanced accounting and ERP features. Each of these accounting software solutions has its own unique features and benefits. These features make it important for businesses to carefully evaluate their options to determine which one is the best fit for their needs. With the right accounting software, businesses can automate financial reports, track expenses, manage invoices, and gain valuable insights into their financial performance. By selecting the best accounting software for their needs, businesses can streamline their financial processes, improve efficiency, and make data-driven decisions for financial success.
