If you’ve started a new business, you pretty much know that there’s no running away from critical admin tasks. In today’s competitive market place, you’ll need software to manage processes efficiently. Accounting software is an investment you cannot ignore if you want to know where your money is going.
Whether yours is a big box venture or a start-up, the accounting software that fires your operations will tell you where your money is, what you need to pay, and where the loopholes are. Accounting software simply helps you to track costs, streamline invoicing, reconcile transactions, and sneak you a preview of your business’s financial health.
What is Accounting Software?
Accounting software denotes a specific class of computer-aided programs that help a business to manage their financial transactions better. These programs vary in scope and features. Some assist you to consolidate simple bookkeeping tasks while others are designed to manage complex financial transactions associated with big businesses.
Leveraging accounting software enables companies to use their accounting resources efficiently. It becomes easy to execute accounting-related tasks quicker with minimum chances of error.
Accountants can use these programs to process accounts receivables and payables, invoices, cash flow analysis, tax compliance, payroll, income, and expenditure statements, among others.
With accounting software, you can choose basic single-entry options for individual record keeping. Also, you can select refined double-entry programs that handle multiple functions.
Top Accounting Software in Singapore
GnuCash is a small-business accounting software that operates on Linux, Windows, and Mac OS. The application is designed for usability and flexibility. GnuCash enables businesses to track accounts, stocks, and expenditure. It delivers balanced and accurate accounting statements.
· Double-Entry Accounting
· Stock/Bond/Mutual Fund Accounts
· Small-Business Accounting
· Reports, Graphs
· Transaction Matching
· Spreadsheet-like design simplifies income and expense tracking
· Free accounting resources and a vast community base
· Offers critical business and personal use tools
· Difficulties in data importations from other apps
· Not so smooth on the iOS platform
· Doesn’t support multiple data use on main files
· Home and small business
· Personal accounting
Sage 50 is a robust small business accounting software that operates on and offline. It’s ideal for businesses with accountants who work remotely. Sage 50 streamlines accounting, payroll people, and financial functions seamlessly. It fits big and small businesses.
· Payments and banking
· Payroll & Invoicing
· Inventory management & optimisation
· Automated billing
· Intuitive dashboards
· a reliable inventory reporting system
· easy customers, vendors, and employees information customisation
· smooth bank accounts integration
· Can integrate with
· Incredible support team
Difficult application navigation
No payroll and inventory management modules
· small business
SG $11.50 Monthly or SG $128 annually
Intuit QuickBooks is one of the popular accounting software for SMBs. It helps businesses to track expenses, create invoices, and manage cash flow. It offers three distinct plans- Simple Start, Essentials, and Plus plans with a 30-day free trial. The QuickBooks Online is flexible and with multi-user functionality.
· Cloud Accounting
· Accounting Reports
· Inventory Management
· Multi-currency transactions
· Exceptionally User-Friendly
· generates comprehensive accounting reports
· integrates with 3rd party apps
· Free 30-Day trial
· Cost-effective pricing
· sluggish Customer Service
· QuickBooks Online varies significantly from QuickBooks Desktop
· steep learning curve
Simple [email protected] SG $10 monthly,
essential @ SGD $16 monthly
[email protected] SGD $21 monthly
Zoho Books is a product of Zoho, and it integrates with other Zoho applications to transform your accounting functions. Zoho books offer you a preview of your financial health. With its monthly plans, your business enjoys accounting resources for better decision making.
· Accounts Payable
· Bank Reconciliation
· Project Accounting
· Inventory management
· Billing & Invoicing
· Fast invoice creation
· Incredible mobile integration
· Simple set up
· Intuitive functionalities
· Easy bank account connections
· Cannot create advanced or customised reports
· Limited logos, and forms customisation
· No payment gateways integration
Basic- SG $12/month or SG $125/yr.
Standard- SG $26/mo. Or $265/yr.
Pro-SG $40/mo. or $405/yr.
Xero cloud accounting software facilitates multiple remoter user access. It promotes the sharing of interactive reports and budgets. Xero provides up-to-date financial reports status that you can share in real-time. The software is Peppol connected, and it guarantees sustainable cash flow.
· Inventory And Reporting
· Bank Reconciliation
· Business Performance Dashboard
· Simple and streamlined interface
· Secure third-party app integration
· Personalised email templates
· easy Integration with time tracking applications
· seamless vendors and clients contact management
· Bank & transactions integration issues
· Unreliable customer service
· Limited reporting options
· Accounting firms
Starter plan @SG $28
Standard plan @SG$42
Premium plan @SG 55
FreshBooks streamlines redundant accounting functions and saves your business time. The software can manage your invoicing, billing, and analytics functions to help your business in making smart decisions. FreshBooks relies on actual business data and advice, and it comes with a free30-day trial.
· Automatic Tax Calculations
· Automatic Payment Recording
· Bank Reconciliation
· High Volume Billing
· Customisable Invoices
· user-friendly and navigable interface
· cost-effective pricing
· incredible integration capacity
· free trial period
· Easy invoices creation and tracking
· A limited mobile app
· Not ideal for large enterprises
· Minimal features
Lite Package–$SG 20/month or $18/month(billed annually)
Plus package–$SG35/month or SG $31.50(billed annually)
Premium Package – SG $70/month or SG $62/month (billed annually)
ABSS previously MYOB Singapore is an accounting software that caters to the accounting needs of Singaporean SMEs. ABSS is intuitive, and it helps you to focus on your accounting tasks quickly. It is PEPPOL, GST portal, and bank ready.
Asian Business Software Solutions
· Track Debtor & Creditor
· Inventory Management
· Financial Reporting
· Advanced Inventory
· Superior system functionality
· Easy to use features
· generates clear and concise reports
· Enables you to undo a reconciliation
· Provides crucial accounting info in one place
· Prone malfunction and data manipulation
· Lack of integration opportunities
· Inadequate inventory features
ABSS Accounting @ SG $849
ABSS Payroll PLAN @ SG $1,269
ABSS Premier PLAN @SG $2,349
ABSS Premier Plus @SG$3,159
Banana Accounting presents the flexibility of spreadsheets and the agility of dedicated accounting software. It presents small businesses with streamlined and east accounting capabilities. It’s ideal for companies with planning, invoicing, analytics, and general accounting needs.
· Bank Reconciliation
· Budgeting and Forecasting
· Project Accounting
· Billing & Invoicing
· Expense Tracking
· Easy to use
· Best software for startups
· Versatile accounts management
· Easy invoicing and inventory management
· Easy transfer of data
· Unsuitable for creating account structure
· Lack of automated guests emailing functions
· unreliable tax and vat calculation functions
· Small businesses
Single Licence 129 CHF ( SG $188)
SmartCursors is an integrated cloud application platform for accountants and accounting firms. It facilitates business efforts with Document management, Resource management, and CRM functions. SmartCursors leverages real-time accounting data to help your team to make the right decisions.
· Access to multiple applications
· Analytics Everywhere
· Mobile Ready
· All-encompassing cloud-based software features
· Improved operational processes
· improve productivity and recoverability
· quick form and proposal generation
· Seamless data connection on a single dashboard
· Unstable resource scheduling and engagement tracking
· Limited centralisation and automation tools
· Paper-intensive invoicing
Business And Accountants
Client Cursor SGD 20
Workflow Cursor-SGD 30
HR Cursor (HR Software)
· SGD 6-SILVER PLAN
· SGD $12-GOLD PLAN
· SGD $18 PLATINUM LAN
Bean Cursor (Accounting Software) SG $20-SG40
High Nix provides a range of personalised ERP solutions, third party integration, and Peppol ID facilities. High Nix powered solutions run in the cloud, and they offer multilingual options. High nix employs accounting experts with in-depth knowledge in their respective fields.
· High encryption cloud technology
· Mobile device access
· Nationwide Peppol E-invoice solution
· Automatic e-invoicing
· Language on Demand.
· Improved Inventory and Sales Management
· Integrations and Expansion
· PayNow QR Code provision
· Cloud, On-Premises & Multi-OS Support
· Easy to scale and upgrade
F&B ventures and Retailers
Wave Accounting is a free, cloud-based accounting application best suited for small businesses. It facilitates double-entry accounting. It offers unlimited user access, expense management, and invoicing. It integrates with proprietary and third-party solutions for better efficiency. It helps you to generate cash flow, tax, sales, and balance sheet reports, among others.
· Pricing Free Software
· Recurring billing
· Invoice templates
· Cash flow reporting
· Mobile invoicing
· Friendly user interface and navigation
· Continuous income and expense tracking
· Addition of unlimited partners, stakeholders or accountants
· Practical double-entry system.
· Unrestricted bank and credit card connections
· Lacks proper time-tracking features
· No mobile app integration
· Payroll issues
Free to use
PlanGuru suites the accounting needs of start-ups and SMBs. Its accounting methodology allows businesses to forecast for over ten years. Companies can capitalise on cash analysis, cash flow, and critical analytics tools to drive up performance.
· Profit & Loss Forecasting Methods
· Balance Sheet Forecasting Methods
· Integrated Balance Sheet,
· Income Statement & Cash Flow
· QuickBooks Compatible
· Highly flexible application
· Helps to create multiple forecasts and budgets
· A variety of hypothesis and KPI’s
· Excel Compatibility
· additional flexibility features
· Tough learning curve
· Runs as a browser-based instead of a local client installation
PlanGuru Startup SG $138
PlanGuru Basic SG $555
Ordway is a cloud-based payment and revenue automation solution that facilitates payment collection, invoicing, and revenue streaming. It makes it easy for businesses to design pricing, contracting, and subscription plans. Ordway’s dashboard allows users to track KPI and crucial data through visualisation and comprehensive reporting.
· Usage-Based Billing,
· Recurring Subscription Management,
· Use-Expiry Notifications,
· Automated Payment Processing,
· Customisable Dashboards
· Flexible Billing And Revenue Software
· Diverse Billing Plan Structures
· Active Pricing Tiers
· Volume Of Invoicing
· Reporting and functionality hitches
· Unreliable subscription and dashboard metrics
Small to Mid-size Businesses
CCH Tagetik seeks to optimise business financial and operational strategy through the best accounting practices. CCH Tagetik provides extra features, including strategy adjustment, updating systematic forecasts, and providing audit worthy financial statements. It can be hosted in the cloud or on-premise.
· Financial Intelligence Planning
· Modelling And Forecasting
· Management Reporting
· Analytic Data Hub And
· Disclosure Management
· Fulfils business reporting and compliance needs
· Offers scalable solutions
· Offers great functionality
· Makes consolidation and reporting a collaborative process.
· Outstanding service and support
· Accidental reporting using foreign languages
· Complicated pricing structure
· requires constant updated
Financio is an easy to use accounting software that caters to skilled and unskilled persons. It’s designed with the small business owner in mind. Financio facilitates the generation of automatic accounting and tax entry records. It’s easy to host your current and past accounting statements in this software in the cloud.
· Accounting Automation
· Singapore GST Compliant
· Flexible Permissions
· Bank reconciliation
· Multilingual Interface
· Easy To Use,
· Simple 5 Steps Setup
· Layman Language Instructions
· Suits Individual With No Accounting Knowledge
· Automatic Cash Flow Tracking
· Too many features for the same function
· Lacks bank automation features
Premium plan at SG $14
FreeAgent is the ideal accounting software for freelancers and small ventures. Project-based businesses find it perfect since its cloud compatible and accessible from different browsers. It’s compatible with the android and Ios devices. Freeagent offers a 30-day trial free.
Smart bank reconciliation
High-level financial reports
Automated and recurring invoices
· Mobile app compatible,
· Excellent for small businesses
· Punctual invoicing capacity
· Secure connection to bank feeds,
· Streamlined project management
· Problematic information Exporting
· An expensive cloud accounting software
· Restrictive software functionalities
$16 per month for six months $32 monthly thereafter
Deltek Vision is a project-based accounting solution that addresses project accounting, client, and expense and resource management in one package. Deltek Vision is a web-based application that can be deployed in the cloud or on-premise. It’s a single integrated package that tracks financial, project and resource planning data.
· Accounts Receivable
· Bank Reconciliation
· Multi-Currency Support
· CPA Firms
· Expense Tracking
· Easy to use tools
· The best Software for Project Companies
· extensive project management functions
· Microsoft SQL engine reporting
· Cloud and on-premise hosting
Management IT consultants
Aplos makes fund accounting easy. It enables non-profits to track donations and keep their books in order. It provides reports that you can share with your board transparently.
· Nonprofit CRM
· Donor Management
· Fund Accounting
· Church Management
· Church Accounting
· Ease of use
· Remote access day or night
· Great usability
· Quick report generation
· Easy tracking of online donations
· Doesn’t support assets management, compliance
· Lacks multi-currency features
Churches and non-profits
starts at SG $82.00 per month
SBS Financials Suite
SBS Financials Suite provides multi-company and multi-location companies with practical accounting functionalities. It’s compatible with a variety of industries that are scaling. SBS Financials best suits businesses that need extensive financial reporting and customised workflow services. It facilitates inter-business collaboration, roll out, and seamlessly syncs with other accounting programs.
Software Business Systems
· Accounts Receivable
· Bank Reconciliation
· Billing & Invoicing
· CPA Firms
· Expense Tracking
· Flexible external information importing
· Easy to use financial software
· Excellent support for purchased software or cloud version
· Robust security features
· Easy creation of custom imports
· Custom report writing challenges
· Data importation challenges
· Steep learning curve
Multi-company and Multi-location establishments
Reach Accounting Software is a professional accounting software that suits all kinds of businesses. It enables companies to automate accounting functions onsite and in remote locations. It’s easy to report and meet compliance punctually.
· Accounting Management
· Mobile Application
· Business Automation
· Manufacturing Management
· Versatile cloud App
· ERP on mobile devices remotely
· Real-time push notification features
· Easy to install and access
· Simplified bookkeeping
SG $1255 per user/year
Requisite Features of Accounting Software
Reporting and Analysis
Your business needs to leverage every little piece of information it can get. Accounting software with reporting and analysis features helps a company to capitalise on accurate and productive financial data. These features ensure that your business conforms to government regulations. Such features ensure that financial info is presented accurately and punctually.
Accounting is basically about numbers and numerical formulas. There are times that these numbers don’t make sense. Accounting software with graphics, charts, and visual features can help a business to comprehend better accounting scenarios where numbers don’t make rational sense.
Accounting software works best if it’s fully automated. Your business should prioritise a software that gets updated every time there are changes in tax or financial protocols. Remember, software that automates all functions increases business-wide efficiency.
Accounting software cannot meet the needs of the different businesses equally. As such, your ideal software must come with customisable features. An application that enables the customisation of reports, statements, or forms is the best investment.
Internet and Cloud technologies are impacting the face of accounting and other business processes. It’s only wise that the accounting software you intend to pick comes with connectivity and mobility capabilities. It’s essential that the software sends and integrates documents digitally while executing electronic fund transfers.
Other than its capacity to import and export data, your software should offer scalability features. Your software should be able to scale on its own or through an update. This feature enables your business to cater to increased transactions and users.
Types of Accounting Software
Of course, you’ll need accounting software for whatever business that you run. But, it’s essential to know the different types of accounting programs out there and whether they fit your kind of business structure. Some accounting software classifications include:
The smallest of businesses can be managed with an electronic spreadsheet. It can be configured flexibly, and it’s inexpensive. Although they are popular, they’re error-prone and can result in false accounting statements.
Commercial off-the-shelf software is highly preferred globally. It can be configured discreetly to the needs of a company. It comes with error detection features to prevent the entry of erroneous data. This software requires professional installation and onsite staff. It’s available as a managed service.
Enterprise Resource Planning (ERP) Software
ERP software syncs information, diverse business departments, and merges it into a unitary database. It gets rid of disparate section specific software that doesn’t support data sharing. It’s a good fit for large businesses with the resources to afford it.
Custom Accounting Software
This refers to accounting software that has been customised to meet the needs of a specific business. This software fits a business whose accounting needs cannot be met by any other off-the-shelf solution.
Time and Expense Management Systems
These accounting apps are built to fast-track billing processes and approve expenditure on the go. Businesses have the prerogative to configure them according to their operational pace. The solution helps enterprises to collect revenue quickly and to identify slow processes. It’s easy to generate graphical reports indicating how a business spends time-based resources.
Online Accounting Software
Online accounting software can be free or paid. The applications are hosted in the cloud. The SaaS, like offerings, are cost-efficient and flexible. You barely need to install software onsite.
Cloud-based Accounting Software
Cloud accounting software is the conventional form of accounting software, but it’s hosted on remote servers. It presents businesses with accounting capabilities in the form of Software as a Service (SaaS). A company doesn’t have to install or do anything onsite.
Cloud computing is where users access accounting software services through the internet or cloud (managed) application service provider. This accounting option enables workers to access accounting data remotely. They don’t have to access their desktops to execute accounting tasks.
Small businesses face challenges in their initial stages. They have to think about the software they require, albeit sparingly. Thanks to Cloud accounting software, these start-ups can afford to pay for the service on demand. They can scale usage as the operations expand.
How Cloud Accounting Helps Small Businesses in the Singapore Marketplace
Singaporean SMEs and established ventures capitalise on accounting software to access their financial data remotely. The majority of them are leveraging on cloud accounting software to access business accounting data any day, any time. They only need a stable internet connection to achieve this.
With the right accounting software, a small business enjoys a low cost of ownership. In Singapore, purchasing, installing, and maintaining traditional accounting systems is costly. With cloud accounting programs, your company pays a flat monthly fee, or you can choose to pay as you use. The result is more money than you can channel to other core functions.
Cloud accounting software, despite the ever-increasing cyber threats, is relatively secure. High fidelity accounting software provides high-level security measures and encryption. These programs implement regular backup, their servers are hardened and data transits under encrypted connections.
With online accounting software, your Singaporean venture will have it easy trying to integrate with other business-critical systems. It’s easy to maximise the functionality of your accountant program by syncing it with other web-based applications.
Investing in cloud accounting applications lets you access your data from any location in real-time. Outdated applications will tie you and your accounting departments to the office desktop. Cloud-based accounting frees your time and ensures that your financial data isn’t restricted to a local drive or memory stick.
Business Benefits of Accounting Software
Better Accounting Accuracy
One significant benefit of accounting software is improved accuracy. These programs eliminate human error in the tallying and calculation process. Manual accounting process involves a process that can be laden with errors when calculating by hand. It can hurt your results.
Employing accounting software enables companies to process accounting statements with higher speed. Machine-based programs require a fraction of the time it takes to process numbers manually. With software automation, organisations enjoy efficiency while handling intensive accounting functions.
Speed and efficiency that come with accounting software translate to fewer costs. Accountants who leverage these programs can do more in a short time. It means you only need to pay a small team to consolidate your accounting. For your organisation, it means you don’t have to spend more on payroll and administration.
Efficient Tax Filing
Filing your business taxes is always a hectic undertaking. It requires you to keep real-time transaction information. Accounting software enables businesses to stay on top of their tax obligation and compliance. Some accounting packages come with built-in tax filing features. You never have to worry about being late again.
Centralised Financial Management
Once you identify the right accounting software, it becomes easy to centralise your financial management functions. You can efficiently juggle inventory management, relationship management payroll, or invoicing on one software dashboard. With centralisation, you save the money spent to purchase other software programs.
Accounting Software Pricing Models
In the process of acquiring accounting software for your Singaporean business, you must understand the numerous pricing models that vendors present.
The vendors of accounting tools follow specific pricing models. Let’s have a look at each pricing model and its benefits.
A section of Singaporean businesses prefers to host the accounting software system onsite. Though it’s not their proprietary resource, a continuous licencing model fits their operations, especially if they’re big businesses with the right infrastructure. The model means a company pays a one-time amount until the end of the software’s lifespan.
Project-based Pricing Models
Companies can choose to run the accounting system in-house or outsource to software development companies. An in-house system may inflate the overheads. By outsourcing the application, businesses only pay a flat monthly fee. Also, they enjoy control and the benefits of a customised accounting program that fits their business model.
Subscription Pricing Models
SMEs that lack adequate IT infrastructure and skills may go for the subscription pricing packages offered by accounting software vendors. They may have to pay for training, support, and maintenance. The package can be a one-time, monthly, or yearly subscription.
Features-based Pricing Models
Some accounting programs come with high-level features that small businesses don’t need. Thus, vendors create programs with specific features that start-ups can use without having to pay exorbitantly for features they barely need. This mimics the tiered model, where businesses subscribe to more features as they scale.
Freemiums / Free Plans
Many accounting software applications are available for use but on a limited basis. It helps a business to weigh the potential of a given software before you pay for it. Freemium models allow users to test the features but for a limited duration.
Tips for Selecting Business Accounting Software
Even though accounting software comes with more benefits compared to manual accounting methods, there’s a need to shop meticulously for the right accounting software. Here are some pointers.
Needs and Accounting Proficiency
It’s essential to check how your business runs and compare that with the heap of accounting software in the market. Your business turnover determines the kind of program to choose from. Check whether there are custom-built applications for your start-up or large venture. Check whether there is niche-specific software with a proven track record.
The probability is that you’ll find cloud accounting software better than the conventional applications. Today, businesses stand to reap cost, efficiency, and mobility benefits by investing in internet accounting programs. A considerable percentage of the maintenance, upgrades, and installation is done on the server end.
Accounting software comes with different price tags. Some are free, while others are suitable for small ventures. Whether it’s an open-source, or an off-the-shelf product, check whether you have the financial capacity to acquire the right product.
This is a critical aspect you’ll need to ponder over when selecting accounting software. Check whether the vendor is straight-up about software security. You need a demo to ascertain whether the software is reinforced with intrusion detection, firewall, 256-bit SSL encryption, data back up, and physical security measures.
Accounting software with the right add-ons enhances accounting functionality. Check whether it offers remote access, ecommerce integration capabilities, and compatibility with tax software. Additionally, prioritise software that’s not overburdened with too many features on the interface.
Steps to Successful Accounting Software Adoption
You’ve already decided to adopt the accounting software direction. But some challenges stand in your way, albeit internally. If you wish to minimise the hiccups during adoptions, these pointers will help you to enjoy accounting efficiency quickly.
Involve Your Employees
Business change is easy if you know how it worked for others. It is more comfortable if you involve the members who’ll be using your new technology from the word go. External consultants can give great insights, but if your staff feel they’re part of the process, adopting the software will be hassle-free.
Vet System Architecture
Your architecture and talent form the basis of new software success and usability. If you have the right devices and accounting experts, you only need to verify whether it is the ideal application for your business structure and operations.
Test and Optimise
It pays to have your accounting team to try out the incoming accounting software before you officially launch it. Test its accuracy, user-friendliness, and response times. Also, ask the vendor to provide a demo or offer you a free trial with access to its premium features.