Accounting software is a system to efficiently monitor business revenue and expenditures while organizing your financial data. It automates various accounting tasks such as ledger management, invoicing, and financial reporting, reducing the likelihood of errors that may occur with manual input.
In Singapore, high operational costs and a competitive business environment are significant hurdles. Accounting software offers real-time financial insights, which aids in better decision-making and resource allocation. Automating routine tasks also helps with talent retention by freeing employees for strategic activities.
However, choosing the right software can be challenging due to the many options available. A wrong choice can lead to inefficiencies and financial losses. Hence, it’s crucial to select software that aligns with your business’s specific needs.
Our article provides insights and guidance on selecting the best 18 accounting software in Singapore in 2024, to help your business maintain its financial integrity and comply with the financial reporting standards (SFRS).
Key Takeaways
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Table of Content
Why do Singapore Businesses Need Accounting Software
Accounting software automates financial tasks and ensures compliance with Singapore’s regulations. It helps local businesses manage transactions, streamline operations, and provide accurate financial insights for strategic decisions.
Additionally, accounting software offers significant benefits for businesses, including but not limited to:
- Accurate financial recording and tracking: Accounting software in Singapore ensures the integrity of financial data, which is crucial for compliance with ACRA regulations, and supports the preparation of financial statements.
- Comprehensive financial management features: These systems include general ledger management, accounts payable and receivable, bank reconciliation, expense tracking, and financial reporting, all tailored to meet Singapore’s financial standards.
- Advanced functionalities: Automated invoicing streamlines GST-compliant billing in Singapore, while budgeting tools aid financial planning. Cash flow management ensures liquidity and stability, tax calculations simplify IRAS compliance, and system integration enhances operational efficiency.
- Catering to diverse business needs: Accounting solutions in Singapore cater to various business sizes and industries, with features and pricing plans tailored to meet specific local requirements, including those required by Singapore’s diverse economic landscape.
- Timely and accurate financial reporting: Systems generate income statements, balance sheets, and cash flow statements, essential for decision-making, tax compliance, and financial analysis, ensuring adherence to Singapore’s financial reporting standards.
Different accounting system solutions may cater to different business sizes, industry-specific requirements, or geographical locations, offering various features and pricing plans to meet the needs of different businesses.
18 Best Accounting Software in Singapore in 2024
Choosing the right Singapore accounting software is crucial for efficient management of not just payment transactions, but also tax management, accounts receivable, and client invoicing. With a vast array of options available, identifying an appropriate starting point might seem challenging.
To assist you, we have carefully curated a list of the best 18 accounting software in Singapore in 2024, emphasizing their features, strengths, and weaknesses for your specific business needs.
1. HashMicro Accounting Software
Established in Singapore in 2015 and now expanding globally, HashMicro’s top-tier, IRAS-approved accounting software automates cash flows, financial reports, invoicing, and journal adjustments. This makes HashMicro one of the top-rated accounting software in Singapore.
HashMicro offers robust features for seamless digital financial management, including bank integrations, multi-level analytics, and precise budget comparisons, simplifying tasks like reconciliation and financial analysis.
This cloud accounting software excels in multi-company operations, currency updates, and automated customer follow-ups, ensuring efficient and comprehensive financial control. Customization options, reduced processing times, real-time financial insights, and enhanced profitability define the advantages of HashMicro’s accounting software.
Seamlessly integrating inventory management, CRM, and purchasing, provides accurate data. Trusted by over 1750 companies, including Astra Finance, The Face Shop, and Hino Truck, HashMicro’s software is highly regarded.
Features:
- Asset Database & Depreciation: This feature allows you to record and track all company assets, including their initial value and depreciation rates. It facilitates the management of asset lifecycles and financial reporting.
- E-Invoice Integration with the Inland Revenue Authority of Singapore System: Enables the use of e-invoices directly connected to the Inland Revenue Authority of Singapore (IRAS), enhancing tax compliance and simplifying tax reporting processes.
- Financial Budgeting & Realization: This feature aids in creating your company’s financial budget and monitoring budget realization over time. It assists in financial planning and ensures adherence to financial goals.
- Cash Flow Statements: Provides insights into the company’s incoming and outgoing cash flows, aiding in future business financial planning. This feature is crucial for maintaining healthy liquidity and financial stability.
- Financial Ratios: Helps in calculating and displaying various financial ratios such as profitability, liquidity, and leverage ratios. These ratios are essential for evaluating the financial health and performance of a business.
- Multi-level Analysis: Enables financial analysis at various levels, from company-wide to departmental or project-specific. This feature facilitates a deeper understanding of business performance and aids in strategic decision-making.
- Bank Integrations & Automatic Reconciliation: Allows the system to connect with your company’s bank accounts and automatically reconcile transactions occurring in the bank with the company’s financial records. This greatly enhances the accuracy of financial record-keeping.
| Pros | Cons |
| ✓ This software can be used without an internet connection, ensuring accessibility in various situations.
✓ It allows an unlimited number of users to access the system with no additional cost. ✓ Provides in-depth reporting and analytics features. ✓ Offers a complete range of features and modules to meet various business needs. ✓ Supports seamless integration with banking services. ✓ Adopts Internet of Things (IoT) technology for enhanced functionality. ✓ Offers professional assistance and a free demo service to help users get started. |
× Due to its complex features, it may not be suitable for small businesses with simpler needs.
× The free demo service may have longer wait times due to high demand, requiring patience from users. |
Furthermore, there is also an EDG (Enterprise Development Grant) or CTC (Company Training Committee) that you can get up to 50% and a pricing scheme for this particular accounting software Singapore solution. To see how much you would need to invest in this system, you can click the image below.
2. Xero
Xero software is one of the popular accounting apps in Singapore that can automate accounting processes within your company. This accounting system software can connect business owners with their numbers, banks, and advisors anytime.
Features owned by Xero range from paying bills, claiming expenses, bank connections, and managing contacts, to tracking projects. Xero has various features that third parties can use. For example, invoices linked directly to the Infocomm Media Development Authority of Singapore and IRAS tax calculations.
Features:
- Bank reconciliation
- Online invoicing
- Expense claims
- Payroll
| Pros | Cons |
| ✓ Includes some new options for generating reports.
✓ Now includes capabilities for handling the latest tax forms. ✓ Provides comprehensive records for contacts. ✓ The mobile apps associated with this software are user-friendly and efficient. |
× The software does not support inventory assembly management.
× Time tracking is only possible when linked to specific projects. × Users may find the software’s interface and navigation confusing. × Personalized assistance is available only through email, lacking real-time interaction options. |
Find more accounting software as good as Xero by checking out our other articles about Xero alternatives.
3. Quickbooks Intuit
Quickbook is one of the best Singapore accounting software, developed by Intuit, that provides a system in the form of a desktop or cloud-based online. The features offered start from managing inventory, managing cash, and so on. One of their main features is a feature that can categorize each accounting activity so that they can easily search for transactions.
Features:
- Invoicing
- Expense tracking
- Payroll management
- Reporting
| Pros | Cons |
| ✓ Offers a wide range of reports that can be customized to meet specific needs.
✓ It includes features for project management, payroll, and the ability to integrate various add-ons. ✓ The mobile apps associated with the software are highly functional and user-friendly. |
× One of the downsides is that the software can be expensive to acquire and maintain. |
4. Sage Cloud Accounting Software
The journey of establishing Sage software began in 1981. To date, more than 20 countries have become customers. Sage provides an accounting system for small and medium-sized business companies in Singapore.
Unlike other online accounting software providers, Sage provides two different features between the accounting process and employee payroll, so it can be more focused. In addition, the Sage interface is also user-friendly, so it is suitable for businesses.
Features:
- Stock and inventory management
- Project tracking
- Bank integration
- Online invoicing
| Pros | Cons |
| ✓ Offers detailed forms for managing records and transactions.
✓ Includes advanced features for handling inventory effectively. ✓ Provides a wide array of reporting options. ✓ Seamlessly connects with Microsoft 365, enhancing productivity and collaboration. |
× The software is only compatible with Windows operating systems.
× It requires significant system resources to run efficiently. × Some aspects of the user interface appear old-fashioned. × Does not offer a mobile app for on-the-go access and management. |
5. Wave Accounting System Software
Source: waveapps.com
Wave is an accounting software Singapore that provides financial management solutions. It offers a range of features, including invoicing, accounting, payroll, and receipt scanning, and also all accessible from a user-friendly dashboard.
Features:
- Personal Finance
- Expense tracking
- Receipt scanning
| Pros | Cons |
| ✓ The majority of its features are available for free.
✓ The software offers a well-designed and useful dashboard. ✓ It provides a smart selection of features that cater to the needs of very small businesses. ✓ It excels in managing invoices and transactions effectively. |
× There is an extra cost associated with scanning and uploading receipts.
× The software lacks a variety of pre-designed record templates. × Customization options for invoices could be more robust. × It does not include a dedicated feature for tracking time. |
6. SAP Business One
SAP software is an accounting system software company designed for enterprise business. It offers comprehensive features to help businesses manage their financial operations, including invoicing, accounting, expense management, and payroll processing.
SAP also offers a range of integrations with other software applications, such as payment and e-commerce platforms, making it easy to connect with other tools used by the business.
Features:
- Financial accounting
- Inventory management
- CRM integration
- Multi-location support
| Pros | Cons |
| ✓ The software has complex features.
✓ Offers a useful Overview page that provides key insights. ✓ The navigation is straightforward and easy to use. ✓ Features an attractive and intuitive user interface. |
× The software is very expensive.
× Some aspects of the software may refer to advanced accounting concepts. × The contact and product records have minimal fields for customization. |
7. Oracle NetSuite
Oracle NetSuite software is an accounting system that offers a range of features to help businesses manage their finances, including bank feeds that automatically import transactions from bank accounts, credit cards, and PayPal accounts. The accounting system software also provides tools for managing sales, purchasing, and inventory and allows businesses to generate professional-looking invoices and quotes.
Features:
- E-commerce integration
- Scalability
- CRM integration
- Financial management
| Pros | Cons |
| ✓ Oracle NetSuite ERP offers features that can be tailored to specific business needs and can grow with the company.
✓ It has a robust business intelligence system that provides valuable insights and analytics. ✓ The software is effective in managing workflows and human resources. |
× Oracle NetSuite ERP can be expensive, and there may be additional costs for add-ons and customization.
× The quality of customer support provided may not always meet expectations. × The system may not be easily accessible or cost-effective for smaller businesses. |
8. FreshBooks Accounting Software
FreshBooks is a small business accounting system in Singapore, that provides invoicing, accounting, expense management, and also time-tracking features. Coupled with its user-friendly interface and comprehensive range of features, businesses can easily manage their financial operations, generate professional-looking invoices and estimates, track expenses and time, and reconcile bank accounts.
Features:
- Time tracking
- Client portal
- Project management
- Invoicing
| Pros | Cons |
| ✓ It provides context-sensitive settings that enhance usability.
✓ Includes some unconventional yet valuable features, such as retainers. ✓ The mobile apps associated with the software are well-designed and functional. |
× There are extra expenses associated with adding team members to the platform.
× The dashboard could be enhanced for a more comprehensive overview. × The software’s capabilities for tracking inventory are not particularly strong. |
9. Zoho Books
Zoho Books is one of the best accounting software Singapore designed for small businesses. The software provides capabilities for tracking billable hours, generating professional-looking invoices, reconciling bank accounts, managing inventory, and generating financial reports. With its user-friendly interface and integration with other Zoho apps as a result, businesses can easily manage their financial operations and streamline workflows.
Features:
- Inventory management
- Bank reconciliation
- Collaboration
- Expense tracking
| Pros | Cons |
| ✓ Provides various types of sales and purchase forms, enhancing flexibility.
✓ Features a quick and user-friendly interface with smooth navigation. ✓ The mobile apps associated with the software are highly functional and well-designed. |
× It may be too complex for smaller businesses that do not require all its advanced features.
× Time tracking is only possible when linked to specific projects. × The software does not support inventory assembly management. × There is an additional cost for converting uploaded documents into transactions. |
10. Trulysmall Accounting Software
Trulysmall is a free and open-source accounting system software solution that is designed to meet the needs of small to medium-sized businesses. Its range of features includes accounting, invoicing, inventory management, and point-of-sale capabilities.
With Trulysmall, businesses can easily manage their financial operations, generate professional-looking invoices, keep track of inventory levels, manage customer and supplier accounts, also reconcile bank accounts.
Features:
- Digital payments
- Automatic posting
- Multi-currency
- Invoicing
| Pros | Cons |
| ✓ The software offers an exceptional and user-friendly interface.
✓ It does not require users to have prior accounting knowledge. ✓ Features well-designed and functional mobile apps. ✓ Capable of handling sales tax, payment processing, and generating statements. |
× The software can be expensive to purchase and maintain.
× It does not provide the functionality to maintain records of products or services. × Users are unable to save invoices in PDF format. × There are only a few available report options. |
11. KashFlow
KashFlow is a cloud-based accounting software Singapore designed specifically for small businesses and freelancers in the UK. It offers a straightforward and user-friendly interface to manage financial transactions and streamline accounting processes.
The system is tailored to comply with UK tax laws and integrates seamlessly with HMRC, making it ideal for handling VAT, payroll, and other tax-related matters. KashFlow’s focus on automation and real-time data access helps users save time and reduce errors in financial management.
Features:
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- Online invoicing
- Reporting
- Payroll
- All-in-one account
| Pros | Cons |
| ✓ Efficiently handles VAT and other tax-related processes.
✓ Integrates well with other business software and banking systems. ✓ Accessible from anywhere, facilitating remote work. ✓ Offers flexibility in invoice design and branding. |
× Primarily focused on the UK market, less suitable for international accounting standards.
× Not ideal for businesses with complex inventory needs. × Some users may find the reporting features less flexible. × May be slightly expensive for very small businesses or sole proprietors. × Some features might require time to learn and master. |
12. MYOB Accounting Software
MYOB software is a comprehensive Singapore accounting system software that offers various features and functionalities. This software is known for its ease of use and efficient handling of accounting tasks. However, the requirement for manual data entry and some user experience issues, especially for beginners, are notable drawbacks.
Features:
- Cashflow management
- Bank integration
- Track income and expense
| Pros | Cons |
| ✓ Offers a wide range of features covering various aspects of accounting.
✓ Available anywhere, anytime, facilitating remote access and collaboration. ✓ Automates many manual tasks, minimizing errors and saving time. ✓ Supports integration with other business software like FreshBooks, MailChimp, and Salesforce. |
× Some accounting data still needs to be entered manually, which can lead to errors.
× It can be challenging for novices without training in the software. × Users have reported slowdowns, especially around the end of the financial year. × Challenges in invoicing and dealing with multiple currencies. × Some users have found customer support to be lacking, particularly in terms of responsiveness and resolving issues. |
13. Lightspeed
Lightspeed is accounting software designed to cater to the needs of both retail and restaurant businesses. Its set of features includes point-of-sale (POS) capabilities, inventory management, customer relationship management, and e-commerce integration. The software supports various integrations, allowing for a seamless workflow and improved data accuracy.
Features:
- Billing management
- Cash management
- Online payments
| Pros | Cons |
| ✓ Offers an extensive range of features that cater to both retail and restaurant businesses.
✓ The software is cloud-based, which is ideal for businesses with multiple locations or those that need remote access. ✓ Integration capabilities with other platforms, like QuickBooks and Xero. ✓ The software is regularly updated to ensure compliance with the latest financial regulations and security standards. |
× The cost can be a barrier for small businesses or startups due to its higher pricing compared to some competitors.
× Its extensive features can sometimes be overwhelming for smaller businesses or those without the need for complex systems. × Some users have reported that customer support can be slow, which might be a concern for businesses needing immediate assistance. × May require initial training to fully utilize all its features, which could add to the implementation time for some businesses. |
14. Aspire Accounting Software
Aspire offers an all-in-one financial platform tailored for growing businesses, featuring integrated solutions for expense management, global payments, and financial reporting. Its user-friendly interface provides seamless integration with major accounting software. However, potential drawbacks include its focus on more comprehensive business financial needs, which might be more than what smaller businesses require.
Features:
- Multiple currencies
- Remote access
- Online transaction
| Pros | Cons |
| ✓ Offers an all-in-one financial solution that integrates expense management, global payments, and financial reporting.
✓ Features a user-friendly interface that facilitates easy integration with major accounting platforms. ✓ Supports businesses with international operations through its multi-currency transaction capabilities. ✓ Provides seamless financial operations across borders, enhancing business scalability. |
× May be more complex than necessary for smaller businesses with basic financial management needs.
× The comprehensive feature set could lead to a steep learning curve for some users. × Relies on internet connectivity, which could impact access to financial functions during outages. × Primarily focused on growing businesses, which may exclude very small startups or sole proprietors looking for simpler solutions. |
15. ZipBooks
ZipBooks is accounting software that simplifies financial management for small businesses. It offers features such as simple bookkeeping, automated expense tracking, and intelligent reporting. However, some users may find its features too basic for complex accounting needs.
Features:
- Invoicing and billing
- Time tracking
- Mobile accounting
| Pros | Cons |
| ✓ Offers a free version that includes basic accounting features, making it accessible for startups and small businesses.
✓ Features a user-friendly interface that simplifies invoicing and financial tracking. ✓ Provides intelligent reporting tools that help businesses understand their financial health in real-time. ✓ Supports integration with other business tools, enhancing its functionality and adaptability. |
× The free version might be too basic for businesses with more complex accounting needs.
× Limited customer support options, which may impact resolution times for issues. × Lacks some advanced features found in more comprehensive accounting packages. × Relies heavily on internet connectivity. |
16. Financio Accounting System
Financio is a comprehensive cloud accounting software for businesses in Singapore. It simplifies accounting tasks with features like automated bookkeeping, e-invoicing, and multi-user collaboration. Designed for ease of use, it also offers a multilingual interface and responsive support.
Features:
- Billing and invoicing
- Reporting
- Multi-branch connectivity
| Pros | Cons |
| ✓ Designed specifically for small businesses, offering easy-to-use features for bookkeeping and financial management.
✓ Provides automated functions like invoicing and reconciliation, saving time and reducing manual errors. ✓ Offers cloud-based access, enabling financial management from anywhere with internet connectivity. |
× May lack the advanced features required by larger businesses with more complex financial needs.
× Customer support options might be limited, impacting users needing quick assistance. × Dependent on a stable internet connection for optimal functionality, which can be a constraint in areas with poor connectivity. |
17. SmartCursors
SmartCursors offers a cloud accounting software in Singapore, designed to provide comprehensive financial management for businesses. The platform includes features such as automated bookkeeping, real-time financial reporting, and budget management, which help streamline the accounting processes.
Features:
- Multiple entities
- Customer and vendor management
- Cash flow management
| Pros | Cons |
| ✓ Provides a comprehensive suite of features that support both basic and advanced accounting needs, making it versatile for various business sizes.
✓ Offers robust data security measures, ensuring that financial information is protected against unauthorized access. ✓ Facilitates easy collaboration across teams with its cloud-based platform, enhancing workflow efficiency. |
× The interface may present a learning curve for users unfamiliar with comprehensive accounting systems.
× While versatile, the feature-rich platform could be more than what is necessary for very small businesses. × Relies on continuous internet connectivity, which could be a limitation in areas with unstable internet services. |
18. Highnix Accounting Software
Highnix offers a robust ERP system with integrated accounting software features tailored for SMEs. It supports multi-currency transactions and complies with stringent regulatory standards, including Singapore’s IRAS E-tax guidelines. Highnix is designed to be scalable, with functionalities that cater to both simple and complex accounting needs.
Features:
- Integration with 3rd party’s app
- Billing and invoicing
- Authentication and data backup
| Pros | Cons |
| ✓ Tailored for SMEs, it offers scalable features that can grow with a business.
✓ Ensures compliance with local regulations, including Singapore’s IRAS E-tax guidelines, which is crucial for legal financial reporting. ✓ Integrates seamlessly with other ERP components provided by Highnix, creating a unified business management system. |
× May be complex for businesses only needing basic accounting functions.
× The initial setup and customization can be time-consuming. × Dependence on internet connectivity could pose problems in areas with unreliable internet service. |
Types of Accounting Software in Singapore
When exploring accounting software in Singapore, businesses can choose from cloud-based, desktop, and hybrid options, each offering distinct deployment and features tailored to various needs. Below are the explanations of each type of accounting software in more detail:
- Cloud accounting software in Singapore is increasingly popular for its flexibility and accessibility. It allows financial management from anywhere via the internet, boasting features like scalability, robust data security, and seamless integration with other cloud applications.
- Desktop accounting software, installed locally, provides robust functionality and secure data storage, with the added benefit of offline access. However, it requires regular updates and may lack the collaborative ease of cloud solutions.
- Hybrid accounting systems combine the advantages of both, offering offline access with the flexibility of cloud features. This type is ideal for businesses needing stringent data control, along with remote accessibility.
Each type aims to be the best accounting software in Singapore by addressing specific business requirements, which ensures that companies find the perfect fit to streamline their financial processes.
How Accounting System Works
An accounting system consists of processes and tools used to manage and track financial transactions within a business. The primary goal is to provide accurate and timely financial information to help business owners and managers make informed decisions. Essentially, here’s how an accounting system works:
Recording transactions
The first step is to record financial transactions, including sales, purchases, expenses, and other financial activities. Transactions are typically recorded using accounting software, enabling easy tracking and organization of financial data.
1. Classifying transactions
Once transactions are recorded, they need to be classified into different categories such as revenue, expenses, assets, liabilities, and equity. This helps to provide an accurate picture of the company’s financial position.
2. Posting transactions
Once recorded, transactions are classified into categories such as revenue, expenses, assets, liabilities, and equity. This classification provides an accurate picture of the company’s financial position.
3. Creating financial statement
Using the data in the general ledger, financial statements such as the balance sheet, income statement, and cash flow statement are generated. These statements summarize the company’s financial position and performance.
4. Analyzing financial data
Business owners and managers can analyze financial statements to evaluate the company’s performance and identify areas for improvement. This analysis may include comparing results to industry benchmarks, identifying trends, and analyzing cash flow.
5. Managing cash flow
An essential part of any accounting system is managing cash flow. This involves monitoring cash inflows and outflows to ensure the company has sufficient cash to meet its financial obligations.
Conclusion
Bookkeeping or accounting software has become essential for companies because this crucial function cannot be performed poorly. In particular, the benefits of accounting software in Singapore include financial control, cost savings, data accuracy, time efficiency, and real-time automatic calculations. Therefore, when choosing accounting software for your accounting activities, you must select one that suits your company’s needs.
One of the best accounting software in Singapore is the Accounting System from HashMicro which offers features that can integrate accounting activities with other activities, like purchasing and CRM in sales.
With HashMicro’s accounting software, the display of data becomes more accurate and can be monitored in real-time. In addition, this accounting software can be customized according to your company’s needs so that the benefits you get are more optimal.
So, what are you waiting for? Learn more by clicking the image below or schedule a free demo now to experience the transformational power it brings to your operations!
Frequently Asked Questions About Accounting Software
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What small business accounting software can do?
A reliable small business accounting software can quickly provide crucial information. First, it handles generating invoices and syncing bank and credit card accounts. Additionally, it manages accounts payable and receivable, collects online payments, and generates financial statements. Finally, it allows access for accountants or tax professionals.
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Which accounting software is the simplest to operate?
Hashmicro accounting software is one of the easiest to use. Software from Hashmicro can be designed according to customer needs which can be integrated with inventory management, CRM, and purchasing systems to provide accurate data.
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Is small business accounting feasible to implement?
Using it can be a great way to save both time and money. Automating tasks like invoicing, payment tracking, and report preparation, can take care of many of the boring and repetitive aspects of bookkeeping. This means that you’ll have more time to concentrate on managing your business. Additionally, accounting software can help ensure that your books are compliant with regulations.
