20 Best Accounting Software Tools for Businesses in Singapore (2022 Edition)

By
Writers@Aspire
Published
January 6, 2021


Keeping an eye on financial transactions can be taxing, especially if your small business is expanding quickly. That’s why many small business owners prefer to automate their accounts in Singapore.

Accounting services for small businesses takes away the hassle of settling your accounts manually. Many automated accounting systems on the market use cloud technology to help small businesses like yours cut down on the time taken to settle your books.

Automated accounting software does this by giving you a space to monitor expenses, transactions, and invoices all in one spot. This also helps to reduce the chance of calculation errors that are common with manually accounting processes.

Looking for the best accounting services for small businesses? We’ve done the research for you.

Check out the 20 best account software tools available in Singapore:


1. Xero

Xero best account software tools in Singapore
Price: From US$10 monthly


Pros: One of the most popular accounting softwares on the market, Xero is well-designed and easy to use for business owners new to accounting. Xero integrations are also one of the most compatible programmes with other systems, which makes it easy to integrate with other finance tracking softwares you might be using for your business. On top of that, it also includes automatic tax calculations linked to IRAS regulations.


Cons: There have been quite a few complaints about Xero’s inconsistent customer service. Some customers have also experienced difficulty with bank integration.

💡 Tips: Did you know that Aspire is Xero’s first business payment services partner in SEA? Through this integration, founders can get access to smart features like hourly data syncs to auto-spend categorisation.

2. MYOB/ABSS


abss / myob best account software tools in Singapore
Price: From S$849


Pros: Formally known as MYOB, ABSS is one of the more familiar automated accounting systems amongst business owners in the region. It offers a pretty robust inventory tracking system, along with an automated processing of your sales and purchases, report generation, and customisable invoices.


Cons: ABSS starts off at one user for ABSS accounting, with up to a maximum of 15 users for ABSS Premier. However, they don't have a mobile app at the moment, which can be pretty tricky if you’re a business owner that’s constantly on the go.


3. SmartCursors


smartcursors best account software tools in Singapore
Price: From S$20


Pros: This accounting software is a multi-currency and multi-entity integrated platform, which means all your currency gains and losses will be automatically tracked in your dashboard. It’ll also be able to handle the accounting of multiple entities, allowing cross-billing, receipts and funds transfers.


Cons: It’s very easily integrated with other SmartCursor applications, but might face a few difficulties when matched with software outside of the brand.


4. Sage Business Cloud Accounting


sage business cloud best account software tools in Singapore
Price: From S$11.50 monthly


Pros: Sage’s Business Cloud Accounting system allows business owners to forecast their cash flow on a comprehensive dashboard. Identify where you could save and spend on, and make clever business decisions with Sage. You’ll also be able to send and track invoices sent out, which makes tracking payments way easier.


Cons: Take note that Sage’s software does not come with payroll features, which can be a dealbreaker for founders looking for a well-rounded accounting software.


5. Tally Accounting Software


tally best account software tools in Singapore
Price: From S$210


Pros: Tally is an enterprise resource planning (ERP) software that enables organisations to generate GST invoices, manage inventories and conduct multi-currency accounting flows. Apart from all accounting matters, they also offer related solutions including design, development, consultancy, implementation, and training.

Cons: The interface of Tally is a little outdated in comparison to newer software, which might lead to it being less intuitive for users.


6. GnuCash


gnucash best accounting software tools in Singapore
Price: Free


Pros: As an open-source application, GnuCash’s free-to use interface is definitely a draw for many business owners. It’s easy to navigate interface makes it fuss-free when you’re managing transaction reports.


Cons: Being a downloadable programme online means GnuCash is a little short on the support front. It’s also a little difficult to integrate and import data from other apps, which might be a consideration for some users.


7. Oracle NetSuite Cloud ERP


oracle:  best accounting software tools in Singapore
Price: Not stated on the website


Pros: Oracle NetSuite is another ERP used by companies to manage inventory, maintain CRM systems and monitor transactions. It remains one of the trusted players in the field because of its scalability. Its tools for billing, revenue, and accounting management are versatile and forward-looking.


Cons: It’s a pretty comprehensive set of tools, so it might be quite overwhelming for small business owners who have no background in accounting. The tools are also very much tailored to rapidly expanding businesses, which might not suit the needs of small businesses who are just starting out in their respective fields.


8. Freshbooks


freshbooks  best accounting software tools in Singapore
Price: From S$6 monthly


Pros: FreshBooks features organised and insightful business reports in a digestible dashboard that also handles automatic tax calculations. With the ability to handle large billing volumes, this is ideal for founders who are always managing an influx of transactions in a day.


Cons: Currently, it doesn't offer inventory management or a payroll service. Mobile app features are also pretty limited, so you might have to migrate accounting systems once your business expands.


9. Quickbooks


quickbooks best accounting software tools in Singapore
Price: From S$11 monthly


Pros: With invoicing templates to help you create your own personalised invoices and sales receipts, QuickBooks really does live up to its name. Photograph and save receipts on the go with the Quickbooks mobile app and get instant insights through automated financial reports. To top it all off, you can sync QuickBooks integrations directly with your business account!


Cons: Customer service has been said to be a little slow. On top of that, the learning curve for QuickBooks might not be as friendly as other accounting softwares in the market.

💡 Tips: With Aspire's integration with QuickBooks, business owners can now manage their invoicing, expense tracking, and many more—all in one place.

10. Highnix


highnix  best accounting software tools in Singapore
Price: Not stated on the website


Pros: Highnix offers five different ERP configurations to choose from. All configurations come with inventory management, analytics report generation, language on demand services, and tax reports. Features such as concurrent user limits expand are also available, depending on which configuration your business opts for.


Cons: As an ERP system, Highnix does not have a mobile application, which might be a problem if you’d like to have real-time updates on your financial accounts.



11. Wave


wave  best accounting software tools in Singapore
Price: Free


Pros: Apart from the fact that Wave is completely free to use, it also comes with a host of other benefits. This includes a double-entry system, unlimited income and expense tracking, unlimited collaborators on the account and invoicing in any currency. With its user-friendly and intuitive interface, accounting services for small businesses just like Wave allows founders to navigate their expenses with greater ease.


Cons: Wave has yet to integrate a payroll feature into its mix of features and has limited third party app collaborations.


12. Financio


financio: best accounting software tools in Singapore
Price: S$9.95 monthly


Pros: Easily accessible from any device, Financio is a perfect choice for business owners constantly on the go. Its easy set-up also makes it great for business owners with no accounting knowledge. Apart from its accounting automation feature, the software is also well-loved for its collaboration feature, multilingual interface, and e-invoicing capabilities


Cons: Financio currently has not implemented a bank integration feature, which might be a deal-breaker for some business owners.


13. Autocount


autocount  best accounting software tools in Singapore
Price: Contact for more information


Pros: Autocount features include payroll modules, inventory and accounting. It also has an integrated Point of Sale (POS) system for both retail and F&B operations that comes with real-time data synchronisation.


Cons: Unfortunately, Autocount is unable to generate customisable reports.


14. Zoho Books


zohobooks best accounting software tools in Singapore
Price: From US$9 monthly


Pros: Zoho Books has an extremely user-friendly interface that makes for easy navigation. With its role-based access feature, you can add your colleagues and accountants in your account for ease of management. Other useful features for founders include time tracking, bank integration, report generation and inventory tracking.


Cons: Although Zoho Books does have over 50 report templates, they have limitations on creating advanced financial reports.


15. Kashoo


kashoo: best accounting software tools for businesses in Singapore
Price: From US$16.65 monthly


Pros: Regardless of whether you just need to send out a simple invoice or need double-entry accounting software, Kashoo can meet your needs as a business owner. It comes with OCR receipt matching, bulk edit options, and bank integrations to make your accounting process ultra-easy.


Cons: Kashoo currently does not have an android app, and lacks inventory and time tracking features.  


16. Kashflow


kashflow best accounting software tools for businesses in Singapore
Price: From US$10.20 monthly


Pros: Easily understandable reports, invoicing systems, bank integration and payroll management? KashFlow has it all. Manage all your accounting needs through KashFlow’s app dashboard, which features real-time updates.


Cons: Unfortunately, this software lacks inventory management or CRM system, which might make it a little difficult for e-commerce sites with high sales volumes.


17. Sunrise by Lendio


sunrise by lendio  best accounting software tools for businesses in Singapore
Price: Free


Pros: Sunrise is lauded as one of the most easy to use free accounting softwares in the market. With bank account and Zapier integration, allowing your workflows to be automatically streamlined across productivity apps such as Gmail, Dropbox, and more.


Cons: If you’re an SME that’s growing rapidly, you might want to choose a software that offers more robust features like team collaboration and project tracking.


18. Zipbooks


zipbooks best accounting software tools for businesses in Singapore
Price: Free (Starter Account)


Pros: The ZipBooks Starter Account allows unlimited invoices, digital payments via Square and PayPal, and the creation of basic financial reports.


Cons: The Starter Account only allows for the connection of one bank account, and doesn’t have a robust set of features. If you’re looking for something more comprehensive, considering upgrading to their Smarter account for US$15 a month.


19. Pandle


pandle best accounting software tools for businesses in Singapore
Price: Free


Pros: Automate your day to day bookkeeping processes with Pandle. Simply import your bank transactions and card statements before categorising your business spend. Apart from that, Pandle also allows you to insert payment links on customer invoices to get paid even quicker than usual.


Cons: Pandle's free account doesn't include inventory management, receipt uploads, or project management under its feature list. However, interested business owners can upgrade to Pandle Pro for US$7 a month, which offers access to a more extensive list of features.


20. Aspire


aspire best accounting software tools for businesses in Singapore
Price: Explore our plans here


Pros: Fully integrated with Xero, get real-time updates on your business spend with Aspire. With the Aspire Business Account automatically linked to Xero, it makes accounting for your business a walk in the park. You’ll also be able to give your accountants access to business accounts, streamlining bookkeeping processes.


Cons: Currently there isn’t inventory management within the app, although these features can be expected with new updates.


Focus on what’s important for your business

You’ll definitely be juggling a lot of things as a small business owner. That’s why enlisting the help of an accounting software tool can really help to free up time for the essentials—growing your business.


When choosing the best accounting software for your business, do take into account things like scalability, cost, and ease of use. Doing so can help save time and cost in the long-run.

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