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.
Most people assume that accounting software helps manage the day-to-day financial transactions of a business, including recording receipts and payments, managing accounts receivables and payables, expense management and other financial activities. But there’s more to accounting software than that.
Did you know that accounting software can be used to populate your general ledger real-time? It helps track assets, liabilities, revenues and expenses, thereby making it easier to draw up your quarterly or year-end books of accounts. Additionally, accounting software can help CFOs, treasurers and controllers analyze the financial position of their company in a jiffy.
Even for a startup or a small business, accounting software can help manage finances better, thereby contributing to better business management and, consequently, higher bottom lines.
Equipping your business with accounting software has numerous advantages. It automates your accounting process and removes many hassles of manual accounting. Whether you choose to get a free accounting software in Singapore or pay for the service, investing in this for your small business can be very beneficial. Here’s how the best accounting software in Singapore can help:
Manual invoicing and billing can be tedious, time-consuming and prone to errors. Given that it is an extremely essential part of your business, getting software that helps with this can smoothen the process. Accounting software allows you to create templates for recurring bills, add payment terms, set up reminders, automate mundane aspects like calculations, etc. You can also keep track of your pending invoices and due dates.
As a small business, keeping an eye on your expenses can do wonders for your bottom line. With good accounting software, you can tabulate your expenses, categorize them and organize them effectively to manage your cash flows.
In a digital world, everything has gone online. With online invoicing comes the advantage of online payments. You can integrate your invoice and billing with payment features so that you can settle your dues immediately on a single portal instead of going to another one. Online payment integration with your accounting software is also great for those who have to pay you because it makes the process simpler.
A good accounting software can also help you stay on top of your taxes, thereby avoiding legal consequences. The best accounting software in Singapore can help you meet local tax requirements and make the whole process easy.
Generating reports of your expenses and payments is an important step to understanding how your business is functioning. Doing this on a spreadsheet can be complicated and time-consuming. Using the software, you can generate reports within minutes, helping you save money and effort.
If you’re still not convinced as to why your business should get accounting software, here are four big benefits you should focus on:
The market is full of innovations. That makes room for options in all products. There are different kinds of accounting software in Singapore that you can choose from. Each of these has its own features. You can choose one that best fits your requirements. Here are the types of accounting software in Singapore:
The most common type of accounting software is the age-old spreadsheet. Small businesses often use a spreadsheet to track accounts because it is basic and inexpensive. However, if you have a large number of financial transactions, using a spreadsheet can become confusing. It also makes room for a lot of errors.
Commercial off-the-shelf accounting software is perhaps the most common among businesses in Singapore. It can be configured according to individual business needs. Plus, it has multiple layers of error detection, which reduces mistakes. It also helps generate accurate reports. However, commercial off-the-shelf software installations can be lengthy and complicated.
ERP software is the most efficient accounting software that one can choose. It can help integrate financial information from various departments into a single place. It is also accurate, fast and super easy to use. However, it is often quite expensive, making it suitable for large organizations.
For those who do not find commercially-available software or ERP software suitable for their business, custom accounting software is always available. They are made to suit the specific needs of your business. However, they are prone to bugs and may require regular maintenance.
There are hundreds of companies in Singapore that offer amazing accounting software. Here’s a list of them.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Pros: Sunrise is lauded as one of the most easy-to-use free accounting software in the market. With bank account and Zapier integration, allow 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 software that offers more robust features like team collaboration and project tracking.
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, consider upgrading to their Smarter account for US$15 a month.
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.
Understanding what you want your accounting software to do is the first step to making a decision. Do you want basic software that records expenses and receipts to generate cash flows, or do you want something more advanced that can integrate with your payroll? Define the parameters for your ideal software.
The best accounting software is the one you know how to use. You don’t want complicated software that you or your employees struggle with. This can lead to more time wasted and higher errors than intended.
Cost is an important factor when choosing accounting software. If it is way out of your budget, it won't make sense even if it is the best. Also, look out for how you are charged and what additional costs you may have to incur for different features.
You want to choose software that has top-notch support services. In case your software breaks down, or you don’t understand some part of it, the team should be willing to help you out.
Always look for accounting software in Singapore that is compliant with the requirements of the Inland Revenue Authority of Singapore. If you are a GST-registered entity, look for software that can produce GST-compliant invoices. As a larger corporation, you may want to scout for accounting software that can create invoices that are corporate tax compliant.
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.
Cloud-based accounting software does everything that traditional software does. Only the information is hosted on the cloud or on remote servers.
No system is 100% foolproof, but cloud-based accounting software is safer than traditional methods. Data is encrypted and protected by the best security services.
The cost of accounting software varies from one provider to another. Aspire’s plans start from S$12/month. You can also choose providers who offer their software for free.
Accounting software allows you to automate many processes, thereby saving time. You can also reduce the number of errors you make, helping you save even more time. This can be used to do more productive activities.
The key benefits of accounting software include improved accuracy of financials, reduction of human error, improved communication among several departments, centralised database, integration, and better tax compliance.
Among all software in the market, Xero is often preferred by most companies in Singapore. Xero has numerous advantages over its competitors, including higher accuracy, security, integration, speed and quick calculations for IRAS tax submissions.
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 using the best accounting software in Singapore.
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