20 Best Accounting Software Tools for Businesses in Singapore

January 6, 2021

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.

What Does an Accounting Software Do? 

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. 

Why Should You Get an Accounting Software For Your Small Business? 

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: 

Invoicing and Billing 

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. 

Expense Tracking 

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. 

Online Payments 

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. 

Tax Compliance 

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. 

Snapshot Reports 

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. 

Benefits of Accounting Software 

If you’re still not convinced as to why your business should get accounting software, here are four big benefits you should focus on: 

  1. Accounting software can save your business a ton of time. New Zealand accounting software provider Xero conducted a study that found cloud-based accounting software can save up to 3 hours a day. This time can be used for other productive activities. 
  2. The best accounting software provides real-time data. This means you don’t have to dig through thousands of invoices to find crucial information when you need it. 
  3. Encryption in accounting software ensures that your business’s financial details are secure. You don’t have to worry about fraudsters getting a hold of your bills. 
  4. Some of the best accounting software in Singapore allow integration with other systems, such as payroll and CRM, making your whole financial process simpler. 

Types of Accounting Software in Singapore

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 software

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. 

Enterprise Resource Planning Software (ERP)

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. 

Custom Accounting Software

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. 

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

There are hundreds of companies in Singapore that offer amazing accounting software. Here’s a list of them.

Best Paid Accounting Software 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.


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. 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.

7. 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.

8. 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.

9. 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.

10. 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.

11. 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.

12. 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.

13. 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.  

14. 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.

15. 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.

Best Free Accounting Software in Singapore

16. 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.

17. 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.

18. Sunrise by Lendio

Frequently Asked Questions

What is cloud-based accounting software? 

Cloud-based accounting software does everything that traditional software does. Only the information is hosted on the cloud or on remote servers.

Is cloud-based accounting safe? 

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.

How much does accounting software cost? 

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.

Does accounting software increase productivity? 

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.

What are the benefits of using accounting software? 

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.

Which is the most popular accounting software in Singapore? 

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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