18 Best Accounting Software for Singaporean Businesses (2024)

This article will provide insights on selecting the best 18 accounting software in Singapore in 2024 to help your business maintain financial integrity and comply with the financial reporting standards (SFRS).

Are you struggling with manual financial management? From juggling endless spreadsheets to grappling with data entry errors, relying on outdated methods can drain your time and resources.

Accounting software emerged as a modern tool that offers real-time financial insights, which aids in better decision-making and resource allocation.

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 the software that aligns with your business’s needs.

Key Takeaways Accounting system software offers efficient financial control, improved accuracy, and automatic calculations, enabling real-time transaction reporting. Businesses can choose from different types of accounting software, each offering distinct deployment and features tailored to various needs. Choosing the right Singapore accounting software is crucial for efficient financial management. HashMicro Accounting Software offers features that can integrate accounting activities with other systems, like purchasing and CRM in sales. Click Here to Get the Free Demo!

Why do Businesses Need Accounting Software?

Accounting software is a system that monitors business revenue and expenditures while organizing financial data. It automates accounting tasks such as ledger management, invoicing, and financial reporting.

Additionally, Singapore accounting software offers significant benefits for businesses, including but not limited to:

• Accurate financial recording and tracking

Accounting system software 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

Singapore accounting software includes 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 software in Singapore caters 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, which are essential for decision-making, tax compliance, and financial analysis and ensure adherence to Singapore’s financial reporting standards.

18 Best Accounting Software in Singapore for 2024

Choosing the right Singapore accounting software is crucial for efficient financial management. Below are the best 18 accounting system software in Singapore to help you choose the solution that meets your business needs.

1. HashMicro Best Accounting Software Singapore

HashMicro Accounting Software is a comprehensive tool for automating financial management tasks. It seamlessly integrates digital financial management, inventory management, CRM, and purchasing into a single platform.

To fully understand how the best accounting system software can optimize financial management, HashMicro offers a free product tour and consultation. This hands-on experience allows potential users to see the software’s features firsthand.

Why we chose this software:

We chose HashMicro software for its end-to-end ERP solutions that streamline business operations and enhance efficiency across various industries.

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, managing contacts, and tracking projects. Xero has various features that third parties can use.

Why we chose this software:

We chose Xero Accounting Software for its user-friendly features that simplify financial management and streamline bookkeeping processes for businesses of all sizes.

Features:

1. Bank reconciliation
2. Online invoicing
3. Expense claims
4. 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 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 in Singapore that is as good as Xero by checking out our other articles about Xero alternatives.

3. QuickBooks Intuit

QuickBooks is one of the best accounting software in Singapore developed by Intuit. It provides a system that is either desktop-based or cloud-based online. The features offered include managing inventory, managing cash, and so on.

One of their main features is a feature that categorizes each accounting activity so that users can easily search for transactions.

Why we chose this software:

We chose QuickBooks Intuit for its intuitive interface and powerful accounting tools that make financial management and bookkeeping easy for businesses of all sizes.

Features:

1. Invoicing
2. Expense tracking
3. Payroll management
4. Reporting

Pros	Cons
A wide range of reports can be customized to meet specific needs. It includes project management, payroll features, and the ability to integrate various add-ons. The mobile apps are highly functional and user-friendly.	QuickBooks can be expensive to acquire and maintain.

4. Sage Cloud

The journey of establishing Sage software began in 1981. To date, more than 20 countries have become customers. Sage provides an accounting system for business in Singapore.

Unlike other online accounting software Singapore providers, Sage provides two different features between the accounting process and employee payroll to be more focused. In addition, the Sage interface is also user-friendly, so it is suitable for businesses.

Why we chose this software:

We chose Sage Cloud for its robust features and cloud-based accessibility, enabling seamless financial management and real-time business collaboration.

Features:

1. Stock and inventory management
2. Project tracking
3. Bank integration
4. Online invoicing

Pros	Cons
Detailed forms for managing records and transactions. Advanced features for handling inventory effectively. Provides a wide array of reporting options. Seamlessly connects with Microsoft 365, enhancing productivity and collaboration.	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 

Wave is an accounting software Singapore that provides financial management solutions. It offers a range of features, including invoicing, accounting, payroll, and receipt scanning, all accessible from a user-friendly dashboard. 

Why we chose this software:

We chose Wave for its user-friendly platform that offers comprehensive financial management tools, perfect for businesses with simpler needs.

Features:

1. Personal Finance
2. Expense tracking
3. Receipt scanning

Pros	Cons
The majority of its features are available for free. Well-designed and useful dashboard. Intelligent selection of features that cater to the needs of businesses. It excels in managing invoices and transactions effectively.	The extra cost associated with scanning and uploading receipts. 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 Business One is a Singapore accounting 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 for businesses to connect with other tools.

Why we chose this software:

We chose SAP Business One for its integrated, scalable ERP solutions that provide comprehensive business management capabilities, which are ideal for growing enterprises.

Features:

1. Financial Accounting
2. Inventory management
3. CRM integration
4. Multi-location support

Pros	Cons
The software has complex features. Offers a useful Overview page that provides key insights. The navigation is straightforward to use. Features an attractive and intuitive user interface.	The software is costly. Some aspects of the software may refer to advanced accounting concepts. The contact and product records have minimal customization fields.

7. Oracle NetSuite

Oracle NetSuite is an accounting system that offers a range of features to help businesses manage their finances. These include bank feeds automatically importing transactions from bank accounts, credit cards, and PayPal accounts.

This Singapore accounting software also provides tools for managing sales, purchasing, and inventory and allows businesses to generate professional-looking invoices and quotes.

Why we chose this software:

We chose Oracle NetSuite for its robust cloud-based ERP solutions that offer extensive financial management and operational efficiency for businesses of all sizes.

Features:

1. E-commerce integration
2. Scalability
3. CRM integration
4. Financial management

Pros	Cons
Can be tailored to specific business needs. Robust business intelligence system that provides insights and analytics. Effective in managing workflows and human resources.	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 every business.

8. FreshBooks Accounting Software Singapore

FreshBooks is a business accounting software in Singapore that provides invoicing, accounting, expense management, and time-tracking features. With its user-friendly interface and comprehensive features, businesses can easily manage their financial operations, generate professional-looking invoices and estimates, track expenses and time, and reconcile bank accounts.

Why we chose this software:

We chose FreshBooks for its easy-to-use invoicing and accounting features, which streamline financial management and enhance productivity.

Features:

1. Time tracking
2. Client Portal
3. Project management
4. Invoicing

Pros	Cons
It provides context-sensitive settings that enhance usability. Includes some unconventional yet valuable features, such as retainers. The mobile apps are well-designed and functional.	Eextra 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 in Singapore designed for businesses. The software provides capabilities for tracking billable hours, generating professional-looking invoices, reconciling bank accounts, managing inventory, and generating financial reports.

Why we chose this software:

We chose Zoho Books for its accounting features and seamless integration capabilities. These provide businesses with efficient financial management and enhanced workflow automation.

Features:

1. Inventory management
2. Bank reconciliation
3. Collaboration
4. Expense tracking

Pros	Cons
Provides various types of sales and purchase forms. User-friendly interface with smooth navigation. The mobile apps are highly functional and well-designed.	It may be too complex for businesses that do not require advanced features. Time tracking is only possible when linked to specific projects. The software does not support inventory assembly management. Additional costs for converting uploaded documents into transactions.

10. Trulysmall Singapore Accounting System

Trulysmall is an open-source accounting system software solution designed for businesses. Its features include 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, and reconcile bank accounts.

Why we chose this software:

We chose TrulySmall for its simple and efficient accounting tools, making financial management straightforward and hassle-free.

Features:

1. Digital payments
2. Automatic posting
3. Multi-currency
4. Invoicing

Pros	Cons
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.	It 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 in Singapore designed specifically for UK businesses. It 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.

Why we chose this software:

We chose KashFlow for its intuitive, cloud-based accounting software that simplifies financial management and streamlines business bookkeeping.

Features:

1. Online invoicing
2. Reporting
3. Payroll
4. 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.	Focused on the UK market, it is less suitable for international accounting standards. Not ideal for businesses with complex inventory needs. Some users may find the reporting features less flexible. Some features might require time to learn and master.

12. MYOB Accounting Software

MYOB Accounting is a comprehensive Singapore accounting software with various features and functionalities. This software is known for its ease of use and efficient handling of accounting tasks.

Why we chose this software:

We chose MYOB Accounting for its powerful, user-friendly features that simplify financial management and support compliance.

Features:

1. Cashflow management
2. Bank integration
3. Track income and expense

Pros	Cons
Offers a wide range of features covering various aspects of accounting. Facilitating remote access and collaboration. Automates many manual tasks, minimizing errors and saving time. Supports integration with other business software.	Some accounting data still needs to be entered manually. 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.

13. Lightspeed

Lightspeed is one of the best accounting software in Singapore designed for retail and restaurant businesses. Its features include point-of-sale (POS) capabilities, inventory management, customer relationship management, and e-commerce integration.

Why we chose this software:

We chose Lightspeed for its integrated POS and accounting solutions, which enhance business operations and streamline financial management for the retail and hospitality industries.

Features:

1. Billing management
2. Cash management
3. Online payments

Pros	Cons
Extensive features for retail and restaurant businesses. Cloud-based accessibility. Integration capabilities with other platforms. Regularly updated to ensure compliance with the latest financial regulations and security standards.	The cost can be a barrier for businesses due to its high pricing. Its extensive features can sometimes be overwhelming for businesses without complex needs. Some users have reported that customer support can be slow. May require initial training to fully utilize all its features.

14. Aspire Accounting Software

Aspire offers an all-in-one financial platform tailored for growing businesses. It features integrated solutions for expense management, global payments, and financial reporting. Its user-friendly interface provides seamless integration with major Singapore accounting software.

Why we chose this software:

We chose Aspire for its innovative digital banking solutions, which simplify financial management and provide seamless integration with business accounting software in Singapore.

Features:

1. Multiple currencies
2. Remote access
3. Online transaction

Pros	Cons
User-friendly interface that facilitates easy integration with major accounting platforms. Supports multi-currency transactions. Provides seamless financial operations across borders, enhancing business scalability.	It may be more complex than necessary for businesses with basic financial management needs. The 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 startups looking for more straightforward solutions.

15. ZipBooks

ZipBooks is an accounting software in Singapore that simplifies financial management for 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.

Why we chose this software:

We chose ZipBooks for its smart, user-friendly Singapore accounting software that offers automated bookkeeping and detailed financial insights.

Features:

1. Invoicing and billing
2. Time tracking
3. Mobile accounting

Pros	Cons
Offers a free version with basic accounting features. User-friendly interface that simplifies invoicing and financial tracking. Reporting tools that help businesses understand their financial health in real-time. Supports integration with other business tools.	The free version might be too basic for businesses with more complex 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 system software for Singapore businesses. It simplifies accounting tasks with features like automated bookkeeping, e-invoicing, and multi-user collaboration. It is designed for ease of use and offers a multilingual interface and responsive support.

Why we chose this software:

We chose Financio for its straightforward, cloud-based accounting software that simplifies financial management.

Features:

1. Billing and invoicing
2. Reporting and analytics
3. Multi-branch connectivity

Pros	Cons
Offers easy-to-use features for bookkeeping and financial management. Provides automated functions like invoicing and reconciliation. Cloud-based access enables access from anywhere with internet connectivity.	Lacks advanced features required by 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.

17. SmartCursors

SmartCursors offers cloud accounting software in Singapore designed to provide businesses with comprehensive financial management. The platform includes automated bookkeeping, real-time financial reporting, and budget management, which help streamline accounting processes.

Why we chose this software:

We chose SmartCursors for its innovative accounting solutions, which offer seamless integration, real-time financial tracking, and automation, making them ideal for modern businesses.

Features:

1. Multiple entities
2. Customer and vendor management
3. Cash flow management

Pros	Cons
Provides a comprehensive suite of features supporting basic and advanced accounting needs. Robust data security measures ensure that financial information is protected against unauthorized access. Facilitates easy collaboration across teams with its cloud-based platform.	The interface may present a learning curve for users unfamiliar with comprehensive accounting systems. The feature-rich platform could be an overkill for businesses with simple needs. Relies on continuous internet connectivity.

18. Highnix Accounting System Software

Highnix offers a robust ERP system with integrated accounting software Singapore features. It supports multi-currency transactions and complies with stringent regulatory standards, including Singapore’s IRAS e-tax guidelines.

Why we chose this software:

We chose Highnix for its advanced, user-friendly accounting software in Singapore. This software provides comprehensive financial management and robust reporting tools tailored to businesses of all sizes.

Features:

1. Integration with third-party applications
2. Billing and invoicing
3. Authentication and data backup

Pros	Cons
It offers scalable features that can grow with a business. Ensures compliance with local regulations, which is crucial for legal financial reporting. Integrates seamlessly with other ERP components provided by Highnix.	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 system:

1. Cloud accounting systems in Singapore are increasingly popular for their flexibility and accessibility. They allow financial management from anywhere via the Internet and boast features like scalability, robust data security, and seamless integration with other cloud applications.
2. Desktop accounting systems, installed locally, provide robust functionality and secure data storage, with the added benefit of offline access. However, they require regular updates and may lack the collaborative ease of cloud solutions.
3. 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 and remote accessibility.

Each type aims to be the best accounting software in Singapore by addressing specific business requirements, ensuring companies find the perfect fit to streamline their financial processes.

How to Choose the Right Accounting Software

Selecting the ideal Singapore accounting software for your business can significantly impact your financial management and operational efficiency. To make the right choice, follow these key steps:

1. Identify your business needs

Consider factors like your business size, the complexity of your financial transactions, and any industry-specific needs. Understanding these aspects will help you narrow down the software options that align with your business goals.

2. Evaluate features and capabilities

Look for software that offers essential accounting features such as invoicing, expense tracking, payroll processing, and financial reporting. Advanced features like automation, tax compliance, and integration with other business tools can also be crucial for streamlining your accounting processes.

3. Consider ease of use

User-friendly software can save time and reduce errors. Choose a platform with an intuitive interface and clear navigation. This ensures that your team can quickly adapt to the software without extensive training.

4. Check for scalability

As your business grows, your accounting needs may evolve. Opt for software that can scale with your business, offering additional features and capabilities as required. This will prevent the need for frequent software changes and disruptions.

5. Assess customer support and training

Reliable customer support and training resources are vital. Ensure the software provider offers comprehensive support, including tutorials, documentation, and live assistance. This helps resolve issues promptly and maximize the software’s benefits.

6. Read reviews and compare pricing

Research user reviews to gauge the software’s performance and reliability. Compare the pricing models of different options to find a solution that offers the best value for your budget. Consider both upfront costs and any ongoing subscription fees.

Conclusion

Bookkeeping or accounting software in Singapore has become essential for companies because this crucial function cannot be performed poorly. Therefore, when choosing the software for your accounting activities, you must select one that suits your company’s needs.

HashMicro Accounting Software is one of the best accounting systems that offers features that seamlessly integrate accounting activities with other activities, like purchasing and CRM in sales.

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

• What is ERP accounting software?

  ERP (Enterprise Resource Planning) accounting software is a business management solution that integrates various functions into a unified system. Unlike standalone accounting software, ERP accounting software provides a holistic approach by combining financial management with other essential business processes.

• Which accounting software is the simplest to operate?

  HashMicro Accounting Software is one of the easiest to use with feature-rich systems. It can be customized to customer needs and integrated with inventory management, CRM, and purchasing systems to provide accurate data.

• What is the difference between accounting software and ERP?

  While accounting software and ERP systems are designed to improve business operations, they serve different purposes and offer distinct features. Understanding these differences can help businesses choose the right solution for their needs.