This article lists the best accounting software in the Philippines: HashMicro, QNE Software, Quickbooks, Xero, FreshBooks. Accounting system software automates financial tasks, ensures accurate record-keeping, and facilitates compliance with tax regulations.
Did you know that the Bureau of Internal Revenue (BIR) has mandated enterprises to use BIR CAS-ready systems for tax compliance and transparency? This is particularly important because receipts and invoices need to be classified and printed using BIR-approved systems.
Accounting software is important in the Philippines for streamlining financial tasks and ensuring companies adhere to the rules and regulations. Small enterprises are also highly encouraged to use online accounting software for improved accuracy and time savings.
So, if you plan to start or expand your business in the Philippines, use BIR CAS-ready accounting system software to make your work easier and comply with government regulations. Kung gusto mong malaman pa ang tungkol dito, check out our article below.
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What is Accounting Software?
Accounting software is a computer program that helps accountants and bookkeepers track and record financial transactions. It enables detailed tracking, fast reporting, and analysis. A comprehensive accounting system also monitors a business’s assets, liabilities, revenues, and expenses.
Using BIR CAS-ready accounting system software in the Philippines enables accountants to automate their daily tasks, which leads to cost reduction and better decision-making through timely reporting. Online accounting software also can store numerous amounts of data, even from years prior and ahead.
As a result, it helps accountants record financial transactions and aids in completing audits. This will help with internal and external audits, where financial records must be investigated for tax purposes.
Top 15 Accounting Software Tools in The Philippines
Choosing the top accounting software for your business can be challenging with so many options available. But worry not; we have compiled a comprehensive list of the Philippines’ best BIR CAS-ready accounting system software.
Here are the Top 15 accounting software tools in the Philippines, covering affordability and flexibility based on positive feedback, client satisfaction, and functionality. You might find one that piques your interest. Let’s explore the list and find the accounting system software that fits your needs without further ado!
1. HashMicro Accounting Software
HashMicro is the best accounting software in the Philippines. It enables accountants to track transactions and provides detailed tracking, quick reporting, and easy analysis. This system monitors a business’s assets, liabilities, revenues, and expenses for efficient financial management.
The top overall pick: For companies in the Philippines who want to automate their whole accounting process and generate customized, tax-compliant reports with just several clicks.
Why we choose it: HashMicro offers an easy-to-use cloud accounting system with all the features needed to automate financial tasks, ensure BIR CAS compliance, and turn manual accounting into smooth, efficient processes for businesses in the Philippines.
This vendor also offers a free demo and consultation for Filipino companies so you can see for yourself how HashMicro’s features can make managing your finances easier and more efficient.
Features:
- Asset database and depreciation
- Client monitoring dashboard
- PFRS-compliant financial reporting
- Financial budgeting and realization
- Automated Tax Calculation
- Profit and loss and budget forecast
- Cash flow statements
- Financial statement with comparison
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To truly understand how BIR accredited accounting system of HashMicro can transform your financial management practices, we invite you to explore our flexible pricing plans.
Click on the banner below to see how HashMicro’s accounting and bookkeeping software can provide great value and benefits tailored to your business needs.
2. QNE Software
QNE Software is an accounting system used in the Philippines and other Southeast Asian businesses. It assists businesses with financial accounting, billing, and sales distribution modules.
It is tailored to meet local business requirements and challenging environments in the region. The software offers real-time processing, data handling, database recovery, and scheduled backup, enabling users to manage their accounting operations efficiently.
Features:
- Cloud-based deployment
- Online order portal
- Online customer portal
- BIR CAS-ready
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3. Quickbooks Accounting Software
QuickBooks accounting system is one of the best accounting software suites businesses use to manage their financial transactions. It enables users to create invoice templates, process payments, generate reports, and print documents needed for tax preparation.
Features:
- Purchasing and vendor management
- Reporting and analytics
- Time and expense management
- Invoicing and billing
- General ledger
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4. Xero Accounting Software
Xero accounting software is an entirely cloud-based accounting system tailored to business needs. It assists companies with bookkeeping functions such as invoicing and payroll and integrates with a live bank feed.
Furthermore, the Xero accounting system allows both cash-based and accrual bookkeeping software, which is very suitable for companies in the Philippines that comply with IFRS.
Features:
- Bills tracking
- Bank connections
- Online payment
- Financial reporting
- Inventory tracking
- Multi-currency accounting
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5. FreshBooks Online Accounting Software
FreshBooks is a double-entry accounting software for business owners, freelancers, and sole proprietors. It simplifies financial management for Filipino businesses by tracking payments and expenses, managing invoices, facilitating payments, and managing financial reports. Among the various online accounting systems options available, FreshBooks is best suited for small businesses and single-owner operations.
Features:
- Budget and cost management
- Reporting
- Chart of Accounts
- Time tracking
- Project management
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6. Wave Accounting System Software
Wave is free accounting software designed for businesses in the Philippines that aim to minimize their expenses. It provides a range of financial management tools.
Wave accounting system software helps you oversee cash flow by tracking income and expenses, managing accounts receivable and payable, generating reports, automating tasks, and allowing multiple users. Additionally, Wave offers a payroll service, facilitating tax filing and payments to employees or contractors through direct deposit.
Features:
- Income and expense tracking
- Customizable sales taxes
- Exportable basic accounting reports
- Online payment
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7. Zoho Books
Zoho Books is a user-friendly, cloud-based accounting software with invoicing, inventory, and project management capabilities. It provides a free plan and a range of features designed to simplify and enhance your operations. Zoho is especially beneficial for small to medium-sized businesses (SMBs) in the Philippines seeking a cost-effective alternative to larger, pricier software solutions.
Features:
- Inventory management
- Bank integration
- Expense tracking
- Customer portal
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8. Sage Intacct
Sage Intacct is cloud accounting software in the Philippines designed for businesses to have complete financial visibility and control. It helps streamline accounts payable, accounts receivable, general ledger, and cash management, saving businesses time and making better decisions.
Features:
- Reporting and analytics
- AP/AR functionality
- General ledger
- Time and expense management
- Invoicing and billing
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9. Oracle NetSuite Cloud Accounting
NetSuite Accounting Software is a versatile cloud-based solution renowned for its adaptable modules that cater to various business requirements, such as financial operations, accounts payable and accounts receivable, CRM, and e-commerce activities. This system is favored by fast-growing companies in the Philippines due to its automation features, particularly in invoicing and other financial tasks.
Features:
- E-commerce integration
- Financial management
- Multi-currency
- Reporting and analytics
- Invoicing and billing
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10. Kashoo Accounting Software
Kashoo is a cloud-based accounting system software designed for businesses in Philippines seeking to manage their finances independently. With Kashoo, users can create invoices, track expenses, manage transactions, process payroll, generate reports, and handle other accounting tasks from any device.
Kashoo has three different plans: free, which comes with invoicing and payment tracking; and small. Accounting for automated income and expenses tracking; and Kashoo, for full features unlocked.
Features:
- Inventory tracking
- Customizable layout
- Invoicing and bill management
- Reporting
- AR/AP functionality
- Tax Management
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11. MYOB Accounting Software
MYOB is an accounting system software Philippines that specializes in bookkeeping, tax, and accounting systems. Their product lineup includes Essentials Payroll, MYOB Essentials, and MYOB AccountRight, which cater to businesses of various sizes. It is well-known for its efficiency in handling accounting tasks.
Features of MYOB Acoounting Software:
- Invoice management
- Expenses management
- Tax and GST management
- Bank account integration
- Payroll management
- Financial reporting
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12. easyFS
easyFS is a software-as-a-service (SaaS) accounting software designed for enterprises in the Philippines. It provides a solution to effectively monitor sales, check inventory situations, and create financial reports. In addition, this software is CAS (Computerized Accounting System) compliant and ready for government taxation in the Philippines.
Features:
- BIR CAS-ready
- Sales and inventory management
- Tracking business expenses
- Financial reports
- Multi-branch operations
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13. Oojeema Accounting System Software
Oojeema is a local, cloud-based accounting software that helps accountants in the Philippines streamline their work process. It supports BIR-compliant reports and forms, enabling accountants to save time preparing them. In addition, it has features like invoice and billing management, issuing payments, and journal entries.
Features:
- Sales invoice
- Billing invoices
- Purchase management
- Expense management
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14. Microsoft Dynamics 365
Microsoft Dynamics 365 Finance and Operations is a powerful ERP solution that aims to streamline businesses’ financial, operational, and administrative processes. Its Accounting and Finance module offers various features to help organizations manage their finances effectively.
Features:
- Accounts payable/account receivable
- Reporting and analytics
- General ledger
- Invoicing and billing
- Multi-currency and multi-company
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15. Infor Enterprise Financial Management
Infor Financials Management is a cloud-based accounting software in the Philippines, which is integrated with supply chain management tools. It simplifies operations, provides real-time data analytics, serves various industries, and empowers businesses to make well-informed decisions.
Features:
- Budgeting and planning
- Strategy management
- Financial consolidations
- Invoice processing
- General ledger
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How to Choose the Best Accounting Software
Choosing the best accounting software for your business in the Philippines can be challenging. Every software vendor offers a different set of features targeted toward specific types of businesses. Some also offer multiple pricing plans that vary in number of users, features, and so on.
When selecting accounting system software for your business, keep these factors in mind to make your search easier.
1. Budget
You should think about the monthly investment you’re comfortable with and the potential savings from using accounting system software. Review all available pricing plans to ensure you select one that provides the necessary functionality within your budget.
HashMicro offers comprehensive accounting & bookkeeping software with unlimited users and no hidden costs. It understands that as your business grows, so does the number of users you have in the future.
Moreover, compared to other accounting software in the Philippines that charges hidden fees for additional services and licensing, HashMicro charges flat upfront, making it ideal for developing enterprises.
2. Features
Besides budget, consider whether the accounting software’s features fit your needs. List essential functions like invoicing, expense tracking, and financial reporting. Make sure it meets your industry’s requirements and compliance standards. Also, look for software that integrates smoothly with other tools you use.
Pro tip: If you don’t want to worry about future features, use an ERP system that can grow with you. For example, if you’re in the FMCG sector with big growth potential, you might only need an accounting solution now but aren’t sure about your future needs. You might need ERP solutions for FMCG companies that can easily add new tools as you expand without the hassle of switching systems.
3. Scalability
Implementing the best accounting system software is like making a long-term investment. Therefore, choose software that can grow with you. Scalable software offers flexibility, allowing businesses to customize features and add functionalities as needed to support their growth.
A huge advantage is having an easily upgraded system to accommodate increasing transaction volumes, users, and complexity. Scalable bookkeeping software saves time and resources by avoiding switching to a new system. It also ensures consistency and continuity in financial management processes.
4. Integration
Integration is crucial in choosing the best accounting software as it impacts efficiency, accuracy, and overall workflow. Seamless integration allows different software systems and applications to communicate and share data, reducing manual entry and the risk of errors.
For example, integrating accounting system software with inventory management ensures accurate inventory levels in financial reports. Linking it with CRM software simplifies invoicing and more effectively tracks customer payments.
5. Security
Security is vital when choosing accounting system software because it involves handling sensitive financial information. A breach in security could lead to data loss, financial fraud, and damage to your business’s reputation. Therefore, companies must prioritize data security when choosing bookkeeping software.
HashMicro, an accounting and bookkeeping software, holds ISO certification, ensuring the security of your financial data against breaches. This certification underscores HashMicro’s commitment to maintaining the highest data security and protection standards for its users.
Conclusion
Choosing the most suitable accounting system software can be difficult, especially with numerous vendors providing different functions and features. Consider your business’s specific needs and size to make the best choice. Look for a system that can handle your accounting requirements efficiently and effectively while being user-friendly and within your budget.
You may want to consider HashMicro as your accounting software in the Philippines. This will solve your accounting task concerns with comprehensive features, seamless integration with other tools and systems, IFRS-compliant reports and forms, and scalability. If interested, try our free demo or contact our customer service.
FAQ about Accounting Software Philippines
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What is accounting software and examples?
Accounting software helps businesses in the Philippines manage their daily financial activities, such as expenses, revenues, assets, and payments. It also simplifies handling receivables and payables and generating financial reports, making it easier for businesses to monitor their finances and make informed decisions.
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What is the most commonly used accounting software?
The Philippines’ most commonly used accounting software is the HashMicro accounting system, integrated with BIR-CAS. HashMicro is the best option due to its flexibility, automation features, and integration with other business processes.
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What is the best accounting software in the Philippines?
The best software for an accountant includes the Hashmicro accounting system, QuickBooks, Xero, QNE, and Sage.
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What are the three types of accounting software?
The three main types of accounting systems are:
- ERP System: This system integrates accounting with other business processes like inventory, sales, and HR, making it ideal for larger companies.
- Billing and Invoicing System: This system focuses on creating and managing customer invoices, making it useful for small businesses needing straightforward billing solutions.
- Payroll Management System: This system automates employee payment processes, including salary calculations, tax deductions, and benefits, making it essential for companies managing payroll.
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Is Excel an accounting software?
While Excel isn’t typically considered an accounting system, it can be useful for small business bookkeeping. Designing Excel templates for bookkeeping can automate daily tasks, save time, and reduce the likelihood of mistakes.
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How does accounting system software work?
It automates financial management processes. It records transactions, tracks expenses and revenues, and generates various financial reports. Users input data, such as sales or purchases, and the software processes this into usable reports, helping manage cash flow, tax filing, and budgeting.
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Why do we need accounting software?
It is essential because it significantly enhances the accuracy and efficiency of financial management. It reduces human errors, saves time by automating routine tasks, and provides real-time financial insights. This helps businesses make informed decisions, remain compliant with financial regulations, and manage their finances more effectively.
