Did you know that the Bureau of Internal Revenue (BIR) has mandated enterprises to use for tax compliance and transparency? This is particularly important because receipts and invoices need to be classified and printed using BIR-approved systems.
Not only using accounting software in the Philippines important for streamlining financial tasks, but it is also crucial to ensure that the companies adhere to the rules and regulations. Small enterprises are also highly encouraged to use accounting software for improved accuracy and time-saving.
So, if you plan to start or expand your business in the Philippines, you should use accounting software, both to make your work easier and to comply with the government’s regulations. If you want to know more about what it is and which accounting software is the best in the Philippines, check out our article below.
Table of Content
Content Lists
What is Accounting Software?
Accounting software is a computer program that helps accountants and bookkeepers in tracking and recording financial transactions. It allows detailed tracking of financial transactions and fast reporting and analysis. A comprehensive accounting system also monitors a business’s assets, liabilities, revenues, and expenses.
Using accounting software in the Philippines enables accountants to automate their daily tasks, which leads to cost reduction and better decision-making through timely reporting. Accounting software also has the ability to store numerous amounts of data, even from years prior and ahead.
As a result, not only does it help accountants record financial transactions, but it also aids in completing audits. This will help with both internal audits and external, where financial records need to be investigated for tax purposes.
15 Top Accounting Software in the Philippines
Choosing the right accounting software for your business is challenging. There are so many options out there, and you don’t know where to start looking. But worry not, for we come to the rescue with a comprehensive list of the best accounting software in the Philippines.
Below, we provide you with a list of 15 recommendations for the best accounting software in the Philippines. From affordability to flexibility in using the software, our list has it all. Who knows, you might find one that piques your interest in our article. Without further ado, let’s delve deep and see which accounting system fits your needs!
1. HashMicro Accounting Software
HashMicro is a cloud accounting software provider that was originally founded in Singapore but has now expanded globally to help enterprise companies.
It offers superior features that can help you beyond the standard accounting features, such as bank integrations, budget comparison, bank and auto payment reconciliation, and budget comparisons. Therefore, this software will be a huge boon for simplifying tasks like reconciliation and financial analysis.
Furthermore, HashMicro accounting software is excellent in multi-branch and multi-company operations, currency updates, and automated customer follow-up. Not only that, this software can also seamlessly integrate with other modules like CRM, inventory management, point-of-sale (POS), and purchasing for enhanced visibility.
Features:
- Asset database and depreciation
- PFRS-compliant financial reporting
- Financial budgeting and realization
- Cash flow statements
- Multi-level analysis
- Profit and loss and budget forecast
- Financial statement with comparison
| Pros | Cons |
|
|
To truly understand how HashMicro can transform your financial management practices, we invite you to see it in action. Sign up for a free demo now and experience firsthand the advanced capabilities and benefits of HashMicro Accounting Software.
2. Zoho Books
Zoho Books is a user-friendly, cloud-based accounting software that includes 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) seeking a cost-effective alternative to larger, pricier software solutions.
Features:
- Inventory management
- Bank integration
- Expense tracking
- Customer portal
| Pros | Cons |
|
|
3. Sage Intacct
Sage Intacct is a cloud-based accounting software in the Philippines that is designed for businesses to have complete financial visibility and control. It helps streamline processes such as accounts payable, accounts receivable, general ledger, and cash management. By streamlining those processes, Sage Intacct assists businesses in saving time and making better decisions.
Features:
- Reporting and analytics
- AP/AR functionality
- General ledger
- Time and expense management
- Invoicing and billing
| Pros | Cons |
|
|
4. Oracle NetSuite Cloud Accounting
NetSuite Cloud Accounting Software is a versatile cloud-based accounting solution renowned for its adaptable modules that cater to a range of business requirements, such as financial operations, CRM, and e-commerce activities. It is favored by rapidly expanding enterprises for its automation features, particularly in invoicing and other financial tasks.
Features:
- E-commerce integration
- Financial management
- Multi-currency
- Reporting and analytics
- Invoicing and billing
| Pros | Cons |
|
|
5. easyFS
easyFS is a software-as-a-service (SaaS) Philippine accounting software designed for enterprises. 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 ready for government taxation in the Philippines.
Features:
- BIR CAS-ready
- Sales and inventory management
- Tracking business expenses
- Financial reports
- Multi-branch operations
| Pros | Cons |
|
|
6. Xero Accounting Software
Xero is entirely cloud-based accounting software tailored to business needs. It assists the companies in bookkeeping functions, such as invoicing and payroll. It also integrates with a live bank feed. Furthermore, Xero allows both cash-based and accrual accounting systems, which is perfect for companies adhering to IFRS.
Features:
- Bills tracking
- Bank connections
- Online payment
- Financial reporting
- Inventory tracking
- Multi-currency accounting
| Pros | Cons |
|
|
7. QNE Accounting Software
QNE Software is an accounting system in the Philippines and other Southeast Asian businesses. In order to assist businesses, it features modules for financial accounting, billing, and sales distribution.
It is tailored to meet local business requirements and challenging environments in the region. The software offers features such as real-time processing, data handling, database recovery, and scheduled backup, enabling users to efficiently manage their accounting operations.
Features:
- Cloud-based deployment
- Online order portal
- Online customer portal
- BIR CAS-ready
| Pros | Cons |
|
|
8. Oojeema
Oojeema is a local, cloud-based accounting software that helps accountants streamline their work process. It supports BIR-compliant reports and forms, which enables accountants to save time in preparing them. In addition, it also has features like invoices and billings management, issuing payments, and journal entries.
Features:
- Sales invoice
- Billing invoices
- Purchase management
- Expense management
| Pros | Cons |
|
|
9. Wave Accounting System
Wave is an accounting software that is free to use, and designed for businesses who aim to minimize their expenses. It provides a range of tools for financial management.
Its accounting 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
| Pros | Cons |
|
|
10. Kashoo Accounting Software
Kashoo is a cloud-based accounting platform designed for businesses 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; 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
| Pros | Cons |
|
|
11. Intuit Quickbooks Online Accounting Software
QuickBooks is a popular accounting software suite extensively utilized by businesses for managing their financial transactions. It enables users to create invoices, 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
| Pros | Cons |
|
|
12. MYOB Accounting Software
MYOB is a Philippine accounting software that specializes in bookkeeping, tax, and accounting software. 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:
- Invoice management
- Expenses management
- Tax and GST management
- Bank account integration
- Payroll management
- Financial reporting
| Pros | Cons |
|
|
13. Microsoft Dynamics 365
Microsoft Dynamics 365 Finance and Operations is a powerful ERP solution that aims to streamline financial, operational, and administrative processes for businesses. Its Accounting and Finance module offers a wide range of 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
| Pros | Cons |
|
|
14. 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
| Pros | Cons |
|
|
15. FreshBooks Online Accounting Software
FreshBooks is accounting software created for individual business owners, freelancers, and sole proprietors. It simplifies organization, tracks payments and expenses, manages invoices, and facilitates payments. Among the various accounting software available, FreshBooks is most suited for small businesses and those with a single owner managing operations.
Features:
- Budget and cost management
- Reporting
- Chart of Accounts
- Time tracking
- Project management
| Pros | Cons |
|
|
How to Choose the Right Accounting Software
Choosing the best accounting software for your business in the Philippines can be a tough challenge. Every software vendor in the Philippines offers a different set of features, which is targeted toward specific types of businesses. Some of them also offer multiple pricing plans that vary in number of users, features, and so on.
To make your search easier, keep these factors in mind when you are selecting accounting software for your business.
Budget
You should think about the monthly investment you’re comfortable with and the potential savings from using accounting software. Review all available pricing plans to ensure you select one that provides the necessary functionality within your budget.
HashMicro offers comprehensive accounting 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 providers with hidden costs for additional service and licensing, HashMicro provides flat costs upfront, so it is ideal for developing enterprises.
Features
Besides budget, think about whether the accounting software’s features fit your needs. Start by listing 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, go for 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.
Scalability
Implementing the right accounting software is equal to having a long-term investment. Therefore, choose a software that can grow with you. Scalable software offers flexibility, allowing businesses to customize features and add functionalities as needed to support their growth.
Having a system that can be easily upgraded to accommodate increasing transaction volumes, users, and complexity is a huge advantage. Scalable accounting software saves time and resources by avoiding the need to switch to a new system. It also ensures consistency and continuity in financial management processes.
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 software with inventory management can ensure that inventory levels are accurately reflected in financial reports. In addition, integration with customer relationship management (CRM) software enables businesses to streamline invoicing and track customer payments more effectively.
Security
Security is paramount when choosing accounting 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 accounting software for their use.
HashMicro, an accounting software provider, 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 software is a difficult task, especially with numerous vendors providing different functions and features. To make the best choice, consider the specific needs and size of your business. Look for software that can handle your accounting requirements efficiently and effectively, while also being user-friendly and within your budget.
You may want to consider HashMicro as your accounting software provider. With comprehensive features, seamless integration with other tools and systems, PFRS-compliant reports and forms, as well as being scalable, this will be the solution to your accounting-task concerns. If you are interested, you can try our free demo or contact our customer service.
Questions about Accounting Software Philippines
-
What is the best accounting software in the Philippines?
The best accounting software in the Philippines is HashMicro Accounting Software. It offers comprehensive features tailored to meet the diverse financial needs of Filipino businesses, ensuring efficient and accurate financial management.
-
How does accounting 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.
-
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.
