5 Best Accounting Software to use in Singapore
Quick links for the Best Accounting Software
Best Overall 🏆
Melio
The winner for its smooth workflow, focusing on exactly what you need in accounting software.
Best For U.S. 🥈
ZarMoney
A sales-focused CRM that uses AI to automate repetitive tasks and manage leads and sales.
Easiest To Use 🥉
Quickbooks
The industry leader & the incumbent. This will have the most integrations and support network.
So, you are in the market for accounting software in Singapore.
Ideal, because in this article we have our compilation list for our top picks, and we compare the features and pricing for you.
If you just want the best choice, we’ve added that right at the top of the article as this was what is most requested by our customers and what we see the best feedback with. So, that’ll be the “can’t go wrong” option.
Otherwise, feel free to explore all the options we’ve reviewed on the market to find something that might fit you a little better.
Enjoy the list!
The Best Accounting Software Specifically for Singapore
As a business owner, having accounting software that organizes your finances and helps with tax calculation is a must. If you’re a business based in Singapore, it’s crucial to account your expenditures to scale swiftly. Have a look at the products below to choose the best accounting software in Singapore:
1. Xero
Xero is an intuitive and beautiful accounting software that helps you run the money side of your business. You can create and send quotes, manage bills, sort bank transactions, chase payments and analyze financial data. Xero provides you with a cloud-based accounting platform, accessible invariably from any remote location.
Xero Features
Here are some exclusive features of Xero:
Bill Payments: Xero helps you make timely bill payments by providing a clear overview of accounts payable and cash flow. You can schedule and make batch payments, plus access all bills inside your Xero interface. With Xero, you can build good relations with suppliers by avoiding late payments and keep the money flowing timely.
Claim Expenses: Xero provides an expense manager to help you capture costs to reimburse expense claims. You can monitor employee spending and approve claims without delay. Additionally, you can use OCR technology to scan vital information and auto-fill your claim.
Bank Connections: Xero connects with your bank accounts and sets up a feed where transactions flow securely. You can set multiple feeds for different accounts. Xero lets you reconcile daily and provides; an accurate depiction of your business finances. All your bank transactions are securely imported between the Xero database and Bank.
Invoicing and Payments: Xero lets you accept payments online through Stripe, GoCardless and other integrations. You can generate invoices and add a “Pay Now” button to redirect clients to the payment gateway. Additionally, Xero offers excellent online protection from fraudulent activities and has an unbreachable database.
Project Tracking: Xero offers a job tracker helping you track costs and project profitability. You can prepare budgets by using cost estimates and send customized quotes. Moreover, Xero allows you to do location-based tracking on Mobile and seamlessly link costs to projects.
Xero Pricing
Xero offers 3 Pricing options for its Accounting software.
The “Starter” plan is priced at $22/month and allows you to send upto 20 invoices. You can reconcile bank transactions and capture bills or receipts through Hubdoc.
The “Standard” plan is priced at $35/month and offers bulk reconcile transactions. Moreover, you can manage short-term cash flow and get a business snapshot of your current finances.
The “Premium” plan is priced at $47/month and allows you to send unlimited invoices. You can use multiple currencies and access all accounting features of Xero.
Additionally, Xero offers 3 Add-on packs. The “Claim Expenses” is priced at $4/month, and The “Track Projects” and “Analytics” are priced at $7/month.
2. Wave
Wave is a renowned accounting platform that offers free invoicing and accounting features. It offers a user-friendly dashboard, easy to comprehend and work on. Wave helps you stay organized and manage tax billings or invoices like a professional. It provides you with a completely accurate picture of your business’s current financial health.
Wave Features
Here are some exclusive features of Wave:
Invoicing: Wave helps you avoid chasing clients for payments and adopt a more professional approach by sending invoices. You can get paid through credit cards and let Wave handle the payment reminders. Wave automatically syncs the data into your account books and identifies recurring billings for repetitive clients.
Banking: Wave offers built-in bookkeeping and a Wave money bank account for single-owner business owners in the United States with a Wave account. You can avoid the monthly and transfer fees without making long-term commitments. Wave provides faster access to funds, and you can use instant payouts upon qualifying the eligibility criteria.
Payments: Wave enables you to accept online payments for your business. It enhances your brand and provides a more professional outlook when you enable payment. Additionally, you can send personalized invoices to the clients with a link to the payment gateway.
Payroll: Wave offers a simplistic payroll software that allows you to manage tax filings and contractor or employee payments. Moreover, your employees can access the payroll database to view their banking information or pay stubs. Wave allows small business owners to safeguard their business profit margins by simplifying annual audits.
Accounting: Wave saves you from doing manual receipt entry by automatically syncing bank statements with the account books. Wave’s smart dashboard assembles your financial expenditures and earnings with a comprehensive view. Additionally, Wave offers 256-bit encryption to protect your account information and card details.
Wave Pricing
Wave offers 6 Tools for various business accounting requirements.
The “Invoicing” tool is free and allows you to create personalized invoices that reflect your brand.
The “Accounting” tool is free and offers unlimited income and expense tracking. You can view overdue invoices and profit-loss margins.
The “Banking” tool is free and offers transaction segmentation to sort personal and business expenses.
The “Payments” tool offers pay-per-use pricing. You’ll be charged 2.9% + $0.60 USD per transaction on credit cards, 3.4% + $0.60 USD per Amex transaction and 1% per transaction on bank payments.
The “Payroll” tool is priced: at $35/month in tax service states and $20/month in self-service states.
The “Advisors” tool is priced at $149/month and provides bookkeeping support. Additionally, you can get accounting and payroll coaching for a one-time fee of $329.
3. Sage 50 Cloud
Sage 50 Cloud offers robust accounting and finance capabilities to enhance work efficiency. It reduces the time spent on admin tasks and provides substantial clarity on your performance. Moreover, Sage offers a vast ecosystem of business and customer relation tools, making 50 Cloud ideal for ever-growing businesses.
Get Started with Sage50 Cloud🔥
Sage 50 Cloud Features
Here are some exclusive features of Sage 50 Cloud:
Cash Flow and Invoicing: Sage 50 Cloud offers a cash flow manager inside its platform, giving you instant updates on your cash flow. You can see your cash account balance and expected receivables or payables to get a clear image of your gross profit. Moreover, Sage 50 Cloud lets you get a granular look at your finances by customizing the cash flow settings.
Payments and Banking: Sage 50 cloud allows you to see the payable accounts and offers banking features like regular transaction feeds, account reconciliation and online payment. Moreover, you can eliminate the manual entry with Sage 50 Cloud as it’s integrated with a pre-built asset management system.
Advanced Inventory Management: Sage 50 Cloud offers an inventory management system, allowing you to view quantities on hand and execute purchase orders accurately on time. You can track costs and product lists using Sage 50 Cloud to input transactions. Additionally, Sage 50 Cloud automatically computes the price and quantity by item code, adjusting the inventory accordingly.
Job Costing: Sage 50 Cloud offers greater insight into your ongoing jobs and projects, allowing you to see where you’re spending your budget. Moreover, you can estimate the net revenue on every project, set up job records or print project reports for clients. Sage 50 Cloud lets you use cost codes and generate relevant information, enabling you to adjust the budget before the project completion.
Payroll: Sage 50 Cloud simplifies your payroll procedures by offering direct deposits and pay cards. You can monitor employee records and the tax status of the staff under your payroll. Sage 50 Cloud allows you to manage vacations or pay wages at an hourly rate within its accounting platform.
Sage 50 Cloud Pricing
Sage 50 Cloud offers 3 Pricing options for its accounting and payroll management tools.
The “Pro Accounting” plan is priced at $33/month and offers one user account. Additionally, you can use invoice and bill tracking, Reporting tools and Sage Security Shield.
The “Premium Accounting” plan is priced at $55/month/user and is expandable to upto five user accounts. Additionally, you can use advanced budgeting tools, audit trails and industry-specific functionality.
The “Quantum Accounting” plan is priced at $91/month/user and is expandable to upto 40 user accounts. Additionally, you can do workflow management and use advanced job costing.
4. FreshBooks
FreshBooks offers Bookkeeping and Accounting features to help businesses and freelancers organize their finances. It provides an easy-to-use interface built for regular users and accountants. FreshBooks is made for all business sizes and adapts according to your company’s accounting needs.
FreshBooks Features
Here are some exclusive features of FreshBooks:
Accounting and Reporting: FreshBooks offers double-entry accounting tools to ensure tax compliance and accuracy. It helps you comprehend the financial status of your business and make intelligent choices to grow your brand further. FreshBooks identifies revenue items and expenses, providing an accurate profit-loss margin. Moreover, your accountant can access intrinsic financial information and reporting whenever needed.
Payments and Estimates: FreshBooks seamlessly links with several online payment channels like Stripe. It lets your clients pay directly through the invoice without additional hidden fees. Additionally, FreshBooks allows you to set realistic expectations by eliminating the guesswork and doing data-driven estimates. You can convert your estimates into an invoice or create new proposals to win projects.
Time-Tracking: FreshBooks provides an inbuilt time-tracker that helps you accurately determine the task duration. FreshBooks automatically logs the time spent on the client project and enables you to prepare detailed invoices or keep track of employees’ working hours.
Mileage Tracking: FreshBooks offers a tracking application that automatically logs your business trips and saves your travel history. You can claim business trips as expenses during tax filings. FreshBooks records the total distance travelled by your business vehicle and various professional trips taken by you.
Client Management: FreshBooks enables you to prepare client estimates and build better relations by accurate billing. You can inform clients about the latest expenses and increase trust by improving connectivity. FreshBooks allows you to track loyalty discounts and foster loyalty with clients.
FreshBooks Pricing
FreshBooks offers 4 Pricing options for its accounting software.
The “Lite” plan is priced at $4.50/month and offers unlimited invoices to 5 clients. Additionally, you can track expenses and sales tax, send total estimates and get paid with credit cards or bank transfers.
The “Plus” plan is priced at $7.50/month and offers unlimited invoices to 50 clients. Additionally, you can automatically capture receipt data, send endless proposals, run business health reports and set up recurring billing or client retainers.
The “Premium” plan is priced at $15/month and removes all limitations on invoice recipients. Additionally, you can track project profitability, customize email signatures, run accounting reports and get paid with checkout links.
The “Custom” pricing option offers an on-demand quote. It removes the FreshBooks branding from the client emails and provides a dedicated account manager.
5. ZohoBooks
ZohoBooks is an accounting platform from Zoho that lets you work collectively and manage your finances. Zoho is well-known for its intuitive business tools and offers the ideal connective ecosystem. With ZohoBooks, you can automate business workflows and stay tax compliant. It provides features for all business sizes and powers up your bookkeeping.
ZohoBooks Features
Here are some exclusive features of ZohoBooks:
Invoicing: ZohoBooks offers effortless invoicing and receivables management. You can create polished invoices and accept global payments with a multi-currency platform. Additionally, ZohoBooks lets you create recurring invoices and securely store card information for easy transactions. With ZohoBooks, you can secure your invoices with a digital signature to avoid tampering.
Client and Vendor Portal: ZohoBooks provides a client and vendor portal so you can share recent transactions and accelerate the approval process. Moreover, you can gauge customer satisfaction by asking for feedback and add a layer of authenticity to your estimates by getting digital signatures from your clients.
Banking: With ZohoBooks, you can securely gather transactions from your PayPal and bank accounts, plus do swift reconciliation. You can get accurate cash flow predictions and spot the balance mismatches with ZohoBooks’ banking dashboard. Additionally, it lets you categorize transactions automatically, expedite the matching and streamline the tax filing.
Automation: ZohoBooks is an intelligent accounting platform that allows you to automate tedious, error-prone tasks. You can eliminate the repetitive issues and auto-charge cards for recurring transactions. ZohoBooks boosts your productivity by automating your bookkeeping.
Reporting: ZohoBooks’ Reports cover your finances from all angles and lets you create robust business plans. You can see expenditures and income, generate business reports and make informed decisions. ZohoBooks is ideal for scheduling customizable periodic reports and organizing data with tags.
ZohoBooks Pricing
ZohoBooks offers 6 Pricing options for its accounting platform.
The “Free” plan is priced at $0 and offers payment reminder automation, a client portal, invoice management and a chart of accounts.
The “Standard” plan is priced at $20/month and offers three user accounts. Additionally, it provides custom fields, sales tax tracking, transaction locking and bulk updates.
The “Professional” plan is priced at $50/month and offers five user accounts. Additionally, it provides sales approval, retainer invoices, vendor credits and multi-currency handling.
The “Premium” plan is priced at $70/month and offers ten user accounts. It also provides a custom domain, vendor portal, budgeting, validation, and workflow rules.
The “Elite” plan is priced at $150/month and offers ten user accounts. Additionally, it provides warehouse management, batch tracking, shipment label printing and Shopify integration.
The “Ultimate” plan is priced at $275/month and offers 15 user accounts. Additionally, it provides 25 custom modules, a real-time dashboard, financial metrics tracking and report collaboration.
Why use Accounting Software at all?
Finance management plays an intrinsic part for every business; in driving growth and boosting revenue. Your finances include everyday transactions, tax returns, lease costs, business revenue and other operational expenditures. Having a dedicated tool to automate the reconciliation and transaction tracking can help you optimize your financial health.
Accounting software enables you to automate and digitize your entire finance management. You can track transactions, accurately reconcile accounts and calculate tax returns. With accounting software, your business can be more stable financially, and you can expand swiftly to grow your revenue.
Why should you use accounting software in Singapore?
Singapore hosts several small businesses and large enterprises. The government imposes strict taxes on corporations and the business costs are high. With accounting software, you can control your business payroll and automate repetitive data entry tasks.
Accounting software enables you to regulate your company’s finances. Apart from automating tax calculation and filing, it automates bank reconciliations, transaction source tracking and financial analysis. You can use the reporting tools to gain deeper insights and make necessary changes to increase revenue.
Additionally, accounting software allows you to allocate funds for client projects. It ensures you maintain a profit margin and don’t overspend your budget on services. With accounting software, your business costs will reduce, and you’ll be able to; efficiently handle more clients to grow swiftly.
You can successfully maximize your company’s potential by reducing expenditures and serving a larger clientele. It ensures you can focus on growing instead of tracking transactions or filing returns.
Accounting software for Singapore, A Summary
Having accounting software gives you the necessary edge over your competitors in the extremely hectic business world of Singapore. It ensures you don’t have to worry about your finances by accurately performing tasks on time as per instructions. With accounting software, you can focus on servicing the clients and increasing your profit margin by expanding the clientele base.
Xero offers a simplistic yet multifunctional platform to keep accurate books and manage finances. It is our suggested pick for accounting software in Singapore. Visit the website to get started.
What Accounting Software would you recommend?
In short, It’s Melio.com
It provides your business customers with a convenient payment link, enabling them to make quick and hassle-free payments without the need for invoice attachments. They can pay using their preferred method, and the payments will be directly deposited into your bank account each time.
“🚀Try Melio.com For Free, It’s my favorite Accounting Software to use and recommend.” -Scott Max
Melio is an intuitive Accounting software that offers comprehensive solutions through its powerful tools. Designed for businesses of all sizes, Melio simplifies complex financial tasks and delivers impressive outcomes. Melio seamlessly integrates features tailored to your: Billing, Payments, Vendor Management, Expenses, and Financial Reporting needs.
For more details, read our Melio.com Review.