List of Accounting Software Singapore
Accounting software is a computer program that helps businesses record and process financial transactions. It can automate accounting activities such as invoicing, accounts receivable tracking, cash flow management and financial reporting. Accounting software helps reduce double-entry errors, manual calculation errors and paper records while improving accounting productivity. The software generates financial reports that help business owners review their financial activities and make accounting decisions. Accounting software can be installed on a local computer or server, or used through a cloud-based system.
Types of Accounting Software: Cloud-Based and On-Premise
On-Premise Accounting Software
With on-premise accounting software, the business purchases a software licence and installs the software on an in-house server or desktop computer. The business is responsible for the computer, server, backup and software environment.
Cloud Base Accounting Software
Cloud-based accounting software is hosted online and accessed through an internet connection. The software is normally provided on a subscription basis, with the subscription cost depending on the software plan, number of users and functions required.
The following are some of the accounting software available for businesses in Singapore:
- ABSS Accounting, formerly known as MYOB
- Windows-based desktop support where you are the license owner of the software
- ABSS Premier
- A cloud-based solution relies heavily on an internet connection
- QuickBooks Online
- QuickBooks Online is a cloud-based accounting software for small businesses and requires an internet connection to access the system.
- Xero
- Xero is a cloud-based accounting software that can be accessed through an internet connection on supported computers and devices.
- Sage 50, formerly known Peachtree
- Sage 50 does offer cloud-based features, as well as the option to handle functions from a mobile app.
- UBS
- Zoho Books
- Suitable for small businesses, sole proprietors and freelancers that require online accounting functions.
- FreshBooks
- Freelancers Invoicing Software
- IMS
- – Inventory Management Software is mainly catered for the back end for the supply chain where it is able to manage multiple customer products with high accuracy of storage information
- CRM Software
- Customer relationship management software is powerful solutions that provide us with an in-depth understanding of different customers requirements and information that enable companies to focus on their core strength, strategies in marketing campaign thus increase market share and revenue.
- ERP Systems
- Enterprise Resource Planning system is a mid-range to large accounting and business solutions that are very versatile for business to adopt in scaling and expanding their business to another level.
- Cloud base accounting software
- Is the most popular choice for the mass market adoption with very low initial investment but may add up to a substantial cost with more add-on modules.
Accounting Software List | Non-cloud / on premise | Cloud based |
ABSS |
ABSS Accounting | ABSS Premier |
ABSS Premier plus | ||
ABSS Payroll | ||
ABSS Retail Manager | ||
ABSS Account edge for Mac | ||
QuickBooks Online |
| Simple start |
Essential | ||
Plus | ||
Xero |
| Starter (send 5 invoices) |
Standard (send unlimited invoices) | ||
Premium (multi currency) | ||
SAGE | Sage 50 | Sage Accounting |
Sage UBS | ||
Zoho Books | Zoho Professional |
|
Money works | Money works Gold | Money works cloud |
How to Compare Accounting Software
The accounting software suitable for your business depends on the accounting functions required, number of users, business size, software price and whether you prefer a cloud-based or on-premise system.
Small businesses may only require invoicing, accounts receivable, accounts payable, bank reconciliation and financial reporting. Businesses with more complex operations may require an ERP system that integrates accounting with inventory, procurement, warehouse or other business functions.
Enterprise Resource Systems Solutions (ERP)
When selecting an ERP solution, you need to understand the requirements of your organisation. Consider whether you are replacing an existing accounting system or implementing an accounting and business system for the first time.
Selection of ERP solutions
Select an ERP solution that fits your industry and business requirements. Depending on the system, ERP software can include financial accounting, billing, procurement, inventory, warehouse and supply chain management functions.
- Modular ERP Solutions
- Integrated ERP Solutions
- Web base ERP Solutions
What to Consider When Selecting Accounting Software in Singapore
Accounting software is an investment for the business, so the system should be selected based on your accounting and business requirements. Consider the ease of use, setup, software features, price, integration with existing systems and support provided by the software vendor.
For cloud accounting software, you should also consider data security, backup, user access and the reliability of the software vendor.
Understand your business needs: List the accounting and business problems that need to be addressed. Identify the functions, objectives and results that you need from the new accounting software.
Compare features and price: Shortlist accounting software that provides the functions you need and fits your budget. Compare the accounting features, software price, number of users and additional modules required.
Check Singapore accounting requirements: If your business is GST-registered, check whether the accounting software supports the GST invoicing, computation and reporting functions required by your business.
Use the free trial: Register for a free trial where available and allow the users in your company to test the software. Obtain feedback from your team before deciding whether the accounting software meets your business requirements.
Check training and support: Find out what training, implementation and after-sales support are provided by the software vendor. You can also check whether your organisation is eligible for any available government support schemes.
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