CreditMaster May 16, 2022
If you’re a small business owner in Singapore, then you know that accounting can be a daunting task. Although there are many different software options, it can be hard to decide which one is right.
You’re on the right page.
This blog post will discuss the best accounting software for small businesses in Singapore, comparing four of the most popular options.
Keep reading below!
Accounting software is vital for any small business. It streamlines the accounting process, making it easier and faster to track income and expenses.
Accounting software can help your business manage inventory, reconcile bank statements, and generate financial reports.
While there are many different accounting software programs available on the market, they all share one common goal: to make the accounting process simpler and more efficient.
Accounting software helps businesses keep track of their finances. The software can:
Accounting software typically features a double-entry accounting system, which means that each transaction is recorded in two accounts.
Take this example:
When your business records a purchase from a supplier, the accounting software will debit the Accounts Payable account and credit the Cash account. This accounting system provides a more accurate picture of your business’s financial health.
Accounting software has come a long way in recent years.
Not only has it become more user-friendly, but many accounting packages now allow for third-party application integrations. This means that you can use your accounting software to track inventory, manage payroll, and even handle customer service.
In short, accounting software is no longer just for accounting.
It can be a powerful tool for running your business. And that’s good news for businesses of all sizes.
Small business accounting software costs can vary widely depending on the features and functionality you need. Many accounting software programs offer a free trial period to try out the program before you commit to purchasing it.
Generally speaking, accounting software for small businesses will cost up to $150 per month, while the basic plans range to $40.
Some of the factors that will affect the price include:
When shopping for accounting software, compare prices and features to find the program that best meets your needs.
When it comes to accounting software, small businesses have many options. And while that may seem like a good thing at first, it can be pretty overwhelming.
After all, how are you supposed to know which accounting software is right for your business?
The truth is, there’s no one-size-fits-all answer. The best accounting software for your business will depend on various factors, including:
However, there are a few things that all good accounting software should have:
Now that you know what to look for in accounting software, it’s time to take a closer look at some of the best options on the market.
QuickBooks Online is easy to use and has various features, making it a popular choice for small businesses. QuickBooks Online also offers a free trial, so companies can try the software for 30 days before committing to a subscription.
The subscription plans are affordable:
QuickBooks will load you with heavy discounts if you’re a new client to fall in love with their software.
Pro tip: Their scalable accounting software and multiple customisation features would make you fall in love with the software even without these discounts.
The mobile app has broad functionality, too, allowing you to:
Besides, the plans boast advanced features, including:
Bonus: If you’ve never used accounting software before, QuickBooks Online has you covered with many online resources and support forums.
Besides, this bookkeeping software is one of the most intuitive, making it easy to use for beginners.
QuickBooks Online isn’t perfect, though. If you want to add more users to your account, you’ll have to upgrade the program to a more expensive one. Also, some customers have noticed syncing delays with their bank accounts and credit cards. Although that doesn’t happen too often, you have to arm yourself with patience when it does.
PROS:
CONS:
Xero is one of the most user-friendly accounting software, targeted explicitly at micro-businesses. So, if you hate paperwork and want to simplify your accounting process as much as possible, you need streamlined, fully-integrated accounting software.
That’s precisely what Xero proposes.
Apart from being intuitive, the software allows you to upload data from other payroll apps, such as Stripe and GoCardless.
Its years on the market prove that Xero is a practical choice.
The software has been around since 2006 and currently has more than 3 million users globally. The countries it’s most popular in include the UK, Australia, and New Zealand, though Xero is gaining popularity in the USA too.
Here are the subscriptions you can choose:
All these plans sport Hubdoc to capture your bills and receipts. You can add the full-service payroll on top of that, but you’ll have to for out $39/month and $6/employee.
Not sure whether the expense will be worth it?
Xero’s 30-day trial will help you make up your mind. You can explore Xero’s many benefits and disadvantages during this trial, like the limited reporting and ACH payments’ fees.
PROS:
CONS:
FreshBooks comes with a unique selling point: an endless stream of customisation options for invoicing. Unlike other accounting software, FreshBooks is explicitly created for all things invoice-related:
However, the software helps you tackle your primary accounting needs, like:
You can choose one of the four payment plans:
Other costs include:
Want to pay less?
PROS:
CONS:
Wave is one of the best tools if you have a service-based company or are a freelancer. This accounting software allows you to send basic invoices and retrieve your reports for that dreadful tax return time of the year.
Best of all, it’s free!
You don’t even need to run payroll with Wave.
Founded in 2010, Wave strives to help small businesses with their basic needs:
Wave boasts an accessible mobile app that covers all these features.
Then there are the fees.
Wave has to make a living, so while it offers free use, it imposes some charges for each transaction:
As you can see, these charges are higher than those imposed by other accounting software. But, if you don’t have many (huge) transactions, the deal might be worth it.
Apart from the free option, Wave also offers two payment plans for processing customer payments and payrolls:
PROS:
CONS:
Accounting software helps you manage finances more effectively, keeping track of your transactions. Second, accounting software can save businesses a lot of time because it automates many tasks that would otherwise have to be done manually.
Now, you get automatic invoicing and recording payments. Finally, accounting software can help you comply with tax regulations because it can generate tax reports.
As a result, accounting software can be a valuable tool for your company.
If you don’t have the money to purchase accounting software outright, you may want to consider taking out a business loan. Plus, a business loan can help you build your credit history, which is helpful if you ever need to take out another loan.
With our personalised packages, low rates, and quick approvals, Credit Master will become a reliable partner for all your business needs.
Apply here.
At CreditMaster, we believe in building long-term relationships with our clients. Our team of experienced professionals is always ready to provide personalised financial advice and assistance to ensure that our clients make informed decisions. We understand that each client's situation is unique, and we strive to tailor our services to meet their specific needs.
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