Accounting | Singapore

1 Feb, 2024

Top 5 Accounting Software in Singapore

This comprehensive guide examines the top accounting software available in Singapore for small and medium-sized enterprises (SMEs), overviewing key features, integrations, and more to help you select the ideal solution.

Choosing the right accounting software is crucial for managing your small business's finances in Singapore. But with so many options on the market, how do you determine what's best for your unique needs? This comprehensive guide examines the top accounting software available in Singapore for small and medium-sized enterprises (SMEs).

We'll overview the key features of popular programs, costs, integrations, and more to help you select the ideal solution. Whether you're just starting out or looking to upgrade, read on to discover the best accounting software in Singapore for growing your small business.

What is Accounting Software and Why Does Your Small Business Need It?

Before diving into the specifics, let's quickly overview what accounting software is and why it's an essential investment for any Singapore small business owner.

In its simplest definition, accounting software records and processes accounting transactions like accounts payable/receivable, payroll, inventory, invoicing, and more. This data produces reports such as income statements, cash flow statements, and balance sheets to help business owners analyze their company's financial performance.

For SMEs in Singapore, utilizing accounting software delivers numerous advantages, including:

  • Automating tedious manual tasks
  • Ensuring the accuracy of financial data
  • Helping you stay compliant with IRAS regulations
  • Providing real-time insights into cash flow
  • Allowing for scalability as your business grows

With these benefits in mind, investing in quality accounting software tailored for small business needs is crucial from day one. The right program streamlines tedious accounting work, ensures accuracy, and sets you up for success as you grow.

Factors to Consider When Choosing Accounting Software in Singapore

With the basics covered, let's explore key factors small business owners must consider when selecting accounting software in Singapore:

What Are Your Accounting and Reporting Needs?

First, analyze your existing accounting and financial reporting needs. Are you managing inventory? Do you need to track profit and loss by department? What financial statements and reports are most important? Prioritizing these needs will help you determine must-have features in a new system.

What's Your Budget?

Prices for accounting software range widely in Singapore. Desktop systems like SAP start around a few thousand dollars for licensing. Full-scale ERP systems can cost tens of thousands for installation and customization. Entry-level cloud platforms for early-stage startups, however, are often affordable at just $10-50 per month. Outline your budget before comparing options.

Do You Need Add-Ons Like Payroll and Inventory?

Even basic accounting platforms offer invoicing, expense tracking, and reporting. But you'll pay more for advanced capabilities like managing payroll, inventory tracking, or creating quotes/estimates. Decide which components are essential before committing to software.

How Large Is Your Business Now and How Quickly Are You Growing?

Consider both your current size and growth ambitions when evaluating accounting software scalability. Highly customizable enterprise systems support rapidly expanding headcounts and locations. But they also require large upfront investments that early-stage startups likely can't justify.

What Integrations Do You Need?

If you utilize other software for CRM, ecommerce, or operations, ensure your accounting platform provides integration capabilities. Seamlessly syncing financial data between systems saves substantial time while minimizing errors.

By carefully evaluating these factors against your budget, Singapore small business owners can narrow down the accounting software options tailored to current needs and future goals.

Top 5 Accounting Software in Singapore for Small Businesses

Now, let's examine some of the leading accounting software platforms available for SMEs based in Singapore:


Jaz is a cloud-based accounting and financial management platform built to simplify accounting and finance operations workflows for modern businesses. Launched in 2023, Jaz aims to help businesses manage finances, collaborate better within accounting and finance teams, close the books faster, and make data-driven decisions.

Key Features & Benefits

1. AI-Powered Automations
  • Jaz Magic AI Extract & Autofill - Drag and drop files to extract and autofill line item data to reduce manual data entry (including advanced account classification)
  • Jaz Magic AI Reconciliations - Automates bank, virtual account, and credit card reconciliations to save time
  • Jaz GPT - AI Chatbot trained on a specialized LLM to answer accounting and finance questions on your transactions
  • AI Powered Help Center - Ask questions about Jaz and get answers in real-time
  • AI Anomaly Alerts - Duplicate, mistake, and anomalous transaction alerts

2. Advanced Reporting
  • Financial Statements - Generate dynamic profit & loss statements, balance sheets, cashflow statements, and equity movement reports in real-time
  • Localized Tax Reports - Extract localized GST transaction reports for GST F5 returns
  • Customized Reports - Build and customize professional reports with an advanced drag-and-drop editor

3. Secure Cloud Platform
  • Passwordless Logins - Adds extra security with one-time verification codes delivered directly to your Jaz Mobile App
  • Concurrency - Multiple users can access the organization account at the same time, from multiple devices (laptop, tablet, mobile apps) without login disruption
  • Ownership Transfers - Allows safe transfer of organization ownership if team members leave or accountants change
  • Activity Logs: Monitor user actions and transaction changes for audit purposes

4. Team Productivity Features
  • User Roles - Customize permissions and restrictions for Admins, Preparers, and Members
  • @Mentions & Comments - Built-in team collaboration features to exchange comments and resolve questions quickly
  • Workflow Automations - Set up advanced approval workflows to match business processes

5. Integrations & Connectivity
  • Excel Data Imports - Batch import transactions via Excel instead of manual entry
  • ETL Data Pipelines - Build automated pipelines to move data between systems
  • Custom Integrations - Integrate with other platforms via Open APIs

Additional Features:
  • Free Invoicing and Revenue Tracking
  • Free Bills and Expense Management
  • Submitters & Approvers
  • Recurring Transactions
  • Manual Journals
  • Trial Balance & Ledgers
  • Business & Financial Reports
  • Bank Reconciliation
  • And many more features!

The core differentiation lies in the AI automation capabilities, custom reporting powers, security focused cloud platform, collaboration tools, and deep integration options - which aim to provide the easiest and most advanced accounting software experience. Each area can be explored in more detail by looking at the full feature set.

  • Free plan available for smaller businesses and freelancers
  • Scalable pricing for businesses of all sizes
  • Tailored integrations for major industries
  • Strong data security and passwordless logins
  • User-friendly and natively built Web, iOS, Android apps
  • Most of the advanced AI capabilities are on the Growth plan
  • Additional modules come at extra costs


Wave is a web-based accounting solution built to cater to small and medium-sized businesses, especially freelancers, solopreneurs, and entrepreneurs. It aims to provide an easy-to-use platform to manage core financial operations with free and paid tools.

Key Features & Benefits


The invoicing functionality allows users to quickly create, customize, and send professional-looking invoices that include options for recurring invoices and multiple payment methods like credit cards, bank payments, and Apple Pay. There is also seamless tracking of sent, viewed, and paid invoices. This reduces the effort required for repetitive invoice generation while ensuring predictable cash flow from automated payment tracking and notifications.


The accounting dashboard overviews income, expenses, account balances, and categories. Users can automate reconciliation, scan receipts, generate financial statements, and track sales taxes. The seamless expense tracking and reporting features make tax filing efficient. It also enables better financial control for users.


To complement the invoicing and accounting functionality, Wave also provides a payments module. This secure payment processing system enables quick acceptance of invoice payments via debit/credit cards while facilitating payouts to the business bank account within 1-2 days. Low pay-per-use transaction fees create additional cost savings for the business.


The payroll management features include automated paycheck amounts, payroll tax deductions, contractor payouts, and annual tax forms. Direct deposit into employee accounts simplifies the payment process. The free payroll for a single business owner saves added costs, while seamless integration with the accounting system ensures easy financial reporting.

Customer Support

For customer support, Wave offers advisors who provide personalized accounting, bookkeeping, payroll, and tax-related assistance via phone, email, and dedicated account managers. The experts help minimize tax obligations and stay compliant through services like tax return preparation, optimization, and filing.

Ease of Use

Wave is designed to simplify accounting processes for entrepreneurs who need financial backgrounds. The user interface enhances usability for business owners focused on operations rather than accounting intricacies.

  • Secure and fast credit card processing
  • Payroll automation with contractor payments
  • Affordable add-on advisory services
  • Need a VPN to access from Singapore
  • Limited customizability vs. sophisticated accounting systems
  • Transaction fees for some services
  • Scope to add more reporting automation
  • Tax optimization may need add-on advisory purchases.

Quickbooks Online

QuickBooks Online is a cloud-based accounting solution designed for small and medium-sized businesses. Offered by the reputed software provider Intuit, QuickBooks Online aims to streamline routine financial tasks for SMEs through an easy-to-use platform accessible from anywhere.

Features & Benefits

User Interface and Accessibility

The QuickBooks Online dashboard provides an intuitive, easy-to-navigate interface for managing accounting. Key financial information is displayed in real-time widgets, graphs, and charts through bank synchronization. The software can be accessed via desktop, smartphone, and tablet, enabling remote working for modern businesses.

Accounting Tools

An extensive suite of accounting tools is available on QuickBooks Online to automate routine tasks. These include features for invoicing clients, tracking expenses from bills and cheques, reconciling bank accounts, managing payrolls, and keeping track of tax liabilities. Automated syncing ensures accurate, up-to-date financial position.


Businesses can customize QuickBooks Online by creating tailored, professional invoices, quotes, and purchase orders for clients and suppliers. Letterheads and logos can be added to accounting documents for consistency with branding. The software also integrates with apps like PayPal, Shopify, and Square for streamlined operations.

Inventory, Budgeting, and Reporting

For retailers and wholesalers, QuickBooks Online enables tracking stock levels and transfers between locations. Budgets can also be set for departments and locations. Detailed financial, inventory, and sales reports provide actionable insights for data-driven decision-making.

Mobility and Convenience

The QuickBooks mobile app offers on-the-go invoice creation, expense logging, and banking. Sales receipts and bills can also be captured by phone camera for streamlined bookkeeping. Employee access can be managed remotely via mobile as well.


Robust data security provisions like backup encryption, password protection, and regular audits safeguard financial data integrity and compliance with accounting standards. Role-based permissions control staff access.

Support and Learning

Unlimited 24/7 chat support and an extensive support center with articles and videos simplify onboarding and ongoing use. Live full-service payroll assistance is also available. Webinars and training resources provide ample opportunities for learning.

  • Automates routine accounting tasks
  • Customizable invoices and forms
  • Seamless app integrations Insightful reporting
  • Less advanced customizations
  • Limited inventory analysis
  • No forecasting capabilities
  • Reliant on internet connectivity
  • Steep learning curve
  • Payroll can get complex

Zoho Books

Zoho has emerged as a leading provider of cloud-based business software over the last decade. Its comprehensive suite, with integrated business applications, targets everything from single entrepreneurs to large enterprises. At its core is a sharp focus on transforming business operations with smart technology while keeping user privacy at the forefront.

Features & Benefits

Zoho Books serves as the company's accounting and finance software, designed for growing businesses seeking a user-friendly yet powerful platform. Some standout features include:

Multi-Currency Support

Zoho Books supports many currencies and is especially useful for businesses involved in international trade. It automatically updates exchange rates.

Bank Synchronization & Payments

It enables linking with thousands of banks globally for seamless feeds of bank data. The software also allows customers to make online payments easily via various methods.


Flexible invoicing options are offered, including recurring invoices and the ability to customize billing schedules.

Comprehensive Reporting

Insightful reports on all key accounting parameters can be generated quickly. Custom reports can also be created.

Inventory Management

The system makes inventory tracking and management easier through serial number tracking, bundle products, and multiple stock tracking.


Zoho Books seamlessly integrates with other Zoho apps covering everything from CRM to HR, which dramatically cuts down data duplication efforts.

Ease of Adoption

As a cloud-based SaaS offering, Zoho Books doesn't require any local installation and can be accessed from web browsers on the go. It offers tutorials to enable smooth adoption, even for non-finance users. The intuitive user interface further minimizes the learning curve.

Security and Privacy Compliance

Data security and commitment to user privacy have been long-standing pillars for Zoho. The company uses stringent security protocols and controls. Compliance with global regulations around data privacy, like GDPR, underscores integrity.

  • Strong commitment to privacy and security
  • Scalable from solopreneurs to large enterprises
  • Free editions available
  • User-friendly and intuitive interface
  • Customization capabilities
  • An overwhelming number of different applications
  • Confusion between free and paid plans
  • Interface less polished than some competitors
  • More limited mobile functionality
  • Fewer supported currencies than global solutions
  • Can require training and adjustment time
  • Per-user pricing adds up for larger teams.


Xero is an intuitive online accounting platform designed to simplify daily accounting for small businesses and their advisors. The New Zealand-based company was founded in 2006.

Features & Benefits


Xero aims to save time by automating mundane accounting tasks. It automatically imports and codes bank transactions, reconciles accounts, sends invoice reminders, and more. These features eliminate the need for manual data entry and reconciliation.


The software provides real-time financial data and easy-to-understand reports and dashboards. Business owners can gain insights into cash flow, receivables, payables, account reconciliations, and other metrics to inform data-driven decisions. Customizable tags and reports cater to specific business needs.


As a cloud-based solution, Xero enables business owners and accountants to access financial data anytime, anywhere, through desktop and mobile apps. Data is updated in real time so the entire team stays on the same page.


Xero seamlessly integrates with business apps for payroll, inventory, ecommerce, point-of-sale, CRM software, and more. Key partnerships include Hubdoc for automated document collection, Stripe for online payments, and Gusto for digital payroll.

  • User-friendly interface
  • Automates routine accounting work
  • Real-time financial visibility
  • Mobile access enhances flexibility
  • Insightful reporting for decisions.
  • Limited complex accounting capabilities integration challenges with niche tools
  • Expensive for established businesses
  • Basic support options weaker
  • No fixed asset management
  • Minimal face-to-face support
  • Potential data migration challenges
  • Relies on consistent internet

Key Takeaways on Accounting Software in Singapore for Small Businesses

Finding the right accounting software is foundational for the financial management of any Singapore SME. Yet between options like Jaz-  the ideal platform tailored to your budget and capabilities proves challenging.

Keep this guidebook handy as a reference when creating your accounting software shortlist. Be sure to consider factors like core accounting needs, growth ambitions, integrations, and budget against the offerings of each platform.

With the right accounting solution in place, small business owners can then focus their energy on accelerating growth rather than fighting with spreadsheets. The automated insights, scalability, and integrations delivered by modern accounting software provide peace of mind as you expand your business in Singapore.

Streamline Your Business Finances With Jaz

Tired of struggling with spreadsheets and manual processes to manage your finances? There's a better way.  Skip the hassle of switching between outdated desktop software and error-prone Excel sheets.

Jaz is the all-in-one accounting solution built to simplify and automate your most complex accounting tasks like invoices, bills, bank reconciliations, payments, and more so you can get back to growing your business or serving more clients.

Get Started for free and take control of your financial operations with Jaz.

Frequently Asked Questions (FAQ)

1. Can I use cloud accounting software for my business in Singapore?

Yes, cloud accounting software is suitable for businesses in Singapore, offering the convenience of accessibility, security, and scalability without the need for on-premise infrastructure.

2. How can I determine the right accounting software for my business in Singapore?

To determine the right accounting software for your business in Singapore, consider factors such as your business size, industry-specific needs, required features, ease of use, integration capabilities, and budget constraints.

3. What are the key features to look for in business accounting software?

Key features to look for in business accounting software include invoicing, expense tracking, bank reconciliation, financial reporting, inventory management, multi-currency support, and integration with other business tools.

4. Is there free accounting software available for small businesses in Singapore?

Yes, there are free accounting software options available for small businesses in Singapore, offering basic accounting functionalities suitable for startups and small enterprises with limited budgets.

5. Which accounting software offers the best support for small businesses in Singapore?

Several accounting software options offer excellent support for small businesses in Singapore, including user-friendly interfaces, dedicated customer service, online resources, and community forums to address common queries and issues faced by small business users.