Explore the Latest Accounting Software for Small Business in Singapore

Many small businesses in Singapore use accounting software for streamlining their business accounting work, like tax calculation, financial reporting, tax filing, GST compliance, etc. Hence, small businesses can take care of their business accounts automatically with updated accounting software. Usually, there are varied types of accounting software for small business available in Singapore. But you should make sure to select the proper type of accounting software that is suitable for your small business entity. Also, you can create personalized accounting software based on your small business's specific accounting requirements.

How Accounting Software Helps Small Businesses in Singapore

Small business accounting software in Singapore is an essential tool that assists them in the completion of diverse accounting activities like tax filing, tax computation, bookkeeping, invoicing, financial reporting, etc. Hence, small businesses in Singapore find accounting software useful to make their complex accounting work easy to handle with accuracy. Here are some more points to consider on how accounting software works for small businesses in Singapore:

Calculating and Filing Taxes:

Small business accounting software in Singapore includes standard features that help businesses calculate their taxes as per IRAS rules. Hence, it allows businesses to save precious time and invest in calculating and filing business taxes with accuracy.

Get Faster and Accurate Results

The accounting software for small business in Singapore is effective in getting faster and accurate results for business accounting tasks. Using such software, you can get accurate results for tax calculation, auditing, billing or invoicing, GST calculation and filing, financial reporting, etc.

Cloud-Based Service

The latest models of accounting software in Singapore are compatible with cloud-based services for cloud businesses to access and streamline accounting work remotely.

Data Security and Backup

The newly designed accounting software for small businesses comes loaded with data security features that keep the confidential accounting data of the business encrypted. Also, the software will get an automatic backup of the data to secure it for future use.

Cost-effectiveness

Many small businesses in Singapore are unable to buy expensive accounting software for their business needs. Hence, they can choose cost-effective accounting software available online for streamlining their standard accounting work with accuracy. Such software will reduce the cost of hiring accounting staff in-house and save money for other business tasks.

Thus, above are some vital benefits that you can experience by opting for small business accounting software in Singapore.

Top Accounting Software for Small Businesses in Singapore

If you are looking for the latest accounting software in Singapore for your small business, you may consider the options as follows:

Xero

This accounting software is perfect for cloud businesses in Singapore and worldwide. Many online businesses, like e-commerce, local banks, and online customer service businesses in Singapore, use this accounting software This software is suitable for small businesses with the following requirements:

User-Friendly Interface: This software has a simple and user-friendly interface that allows small businesses to understand and use it for accounting work.
GST Integration: Small businesses in Singapore that cannot file their GST returns will find this Xero software compatible for GST filing needs.
Mobile App: This accounting software is also available in an app, which you can install on your Smartphone and use anytime and anywhere.

QuickBooks Online

This is popular accounting software for small business in Singapore. Many small and large businesses in Singapore use this accounting software. This software includes user-friendly features as follows:

Invoicing and Payment: This software helps in generating automatic invoices or bills. Also, it is flexible for automated payments and reminders for dues.
GST Compliance: It helps in generating automated GST bills that are in compliance with IRAS regulations in Singapore.
Payroll Integration: By using accounting software, you can manage payroll requirements for the staff of your business.

Sage Books

Sage is also ideal accounting software for small businesses in Singapore. This software is also compatible with cloud businesses and freelancers. The significant features of this software are as follows:

GST Tracking: This software supports GST tracking, calculation, and report generation for easy tax filing.
Financial Reporting: The software includes built-in financial reports that help in generating reports like balance sheets, invoices, and other financial statements.
Multi-Currency: This feature of accounting software helps you calculate the multi-currency of different nations and their transactions.

Wave

This is globally popular accounting software and has a good image in the Singapore accounting software market, too. This is free accounting software that includes the following features:

Customizable Invoices: This software enables you to generate customized invoices or bills, which leads to the generation of automated payments for clients.
Compatible for Small Budgeting: The small businesses in Singapore with a low budget prefer this accounting software the most.
Reports Generation: You can use this software for generating varied reports like tax reports, financial reports, GST reports, balance sheets, etc.
Multi-Currency Support: This software also offers you multi-currency support features to calculate currencies of different nations.

Zoho Books

Many businesses in Singapore use this Zoho Books accounting software due to its affordability and useful features, as follows:

Automation: This software allows you to generate automated financial reports, balance sheets, invoices or bills, GST reports, etc.
GST Filing: This is GST-compliant accounting software that helps to generate GST reports, invoices, and GST filing.
Financial Reports: Using this software, you can generate several types of financial reports, like invoices or bills, balance sheets, financial statements, etc.

Thus, above are some widely used accounting software for small business in Singapore, which can be useful for small businesses to manage their accounting work.

FAQs

Which Accounting Software Will Be Best for Small Businesses in Singapore?

There are varied types of accounting software that will be suitable for small businesses in Singapore. Some of the best accounting software for small businesses are as follows:

Xero: This software is perfect for the accounting needs of cloud businesses and also gives a GST-compliant facility.
Zoho Books: Small businesses with a low budget can use this software, as it is affordable and suitable for all accounting needs like GST filing, invoicing, financial reporting, etc.
QuickBooks Online: This software enables small businesses to manage all payroll-related work for their employees. Also, it is suitable to streamline other accounting tasks.
Sage: You will find this accounting software compatible with multi-currency support and other account-related tasks.

So, you can use any of the accounting software as per your small business accounting requirements.

Is most accounting software in Singapore GST-compliant?

Yes, most accounting software for small businesses in Singapore is GST-compliant. For instance, you can use Zoho, QuickBooks, Xero, etc., which offer GST-compliant features. Also, accounting software enables you to perform GST calculation and report filing facilities as per business needs.

What is Free Accounting Software for Small Businesses in Singapore?

If you are looking for free accounting software for a small business in Singapore, you can use Wave software. This is free accounting software, which comes inbuilt with all relevant accounting features like GST compliance, automated invoicing, financial reporting, balance sheet generation, multi-currency, etc. You can also use the premium features of this software that are paid for.

Can Accounting Software in Singapore Provide an Automated Tax Filing Benefit?

Yes, there are some useful accounting software for small businesses in Singapore that come with automated tax calculation and filing features. For instance, you can choose Xero, Zoho, and QuickBooks accounting software that come inbuilt with automated tax filing and calculation features. Hence, small businesses can easily calculate the right taxable amount and file for the same on time using such software.