Stop Wasting 10+ Hours a Month on Manual Bookkeeping!
The difference between a struggling SME and a thriving, cash-rich one often comes down to one thing: efficient, IRAS-compliant bookkeeping.
Are you tired of spreadsheets, confused by GST, and spending late nights trying to reconcile your accounts? In Singapore, getting your books wrong doesn’t just mean messy finances, it means risking penalties from the Inland Revenue Authority of Singapore (IRAS).
This is why choosing the right software is the single most important operational decision you can make this year.
Why Small Businesses in Singapore Need Bookkeeping Software
Before diving into specific solutions, let’s understand why investing in bookkeeping software matters for your business success.
Key Benefits for Singapore SMEs
- Enhanced Accuracy and Compliance: Automated accounting software enhances accuracy by minimising calculation errors, which is crucial when dealing with IRAS submissions and GST filing requirements.
- Time-Saving Automation: Manual bookkeeping consumes valuable hours that could be spent growing your business. Cloud-based solutions automate repetitive tasks like invoice generation, bank reconciliation, and expense categorization.
- Real-Time Financial Visibility: Access up-to-date financial reports anytime, anywhere. This enables better cash flow management and informed decision-making for business growth.
- Simplified Tax Season: Easier bookkeeping means less stress and less work when it is time to file your yearly income tax returns with IRAS. Organized income and expenses make compliance straightforward.
What to Look for in Bookkeeping Software
When evaluating solutions for your Singapore business, prioritize these essential features:
- IRAS Compliance: GST F5 return generation and IRAS Audit File (IAF) support
- Multi-Currency Support: Essential for businesses dealing with international clients
- Cloud Accessibility: Access your books from any device, anywhere
- Bank Integration: Automatic synchronization with Singapore banks like DBS, OCBC, and UOB
- User-Friendly Interface: Minimal learning curve for non-accountants
- Scalability: Software that grows with your business needs
- Mobile Access: Manage finances on-the-go with dedicated apps
This expert-curated guide cuts through the noise. We’ve spent over a decade analysing the market to bring you the definitive list of the 7 Best Bookkeeping Software Options for Small Business in Singapore, tested for features like GST reporting, local bank integration, and pure simplicity.
Stop bookkeeping stress and start scaling your business. Let’s find your perfect match.
7 Best Bookkeeping Software for Small Business in Singapore
Choosing the right bookkeeping software is a critical decision for any small business in Singapore, directly impacting your compliance with the Inland Revenue Authority of Singapore (IRAS) and your ability to manage cash flow efficiently. The ideal solution should be IRAS-compliant, offer essential features like GST reporting and e-invoicing, and fit seamlessly with your operational style.
Here is an expert-curated list of the 7 best bookkeeping software options, tailored for Singapore’s small business environment.
1. Xero
Xero is arguably the most popular cloud-based accounting software in Singapore, known for its beautiful, user-friendly interface and vast ecosystem of integrations. It’s an excellent fit for modern, tech-savvy small business owners and startups.
Key Features:
- Over 1,000 connected app integrations
- Multi-currency accounting capabilities
- Seamless bank reconciliation
- Real-time financial reporting
- Mobile app for iOS and Android
- Collaborative features for accountants
Pricing: Starting from SGD $3.90/month
Who it’s best for: Growing businesses, e-commerce stores, and companies that value automation and need to collaborate easily with their accountant.
Why Choose Xero: Its cloud-based architecture ensures you can access financial data anytime while maintaining compliance with international security standards. The extensive app ecosystem makes it highly customizable to your specific business needs.
2. QuickBooks Online
Developed by Intuit, QuickBooks Online (QBO) is a globally recognized platform offering robust features that cater to businesses from startup to mid-sized enterprise. It’s known for its comprehensive, built-in functionality.
Key Features:
- Automated bookkeeping and data entry elimination
- Custom invoice creation with branding
- Inventory management with auto-updates
- Time and expense tracking
- Singapore bank integration
- Low stock alerts for retailers
- Accountant collaboration tools
Pricing: Starting from SGD $9.30/month
Who it’s best for: Small businesses needing comprehensive financial reporting, integrated inventory tools, and those who prefer an all-in-one system with less reliance on add-ons.
Why Choose QuickBooks: Its straightforward interface makes financial management accessible even for those without accounting backgrounds. The automatic bank feed integration saves hours of manual data entry.
Read also: Trends in Corporate Advisory Services in Singapore (2025)
3. Zoho Books
Zoho Books stands out for its strong feature set and highly competitive pricing, including an excellent free plan for small and micro-businesses. It’s part of the larger Zoho ecosystem, allowing for seamless integration with other Zoho business apps (CRM, etc.).
Key Features:
- PEPPOL e-invoicing integration
- Automated GST rate selection and F5 returns
- Multi-currency transactions
- Customizable workflows and templates
- Mobile and desktop apps
- Automated recurring invoices
- Bank feed auto-matching
Pricing: Free plan available; paid plans from SGD $15/month
Who it’s best for: Freelancers, sole proprietors, startups on a tight budget, and businesses already using other Zoho products.
Why Choose Zoho Books: The platform’s customization options and automation capabilities make it ideal for businesses with specific workflow requirements. The free plan is generous for startups.
4. Financio
Financio is a cloud-based accounting software specifically designed for Asian SMEs, offering a simple, intuitive, and multilingual interface. It’s perfect for business owners with little to no prior accounting knowledge.
Key Features:
- IRAS-compliant GST F5 and IAF reporting
- E-invoicing and InvoiceNow integration
- Multi-currency with three language options
- Mobile app accessibility
- Inventory management with FIFO/Average Cost methods
- Unlimited user access
- PayNow Corporate integration
Pricing:
- Essentials: SGD $20/month
- Premier: SGD $30/month
- 30-day free trial available
Who it’s best for: Brand new business owners, solopreneurs, and those who prioritise simplicity and local market features above all else.
Why Choose Financio: Developed specifically for the Singapore market, it addresses local business needs including multilingual support and seamless integration with Singapore banks. The affordable pricing makes it accessible for startups.
5. ABSS (formerly MYOB)
ABSS (Asian Business Software Solutions), formerly known as MYOB, is a long-standing, trusted name in Singapore’s accounting software market. Unlike many new cloud-only competitors, ABSS offers a robust desktop version, which is favoured by certain SMEs.
Key Features:
- Invoicing and quote management
- Expense tracking with receipt scanning
- Payroll services
- GST tracking and compliance
- Real-time data synchronization
- Mobile accessibility
- Multiple banking integrations
Pricing: Starts from SGD $315/year or contact for custom quote.
Who it’s best for: Established SMEs with complex inventory needs, businesses that prefer a one-time purchase over a subscription, or those who need a robust desktop solution.
Why Choose MYOB: Established reputation in the Singapore market with strong support for local regulatory requirements. Suitable for businesses planning significant growth.
6. FreshBooks
FreshBooks is an excellent cloud-based option that places its primary focus on invoicing and time tracking. It is highly intuitive and designed specifically for freelancers, consultants, and service-based businesses.
Key Features:
- Unlimited invoicing with professional templates
- Built-in time tracking with project management
- Automated payment reminders and late fees
- Receipt scanning via mobile app
- Expense tracking and categorization
- Client communication portal
- Mileage tracking for mobile professionals
- Integration with payment processors
Pricing:
- Lite: USD $8.40/month (for up to 5 clients)
- Plus: USD $15.20/month
- Premium: USD $26/month
- 30-day free trial available
Who it’s best for: Consultants, agencies, designers, and other service professionals whose main bookkeeping need is efficient time tracking and fast invoicing.
Why Choose FreshBooks: The platform’s strength lies in its invoicing capabilities and time tracking features. Service businesses appreciate how quickly they can convert tracked hours into professional invoices. The interface is clean and intuitive, requiring minimal accounting knowledge to operate effectively.
7. Sage Business Cloud Accounting
Sage is a globally recognized brand that provides reliable and straightforward cloud accounting software. Its Business Cloud Accounting platform is known for providing an easy-to-digest overview of your company’s financial health.
Key Features:
- Complete double-entry accounting system
- Automated bank reconciliation
- Cash flow forecasting tools
- Multi-currency support
- Inventory management capabilities
- Purchase order processing
- Real-time collaboration with accountants
- 24/7 customer support availability
- Integration with 200+ business applications
Pricing:
- Starting from USD $10/month
- Free trial available
- Custom pricing for larger businesses
Who it’s best for: Businesses focused on managing cash flow tightly, or those seeking a reliable, no-frills solution from a long-established global vendor.
Why Choose Sage Business Cloud: With over 40 years in the accounting software industry, Sage brings enterprise-level reliability to small business pricing. The platform particularly shines for businesses with inventory needs or those requiring detailed financial reporting. Strong integration capabilities make it suitable for businesses with complex tech stacks.
Comparison Table: Best Bookkeeping Software for SMEs in Singapore
| Software | Starting Price | Best For | Key Strength | Free Trial |
|---|---|---|---|---|
| Xero | SGD $3.90/month | Integration needs | 1,000+ app connections | Yes |
| QuickBooks | SGD $9.30/month | Ease of use | User-friendly interface | Yes |
| Financio | SGD $20/month | Local SMEs | Singapore-specific features | 30 days |
| Zoho Books | Free plan available | Customization | Workflow automation | 14 days |
| Wave | Free | Tight budgets | Zero subscription cost | N/A |
| MYOB | Custom pricing | Established SMEs | Comprehensive features | Yes |
| AI Account | SGD $12/year | Multi-country | 12-month free trial | 12 months |
| FreshBooks | USD $8.40/month | Service businesses | Time tracking & invoicing | 30 days |
| Sage | USD $10/month | Growing businesses | Enterprise reliability | Yes |
How to Choose the Right Bookkeeping Software for Your Business
Selecting the ideal solution depends on your specific circumstances. Consider these factors:
- Business Size and Complexity: Solopreneurs and freelancers might find Wave or AI Account sufficient, while growing SMEs with multiple employees benefit from more robust solutions like Xero or QuickBooks.
- Budget Constraints: Evaluate not just monthly costs but the value delivered. Free solutions save money upfront but may lack essential features as you grow.
- Industry-Specific Requirements: Retail businesses need strong inventory management, while service businesses prioritize time tracking and project management capabilities.
- Technical Expertise: Non-accountants should prioritize user-friendly interfaces like QuickBooks, while tech-savvy users might appreciate Zoho Books’ extensive customization.
- Growth Plans: Choose software that scales with your ambitions. Starting with a limited solution might necessitate costly migrations later.
Implementation Best Practices
Once you’ve selected your bookkeeping software:
- Take Advantage of Free Trials: Test multiple options before committing to ensure the software fits your workflow.
- Migrate Data Carefully: If switching from manual systems or other software, take time to transfer historical data accurately.
- Train Your Team: Invest in proper onboarding to maximize the software’s capabilities and minimize errors.
- Connect Bank Accounts: Enable automatic bank feeds for real-time reconciliation and reduced manual entry.
- Establish Regular Routines: Set weekly or monthly schedules for reviewing reports and updating records.
- Leverage Support Resources: Use vendor tutorials, webinars, and support channels to fully understand your software’s potential.
Need a Reliable Bookkeeping and Accounting Solution in Singapore?
You’ve just read the definitive guide to the best software. But let’s be honest: software is only half the battle.
Even the best automated tool requires set-up, regular maintenance, and the expertise to handle complex IRAS filings, corporate tax, and annual returns. If you are still worried about:
❌ Getting the GST calculations perfectly right.
❌ Having the time to learn and manage a new system.
❌ Missing out on tax reliefs or submitting incorrect Annual Returns.
Your time is better spent focusing on sales, marketing, and strategy, not chasing down receipts.
If you are looking for a comprehensive bookkeeping and accounting solution that handles everything from daily data entry to annual filing, let the professionals take over.
Bizsquare Accounting provides expert, IRAS-compliant services that leverage these exact software tools, giving you clean books, timely reports, and complete peace of mind, all at an affordable monthly rate.
➡️ Book a consultation with Bizsquare Accounting today and let our team handle the numbers while you focus on growing your business!
