3 popular cloud accounting software for Singapore businesses compared

Cash flow management is a very important area of any business. Many a time, cash flow is that factor that decides the continuity of a business. Recognizing the importance, businesses invest in procuring good piece of accounting software that will assist the business in managing their finances.

Looking back today, accounting software has come a long way from the days where Microsoft Excel was the solution to services such as Xero and QuickBooks which reside on the cloud to allow you to manage your finances on your mobile phone.

But with so many providers in the market how does a business go around selecting the accounting software that would best suit their needs? Speaking to accountants and entrepreneurs, SGE found out that a very important step towards making this decision would be to identify the business process which you want to use to manage your finances and what kind of reporting functionalities the business requires.

Once you have decided what the business needs are take a look below where we have a quick comparison of some of the popular accounting software that would best fit Singapore-based businesses.

We will be taking a look at QuickBooks, Xero and MYOB.

MYOB LiveAccounts

MYOB is the name that has become synonymous with digital accounting and quite recently, MYOB revealed their cloud offering MYOB LiveAccounts. Being a very large organization, MYOB has the advantage when it comes to pricing. Its plan provides unlimited users and transactions at a very low price.

Who should try this?
– Businesses that want scalability with their accounting software
– Businesses that have or expect to have very large workforce
– Businesses that want a very simple solution at a very low cost
– Businesses that work on multiple platform because MYOB LiveAccounts is browser based
– Businesses that need 24/7 support

Who shouldn’t try this?
– Businesses that are not used to the double entry system of accounting
– Businesses that have very complex tasks or processes
– Businesses that manage inventory
– Businesses that have subcustomers (e.g. the different departments within the organization)
– Businesses out of Australia can apply but the processes for application is cumbersome

Other Important Features
– Allows user to link with banks to provide real-time information on accounts and which will then allow automatic bank reconciliation. (Currently Only available in Australia)
– Very responsive product support team

Additional Notes
Based on conversations with the MYOB LiveAccounts team. Businesses can get an account set up even though they reside out of Australia. What you need to do is to contact the team at MYOB LiveAccount Chat and they will guide you through the registration process.

Cost
– S$34.00/Month for unlimited users and unlimited transactions

Find out more about MYOB LiveAccounts.