Top Accounting Software for Small Businesses in Singapore [2025]

Let’s be honest. Keeping the books probably isn’t the part of running a business that excites you. But messy finances? That’s a fast track to stress, missed payments, and cash flow surprises. That’s where accounting software comes in.

Instead of wrestling with spreadsheets, you get clean dashboards, real-time reports, and automated invoicing — so you’re not wasting hours on paperwork when you could be growing your business. More small and medium-sized businesses (SMEs) are adopting cloud accounting software to access real-time financial data and manage resources more efficiently.¹ The result? Smarter decisions, better cash flow, and fewer operational bottlenecks.

If you want to achieve those same benefits, it’s not just about going digital; it’s about selecting a tool that aligns with how your business actually operates.

That’s why we’ve put this guide together: to help you find the right accounting software for your small business in Singapore based on your size, goals, and workflow. We’ll also show how Wise Business fits right alongside your accounting software, especially if you’re dealing with overseas clients, vendors, suppliers and partners who want to transact with you using their preferred currency. It integrates with tools like Xero and QuickBooks, eliminating the hassle of reconciling multi-currency payments.

Table of contents
What is accounting software, and why does your business need it? Best accounting software for small businesses in Singapore Xero QuickBooks Online ABSS (formerly known as MYOB Singapore) FreshBooks Zoho Books What to look for in accounting software for small businesses

What is accounting software, and why does your business need it?

At its core, accounting software is your business’s financial co-pilot. It tracks money coming in and going out (income, expenses, invoices, payroll) all in one place, so you’re not juggling spreadsheets or second-guessing your numbers.

Here’s how it helps small businesses specifically:

• Save time and brainpower: Automate invoices and expenses so your books stay tidy, even when things get hectic.
• Do more with less: No finance team? No problem. Software takes care of the grunt work while you run the business.
• Catch costly mistakes early: From missed filings to double entries, accounting tools flag errors before they snowball.
• Boost your credibility: Clean, accurate records make it easier to win over clients, banks, and grant bodies.
• Make smarter moves, faster: Real-time dashboards provide instant clarity, allowing you to adjust pricing, chase payments, or scale up with confidence.

🤔 Is accounting software the same as invoicing software?
Not quite. Invoicing software lets you track and send invoices. Accounting software, on the other hand, manages your entire financial ecosystem: expenses, payroll, reporting, and more.

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Best accounting software for small businesses in Singapore

Features	Xero²	QuickBooks Online⁶	ABSS⁸	FreshBooks⁹	Zoho Books¹⁰
Pricing	Starter: S$39/month Standard: S65/month Premium: S$88/month	Simple Start: S$27.25/month Essentials: S$42.51/month Plus: S$56.68/month Advanced: S$109/month	ABSS Accounting Connect: S$349/year ABSS Premier Connect: S$499/year	Lite: US$21/month Plus: US$38/month Premium: US$65/month Yearly plans available	Free plan available Standard: US$12/month Professional: US$24/month Premium: US$36/month Elite: US$129/month Ultimate: US$249/month Yearly plans available
Multicurrency	Premium only³	Essentials, Plus, and Advanced	ABSS Premier Connect only	Available across all plans	Professional, Premium, Elite, and Ultimate
Payroll	Available across all plans	Available across all plans	Available for an add-on charge for ABSS Accounting connect; free for 3 employees for ABSS Premier Connect	US$40/month plus US$6/month/user	Available across all plans
Expense tracking	Optional, from S$6/month	Available across all plans	Available across all plans	Available across all plans	Available across all plans
Invoicing	Available across all plans	Available across all plans	Available across all plans	Available across all plans	Available across all plans
Integrations	Extensive⁴	Extensive	Limited	Extensive	Extensive
Singapore-specific tax compliance	Yes⁵	Yes⁷	Yes	No	No

*Details accurate as of 9th June 2025

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Xero

Best if you:

Want room to grow and already use tools like Shopify, CRM systems, or payroll platforms. Xero² is a solid pick if you’re scaling and want cloud accounting software that plays well with others.

Pricing:

• Starter: S$39/month
• Standard: S$65/month
• Premium: S$88/month

Benefits:

• Exceptional integrations: Xero connects with over 1,000 third-party apps⁴, great if your small business runs on tools like Shopify, Stripe, or CRM platforms.
• Real-time collaboration: This cloud accounting software allows you to invite your accountant or bookkeeper into your dashboard; no back-and-forth emails needed.
• Singapore-ready compliance⁵: Includes reports formatted for IRAS (Inland Revenue Authority of Singapore) filing, making it a reliable accounting software Singapore businesses can trust.
• Multi-currency capabilities (Premium plan)³: Ideal for international transactions and overseas suppliers.
• Wise integration: Syncs with Wise Business, which allows you to connect easily with customers worldwide with local account details so that you can receive payments from them in their local currencies.

Limitations:

• Over-featured for solopreneurs: If you’re just sending invoices, it may feel bloated.

QuickBooks Online

Best if you:

Run a service-based business or startup and need clear financial reporting that’s compliant with Singapore tax requirements. It’s flexible, scalable, and built with small businesses in Singapore in mind.

Pricing:

• Simple Start: S$27.25/month
• Essentials: S$42.51/month
• Plus: S$56.68/month
• Advanced: S$109/month

Benefits:

• Singapore-compliant reports⁷: Tailored for local IRAS filing and annual returns, making it a strong accounting software for small businesses in Singapore.
• Advanced reporting: Filter reports by customer, service, or project to get a clear picture of profitability.
• Wise integration: You can add your Wise Business account and sync your accounting easily. This means all transactions made through your Wise Business account — payments received from customers, payments sent to team / vendors, and Wise Business Card spend — will be synced, matched, and categorised in QuickBooks for simple reconciliation.

Limitations:

• Learning curve: The data-rich dashboard can be overwhelming for accounting beginners.
• Multi-currency support starts at Essentials⁶: You’ll need to pay more than the base plan for international capabilities.

➡️ Check out our in-depth Xero vs QuickBooks comparison guide here.

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ABSS (formerly known as MYOB Singapore)

Best if you:

Run a small- to medium-sized business that needs a GST-compliant, cloud-connected accounting solution with flexible subscriptions and practical features like payroll and e-invoicing.

Pricing:

• Accounting Connect: S$349/year
• Premier Connect: S$499/year

*Note: ABSS offers on-premise versions of the above, too, which could be useful if you prefer working offline.

Benefits:

• Local compliance built-in: GST support, invoice formatting, and InvoiceNow e-invoicing make it a solid accounting software Singapore businesses can rely on.
• Powerful cloud-connected features: Includes interactive dashboards, A.I. Scan (OCR), and upcoming mobile app support to help you stay on top of sales, purchases, and documentation.
• Modern connectivity: Bank feeds (DBS now, Maybank soon) simplify reconciliation, reducing manual work and minimising sync errors.

Limitations:

• Partial cloud experience: It’s a hybrid system, so real-time mobile use still has limitations compared to fully cloud-native platforms.
• Not ideal for complex tech stacks: If you need seamless connections to platforms like Shopify, Stripe, or advanced CRMs, Xero or Zoho Books may be better suited.

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FreshBooks

Best if you:

Are a freelancer, consultant, or run a solo service business in Singapore seeking intuitive invoicing, time tracking, and client management without the complexities of traditional accounting software.

Pricing:

• Lite: US$21/month
• Plus: US$38/month
• Premium: US$65/month

*Note: FreshBooks offers both monthly and annual plans⁹. Opting for a yearly subscription can work out cheaper than paying month-to-month, ideal if you’re looking to lock in savings for the long haul.

Benefits:

• Expense tracking: Automatically track and categorise expenses, with features like mobile receipt scanning and bank account imports, ensuring accurate financial records.
• Time tracking & project management: Monitor billable hours, manage projects, and assess profitability, which is particularly beneficial for service-based businesses.
• Collaboration tools: Invite your accountant or team members to access your FreshBooks account, streamlining collaboration and ensuring everyone stays informed.

Limitations:

• Singapore tax compliance: FreshBooks is primarily designed for the North American market. As such, it doesn't offer built-in support for Singapore-specific tax requirements. Businesses may need to manually adjust reports or use additional tools to ensure compliance.
• Scalability: While FreshBooks is excellent for freelancers and small businesses, rapidly growing companies might find its features limiting over time and may need to transition to more robust accounting software.

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Zoho Books

Best if you:

Are a digitally-savvy SME in Singapore looking for powerful features, automation, and a budget-friendly option that scales as you grow. It’s ideal if you're looking for accounting software for a small business that integrates seamlessly into your tech stack.

Pricing:

• Free plan available
• Standard: US$12/month
• Professional: US$24/month
• Premium: US$36/month
• Elite: US$129/month
• Ultimate: US$249/month

*Note: Zoho Books¹⁰ offers both monthly and annual plans. Opting for a yearly subscription can work out cheaper than paying month-to-month, ideal if you’re looking to lock in savings for the long haul.

Benefits:

• Free plan available: Zoho Books offers a forever-free plan — perfect if you’re just starting out and want to try a full-featured accounting software for small businesses in Singapore without the upfront cost.
• Extensive automation: From recurring bills to workflow approvals, Zoho helps small teams do more with less, especially helpful when running lean.
• Multi-currency support (Professional and up): Manage transactions across different currencies, making this a good option if you work with global clients.
• Strong integrations: It works seamlessly with other Zoho apps, such as CRM and Inventory, and integrates with third-party tools like PayPal, Stripe, and Wise Business.

Limitations:

• No official IRAS compliance: Zoho Books isn’t listed on IRAS’s Accounting Software Register, so local tax filing (such as GST returns) may require manual preparation or workarounds.
• Learning curve for non-tech users: There’s a lot under the hood, so first-timers may need time (or support) to get up to speed.

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What to look for in accounting software for small businesses

Cloud vs traditional accounting software?

Traditional accounting software is installed on your desktop or a local server.

You typically pay a hefty one-time fee, and you’re responsible for updates, backups, and managing your own data. If your computer crashes (or you're away from the office), you could lose access.

Cloud accounting software, on the other hand, is web-based.

You log in from anywhere, and everything is saved automatically in the cloud. You get regular feature updates, off-site backups, and subscription-based pricing that’s far more flexible for growing businesses, especially when choosing the right accounting software for small business operations.

Most small businesses today benefit from cloud-based tools.

Cloud accounting software platforms have matured rapidly, offering automation, secure access from anywhere, and real-time collaboration with accountants or teammates. Many use pay-as-you-go pricing, so you only pay for what you need and can scale up easily as your operations grow.

What are your business needs?

Start by asking what your business really needs.

If it’s just invoicing, expense tracking, account management, and basic reports, a free accounting software option in Singapore may be more than enough. And if all you need is to send out invoices, you might not need full-fledged accounting software at all; you can consider free invoicing tools like Wise Business’s invoice tool.

But if your business is growing and requires:

• Custom financial reports
• Multi-user permissions
• Bank-grade security
• Complex project tracking

…you’ll want to consider more advanced accounting software for a small business that can grow with you.

Are you expanding overseas?

If you’re working with international clients, remote contractors, or global suppliers, your accounting software should support:

• Multi-currency transactions
• Integration with global payment tools like Wise, PayPal, or Stripe
• Exportable IRAS-compatible reports for tax filing in Singapore

Choosing cloud accounting software that integrates seamlessly with global systems can save you hours of manual reconciliation and reduce compliance headaches as your business expands beyond Singapore.

Conclusion

In short, finding the right accounting software for your small business in Singapore isn’t just about which is the most feature-rich tool — it’s about whether the features are the right fit for your business needs.

From user-friendly tools like FreshBooks for solopreneurs to robust, scalable systems like Xero or QuickBooks Online, the best choice depends on how your business operates today and where you plan to take it tomorrow.

💡If you're growing a global business, you'll quickly face a daunting wall of costs, complexity, and hidden fees when receiving international payments. Wise Business helps you bypass this wall, making it easy to receive money from around the world and start getting paid like a local today.

• Obtain account details to receive payments in GBP, EUR, CAD, AUD and more for a one-time fee of S$ 99.
• Simply share your account details with customers or add them to invoices.
• Hold, send, and convert money at the mid-market rate in one account.
• Simplify customer payments with Wise request payment feature.
• Accept payments from customers and payment service providers (PSPs) like Stripe and Amazon.
• Generate payment links to request money in specific currencies.

➡️Get started with Wise Business today

*Please see terms of use and product availability for your region, or visit Wise fees and pricing for the most up-to-date pricing and fee information.

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Sources:

1. The Straits Times
2. Xero pricing plans
3. Xero pricing plans Premium
4. Xero accounting for ecommerce and small businesses
5. Xero features
6. QuickBooks pricing
7. QuickBooks GST tracking
8. ABSS accounting premier connect
9. FreshBooks pricing
10. Zoho Books plan comparison

Sources checked on 2nd June 2025