If you are still using an “Excel” for your bookkeeping, it is time that you seriously consider an Accounting Software. An Accounting software makes it easier for you to manage financial procedures, performing financial tasks correctly and quickly. However, it does not replace the role of an accountant but significantly enhances your productivity.
The most widely-used accounting software in Singapore for SME are MYOB (aka ABSS) and Xero. Both Accounting Software are approved and qualified for the Productivity Solution Grant (PSG) under Enterprise Singapore.
Below are a few considerations to help you decide which of these 2 popular Accounting Softwares should you go for:-
1. Desktop or Cloud Software
MYOB (aka ABSS) is a desktop-based software but Xero is cloud-based software. This means that with Xero, you can access it anytime, anywhere you like. Moreover, Xero Software has a dedicated app for your phones. Essentially, this means that you can prepare quotes, invoices, scan bills at the go. However, a cloud-based software will come with a monthly subscription fee unlike MYOB (aka ABSS) which is a one-time cost.
2.Number of Companies
Unlike Xero which is 1 company per licence per subscription, MYOB (aka ABSS) allows you to create up to 5 company data files with just 1 licence purchased. This is very attractive for business owners who have multiple small companies.
3. Number of users
MYOB (aka ABSS) comes with 1 or 3 or 5, up to a maximum of 15 users. Xero, on the other hand, allows you to register an unlimited number of users.
4. Inventory Module
Although both MYOB (aka ABSS) and Xero have inventory module, they are not exactly similar. Xero offers a very basic inventory module suitable for companies who just need a basic inventory – providing your inventory balance in quantity and balance as well as your stock movement report. However, it does not support backorders.
MYOB (aka ABSS), on the other hand, comes with a much more powerful built-in inventory tools, allowing you to not only track your stock movements, quantity and price level but also track your committed orders and incoming stock. Basically, this enables you to do backorders should you not have enough stocks on hand. Consequently, this also allows you to check your “real” stock at your fingertips.
5. Add-on software
Xero has a marketplace and allows other software solutions to be added to better fulfil the user needs. It currently has about 500 add-ons. MYOB (aka ABSS), on the other hand, does not have a marketplace for add-on.
Which accounting software is better? It really depends on which one is a better fit for your specific needs. Both MYOB (aka ABSS) and Xero are popular choices among the SME and accounting firms in Singapore.
Should you prefer a desktop-based accounting software with one-time payment, go for MYOB (aka ABSS) without hesitation. However, should you need a cloud-based accounting software, then Xero will be a better choice for you.
If you are an SMEs in Singapore, there is absolutely no reason for you not to hop on to MYOB (aka ABSS) or Xero accounting software today. Both MYOB (aka ABSS) and Xero are pre-approved accounting solution under IMDA Productivity Solutions Grant (PSG), allowing you to claim up to 80% subsidy (for your software, implementation and user training) when you sign up for it.
Still not too sure? Contact Accounting Consultancy for the best advice and solutions. We have helped many SMEs over the years to reduce costs and improve productivity. As the trusted accounting firm in Singapore, we have a team of dedicated certified Accountants to provide you with professional accounting services.