Accounting software keeps businesses compliant, agile, and audit-ready. With strict regulations from IRAS and evolving digital mandates like InvoiceNow, the right solution can simplify tax reporting, automate payroll, and centralise financial operations. But with so many platforms on the market, how do you choose one that’s both compliant and scalable?
This guide walks you through the essential features, compliance checks, and pricing models that define top-tier accounting software in Singapore. Whether you’re a startup, SME, or growing enterprise, you’ll find side-by-side comparisons and practical criteria to help you select a solution that fits your business and regulatory needs.
It’s important to understand what defines high-quality accounting software. From mandatory regulatory compliance to essential operational features, the following sections break down the key criteria that make an accounting solution worth your investment.
Singaporean businesses must meet strict tax and reporting standards set by the Inland Revenue Authority of Singapore (IRAS). This means the accounting software you choose must align with regulatory mandates to avoid penalties, simplify audits, and ensure stakeholder trust.
Below is a breakdown of key compliance essentials:
Beyond compliance, businesses need intuitive tools that can grow with them. Essential features include:
Below is a comparison of Singapore’s most popular accounting software, with detailed overviews and a summary table to help you assess key features, compliance, and suitability.
| Software | Cloud-Based | IRAS Compliant | GST Filing | Payroll Integration | Starting Price | Best For |
| Xero | Yes | Yes | Yes | Yes | SGD 15–60/mo | Small to medium-sized businesses wanting user-friendly cloud software |
| QuickBooks | Yes | Yes | Yes | Yes | SGD 15–40/mo | Small to medium businesses needing scalable, easy accounting |
| Financio | Yes | Yes | Yes | Yes | SGD 20–50/mo | SMEs needing automated accounting and payroll |
| Zoho Books | Yes | Yes | Yes | Yes | Free plan available; paid from SGD 10/month | Small businesses seeking affordable integrated accounting |
| NetSuite | Yes | Yes | Yes | Yes | Typically SGD 10,000+ (license + implementation) | Mid-sized to large enterprises needing a full ERP |
| MYOB | Hybrid | Yes | Yes | Yes | SGD 20–50/mo | SMBs needing local GST compliance and budgeting tools |
| Wave Accounting | Yes | No | No | Yes | Free core; payroll from SGD 25/month | Freelancers and very small businesses with simple needs |
| SAP Business One | Hybrid | Yes | Yes | No | Custom | Established SMEs needing a comprehensive ERP and accounting |
Xero is known for its intuitive and user-friendly interface, making it accessible even for those without an accounting background. With over 1,000 app integrations available, Xero is a scalable solution well-suited for small and medium businesses looking for accuracy, security, and collaboration.
Key Features:
QuickBooks Online offers a comprehensive suite of features that simplify financial management. Users can create and customise professional invoices, automate recurring billing, and track expenses in real time by syncing bank accounts and credit cards.
Key Features:
Financio focuses on automating bookkeeping, invoicing, and payroll tasks while ensuring full compliance with local tax regulations. Financio’s integration with Singapore’s e-invoicing network and bank feeds helps streamline financial operations and improve efficiency.
Key Features:
Zoho Books offers an efficient and affordable accounting solution for small businesses. It automates invoicing, billing, and payment collection, while providing customisable financial reports to help analyse cash flow and profitability.
Key Features:
NetSuite is an enterprise-level cloud ERP system that combines accounting with broader business management functions such as CRM, inventory, and order processing. It delivers comprehensive, scalable solutions for enterprises requiring integrated finance and operations management.
Key Features:
MYOB is ideal for businesses with traditional workflows. It offers localised features such as GST compliance, making tax reporting straightforward and aligned with IRAS requirements. Its user-friendly interface and guided workflows make it suitable for those with limited accounting experience, helping SMBs stay compliant and organised.
Other Features:
Wave Accounting is a free, cloud-based accounting software designed for freelancers, sole proprietors, and very small businesses with simple financial needs. It provides essential tools for invoicing, income and expense tracking, and basic financial reporting, all accessible via an intuitive interface.
Key Features:
SAP Business One is a comprehensive ERP solution tailored for businesses requiring integrated accounting, inventory, sales, and customer relationship management. It offers advanced financial capabilities and supports complex, multi-entity operations with strong customisation options.
Key Features:
Choosing the right accounting software affects daily operations and your ability to remain compliant, scale efficiently, and make informed financial decisions. The sections below guide you through the key considerations to match your business profile.
The scale of your business greatly influences which solution will serve you best. Small and medium enterprises (SMEs) should consider platforms like Xero or Zoho Books, which are affordable, scalable, and designed with modular add-ons. Larger businesses with complex structures and operations should look toward ERP-integrated solutions like NetSuite, which provides multi-entity support, real-time consolidation, and advanced automation tools.
Different industries require different feature sets. Retail and product-based businesses benefit from robust inventory management and order tracking tools, making QuickBooks and MYOB ideal options. In contrast, service-based businesses should prioritise time-tracking, client billing, and project accounting tools, where Jaz or Zoho Books excel.
For e-commerce businesses, they should ensure the software supports third-party integrations with platforms like Shopify or WooCommerce.
While price matters, the total cost of ownership includes more than subscription fees. Consider licensing, implementation, and training costs. Startups and freelancers may benefit from free or low-cost tools like Financio, especially those that include core compliance features. Businesses should also evaluate whether a monthly subscription or one-time licensing suits their cash flow.
Software is only as good as the support behind it. Choose vendors with responsive local support and helpful onboarding tools. Consider whether your team needs multilingual support or access to in-person workshops.
In Singapore, where regulations are clear and strictly enforced, selecting accounting software with robust compliance credentials is non-negotiable. Below, we expand on the most important areas to evaluate.
The Inland Revenue Authority of Singapore (IRAS) maintains a list known as the Accounting Software Register Plus (ASR+). This list includes software solutions that have been vetted to support accurate tax filings and statutory record-keeping. Choosing software from this list:
IRAS-compliant software typically comes equipped with GST report generation, invoice validation, and record retention that meet statutory periods. If your software isn’t listed, you may face extra scrutiny during audits or be forced to use manual processes for tax compliance.
Apart from tax standards, businesses in Singapore must also comply with data privacy laws such as the Personal Data Protection Act (PDPA). Any accounting software you use should demonstrate:
IRAS compliance and robust data governance protect your business from fines, reputational damage, and operational risk.
Investing in the right accounting software is a strategic move that protects your business from compliance risks while improving operational clarity. To make your selection process smoother, start by mapping your core needs: What features are essential for your daily workflows? Do you require payroll integration, multi-currency support, or IRAS-verified compliance?
Run a trial of at least two shortlisted platforms to test usability and integration with your existing tools. Prioritise those that offer responsive local support, especially if you’re managing GST filings or PDPA compliance in-house.
If you’re just starting out, platforms like Zoho Books, Financio, or Xero offer simplicity, built-in compliance, and room to grow. For more complex operations, consider NetSuite or SAP Business One for their robust automation and reporting capabilities.
If your business handles client billing, proposals, or recurring subscriptions, integrating CRM software in Singapore with your accounting system can give your sales and finance teams a unified view of customer activity and payment data. It’s a smart next step for streamlining workflows and improving cash flow visibility.
