Are you looking for a suitable accounting software for your business? If you are still manually managing your finances, you should consider switching to accounting software, and if you are not sure why you should, check out this post on the benefits of switching to accounting software.
There are so many different accounting software available in the market, so how do you which one to choose? Don’t worry, here is a comparison review of some of the popular accounting software in Singapore such as ABSS (previously known as MYOB), Xero, and lesser-known accounting software, Moneyworks.
- Number of Companies
ABSS– allows you to create up to 5 companies in your initial purchase of the license.
Moneyworks- allows you to keep as many accounts as you want on one computer, with no additional fees or license required.
Xero– allows only 1 company per subscription.
If you are an SME in Singapore that needs more than 1 company set up, then it would be more cost-effective to choose Moneyworks or ABSS.
2. Cloud-based or desktop-based
ABSS– desktop-based software that can be accessed remotely with additional set-up
Moneyworks– has desktop-based software, cloud-based software , and hybrid version(both desktop-based and cloud-based)
Xero– cloud-based software
As ABSS and Moneyworks are desktop-based accounting software, you will only need to purchase the license and pay a one-time payment instead of paying a monthly subscription for cloud-based software like Xero.
Here’s a glance of the pricing for ABSS products:
ABSS Accounting v26- $849
ABSS Premier 1 User v21- $1,399
ABSS Premier 3 Users v21- $2,299
Here’s a glance of the pricing for Moneyworks products:
Moneyworks Express- $481.50
Moneyworks Gold v8 (1 user)- $957.65
Moneworks Datacentre- $3204.65
As mentioned earlier, Xero charges a monthly subscription due to its nature as a cloud-based accounting software.
Here’s the pricing for Xero subscription:
Xero Standard USD30/month
Xero Premium USD40/month
4. User Interface
Accounting software should be designed in a manner where everyone can easily use.
All 3 software has an user interface that is intuitive and allows users to easily navigate and manage the software.
In conclusion, if you are an SME that only requires basic features of an accounting software, then all 3 should be enough for your business. As such, if you prefer to pay a one-time fee instead of a monthly fee, then you should opt for Moneyworks or ABSS instead of Xero.