Accounting Software Malaysia

Managing your finance has never been easier with today’s accounting software. From small businesses, solopreneurs, and freelancers to large enterprises, accounting software will save you money and time while you focus on other elements of your business. In Malaysia, the competition in accounting software is huge. In order to get the right software to support your business, it’s essential to determine your business’s needs. What type of industry is it for? Do you want to do simple bookkeeping and accounting? How many users will you have? Do you need online-based or desktop-based accounting software? Do you need to prepare SST? Find your answers to some of these questions, and you will find the right accounting software for your business. Here we find out more about the most popular accounting software for small business Malaysia.

OfficeCentral

The most popular accounting software for small business Malaysia is OfficeCentral and by right. This accounting software is very simple to set up and user friendly. Besides accounting, companies use OfficeCentral for other modules like Payroll, POS (Point of Sale), CRM (Customer Relationship Management), or Human Resources, and they are all integrated. This means that you can import data from all modules and have access to everything within a click.

OfficeCentral accounting software is one of the best ERP (Enterprise Resource Planning) solutions in Malaysia. This software uses web technology, mobile app technology, and cloud technology, delivering the best ERP solution for your business. All data is saved in the cloud, which means every financial report, invoice, and details are easy to manage. This accounting software is also SST compliant. Other key features include project accounting, multi-location accounting, auto-generated reports, expenses management, revenue management and chart of accounts.

SQL Accounting

Built for every type of business, SQL Accounting will make your life easier and your business more successful. This software is award-winning accounting software for 2019 and is named the best and most popular accounting software for small business Malaysia.

SQL is very simple to set up, and it’s user friendly like most accounting software today. What sets this software apart from the others is that it has multiple designs of accounting templates. The user finds it very easy to navigate the history of all data, purchases, sales, reports, and invoices with the software’s smart feature that stores everything in one place.

SQL accounting software also allows the user to send all business data to the clients through WhatsApp feature on the phone. Also, the software calculates a variety of commission and commission rates that are based on stock groups. With SQL, you don’t have to worry about data theft as it has advanced security with double layer access control. Lastly, SQL offers free training each month, and their technical support team is available 24/7 for all inquiries.

Financio

Financio is one of the most popular accounting software for small business Malaysia. Accounting is not a daunting task for your new employees anymore due to the user-friendly interface this accounting software has. Designed for non-accountants and micro-businesses,  Financio offers e-Invoicing, accounting automation, flexible permissions, live backup, and it is highly secure. One of its best features is accounting automation, meaning the software automatically generates accounting entries and tax records every time a transaction is recorded. Many small business owners claim that with Financio, their company’s cost related to bookkeeping, accounting, and tax was reduced by 50%. The software is also cloud-based, allowing you to connect wherever you are and be up-to-date. We also like Financio because it has a multilingual interface enabling you to choose between English, Chinese, or Bahasa Melayu. 

Biztory

Over 7,000 SME’s companies register the use of one of the most popular accounting software for small business in Malaysia, Biztory. Biztory is another cloud-based accounting software that makes invoicing extremely easy, within a click.

This software makes it easier to manage your cash flow by tracking sales and expenses and overdue business accounts. Managing your inventory doesn’t have to be a hassle anymore. With Biztory, you can manage your purchase and expenses reports and understand where the business spends the most money.

The software helps you understand the financial condition your business is in with a simple click. It will generate all critical financial reports such as aging accounts, Profile & Loss, and cash flow. Biztory is GST and SST compliant, which means all taxes will be added accordingly upon your purchase or sales invoice.

Recently, Biztory added a tax estimator, which lets you estimate in advance how much tax you will need to pay. With 30-day free trials and well trained technical support, Biztory will remain on the top 10 list of most popular accounting software for small business Malaysia for many years to come.

QuickBooks

https://quickbooks.intuit.com/ If you are a solopreneur and just starting your own business, you will need a simple solution for your accounting. QuickBooks Simple Start or QuickBooks Essentials are the right choices for you. With QuickBooks accounting software you can send unlimited invoices, make customisable reports, track income and expenses, connect with your bank, manage employees, maximize tax deductions and many more features to simplify your accounting. QuickBooks Simple Start plan allows you to easily configure Chart of Accounts, give access to two more accounting firms, and generate reports on the go to stay up-to-date with your business health. The online cloud accounting software makes it easy to access all data on all your devices. Quickbooks may not be the most popular accounting software for small business Malaysia but it’s certainly worth giving it a try. 

SBS

https://sbsweb.com/ SBS (Software Business System) is a flexible accounting software developed for micro and small business in Malaysia. SBS will save you time and help you focus on running a successful business, but with competitive pricing. Users can easily customize SBS to their business practices. This software can integrate with other operations software that you may be using for your business. SBS works with Paperless office to allow the user a more efficient work progress. Another feature that we find very useful is the real-time budgeting. It allows all partners to collaborate on budgeting decisions with impact of the budget clearly visible to everyone.

Sage One

https://www.sageone.com/ Sage One has simplified accounting for small businesses not only in Malaysia but worldwide too. This software allows you to send and track personalized invoices and monitor cash flow each month on an insightful dashboard. Sage one helps you on:

• follow up on payments with the Debtors Manager,

• updates your inventory and accounting records with every new transaction,

• connects to your bank with Sage Business Cloud Accounting, and many more.   

You can integrate payroll with your accounting too. The payroll integration is available as free trial for 15 days. This software can be downloaded quickly, offers free 30 days trial, and has excellent technical support.

Which Accounting Software Is The Best For Small Business In Malaysia?

A successful business, small or mid-sized, requires a lot of time, money, and patience. With the right accounting software, you will save time and money. As a result you can then concentrate on other business aspects. All the accounting software we discussed about will help you organize your financial data better. The only way to determine which accounting software is the best for your business is to try them out.

Looking for accounting software suitable for Malaysia business ? Are you running a small or medium-sized business and finding it hard to keep track of the flow of all your finances? Hiring an accountant is one thing but, to save time using accounting software that is efficient and effective and best suited to your firm and the legal policies of the country of operations is more beneficial. It helps boost the financial growth of your business while enabling a good check-and-balance of the books, expenditure, sales, etc. 

Moreover, with the advancement of technology, the software is becoming more and more efficient every passing day. Therefore, to be ahead of your competitors, you need to be up-to-date with all the advancements. An accounting software helps you in bookkeeping, managing your invoices, keeping a track of all your financial reports. Most of them help keep track of SST within your cash flows. Moreover, they help keep your data safe, traceable, and easily accessible whenever needed.  

Now that you understand how crucial opting for an accounting software is for the success and rapid growth of your business. Not only that, it helps in keeping your business financially safe by abiding by all policies and keeping all the records and books.   

You might be wondering where do I find a suitable accounting software for my business? Well, there are numerous options to choose from. We have come up with a list of the 7 best accounting software in Malaysia that will save you time. 

SQL Accounting

SQL Accounting is one of the most unique accounting software in Malaysia. It features an option of keeping all your financial records from sales, transactions, etc. efficiently in one place and it also incorporates various design templates for accounting. It has an effective way of documenting all inventories and updating them efficiently with time. You can choose either to use the software based version or use the latest cloud based version.

MYOB

Next on our list is MYOB. This software helps ease in getting tax returns and it saves tax time. It is easy to set up and has an easy-to-navigate interface between sales, accounting, contacts, etc. This software is easy to use, and it comes with an efficient app as well that helps you never miss any due dates. It keeps you on track with fast GST-based calculations without you having to hustle here and there much. 

AutoCount

Autocount helps you in better storage and rids you of keeping paper accounts and hard copies of transactions, etc. It has an integrated cloud system that helps you update your accounts in real-time and saves your time and provide better security. By security, we mean that you would not have to face problems of data loss. Moreover, it comes with a multi-level access option to distribute the workload if needed. In addition, the option of backup and restore secures your accounts like other accounting software as well.  

QnE

This software is fairly easy to use and offers a systematic execution process when it comes to resources management: inventory management. It is cloud-based and thus allows users to use it and upload all documents in real-time. QNE has some effective features like date-sensitive report performance, user audit trail availability, forecast statistics, cash-flow status, and break-even knowledge that make it a good choice. The integrated inventory software in QNE helps save time and manage all inventory-related documents easily including staff and invoice information.

Million

Million is one of that accounting software that has a user-friendly interface and is compatible with Microsoft Excel. That helps in managing reports that are mostly handled in MS Excel format. It is less feasible and adaptable when the business expands and becomes more complex. But, it can handle multiple currency inputs thus helping those dealing with multiple currencies. It also has a function of handling multiple business accounts. 

Intuit Quickbooks

The main pro of Intuit Quickbooks is invoice management. It has an amazing invoice management system. Now, you can easily generate invoices and quotes with Intuit Quickbooks. It helps track your receivables in no time. Moreover, helping you track GST within purchase orders, all your expenditures, and invoices since it can easily generate GST-03 form. It allows the electronic transfer of receipts easily. Saves you time by allowing a generation of a recurring invoice as well.

Sage UBS

Sage UBS is simple to use and setup without the need for continuous technical support. You can easily set up the account receivables, payables, and general ledger quickly since it has an effective user interface. It can connect the payroll system with all your financial data quite efficiently. It comes with a Wizard System that results in faster and easier installation. Sage UBS is readily available and can be downloaded easily.  

Conclusion

And this concludes our list of the best accounting software in Malaysia. Several factors come into play while choosing which accounting software to use. For instance, you need to know how big is your business and its prior growth period. Secondly, you need to be aware of all the necessary legal regulations related to finances. Are they supported by the chosen software? Moreover, you must know what are your aims and goals for your business and how much can you pay for the accounting software. 

Furthermore, you need to know your business requirements. Do you require Point of Sales (POS) system ? You need to be in-line with your requirements and with your budget as well. Would you be willing to pay a one-time for a license or buy a subscription every month? These are essential questions that need to be first answered by you before you make any purchases. 

By now, you must be clear about what an accounting software does and why it is a must-have, and what are the various options among the best in Malaysia to select from. So, before taking a step, write down the answers to all the necessary questions discussed earlier. And, then go through the list again and then decide. Hopefully, this article will prove to be a great help in persuading you to make the right choice for your time and money.   

You probable already know what an accounting software is. First time heard of cloud accounting software ? It’s accounting software running on the cloud, just like your Gmail, Google Drive and what not. As innovation continuously grows, cloud accounting software is becoming the more practical and efficient choice for many SMEs in Malaysia. Let’s see why.

What is Cloud Accounting Software?

Cloud accounting software is an online software that records all financial records of the company. Unlike traditional software that stores the records on the local computer, it stores the records on the cloud.

With cloud accounting software, your company accounting personnel now have the freedom to work remotely. This will benefit both the company and the employees. The accounting personnel must be knowledgeable in using the software to avoid human errors that affect the reporting accuracy.

How do Cloud Accounting Software works?

The company subscribes or procures a license of a specific cloud accounting software. With the software up and running, the company can then grants permission to the authorized personnel.

The authorized personnel can access the accounting software through different devices such as computer or mobile devices. With cloud accounting software the personnel also has the flexibility to work remotely or in the office.

Benefits of Cloud Accounting Software

Switching to cloud accounting software from the conventional one may not be straight forward. While it is an overwhelming task for some entrepreneurs, there are many factors to consider before choosing cloud accounting software.

Flexible Accessibility

Since it utilizes digital and online platforms, authorized personnel can log-in and access the account anytime with any device available. It gives freedom to your accounting personnel to modify and review financial records comfortably and immediately. Additionally, business owners are capable of checking the work of the accounting personnel anytime.

Centralized System

The “cloud” infrastructure allows multiple persons to access the financial records, promoting productivity within different departments of the company. Besides it ensures that everyone in the company is using the same data as the basis of business decisions. Collaborative spaces lessen the burden of employees in managing data resulting in more efficient outcomes.

Speed

Cloud accounting software can automate various manual tasks, such as creating complex ledger files, bulk data entry and etc. With this, the least efficient tasks are reduced, giving more time for your personnel to analyze and strategize data.

Security

Cloud accounting software performs backup instantly. Cyber threats, computer viruses are getting common nowadays. If those incidents happen, your company financial records are protected and can be easily restored by the software.

More Affordable

Using cloud accounting software does not require an IT personnel to maintain desktop-based systems used in conventional accounting software. Monthly subscriptions or lifetime access are the two options to acquire accounting software. Choosing the right software options is key to ensure cost efficiency in the long run.

Cloud accounting software has its risks and downsides. Mainly its reliance on strong internet access and improved security practices from the users. But considering the benefits described above, it’s a practical choice especially for start-up businesses. Cloud accounting software is continuously emerging, seeing that large business enterprises are utilizing the cloud innovation as well.

How To Choose the Right Cloud Accounting Software?

You are convinced that cloud accounting software is the way to go ? Before you decide on which product, do pay attention to the following aspects:

Business Appropriateness

Different cloud accounting software has different functions and specialties. Large business enterprises in Malaysia commonly use AutoCount who have gained over 600 000 active users on their latest update. On the other hand, SQL Accounting, QNE, and Biztory work best with SMEs to medium-sized enterprises. A user-friendly software interface is helpful for SMEs, knowing that some software requires advanced technical skills.

Functionality

Function distinctions are an extremely significant factor to consider when choosing a cloud accounting software. For instance, payroll processing, expense reporting, and bills paying services are some of the significant operations of cloud accounting software. However, some software has its unique function that separates them from the others, such as Mr. Accounting that has its built-in calculator, which is a practical option for accountants.

Upgrades

to the online nature of cloud accounting software, the storage and function constantly gets new upgrade. Updates are necessary to maximize the functions of the software. Do watch out the fine print before subscribing to ensure that the upgrades / updates doesn’t cost you a bomb. As the business grows, your accounting software may need new upgrades, or a shift to other software.

Best Cloud Accounting Software in Malaysia

The following are some of the most used and popular cloud accounting software in Malaysia:

AutoCount

Invoices, receipts, payrolls to accounting and inventory control, this software provides all that you need. It is one of the most trusted application in Malaysia. Even the Malaysian government uses AutoCount as their cloud accounting software. With its comprehensive functions and good automation, it’s not hard to understand why over 600K people are actively using AutoCount.

SQL Accounting

Despite targeting SMEs to medium merchandise enterprise, it remains a dominant accounting software in Malaysia. Besides common accounting features, it provides pre-made templates and is excellent in inventory and transactions monitoring. Aside from that, it specializes in payroll management to help your business perform daily activities efficiently.

QNE

QNE Business Solutions is another leading cloud accounting software specializing in the Malaysia market. It has good search engines within the software. It also provides higher data threshold to accommodate more files while maintaining the speed of the application. In terms of data security, the software encrypts all of your financial data and perform scheduled back-up regularly.

Biztory

Despite fairly new to the accounting software market in Malaysia, Biztory aims to be globally competitive. It offers complete accounting functions with user friendly interface, which is perfect for start-up companies. Biztory manages to be efficient and useful to SMEs while being precise with the accounting process and data analysis. Moreover, it offers a free 30-day trial for the undecided entrepreneurs.

Conclusion

Every business regardless of size needs a reliable and efficient accounting platform to monitor the company financial aspect. Cloud accounting software enhances productivity of your accounting personnel and as a result bring rapid growth to your business. Financial records and reports generated from the accounting process provides an accurate overview of the company health. With this overview made accessible via the cloud infrastructure, you will be able to make well informed decision for the company.