What's the best accounting software for Singapore SMEs?
For most Singapore small businesses, Xero is the strongest all-round choice: IRAS-certified GST, unlimited users and excellent local bank feeds. QuickBooks Online is the best alternative, especially if you run payroll in-house. Both are cloud-based, GST-ready and PSG-eligible.
There's no single winner for everyone. The right tool depends on your size, payroll needs and whether you work with an accountant.
Shortlist at a glance
| Software | Best for | From /month |
|---|---|---|
| Xero | Accountant-led, growing SMEs | S$33 |
| QuickBooks Online | Small teams, in-house payroll | S$31 to S$38 |
| Financio / local tools | Budget-conscious local SMEs | Varies |
What should the software handle for Singapore?
At minimum: GST reporting for IRAS, local bank feeds, invoicing, and proper financial reports. For 2026, it should also be InvoiceNow-ready, because new voluntary GST registrants from 1 April 2026 must use InvoiceNow e-invoicing, with all GST businesses ready by 2031.
Can you get the PSG grant?
Yes. The Productivity Solutions Grant covers up to 50% of pre-approved accounting software, including qualifying Xero and QuickBooks packages through approved vendors. Check the current pre-approved list and conditions before buying.
Do you still need an accountant if you have software?
Yes. Software records the data, but it doesn't reconcile correctly on its own, prepare SFRS financial statements, or tell you what your numbers mean. The software plus a qualified accountant is what keeps your books accurate and useful.
We run your books on Xero or QuickBooks for you, see our bookkeeping service.
2026 Rule, InvoiceNow
New voluntary GST registrants from 1 April 2026 must use InvoiceNow e-invoicing. All GST businesses must be ready by 2031. Pick InvoiceNow-ready software before you register.