If you have a business in Hong Kong, you know one prominent aspect of the jurisdiction’s operational structure is clear accounting standards. All companies incorporated in Hong Kong need to keep accurate accounting records.
Gone are the days of endless paper files and crates filled with old receipts and paperwork. Nowadays, you can leverage some of the best accounting software in Hong Kong to facilitate bookkeeping and accounting for your business.
Accounting software ranges in scope from simple bookkeeping to managing the complete financial operations of major corporations. It can help organizations save money and minimize costly bookkeeping mistakes.
Here are some of the best accounting software for your business in Hong Kong.
Xero is a cloud-based accounting software for small businesses with over 3 million customers globally that allows small business owners and advisors to access real-time financial data from any location and on any device.
Because Xero is cloud-based accounting software, you don’t have to install it on your computer or mobile device. You can check your accounts or submit an invoice even while you’re not at your desk, allowing you to take your business with you everywhere you go.
In addition, you’ll always have access to the most recent software, rather than having to buy it with a new update. You may also use the cloud to access your accounts even if your computer is stolen or damaged.
Add-ons allow you to customize your experience
There are 1000+ add-on applications to choose from, and new add-ons are constantly being developed. These add-ons are available through the Xero App Marketplace, allowing you to create an entirely customized Xero experience. You can easily connect with your favorite apps for invoicing, payments, payroll, CRM, and more! Some of the popular picks are Spotlight Reporting, Syft, Stripe, Debtor Daddy, and SimplePay.
You can manage basic payroll with Xero for recurring pay runs and keeping pay records. For more advanced payroll features, you can always connect with a payroll app from the Xero App Marketplace.
Send clients quotes and invoices
You can create professional online invoices and quotes in Xero and send them straight to your clients via email. You can also personalize your templates by uploading your logo and editing the style. Clients can even make payments directly from the invoice if you connect with a payment add-on like Stripe and PayPal.
Xero facilitates international business operations by enabling you to take payments and receive bills in multiple currencies. You can send quotes and invoices in the currency of your choice from 160 currencies.
You can run various reports in Xero to track your business performance. Many ready-to-use reports are available, and you can customize these reports to meet your specific requirements.
Store your files online
You can keep all of your documents online with Xero, including invoices, receipts, and data inputs. It’s excellent for your file system since it stores everything on the cloud securely.
Xero offers a 30-day free trial. After the free trial, you may choose from one of its three paid plans:
- Starter: US$22 per month
- Standard: US$35 per month
- Premium: US$47 per month
The main differences between the three plans are the features available and the number of bills and invoices. The Starter plan offers five bills, monthly limits of 20 invoices and quotes, and unlimited bank reconciliation. The Standard plan lets you send unlimited invoices and quotes, enter unlimited bills, bulk reconcile transactions on top of the features from the Starter plan. The Premium plan supports multiple currencies.
There are optional add-ons like expenses claim ($4 per month), project tracking ($7 per month), and Analytics Plus that is free for the first 3 months, then $10 per month.
Tired of using accounting software?
QuickBooks is another popular accounting software that offers web, desktop, and cloud-based accounting and financial management solutions. Designed for small and growing businesses, QuickBooks is popular among these users because of its ease of use and extensive functionalities.
Similar to Xero, you can access your account and keep organized on your computer, mobile device, or tablet at any time and from any place with Quickbooks.
You can create and send professional and personalized invoices and sales receipts in minutes with the Quickbooks invoicing feature.
Your statements and transactions will be automatically updated when you use the banking integration feature in QuickBooks Online Software.
Cash flow management
Enter vendor invoices and only pay them when they’re due. To save time, you can set up recurring payments to facilitate more efficient cash flow management.
You can keep track of employees’ time and billable hours for clients. It’s an excellent feature for service-based businesses like agencies.
You can conveniently track your business performance through customizable and intuitive reports available on dashboards. It’s easy to generate financial reports, track overdue invoices, and create custom reports based on business requirements.
Multiple users and share access with accountants
Enjoy total control over your books with multiple roles and access. You can also invite accountants and share access to your books for efficient and reliable collaboration.
Quickbooks also offers a 30-day free trial and three paid plans:
- Simple Start: HK$65 per month
- Essentials: HK$95 per month
- Plus: HK$130 per month
With the Simple Start plan, you can send unlimited custom invoices and quotes, connect with your bank, and track income and expenses. Only one user seat is included but you can invite your accountant to access your book. The Essentials plan includes additional features such as insights and reports (P&L, balance sheets, etc.), project tracking and timesheet management, and multi-currency support. Three user seats are included. The Plus plan includes even more advanced features like recurring transactions, inventory tracking, and even financial reporting based on location. It includes five user seats.
Overall, Quickbooks is a more budget-friendly option when compared with Xero.
Sage 50 Accounting Peachtree
Sage 50 Accounting Peachtree is an on-premise accounting system that streamlines your daily bookkeeping operations and gives financial and accounting insights that help you save money. It comes with more traditional accounting tools like general ledger, cash receipts, check writing, and job tracking. Below are some of its features.
Sage 50 Accounting Peachtree Features
Cash flow and invoicing
Peachtree offers a robust cash flow and invoicing system that gives you a real-time cash flow picture that shows your cash balances, expected cash inflows, and outflows to provide a clear picture of your finances.
You can improve your financial visibility by customizing the cash flow settings—filter by invoices, quotes, and purchases to view only those from a specific period. It also allows you to forecast income and expenditures.
Payments & Banking
You can easily automate payments, invoices, bank feeds, purchase orders, and account reconciliation in accounts payable and banking to eliminate manual entry.
Get a clearer understanding of your jobs and projects and where your money is going. See how long it takes to finish jobs and projects and how much money you make per job.
For example, you can track job costs via inventories, purchasing, and payroll. And you can generate reports showing whether a job is above or under budget to help you control expenses efficiently.
You can create reports for payables, receivables, sales taxes, costs, profits, inventories, payroll, jobs, and more with one click! You may also create new reports, search text inside reports, and dig down specific transactions.
Sage 50 Accounting Peachtree Pricing
The Sage 50 software comes with three different price choices:
- Pro Plan – From US$529.95
- Premium – From US$699.95
- Quantum – From US$1346.95
The plans offer you different numbers of user access and features. For example, the Pro plan offers one user seat and essential accounting tools like cash flow management. The Premium plan offers you up to five user seats and more advanced accounting tools like inventory tracking. And with Quantum, you’ll get enterprise-level accounting support and can accommodate up to 40 users.
ABSS (Formerly known as MYOB)
ABSS is one of Singapore’s most widely-used desktop accounting software. ABSS Accounting Software is capable of processing foreign currency transactions, tracking receivables, payables and tax, sending invoices and quotes, and more. Here are some of its features.
You can track your business performance and cash flow through customizable reports and charts in ABSS. You can export reports to HTML, PDF, CSV, Excel, or text. It also allows sharing reports by fax or email.
Sending quotes and invoices
ABSS allows you to send quotes and invoices to customers with your company’s letterhead and conditions. If your customer is on credit, ABSS may also produce an account statement.
With ABSS, you can keep track of your supplier payments and invoices. It enables you to see which suppliers have outstanding invoices due soon to manage your cash flow more efficiently.
When you use ABSS integrated inventory module, you’ll get the most up-to-date information on your inventory balance anytime you make sales or purchases. See what your committed orders and incoming stocks are so you can plan your delivery accordingly.
ABSS is free for seven days. Pricing is not available on its official website.
Best Accounting Software in Hong Kong: Conclusion
Accounting software helps you cut down on admin work, handle cash flow and payments, and allow you to have a better picture of your finances. When it’s tax filing season, your accountants can easily log in and manage your finances – taking away the end-of-financial-year panic and removing the stress!
Tired of using accounting software?