Top Accounting Software in 2020 for Malaysian Companies
If you are looking for accounting software, we recommend you first read our previous article on how to choose accounting software in Malaysia. Nevertheless, we’ve made a list of the best accounting software in 2020 that are well-received and praised by the accounting community around the world.
Quickbooks is one of the best accounting software for small businesses. For starters, it comes with an affordable price and tons of essential features. Furthermore, the software already has a big customer base, which is a good sign already. This means if you have any problems, you will find plenty of tutorials on the internet.
Quickbooks has both options: Desktop Software and Cloud Accounting. It has three plans: Simple Start, Essentials, and Plus. Further, the features have been designed for people to ‘start’, ‘run’, and ‘grow’ a business. Features also include an easy and quick way to track sales, expense, and profits, creating invoices, importing and managing bank and tax data, sales quotes, managing and paying bills, transactions in multiple currencies, purchase orders, etc.
If there’s one software that could rival Quickbooks for popularity, then it would be Xero. Having started in 2006, Xero earned its reputation for being a very reliable cloud-based accounting software. You see, when Quickbooks started, it only had desktop support at first. Xero is the only cloud accounting company providing the same reliable service as Quickbooks, took that opportunity to really dominate the online accounting market.
Xero had already reached more than 1 million users by 2017. Some features are a very clear financial overview with a comprehensive dashboard, automated daily bank feeds, easy invoice creation and tracking, interactive credit control, etc. Furthermore, the software goes through a lot of updates, mostly every few weeks. This means that you will be using software that will always be improving.
Some smaller businesses like retail stores don’t have to deal with a lot of complexities like larger firms do. Zoho Books is a very simple and straightforward software to use for these businesses that don’t have very much going on but need excellent accounting software to take care of their finances. Also, Zoho is usable if you are running a growing SME as it has tons of features that will interest many.
Features include end-to-end accounting which consists of negotiating deals, raising sales orders, invoicing, easy collaboration with other users across the same system, creating account receivables and payables, checking payments, etc. Others are banking, purchase orders, expense receipts, tracking payments, managing inventory, automatic bank feeds, and many more. As one of the top accounting software in 2020, Zoho is on the more affordable side of things, with plans starting from only $9 a month.
Wave is in itself a great accounting software. However, there’s another aspect that makes it stand out among other best accounting software in 2020. Some of its features are free. Truth be told, the free version doesn’t provide as many features as other software in this list, but after all, you get what you pay for. If your accounting is basic like just tracking payments and creating invoices, Wave is the one for you.
Some features that come with Wave are billing and invoicing, real double-entry accounting, investment tracking, bank integrations, multi-currency, sales tax reports, receipt scanning, etc. Unfortunately for Malaysians, the Credit Card Payment Processing is only available in the USA and Canada. Overall, Wave will do the job if you are just starting your business, or looking to experiment with an accounting software before actually buying one.
With a catchy phrase, “Business on autopilot” on FreshBooks’ website, it’s truly impressive to find companies who are bold and creative enough to promote their software and its features. Freshbooks is a cloud accounting program that has been preferred not only by small businesses but also by freelance accounting professionals worldwide. It is also another budget software on our list, with prices starting from hardly $6 a month.
Newspapers, magazines, and blogs like Forbes, Bloomberg, the New York Times, etc. rever FreshBooks. With those accolades, we can definitely say that they have a lot of authority as feature-rich accounting software in 2020. However, we have to say that Freshbooks is mostly preferable for smaller companies and firms that are just starting. This is because it has more basic features than others in this list,
If you have an eCommerce website or bought a hosting or domain name from GoDaddy, you should check their bookkeeping service. The software also has direct integration with online marketplaces like Amazon, eBay, and Etsy. This makes it a great choice for entrepreneurs using those platforms.
Anyway, keep a note of the software name- it says ‘bookkeeping’ and not ‘accounting’. Thus, you can expect fewer features than other software in this list. For instance, there is a very minimal client record and it has no multi-currency support. It also doesn’t support individual logins if more than one people are accessing the company accounts.
In conclusion, if you run an online store, and are looking for a program that lets you do simple time entries, quarterly tax estimates, and record your finances in and out, you should definitely go for GoDaddy Bookkeeping.
17 Hats aren’t just accounting software. It’s a full productive suite, especially for small businesses. Thus, the prices are a little higher than other software providers in this list, starting at $45. Take note though that bookkeeping is just one of their services. Apart from that, you can add payments, invoices, contracts, quotes, questionnaires, time tracking, email sync, online scheduling, etc.
Talking specifically about bookkeeping, the platform is simple. It does more than GoDaddy Bookkeeping, but not as much as others in this article. However, if you buy the software, it is definitely going to help your company. If you run a smaller business and purchase a 17 hats account, you won’t need to invest in another accounting software in 2020.
There are many accounting software in 2020 – some are reliable and some are dodgy. Ultimately, the one you buy totally depends on your preference and what you want to accomplish with the program. You can contact 3E Accounting Malaysia for any inquiries, and also for our Accounting System Setup Services in Malaysia.