SMEs are considered as the backbone of Malaysia’s economy. 97% of businesses in Malaysia run small companies and medium-sized enterprises. Most are using basic accounting software to streamline financial processes for companies. It monitors sales, purchases and transactions with an interface which is quick and easy to use.
Using simple accounting software is important to keep track of your business success. It helps users to keep all the details providing a clear image of the financial security of the company. The software can efficiently handle bookkeeping and allows expense and sales tracking to improve profit margins. Accounting is the key part of every business; therefore every company needs an accountant or easy-to-use accounting software to efficiently manage its company.
It is essential for any company to get accounting software that is tailored to the legal and business framework in a country. Every and every country has different standards and practices regarding accounting. There are numerous accounting software you can find here in Malaysia, but here we’re going to list the 10 best and popular accounting software that can use for your business.
Top 11 accounting software in Malaysia [2021 Updated]
AutoCount can be your saviour in this unprecedented time. This software has gained immensely popularity with 600,000 active users all over Malaysia. AutoCount is especially useful for today’s work environment as many businesses are now working remotely from their home.
With AutoCount, you can easily backup your data, invoices and vouchers securely in the cloud so that it won’t be prey of any natural disasters like flood or fire. Also, the secured access and login would make sure who has the ability to access your company files so that you can entrust your trusted information only to your loyal employees.
Besides that, AutoCount enables you to schedule your recurring payments and create document templates so that you do not have to waste your time in repetitive work. It also has an auto-generating stock adjustment system which can be valuable if you are in an e-commerce business and need to keep your stocks updated to cater your clients.
But of course, hopping on to a new software always demands consideration. So, you can try AutoCount’s free trial to see how the software can come to your use. AutoCount is trusted not only by its vast pool of users but the Government as well.
So, the Government has appointed AutoCount as one of the Technology Solution Providers under its Matching Grant Programme for the first 100,000 Malaysian SMEs to apply. You can use this 50% Matching Grant up to RM 5,000 to scale your business software and maximize your efficiencies.
2. Bukku Accounting
Bukku is the only AI-powered cloud-based accounting software designed for SMEs in Malaysia, allowing you to run your business and access your financial information securely anywhere, anytime with any connected devices.
Bukku is designed for both business owners and professional accountants, from your business dashboard, invoicing, getting paid online, recording expenses & claims, stock control, managing your fixed assets, bank reconciliation to complete accounting software for your year-end submissions, we have got you all covered!
Here are three key offerings from Bukku that is worth mentioning:
- Get paid online with free merchant account
Bukku is seamlessly integrated with a payment gateway that offers you the lowest transaction fees you can find in the market. Get paid faster via FPX / credit cards and have the official receipt automatically generated.
- Record expenses without data entry
You can upload receipts / bills from your computer or mobile phone into Bukku with Digital Shoebox. Data entry is done automatically for you with high accuracy, assisting you to greatly reduce your workload.
- Bank reconciliation automated
SmartRecon automates your bank reconciliation process, allowing you to upload your bank statement PDFs and have the entries matched automatically. It contributes up to 80% time saving if compared to other accounting system.
Bukku is the smartest online accounting and probably the only accounting software you will ever need for your business. Get started with their 30-day free trial today.
SQL Account is a complete suite of GST accredited accounting software that is targeted to Malaysia’s small and medium-sized businesses. It is a cloud-based platform that includes all accounting functionality and functionalities including receivable account, billing, invoices, management of GST Taz and reporting functionality.
SQL is considered as one of the top accounting in Malaysia. It’s quite special as it provides specific accounting template designs. This program makes monitoring all transactions, collections and sales simple for the consumer as it smartly stores all financial records in one place. Inventory documentation is also kept up-to-date with the aid of this program.
4. Intuit Quickbooks
It is designed to smartly manage invoices, as you can immediately create quotes and invoices. This had become effortless to track the receivables. The ability to track GST inside invoices, expenditures and purchase order is helpful as it is possible to generate the GST-03 Form easily. The receipts are then distributed electronically without any issues. The ease of making a recurring invoice would be helpful for the customer because they can repetitively save time on making the invoice.
This accounting software makes it easier for you to process tax-based transactions using convenient, built-in tools that can work through GST and other tax practices. Businesses with much GST-related operation would be able to file their returns with this program more quickly and on time. It is capable of making GST computations in a quick real-time interface so your accountant doesn’t have to struggle every time to add up percentages.
QNE is known as the easy-to-use accounting software. It has strong features such as user audit trail availability and date sensitive report performance, which will help meet business requirements. It runs in the cloud and offers real-time service to the customer. QNE also provides forecast statistics, the status of cash flow and the break-even stage.
The resources also allow for the systematic execution of processes. For example, inventory management is made simple with the inventory software because it is easy to build invoices, documents such as stock balance, invoice management, and staff information can be managed well.
Million’s key feature is that it goes very well with Microsoft Excel which is used by many small businesses to produce and maintain reports. Million has an easy user interface similar to Excel, makes it an extremely popular program in the less structured business sector that is less dependent on administrative practices. The program is not flexible as the company grows bigger, but it supports multiple currency inputs and has functions to hold multiple business accounts, making it a relatively valuable tool in the hands of someone who wants to do small yet essential accounting work.
8. Mr Accounting
The features in this program are designed to furnish a new look for any businesses. It includes the new GST enhancements with support for an automated calculator, which has added to the overall process performance. This offers data support so that the user can easily access the information they need, even though they don’t have any accounting experience. The user is provided with full power, and it can be changed to suit the entire company.
9. Wave Accounting
Wave is one of the accounting software that was featured internationally in The New York Times and Forbes. Wave has different feature sets such as billing, invoices, fees, payroll and receipts, this platform is developed primarily for small companies, freelancers and billing consultants. If you’re looking for a program that can handle all financial functions at no cost, Wave is the best choice.
10. Sage UBS
Saga UBS has a simplified process of accounting. It eases the planning of all Account Receivables (AR), General Ledger (GL), and Account Payables (AP). The financial data are easily incorporated with the payroll system since it is a program that enables complete user integration. It comes with a Wizard System that speeds up installation processes. Transaction Wizards constantly direct the user to join transactions. This software is conveniently available, so there is no hassle in getting technical help
Biztory is a cloud accounting software in Malaysia designed to support small and medium businesses around the world. It is a convenient platform for people who are not tech-savvy as the software is built in the simplest way with a user-friendly interface. The features include e-invoicing and billing software system, customer statement data tracking and monitor software, inventory log management software and more.
All data is backed up daily, and the 128 bit SSL Data Protection Encryption protects it, therefore there will be no issues over missing transaction and statement. Biztory is easily accessible via any desktop, laptop, tablet and even smartphone because its software offers flexibility and compatibility for different devices.
Choosing accounting software is important for a company as it helps to increase performance financially. There is a range of factors to consider when deciding which accounting software is good for your business. It all depends on how well your company has grown, how you plan to organise the financial data and compliance with all financial laws and regulations featured by the software.
It is important for you as a business owner to understand your own business requirements. What are your requirements for the business? How much are you willing to pay for the software? You have to carefully understand your needs and make a wise choice because the decision is all yours.