Weigh the pros and cons: Choosing the right accounting software can be a big boost for your business. Photo credit: Unsplash
Looking for the right accounting software can be a bewildering experience if you have little idea of where to start.
Today, we’ll take at look at the accounting software offered by two popular choices – Sage Singapore and QuickBooks Singapore – what they offer and just how comprehensive or helpful their products are.
Once you’re on the homepage, you will see the words “Seriously easy accounting for small businesses”. Isn’t that what every SME owner wants?
The site then states that this is where you can “Track expenses, customize invoices, run reports and more – all in one place”. So far so good – it feels as if you are on the right track.
Accounting is what QuickBooks does – and does well. With its accounting software, you can:
• Access your accounting system anytime, anywhere
Because your accounting data is stored in the cloud, you can access it and run your business whenever you need to from smart devices such as your Mac, PC, tablet or phone.
• Keep track of your cashflow
With QuickBooks’ accounting software, you can track your sales, expenses and receipts. It also enables you to send customized invoices and quotes so you can get paid more quickly.
• Benefit from key business insights
Create reports that will help you have a clearer picture of how your business is doing and give you an easier time when you need to file your taxes.
QuickBooks has divided its accounting services into three main sections: Invoicing, Expenses and Reports. Here’s a closer look at each one:
Invoicing: This function on QuickBooks’ accounting software enables you to create professional-looking invoices in seconds using automated templates and schedules. This increases your chances of receiving payment more quickly.
Expenses: You can take a photo of every single receipt that you have so you won’t need to hunt around for physical copies anymore and can get your expenses organized much more easily.
Reports: Pick one of the popular formats available to create your report, or come up with a brand-new one yourself.
Take your pick from Simple Start, Essentials and Plus plans – which all come with free 30-day trials. You can choose make payment monthly or annually.
You can get 50% off for three months if you buy now.
The Simple Start plan (S$11.50 per month, S$218.45 per year) includes these features:
• Track income & expenses
• Send custom invoices & quotes
• Connect your bank
• Track VAT
• Access for one user, plus your accountant
With the Essentials plan (S$17.66 per month, S$335.21 per year), you can enjoy some additional features (in italics):
• Track income & expenses
• Send custom invoices & quotes
• Connect your bank
• Track VAT
• Insights & reports
• Manage employees
• Multi-currency
• Access for three users, plus your accountant
Lastly, with the Plus plan (S$23.54 per month, S$447.26 per year), you can enjoy even more extra features (in italics):
• Track income & expenses
• Send custom invoices & quotes
• Connect your bank
• Track VAT
• Insights & reports
• Manage employees
• Multi-currency
• Recurring transactions
• Track inventory
• Track projects & locations
• Manage budgets
• Access for five users, plus your accountant
What’s more, all plans come with:
• Free iPhone and Android apps – run your business on the go
• Help and support – get your questions answered online or over the phone
• Secure cloud storage – bank-level security keeps your data safe in the cloud
• Account access – invite your accountant or bookkeeper to share your books anytime
• Reports and dashboards – customizable reports help you to know where your business is headed
• Unlimited invoices – send as many invoices as you need to
To get started with QuickBooks, go here to buy a plan or choose a plan for your free 30-day trial.
Setting up an accounting system – much less on cloud – is a daunting prospect for many SME owners.
And it would seem that QuickBooks knows this – because they mention they offer “Seriously easy accounting for small businesses” from the get go – it’s the first thing you see when you visit its homepage.
We like that QuickBooks’ accounting software is already cloud-ready, so you won’t need to agonize over how to make the transition from using on-premise software to the cloud.
The three key things its software aims to help you organize – invoicing, expenses and reports – are already clearly stated at the outset, and quite frankly, would cover most, if not all, of your bases.
We also love that there are only three price plans to choose from, instead of a whole bunch of plans. The monthly and annual prices are clearly stated, and so are the additional functions you will get when you pay progressively more for each plan.
And definitely not forgetting the free 30-day trial – this is by no means a short trial period, and a very good perk that you should certainly leverage so you can decide if QuickBooks works for your business.
Now let’s take a look at what Sage offers.
Sage offers a few services under its Sage Business Cloud section on its site. This includes the award-winning Sage UBS, which provides small businesses with accounting and finance services.
At a glance, Sage UBS offers:
• Complete GST solutions
• Integration with various Sage products
• Constant and seamless product updates and upgrades
• Helpdesk to assist you with your queries
• Remote work using the mobile license feature
• Integration with Sage Payroll if required
There are a few modules to choose from within Sage UBS:
• Accounting and billing: Keep your books updated and track your cashflow
• Inventory and billing: Get the most updated information about your stock levels
• Building Service Maintenance: Manage your property and tenants easily
• Point of Sale (POS): Set up your retail POS system and evaluate your sales performance
• Payroll: Pay your staff easily and on time
The newer and better Sage UBS also comes with a host of features such as:
• A personalized dashboard
• Expanded dashboard screen
• Control over your widgets
• The option to expand your widget charts for a clearer picture
• A function that allows you to export your data to Microsoft Excel
Various other improvements were also made to make reporting easier and more accurate, improve visibility and organization, and give a more user-friendly experience through a modernized design.
Download a presentation here or watch a webinar.
Or download the brochure, make an enquiry, or start your free 14-day trial.
No prices are available for Sage UBS, which is a pity as it would have made it a lot easier for SME owners to come to a decision.
While Sage UBS is a well-known brand that is able to help you with accounting, billing and inventory, and even POS and payroll, some specifics about price points and the differences in features for each of the price plans would certainly come in handy.
While it is a good thing that Sage UBS undergoes constant upgrades and updates, these updates may not make as much sense if you have never tried the product before.
Hence, the next best thing to do if you are seriously considering Sage UBS (after you have downloaded the brochure and watched the webinar) is to opt for a free 14-day trial to get a feel of how it works.
In terms of how much information is offered (features, price points, functionalities), QuickBooks seems like a good choice to go with for the first-time user as it is already cloud-ready.
Its price plans are also rather reasonably priced, and state clearly the features that come with each plan, including the number of users allowed. Its 30-day free trial is also a huge bonus as compared to Sage UBS’ 14-day free trial.
A good way to start is by opting for the free trials for either and from there, observe what works and what doesn’t.
After that, think about what your accounting software needs to accomplish and how QuickBooks or Sage measured up or fell short. Next, take each software’s form, function, price point, versatility and usability into consideration before you make a decision.
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Belinda loves thinking about random stuff, and collecting useless bits of facts and trivia. She often roots for the underdog, and believes the world needs more happy endings.
