7 best accounting software for small businesses in Singapore (2026)

Key takeaways:

• The best accounting software for small business in Singapore depends on your business stage, whether you're a sole trader or Pte Ltd, and whether you're GST-registered or close to the threshold.

• Free and low-cost tools can work well to start, but most small businesses outgrow them once GST registration or InvoiceNow obligations kick in.

• Pair your accounting software with Airwallex for multi-currency accounts, corporate cards, and overseas bill payments — and sync every transaction back to Xero, QuickBooks, NetSuite, Sage, or Odoo.

Picking the right accounting software for small business in Singapore comes down to a few practical questions. How much do you want to spend? Are you GST-registered, or about to be? How much help do you need from your accountant?

This guide compares the 7 accounting software options most used by small businesses, sole traders, and freelancers in Singapore in 2026: Xero, QuickBooks Online, Zoho Books, Wave, FreshBooks, Jaz, and Financio.

For a broader comparison (that’s not specific to small businesses), read our guide to the best accounting software in Singapore instead.

7 best accounting software for small business in Singapore

Here's a quick overview of the 7 accounting software options most used by small businesses, sole traders, and freelancers in Singapore in 2026:

The information in this table has been reviewed to be accurate as of 18 May 2026.

1. Xero — Best for growing small teams that want to scale on cloud

Xero is the most widely-used cloud accounting platform among Singapore small businesses, and the tool most local accountants are set up on. For small businesses, that's a practical reason to choose it.

The Starter plan at S$39/month suits sole traders and new businesses, but caps invoices at 20 and bills at 5 per month¹. Once you outgrow that, Standard at S$70/month removes the caps, and Premium at S$95/month unlocks multi-currency¹. Expense claims and project tracking are paid add-ons¹.

Xero is IMDA-accredited as an InvoiceNow solution provider and is PSG-eligible. Airwallex integrates natively with Xero, so your Global Account transactions, card spend, and overseas bill payments sync into your books automatically.

The information in this table has been reviewed to be accurate as of 18 May 2026.

2. QuickBooks Online — Best for small businesses already familiar with Intuit

QuickBooks Online is Intuit's cloud accounting product, used widely by small businesses and freelancers across Singapore. The interface will feel familiar to anyone who's used QuickBooks before, which makes it a low-friction pick if you're already in the Intuit world.

Simple Start at S$15.50/month is the entry plan and covers invoicing, expenses, bank reconciliation, and GST tracking². Multi-currency and inventory only unlock on higher tiers, and lower-tier plans cap user numbers². Pricing scales noticeably as you add features and users².

QuickBooks Online is PSG-eligible, and InvoiceNow support is delivered through Intuit's IMDA-accredited reseller partners. Airwallex integrates natively, so card transactions, transfers, and Global Account activity flow into your books without manual exports.

The information in this table has been reviewed to be accurate as of 18 May 2026.

3. Zoho Books — Best for micro businesses on the Zoho ecosystem

Zoho Books is the accounting product in the wider Zoho suite, which also includes CRM, Inventory, Expenses, and Payroll. If you're already on Zoho, it's the most natural fit, because the data flows between products without extra integrations.

The Free plan is genuinely free at S$0/month for businesses under the revenue threshold³. Paid plans run from Standard upwards, and PEPPOL e-invoicing — the network underpinning Singapore's InvoiceNow — is supported from the Standard plan and above³.

GST F5 reporting and multi-currency are both supported on the paid plans³. The catch: the Free plan has revenue and user limits you'll outgrow quickly.

The information in this table has been reviewed to be accurate as of 18 May 2026.

4. Wave — Best for solo USD-invoicing freelancers with no GST exposure

Wave is a free cloud accounting tool built for freelancers and very small service businesses in the US and Canada. It covers invoicing, basic bookkeeping, and mobile receipt capture, with paid add-ons for payroll and advisor services.

The Starter plan is free at US$0/month, with paid Pro tiers available in USD⁴. The interface is clean and easy to use, especially for non-accountants.

The catch for Singapore businesses is significant: Wave operates in USD and CAD only, doesn't support Singapore GST or InvoiceNow, isn't PSG-eligible, and has no multi-currency or inventory features⁴. It only really makes sense if you're a solo freelancer invoicing in USD with no GST obligations.

The information in this table has been reviewed to be accurate as of 18 May 2026.

5. FreshBooks — Best for service-based freelancers and consultants

FreshBooks is a cloud accounting tool built for service businesses, freelancers, and small agencies. Its strengths sit in time tracking, invoicing, expense tracking, and the client portal — features that matter when you're billing by the hour or project.

Lite starts at US$21/month, billed in US dollars rather than Singapore dollars⁵. Multi-currency invoicing is supported, but inventory features are not⁵.

The trade-off for Singapore businesses is local compliance. FreshBooks doesn't support Singapore GST F5 reporting, InvoiceNow, or PSG funding, so it's a poor fit if you're GST-registered or close to the threshold.

The information in this table has been reviewed to be accurate as of 18 May 2026.

6. Jaz — Best for early-stage Singapore businesses wanting a free local option

Jaz is a Singapore-built, AI-first accounting platform aimed at small businesses that want a lightweight cloud setup with strong automation. It covers core ledgers, invoicing, bank reconciliation, GST reporting, multi-currency, and inventory.

The Free plan starts at S$0/month, with paid tiers adding bank reconciliation, GST/VAT reports, unlimited admins, and more automation. As a Singapore-built tool, its GST and InvoiceNow handling is purpose-built rather than retrofitted.

The trade-off is ecosystem maturity — Jaz has a smaller user base and fewer specialist accountants familiar with it compared to Xero or QuickBooks.

The information in this table has been reviewed to be accurate as of 18 May 2026.

7. Financio — Best for Singapore and Malaysia small businesses wanting built-in IRAS submission

Financio is a Singapore-and-Malaysia-focused cloud accounting platform with built-in GST InvoiceNow submission to IRAS. It targets small businesses that want straightforward IRAS-compliant workflows without complex ERP overhead.

The Essentials plan starts at S$20/month, with Premier at S$30/month adding multi-currency and inventory⁷. Its biggest practical differentiator is built-in IRAS submission for both GST F5 and InvoiceNow, removing the need for a separate filing tool⁷.

Financio is also IMDA-accredited as an InvoiceNow solution provider, so submissions go directly through the nationwide network. Brand recognition outside Singapore and Malaysia is lower than the global incumbents, and the app marketplace is smaller.

The information in this table has been reviewed to be accurate as of 18 May 2026.

How to choose accounting software as a small business in Singapore

The right accounting software for a small business in Singapore depends less on feature count and more on a few practical questions. Here's what to consider before you commit:

Your business stage and structure

A sole trader sending five invoices a month doesn't need the same tool as a 10-person Pte Ltd hiring its first finance lead. Match the software to where you are today.

Sole traders and freelancers can usually start on a free or low-cost plan (Zoho Books Free, Jaz Free, Wave for USD-only work). Growing small teams typically need multi-user access, role permissions, and bank feeds — which usually means a paid Xero, QuickBooks, or Financio plan. If you're hiring soon, factor in user caps on entry-tier plans.

Whether you're GST-registered (or close to the threshold)

GST registration is the single biggest trigger for upgrading your accounting software. Once you're registered, you'll need a tool that handles GST tracking, F5 returns, and InvoiceNow.

You must register for GST in Singapore once your taxable turnover exceeds S$1 million in the past 12 months, or you reasonably expect it to exceed that in the next 12 months⁹. If you're approaching that threshold, choose a tool with full GST support now rather than migrating later.

Wave and FreshBooks don't support Singapore GST. If you're GST-registered or close to it, those two are out.

InvoiceNow readiness

Under the GST InvoiceNow Requirement, all new voluntary GST registrants from 1 April 2026 must transmit invoice data to IRAS through the InvoiceNow network⁹. The mandate then expands to existing GST-registered businesses progressively between April 2028 and April 2031⁹.

If you're choosing software in 2026, treat InvoiceNow readiness as a deal-breaker. Your software needs to be on IMDA's list of accredited InvoiceNow-Ready Solution Providers⁸ — or connected via an Access Point Provider — with the GST InvoiceNow submission feature enabled.

Among the 7 tools in this guide, Xero, Jaz, and Financio are directly accredited⁸. QuickBooks Online connects through partner integrations. Zoho Books supports PEPPOL e-invoicing from the Standard plan and up³.

PSG eligibility

PSG (Productivity Solutions Grant) is Singapore's government grant for adopting pre-scoped IT solutions, including accounting software. Your business must be registered and operating in Singapore, the solution must be used in Singapore, and you must meet sector-specific shareholding or employee criteria for certain solutions¹⁰.

In practice, PSG-eligible tools in this guide include Xero, QuickBooks Online, and Jaz. For a small business on a S$39/month Xero Starter plan, PSG funding can offset a meaningful share of your first-year subscription cost. Check the GoBusiness Solution Directory for your exact eligibility and grant amount¹⁰.

Free tier limits to watch for

"Free" rarely stays free once your business scales. Plan for what happens at the ceiling:

• Zoho Books Free: Capped to micro businesses under the revenue threshold³. E-invoicing only unlocks on Standard plan and up.

• Jaz Free: Free tier suits early-stage use. Higher transaction volumes and automation push you to paid tiers⁶.

• Wave Starter: Free, but no Singapore GST, no InvoiceNow, no multi-currency. You'll switch tools the moment any of those become relevant⁴.

If you're picking a free plan, work out what you'd pay on the next tier up — and make sure that price is still viable when you outgrow the free one.

Multi-currency and overseas payments

If you sell to overseas customers, pay overseas suppliers, or hold foreign-currency revenue, multi-currency support matters. Watch out for two things:

• Whether multi-currency is included in your plan or sits on a higher tier (Xero, Financio, and others restrict it to upper plans)

• Whether you can hold balances in foreign currencies or only invoice in them

Pairing your accounting software with Airwallex gives you multi-currency Global Accounts and transparent FX. Bills you pay and currency conversions you make sync into your books — more on this in the next section.

Accountant compatibility

If you work with an external accountant — even part-time — ask which tools they're set up on before you commit. Most Singapore accountants are on Xero or QuickBooks, so picking one of those means less friction at month-end and year-end.

How to connect your accounting software to your wider finance stack

Accounting software handles the bookkeeping. But the actual money movement — paying suppliers, getting paid by customers, swiping a team card — usually happens somewhere else entirely. The two are connected by manual work: exports, uploads, statement downloads, and a lot of back-and-forth with your accountant.

For a small business without a dedicated finance team, that manual work adds up fast. The fix is to connect the tools that move your money to the tool that records it.

With Airwallex, every payment, transfer, card swipe, and currency conversion syncs straight into Xero, QuickBooks Online, NetSuite, Sage, or Odoo. This reduces your reconciliation work, and helps you save time. Here’s what you get with Airwallex:

Bank feeds that sync to your books

Airwallex Global Accounts activity feeds into Xero, QuickBooks Online, NetSuite, Sage, and Odoo. Payments in, payments out, transfers, and conversions all flow into your accounting software automatically. You don't need to upload statements or export CSVs.

Card transactions mapped to the right accounts

Every Airwallex corporate card transaction syncs into your accounting software with the receipt and category attached. You set the GL mapping once. After that, transactions land in the right account, ready to reconcile.

Bill payments matched to the bill

When you pay a supplier through Airwallex Bill Pay, the bill and the payment sync to your books as one matched record. You don't have to look up payment references or check which FX rate was used.

A clearer audit trail

Each Airwallex transaction is logged with a timestamp, the FX rate, the sender, the recipient, and the supporting document. That gives you a full audit trail to draw from when you file GST F5 returns or respond to an IRAS query.

Multi-currency, when you need it

If you sell overseas or pay international suppliers, Airwallex Global Accounts let you collect, hold, and convert in 20+ currencies. The FX conversions sync into your books like any other transaction.

Frequently asked questions (FAQs)

What is the best accounting software for small business in Singapore?

The best accounting software for small business in Singapore depends on your stage and structure. Xero and QuickBooks Online are the most widely-used options for growing small teams, while Jaz and Zoho Books offer genuine free tiers for sole traders and very early-stage businesses. If you're close to GST registration, prioritise tools that are IMDA-accredited for InvoiceNow⁸.

What's the cheapest accounting software for small businesses in Singapore?

The cheapest paid plans start around S$15–S$20 per month. QuickBooks Online Simple Start is S$15.50/month², Financio Essentials is S$20/month⁷, and Zoho Books and Jaz both offer S$0/month Free plans for qualifying micro businesses³ ⁶. Factor in PSG funding if you're eligible — it can offset a meaningful share of your first-year cost¹⁰.

Is there free accounting software for small businesses in Singapore?

Yes — Zoho Books, Jaz, and Wave all offer free plans, though each has limits. Zoho Books Free is capped to businesses under a revenue threshold³. Jaz Free covers basic invoicing and reconciliation but pushes you to paid tiers for higher transaction volumes⁶. Wave is free but doesn't support Singapore GST or InvoiceNow, so it only suits USD-invoicing freelancers⁴.

Do small businesses in Singapore need accounting software that handles GST?

Yes if you're GST-registered or close to the S$1 million turnover threshold⁹. Once you're registered, you'll need a tool that handles GST tracking, F5 returns, and InvoiceNow submission. Xero, QuickBooks Online, Zoho Books, Jaz, and Financio all support Singapore GST. Wave and FreshBooks do not.

What does the InvoiceNow rollout mean for new businesses?

If you're a newly incorporated company that voluntarily registers for GST from 1 April 2026 onwards, you must transmit invoice data to IRAS through the InvoiceNow network⁹. Existing GST-registered businesses are brought into the requirement progressively between April 2028 and April 2031⁹. If you're choosing accounting software in 2026, treat InvoiceNow readiness as a must-have rather than a nice-to-have.

Can I connect my accounting software to my business account?

Yes, most cloud accounting software supports direct bank feeds from major banks and finance platforms. Airwallex Global Accounts feed into Xero, QuickBooks Online, NetSuite, Sage, and Odoo, so your inflows, outflows, and FX conversions sync to your books automatically.

Sources:

1.  https://www.xero.com/sg/pricing/

2.  https://quickbooks.intuit.com/sg/pricing/

3.  https://www.zoho.com/en-sg/books/pricing/

4.  https://www.waveapps.com/pricing

5.  https://www.freshbooks.com/pricing

6.  https://www.jaz.ai/pricing

7.  https://financio.co/sg/pricing

8.  https://www.imda.gov.sg/how-we-can-help/nationwide-e-invoicing-framework

9. https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/basics-of-gst/invoicing-price-display-and-record-keeping/adopting-invoicenow-for-your-business

10.  https://www.gobusiness.gov.sg/productivity-solutions-grant/

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.