Although it's not difficult to register for a Business Registration (BR) company in Hong Kong, choosing the best accounting software for small businesses to handle several complicated taxation issues, a pile of compliance papers, and legal documents is definitely a headache for many small business owners.
If you don't do it right, you can only imagine a bunch of IRD issues coming your way, and that's the last thing you want.
So, how do you streamline it and make sure you've met the legal requirements?
Don't worry, that's not a question for you. Cause we already got an answer sorted out to boost your company's financial health.
Here are the 5 best online accounting software for your business to make your business registration smoother in Hong Kong.
Best Free Accounting Software
1. AutoMi
If you've just started an SME and want to start off without having any solid business accounting knowledge, then AutoMi might be your go-to. It employs a recurring model.
It's free for 7 days and also offers a multi-currency account.
There's also no limit on contacts and 20 custom fields. Other than that, it offers multi-warehouse as well.
The user interface is also quite user-friendly. It includes images and rich text descriptions alongside 20 custom fields.
You can also print images in documents as well.
Not to mention the fact that it also offers different language interface options — simplified and traditional Chinese and, of course, English, which suits most, if not all, of your employees' needs.
Here are other functions that it provides:
Accounting
- You don't need to hire in-house professionals to handle your accounting process
- Easy integration with Sage/MYOB
Transactions
- Each login user would have an auto-numbering
- Regular updates on exchange rates
- Have multiple currencies to bill the same customer
Supported sales transactions
It is supported by:
- A sales invoice, orders, quotes, notes, credit notes, delivery note
2. ABSS/MYOB
Just like AutoMi, ABSS is also free for 7 days. After that, the price would slightly increase:
- Entry: $4,188
- Standard: $4,788
- Full: $5,888
However, the difference is that the model they use is a one-off.
Similar to AutoMi, it also offers multi-currency features with a maximum of 5 contacts and 6 custom fields.
A multi-warehouse is also one of its main features.
Compared with AutoMi, ABSS definitely has fewer language options.
Currently, they only offer versions in English and Traditional Chinese.
Transactions
- For the general transactions, you can't really bill the same customers with different currencies
- Cannot copy transactions
Accounting
- Easy to use for focus
Supported sales transactions
- Support: sales invoice, quote, order, credit note
- Not support: delivery note, return
Paid Accounting Software
3. Sage 50 Peachtree
For Hong Kong financial management system, this is definitely the most popular one.
It's great for SMEs that are trying to grow and improve their business operations.
The model used for this is also a one-off. However, there is no free trial either.
But there are two packages you can go for:
Sage Business Cloud – Accounting Start
Now, this cloud-based accounting software is the entry package for your company.
It's good for you to easily manage cash flow and financial transactions online.
The bank transactions can also be reconciled automatically. VAT can also be calculated and submitted for you.
Sage Business Cloud – Accounting
Compared to the above one, Sage accounting is more advanced.
You get cash flow forecasts, and you can also create notes like delivery and credit.
You can also add multiple users, making it more convenient.
Again, just like ABSS, the software and accounting support also depend on the distributor.
It offers a single currency with only a single warehouse, so the function is definitely fewer than the other two.
For the interface, it only offers English, so it might be tough for companies that have an international profile of employees.
But there's a pitfall — you can't print images, and you only have 5 custom fields. The maximum address you can get is just 20.
Transactions
- You can copy the transactions and change the line sequence.
Accounting
- Designed for accountants
Supported sales transactions
- Supports: sales invoices, quotes, orders, credit note
- Not support: delivery note, return
4. Xero
Xero is probably another SME-friendly accounting software.
The New Zealand software company puts a lot of focus on its functionality, an interface that's accessible to everyone, unlike the Sage software, which is designed mostly just for professional accountants.
It is connected to three of the major banks in Hong Kong DBS, Hang Seng Bank, as well as HSBC, making transactions more commonly accessible in this way.
Xero has a recurring model, just the ones mentioned above.
It also has auto-integration that links to your bank accounts with built-in compliance features with tax regulations like Stripe, PayPal, and more.
They also offer multi-currency accounts, but that's an exclusive feature that is only featured in premium accounts.
Pricing model:
- Starter Plan: USD 20/month
- Standard Plan: USD 30/month
- Premium Plan: USD 40/month
Transactions:
- Again, it bills the same customer with different currencies
- You can also copy transactions as well
Accounting:
- User-friendly for non-accountant individuals
Supported sales transactions:
- Support: sales invoice and credit note
- Not support: sales quote, delivery note, and return
5. Quickbooks Accounting Software
Just like Xero, Quickbooks is another go-to accounting software commonly used by SMEs here in Hong Kong.
Started in 2002, the U.S. claims itself as an all-in-one cloud accounting software.
Tasks like project-tracking and bill management can be easily automated within the software itself, so it saves you all the extra manual work.
You can also incorporate it to do things like invoicing, tax filing, generating profits and loss financial reports, expense management, and more.
Price model:
$3/month
Aside from that, you can also start a 30-day free trial and go from there.
If your business involves customers from countries all around the world, you can also opt for a multi-currency account.
The downside is that it is a single warehouse system, and you have to sell it before you buy.
Transactions:
- Unlike the ones mentioned above, you can't really bill the same customer with different currencies, you also can't change the line sequence or customize the layout either.
- You can exchange the rate update, and there's auto numbering for each transaction type.
Accounting:
- It is easy to use, even if you're not an accountant
Supported sales transactions:
- Supports: sales invoices, quotes, and credit note
- Not support: sales order and delivery note
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