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The simple answer to the question would be 'The one that fits your business needs best'. The more appropriate question should be 'What should I look for in an accounting software?'
We've been receiving several inquiries on how Financio fairs against other available cloud-based accounting software in the market and thought it'd be good to have it addressed here.
Before diving into a brief side-by-side comparison, let's first address the question of 'What should I look for in an accounting software?'
It is important for business owners to first identify the needs of the business before deciding on the appropriate software. Here are 5 crucial questions you may consider:
What functions/features are MUST-HAVE?- Some features fall under the category of 'Nice to have' instead of 'Must-have'. As such, it is important to identify them to avoid spending extra funds unnecessarily. Across all businesses, the basic ability to issue invoices and bills are definitely necessary. Having a system that automates that process for you and omits the need for a double entry is definitely a PLUS. The goal of the functions and features should always be to ease your accounting chores.
Medium - Large enterprises will have more requirements to integrate their Human Resource, Finance, Sales and Marketing ecosystem, as such they will likely require a ERP solution instead.
Will I require support? - If you are a starting off business attempting to self-manage your accounts, good support is highly encouraged.
Available Reports? - With all the hard work of keeping track of your accounts, you'd want to make sure that the software is able to generate all your required reports. For starters, the Profit & Loss, Aged Payables and Aged Receivables are reports that business owners should refer to when making business decisions. Here's an interesting article on why SMEs need Financial Statements by RHB.
Speed and Security - Unlike a desktop accounting software, the speed and security of your cloud-based software will be dependent on the solution provider. The hosting location plays a big part in the speed and stability of the software. As for security, ensure that your data is hosted on a secure system with regular, multi-location backup.
- Cost - Upon considering all of the above, you will quickly realize that the pricing for cloud-based accounting software is competitive and the saying 'you get what you pay for' applies. Do note that it is most common for cloud-based accounting software to charge a low subscription fee instead of a hefty one-time payment.
Finally, here's a quick comparison chart against two cloud-based accounting software giants available in the region:
We hope you find this article helpful in choosing a suitable accounting software for your business. If you’d like to learn more about Financio’s features, click here
Other Malaysia Cloud-based Accounting Softwares:
- Financio - https://financio.co/
- Beacon - http://www.beaconsbay.com/
- Biztory - https://www.biztory.com.my/
- Niagawan - http://niagawan.com/en/
International Cloud-based Accounting Softwares:
- Sage (UK) - https://www.sage.com/en-my
- Intuit Quickbooks (USA) - https://quickbooks.intuit.com/my/
- Xero (New Zealand) - https://www.xero.com/my/pricing/
- Freshbooks (Canada) - https://www.xero.com/my/pricing/
- Wave - https://www.waveapps.com/
Travis Tai - Community Manager
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