In the current global market, especially in Hong Kong, SMEs constantly need effective and accurate methods of managing their accounts. Since there is so much choice, choosing the best accounting software for your business can be complicated. This article introduces five of the most used accounting software among Hong Kong companies. You will learn about the different accounting software such as InfoTech, Xero, MYOB, QuickBooks, and Peachtree to help you identify the most appropriate one that fits your company.
Uncover the top five accounting software solutions in HK used for SMEs by factors to consider while selecting the accounting software providers.
1. InfoTech
InfoTech provides users with a highly advanced and easily customizable cloud accounting software for the current competitive business environment. Some of its distinct features include; banking reconciliation, sales reports, inventory, invoicing, and payroll. The account operational activities are simplified by the user-friendly interface for efficient navigation.
The software is available for a fixed annual fee of HKD 1,800 for unlimited users. It offers customizable access levels, allowing accountants, suppliers, and finance teams to log in anytime and from anywhere. Users can view or make changes to the accounts as needed. Saving cost is a basic requirement for today’s concern markets no matter large or small. InfoTech tracks inventory, facilitates multiple currency, makes accounting faster while cutting on labor and time spent on finance. It also helps companies to bring into focus the aspect of increasing profits. If one is interested at having a package that offers HRMS software services that is easy on the pocket, then InfoTech is the answer.
2. Xero
Xero is an online-based accounting software that provides a free trial for thirty days and is recognized for competency in handling key business operations. Due to the simplicity and richness of the provided functionalities, it is implemented quite widely in Hong Kong SMEs. Its main functions are customer billing, tracking of expenses, reconciling bank statements, and generating financial statements; thus, it is a convenient tool for financial management.
Xero can guarantee real time update of data, and it stores the data in the cloud so it is easily accessible for the SME’s that it targets.
Know More: The Factors To Consider When Selecting Best Accounting Software Providers in HK.
3. MYOB
It specialises in automation and customisation with accounting, payroll inventory and other aspects of a company’s basic needs. It offers robust and enhanced report generation and multiple currency management, and it interacts with other external applications that make it perfect for managing finance.
The software has an initial license fee of HKD 4,188 to HKD 5,188 without subscriptions or contracts. It also comes with a flexible 90-day money-back guarantee.
4. Quickbooks
QuickBooks is an accounting software that understands the needs of Hong Kong’s small and medium-sized businesses. It is also easy and efficient software designed to support businesses, and it includes invoice generation, expense tracking, taxes, and financial reporting.
The software also offers a mobile app and cloud base so that it covers the financial management of the business at any time, anywhere, which is helpful for entrepreneurs.
In addition, users could also choose to include payroll management functionality only in the business package for a separate monthly charge. For instance, QuickBooks does not have any contracts and the customer may terminate the subscription after one month of usage.
5. Peachtree
Peachtree is well known for its accounting capabilities and flexibility in providing other modules. For instance, SMBs can use it for various simple and repetitive accounting tasks, including general ledger, cash receipts, cheque initiating, and job tracking.
Peachtree offers three primary pricing plans: Pro ($58.92/month), Premium ($96.58/user/month), and Quantum ($160/user/month). The platform also offers packaged solutions that can be easily interfaced with other powerful accounting software programs, such as Microsoft NAV.
Summary
All five listed accounting software solutions do increase productivity regarding accounting tasks. You can choose the one that makes the accounting operations of your business much easier in less time.
