Cloud or online accounting software is a modern accounting solution that can help businesses manage their finances more efficiently and cost-effectively.
Because of its many benefits, more and more companies in Malaysia are adopting cloud accounting software. Entrepreneurs and small to medium-sized enterprises (SMEs), in particular, prefer cloud-based solutions.
In 2024, the Inland Revenue Board of Malaysia (IRB), also known as LHDN Malaysia, implemented e-invoicing to encourage businesses to adopt digitalisation and improve their transaction efficiency and accuracy. To comply with tax laws, companies must implement e-invoicing by 2025, and the best way to do this is to adopt accounting software.
If you are a business owner looking for accounting software to meet this requirement, here are the top accounting software options in Malaysia to choose from:
Info-Tech
Info-Tech’s cloud accounting software impresses with its essential features, including bank reconciliation, sales analysis, inventory tracking, customisable invoices (e-invoicing compliance), payroll integration, and much more, all presented in a clean and intuitive interface. Its user-friendly mobile app lets you access all the accounting features.
The best part is that you get unlimited users for a flat monthly rate. This benefits SMEs, as business owners can grant different users access to their accountants, suppliers, vendors, and finance teams at no extra cost. The inventory tracking feature is also free; you can handle transactions in different currencies without paying extra. Info-Tech’s cloud accounting software is a top choice for businesses seeking a cost-effective solution.
With the implementation of e-invoicing for businesses by the government of Malaysia, you would need accounting software to assist you in the matter. Hence, Info-Tech can help you to stay compliant with the government’s e-invoicing initiative.
Read also: Maintain An Organised Record-Keeping with Accounting Software
SQL
SQL Account, a reliable and efficient accounting software, complies with Southeast Asia’s latest GST/VAT and SST taxation rules. Over 600,000 accounting professionals and owners have automated their business transactions with SQL Accounting Software, making it the most popular choice.
Moreover, SQL Account is versatile and suitable for more than 100 industries, including services, trading, distribution, construction, eCommerce, manufacturing, shipping, forwarding, property management, motor vehicle management, paper, glass & aluminium industries, and many more.
SQL Account software is available in both cloud-based and local-based versions. In addition, one unique benefit of SQL’s cloud-based software is that the customer’s database will be fully returned after discontinuing their cloud subscription, which is unavailable in other cloud-based accounting software.
Biztory
Biztory is a cloud accounting software and invoicing system designed for small businesses in Malaysia. It is widely recognised by accountants and trusted by over 6,000 SMEs and individuals without accounting experience. Its user-friendly interface complements various accounting features and functions, which can transform your accounting practices and management.
One of the critical features of Biztory is its ability to convert quotations into invoices with just a click. This saves users time from retyping the same content and allows them to send the invoices through email or WhatsApp. This e-invoicing feature is easily integrated into the customer’s accounts payable system, making it highly convenient. Using Biztory can significantly reduce your workload and help you easily manage your accounting tasks.
Bukku
Bukku is a software specifically designed for small business owners in Malaysia. It offers essential cloud accounting services and has already powered over 1,600 companies in Malaysia. Collaborating with accounting firms nationwide, the platform provides affordable accounting services on the cloud. If you find yourself in an accounting mess, Bukku is the solution you need.
Bukku has a unique feature that lets you upload your receipts in a digital shoebox. This is a centralised portal for your bookkeeper to handle the organisation efficiently. Additionally, you can automate payment reminders for upcoming or overdue invoices. All you need to do is set the reminder and avoid having to chase your clients for late payments!
Financio
Financio is an accounting software that can help you manage your business accounts even if you have little to no accounting knowledge. Designed for small and medium-sized businesses, it allows you to quickly shift from traditional paperwork and manual bookkeeping to online documents and soft copies stored on the cloud.
Moreover, Financio offers a multilingual interface that supports three languages – Chinese, Bahasa Melayu, and English. Additionally, Financio provides up to 20Gb file storage in one location, saving you time, energy, and storage space. The cloud accounting solution prioritises bringing business accounting automation to local micro and small businesses, having everything you need to advance your previously offline accounting tasks and business accounts to the cloud.
Any business must select an appropriate accounting software as it can significantly enhance financial performance. To determine the most suitable accounting software, you must consider several factors. It largely depends on the extent of your company’s growth, how you intend to structure financial data, and whether the software complies with all relevant economic laws and regulations.