While they’re fantastic, you don’t always have to hire the big 4 accounting firms in the Philippines for your business (or even personal). These days, there are also accounting software to help manage your financial books.
The following are our top 8 recommendations for accounting software in the Philippines, with their best features:
1. QuickBooks
Created by Intuit, QuickBooks offers several plan options, depending on your needs.
Features you can enjoy, whether you’re getting the Simple Start, Essentials, Plus, or Advanced plan options:
- Income and expense tracking
- Custom invoices and quotes
- Bank connection
- Financial reports and insights
- Progress invoicing
- Tracking of various taxes, including VAT (value-added tax) and GST (goods and services tax)
Other key features:
- Mobile app accessibility
- Payroll management
QuickBooks is a favorite because of its cloud-based system, which lets you and your team collaborate on the task and get real-time updates.
2. Xero
A favorite among SMEs (small and medium-sized enterprises), Xero offers cloud-based, automated bookkeeping you can easily access on your phone, laptop, or desktop anytime and anywhere.
This intuitive accounting software offers the following features:
- Seamless bank account integration and real-time reconciliation
- Modernized data entry and real-time synching
- Improved inventory management
- Bills and payment tracking
- Multi-currency accounting
- Customized and interactive report generation (with real-time collaboration with finance team)
Xero can also be integrated with 800+ apps, making it easier for you to keep track of your finances.
3. SAP Business One
Great for small businesses up to small and mid-size enterprises, SAP Business One offers comprehensive enterprise resource planning (ERP) solutions. This business management system lets you connect all your employees and business units through a centralized database and on a single application. Isn’t that convenient?
SAP Business One offers the following features:
- Integration of all core business functions, such as accounting, customer relationship management (CRM), and inventory management
- Financial management and business accounting
- Real-time analytics and report generation
- Customer and sales management
- Inventory monitoring and production planning
4. ABSS (formerly MYOB – Mind Your Own Business)
With ABSS’s focus on local tax regulations in the Philippines, this easy-to use accounting software is a trustworthy option for all types of businesses.
Some of ABSS’s best features including the following:
- Payroll and employee management
- Invoicing and expense management
- Compliance with local tax laws
- BIR-ready
- Easy report generation
- Real-time business insights and reports
- Bank integration
- Multiple-currency capability
5. FreshBooks
Another easy-to-use cloud-based accounting software, FreshBooks is designed for small business owners and freelancers. It makes accounting easier, even for non-accountants.
Some of the accounting software’s best features:
- Customizable invoicing
- Expense tracking
- Time management
- Project management
- Automated financial reporting
6. Wave
Worry no more about tracking your finances with Wave, a free accounting software for small businesses and freelancers alike. The best things in life are sometimes free.
Some of Wave’s best features, available for free:
- Invoicing
- Receipt scanning and expense tracking
- Accounting
If you need payroll and payment processing, however, you need to get the premium service add-on.
7. Zoho Books
As one of the international brand Zoho’s business applications, it isn’t surprising that Zoho Books offers reliable and comprehensive business management that you can easily integrate with other apps from the brand.
What’s great is that Zoho Books is free for small businesses, but you can always consider getting an upgrade for extra features.
Zoho Books offers the following key features:
- Invoice customization and automated invoicing
- Expense and inventory tracking
- Automated bank integration and reconciliation
- Multi-currency support
- Integration with other Zoho apps
Customization is available with the premium plans.
8. NetSuite ERP
A scalable cloud-based ERP system that’s BIR-ready, NetSuite ERP is another great option for businesses in the Philippines.
Some of the best features you can enjoy with NetSuite ERP:
- Accounting and comprehensive financial management
- CRM (customer relationship management)
- e-Commerce integration
- Inventory and order tracking
- Real-time data and analytics
Summary & Recommendations
The best accounting software in the Philippines is still the one that suits your needs and budget. You can get the best value for money with the cloud-based systems above.
However, because they offer different features and have a varied interface, you might consider using their trial version (if available) first before getting the premium version.
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