Choosing the best accounting software Malaysia for your small business is important for the success of your business.
Accounting software is a very important tool for every business as it stores your important business information such as sales volume, purchase costs, and detailed business expenses. Such information is very useful when you want to make decisions that affect the future of your business.
Whether you are a business start-up, or have been in business for years, you will need to prepare a set of accounts for tax purposes or when you need to apply for a bank loan. I recommend that you invest in an accounting system for use in-house as soon as practical, rather than outsource the entire accounts preparation to third party.
We share with you some tips to help you choose the best free accounting software Malaysia for your small business.
But first we will define what is an accounting software and what should be included in a basic account software in Malaysia.
Accounting software is an application software that helps you record and process your business related transactions. You need to track sales transactions, purchases transactions, payments to suppliers and receipts from customers. A good accounting system should also function as an accounting information system, as well as a management information system.
Some accounting systems consist of a core module and several add-on optional modules. Some other accounting systems are made up of several inter-dependent modules, and are described as integrated systems. .
The core modules that are necessary in order to be able to generate your financial statements are the General Ledger module, Cash Book module and the Accounts Receivable and Accounts Payable module.
Optional modules that help to ease the business operations are the Sales Order module, Billings module, Purchase Requisition module, Purchase Order module, Inventory / Stock control module, Payroll module, Timesheet module, Inquiry module, Electronic payment module, and the CRM module.
In evaluating the best accounting software Malaysia for your company, you need to ask yourself which modules are necessary for your business at that point of time, and also for the future.
If your company is required to be registered for Malaysian GST, then you must ensure that the accounting system has been configured as a GST Software for Malaysian requirement, and it is an approved Malaysia GST software by the Royal Malaysian Customs Department (RMCD) or Kastam DiRaja Malaysia.
Free accounting software for small business comes in many forms. The ‘free’ part may be in the form of a free trial version of a paid software. Or the accounting software that is offered free for small business may be the basic version, with limited features. Some accounting software is free for you to enter a certain number of transactions. Some other companies offer accounting software free for the first user only.
Truly free financial software for small business are normally written using free, open source technology. They may be offered free as part of the social contract, and may be a collaborative effort amongst different people
Throughout the years, many accounting software packages have been created, and some have been discontinued also.
So, if you are searching to find the best and free accounting software packages for your small business, you should look into the history of the company providing the free account software.
You need to assess the likelihood of the software developer surviving the coming years. Find out how many years they have been developing the software, and how many programmers are working on the project.
Look for client testimonials on their product or services.
If you are going to use the software for the long term, you should also find out whether there is a software upgrade path. You don’t want to put in tons of data into the account system and then have to re-enter the data again when you upgrade your software to the paid version.
If possible, get feedback from friends and other business owners on their personal experience dealing with the software and the company. Better still, do a search for the product on the internet and read their feedback.
Even if you got the accounting software for free, there are certain must-have features that should exist in the free accounting software before you decide to use it to manage your accounts.
Finally, before you download any free accounting software Malaysia for small business from the internet, you should ensure that the software is free from any form of malware, spyware, viruses, or Trojans.
Here is a list of the most popular accounting software in Malaysia, grouped by country of origin, and listed in alphabetical order
Accounting software that originates from Malaysia
• Autocount Accounting software
• Q&E (QnE) Accounting software
• SQL Accounting software
• Sage UBS Accounting Software
Accounting software in Malaysia that originated from other countries
• Accpac accounting software
• Fact Accounting software
• MYOB Accounting software
• QuickBooks accounting software
• SAP Business One Accounting software
The list of best account software Malaysia above are general-purpose systems suitable for most trading and service industries. They can be bought ‘off the shelf’ and are generally not customisable or modified in any way. If you are operating in specific industries, you may want to consider buying an industry-specific business accounting system.
The free copy of the Malaysian-developed accounting software can be obtained directly from the developers themselves, or from consultants and agents of the company.
The accounting software that originate from other countries are normally available from the authorized distributor’s office, and also through independent agents, consultants and system integrators acting for the distributor.
Most of the accounting software Malaysia are also available for download from the respective websites. Try searching for “accounting software Malaysia free download” or “free download accounting software Malaysia”
By following these simple suggestions, you will be able to find the best free accounting software Malaysia for your small business that will fulfill your business needs for at least several years, while maintaining a low overhead for the investment itself
Your accountants will most likely be using a small business accounting system in their office to process the accounts for their clients, and they can give valuable advice on your choice of software.
You can also seek professional software implementers to help you implement the best free accounting software for Malaysian small business.