Business Digitisation: Choosing the Best Accounting Software in Singapore

As over 200 countries transition to a post-pandemic world, the digitalisation of mid-sized businesses is fast becoming the new normal. In Singapore, the Singapore Business Federation continues to champion digital adoption among SMEs to improve operational resilience and efficiency.

Among the most critical business functions—alongside ERP and CRM—is accounting. Businesses require a systematic and streamlined approach to record, evaluate, and interpret financial data. Modern accounting software, such as Summit, empowers business owners to keep pace with today’s fast-evolving commercial landscape.

Why businesses in Singapore are embracing accounting software

Although the push for cloud-based accounting solutions intensified during the pandemic, many SMEs remain hesitant. A recent survey revealed that 74% of business owners in Singapore felt unequipped to implement digital tools.

Is it time for SMEs to ditch manual processes and fully adopt accounting software? What should you look for when choosing the right cloud solution?

Why accounting is a vital business function

An organisation’s finance team depends heavily on the efficiency of accounting processes such as invoicing, inventory control, bank reconciliation, and cash flow tracking. Errors in these areas hinder performance and compromise reporting accuracy.

Accurate and timely financial information is essential for strategic decision-making and compliance. Summit ensures your bookkeeping processes are not only accurate but also accessible and audit-ready.

Understanding business performance

The income statement prepared by your accounting system gives a clear view of profit and loss, allowing you to track where your revenue is coming from and where it’s going.

Clear visibility of your financial position

Your balance sheet shows your assets, liabilities, and equity. With Summit, you can generate detailed reports—multi-currency statements, reconciliations, and invoice tracking—giving you a precise snapshot of your financial standing.

Informed financial planning

When you have full visibility of your company’s financial health, you're better equipped to allocate budgets effectively. Whether it’s limiting office supply expenses or boosting the marketing budget, Summit enables data-driven decisions with real-time spend insights.

Staying compliant with tax laws

Efficient accounting software also streamlines tax compliance. From IRAS-ready reporting to tracking employee benefits and business expenses, Summit supports your compliance efforts end-to-end.

Accounting requirements for businesses in Singapore

Singaporean companies must submit an annual financial statement aligned with the Financial Reporting Standards of Singapore (FRS) or the SFRS for Small Entities. These reports include:

• Statement of Comprehensive Income

• Statement of Financial Position

• Cash Flow Statement

• Statement of Changes in Equity

The Inland Revenue Authority of Singapore (IRAS) also mandates businesses to maintain records for at least five years. Summit simplifies this by storing records securely in the cloud, accessible at any time.

Why accounting software is essential

Accounting software consolidates financial data, automating the generation of statements, payroll, and reports. Cloud-based systems like Summit are built to handle multi-currency transactions, expense claims, and real-time reporting—while remaining IRAS-compliant.

Why cloud accounting beats manual methods

Manual accounting involves paperwork, physical storage, and time-consuming reconciliation—often leading to bottlenecks and human error. In contrast, cloud solutions like Summit streamline everything from approvals to reconciliations, freeing up valuable time and resources.

Key advantages of online accounting

• Faster processing: What used to take ten days now takes just two or three.

• Fewer errors: Automated data entry reduces manual mistakes.

• Faster approvals: A centralised dashboard means quicker turnaround for approvals and disbursements.

• Lower overheads: Reduce your reliance on large finance teams with automation.

• Secure storage: Summit’s cloud infrastructure keeps your records safe and accessible for IRAS audits.

What to look for in accounting software

The best accounting software should match your business needs. Look for:

• Ease of use: Summit is designed to be intuitive—even for non-accountants.

• Multi-functionality: Generate various reports with built-in templates tailored to your business.

• Accuracy: Minimise errors and inconsistencies with smart data capture.

• Seamless integration: Summit integrates effortlessly with leading software like Xero, QuickBooks, and NetSuite.

• Data security: Built-in protections ensure your financial data remains secure and compliant.

Must-have features for Singapore businesses

Look for these features when evaluating cloud accounting tools:

• Automated payments to avoid late fees

• Invoice tracking with detailed logs

• Accounts payable/receivable automation

• Expense claims and reimbursements that are tax-compliant

• Inventory tracking aligned with business supply flows

• IRAS-compliant tax forms and reports

Accounting Software Works Best with a Spend Management Solution

The ability to adapt to technological change is now a defining factor in business success. Post-pandemic resilience depends on embracing digitisation—not only in health or logistics but in financial management as well.

Summit offers an accounting solution designed for modern businesses in Singapore—scalable, secure, and seamlessly integrated with your existing tools.

Ready to see how it works? See Summit’s accounting software integration in action today. We connect effortlessly with Xero, QuickBooks, NetSuite, and other leading platforms to power your finance operations.