Most SMEs in Malaysia are using either MYOB or UBS as their accounting software, which are essentially desktop software (meaning you have to purchase the software and install on your computer or server). You have to do your own regular backup and pay for upgrades when new versions are available.
With the emergence of cloud software, you now have more alternatives. You don't have to purchase and install accounting software anymore.
Most cloud-based accounting software are on monthly subscription basis (which means no large upfront payment), nothing to install (just subscribe online and use immediately) and accessible anytime, anywhere using any devices (PC, notebook, smartphones, tablets etc). Free upgrades, unlimited users and backups are done by the software providers.
Some alternatives to MYOB and UBS include Wave Accounting (free software), XERO, Saasu (with inventory functionality), Quickbooks, Freshbooks, Yendo (with CRM functionality), Outright, Kashoo and LessAccounting.
Most of these software have free trial (without credit card details). Check it out to ensure that it meets your requirements. Consult your Accountant, if necessary.
There are more alternatives, particularly if you are in property management, legal services industry or non-profit, that have unique accounting needs. All these alternatives have a reputation for being user friendly, feature-packed, relatively inexpensive and suitable for small business. In most circumstances, you need not consider a more robust accounting solution such as NetSuite, OpenERP or SAP until you reach a much larger size.
Have fun selecting the right accounting software for your business.
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