For any business, getting an accounting software that is configured to the legal and business framework in a country is important. Each and every country has a different set of accounting standards and practices. In Malaysia, one of the top accounting software names is SQL Account, which has been used since computers started to become part of the office, as far back as 2012.
Change in Systems and Practices
UBS Software, The name changed to Sage UBS in 2006 after the company was acquired by Sage.
Since then, there have been a variety of changes both in the accounting field and in the software field that can make things complicated when trying to find out which accounting software to use. Options like autocount, million and SQL accounting have been eating into the monopolistic market share that UBS had been enjoying until just a few years ago. One of the chief reasons UBS has not been able to retain its market share recently is the introduction of GST in Malaysia. Other softwares have been able to adapt themselves to the changes much faster than UBS has, leading it to a loss of customer base.
Below are some popular accounting softwares and their salient features. Each of them has something to offer to a business.
SQL Accounting Software
The most revolutionary accounting software Malaysia has seen in recent times is the SQL accounting software. It is known for its incredible flexibility and quick processing time. The software is GST certified and is one of the fastest growing and most widely used accounting softwares for Small and Medium Enterprises in Malaysia. The software has many useful modules for report generation that enable business analytics and improve financial decision making.
The software and the tools it deploys serve as a complete accounting and reporting package that services small and medium organizations from granular level transactions to final reporting and aggregation at the highest level of the organization. There is also a free trial period and a help centre that can answer your queries regarding the software, but here are some of the salient features of SQL accounting software.
One Stop Software For All Your Business Needs
Starting from the very bottom of the chain, the software also serves as a point of sale application, which allows information direct from cashiers in registered stores to go to the main accounting hub. It is also great to monitor and manage your inventory issues and even helps keep an eye on your manufacturing input and output.
Integration With Mobile App
The software has a real-time integration with the app on your mobile phone, so that you can access crucial financial information on the go. You can even keep copies of reports on your phones so that you never have to worry about leaving information behind at the office.
Decision Making Tools
A major advantage of SQL accounting software is primarily in its benefit for strategic decision making. The software is able to generate reports across any financial timeline with an easy printing arrangement to ensure that the upper management is able to do their analysis with ease.
Intelligently Designed
The software also provides for storage of virtually unlimited years of accounting information and its clever client-server architecture enables better system performances, a big advantage over accounting softwares that are notoriously slow and take a long time to process tasks. The architecture also gives it a cost effectiveness and easy maintenance advantage.
Customize The Software to Your Workflows and Your Business
The software is also very customizable, with new reports being created on a regular basis, easily deployed across the organization through the SQL Account Report Designer and Account Control center. The DIY module can also be used to create specialized forms that are needed for new or different workflows. It has a user friendly interface and you can save every report or for you create so that you can generate it anytime, for any accounting period, however unorthodox.
Up and Running 24x7
In a huge boost to productivity, especially in emergency situations, the software is up and running 24x7 without the need for anyone to turn anything on or off. The information is stored on the cloud and can be accessed by authorized personnel through their own personal credentials.
Autocount Accounting Software
This is a software that has been increasing in its popularity over the years, chiefly because of its cloud based storage practices. Thanks to this, the need to maintain hard copies of vouchers and account entries is gone, leaving the focus strictly on data entry and analysis. The software also has better security infrastructure with independent logins and restricted access credentials in its framework to make sure only authorized personnel access or make modifications to your accounts. Like most accounting softwares, Autocount also comes with a restore and backup feature to help you keep your accounts secure and portable.
MYOB Accounting Software
The focus of this software is to make it easier for you to process tax based transactions with handy inbuilt tools that can navigate through GST and other tax practices. Businesses that have a lot of GST related activity will be able to file their returns more easily and on time with this software. It is able to make GST computations in a simple real-time interface so that your accountant does not have to struggle to add up percentages every time.
The software also integrates with mobile apps, making the information portable for people who need access to information on the go. This aids decision making and makes it easier for budgets to be built. MYOB's focus lies on making their services easy to use and available at the user's fingertips, which is an immensely valuable objective due to the direction software and business is moving in.
QNE Accounting Software
The software became famous for its user friendly interface which makes it possible for anyone to manage the accounts of an organization. Despite being user friendly, it is enabled with strong policy based protections and audit trails that can protect the business funds. The software comes with all the standard requirements of inventories, invoicing and expense tracking to ensure completeness of accounts. It also has provisions for staff information, allowing you to keep track of a small size of payroll.
Million Accounting Software
The core offering of Million is that it integrates very well with Microsoft Excel, which is used to generate and maintain reports by many small businesses. The simple user interface of Million and the familiarity of Excel make this a very popular software among the less organized business sector which is less focused on administrative practices. The software is not scalable as the business grows larger, but it does support multiple currency inputs and has functions to maintain multiple business accounts, making it a fairly useful tool in the hands of someone who needs to do limited but important accounting work.
Intuit Quickbooks Accounting Software
When it comes to quick invoicing, quickbooks is the software of choice. The software creates a good platform for people to track receivables, GST related transactions, maintaining documents like purchase orders and form GST-03 with an easy auto generation option. The software makes it very easy to make retainer invoices which can be premade and dated accurately at just the click of a button.
Mr. Accounting Accounting Software
Equipped with a posh look that is well designed and user friendly, Mr. Accounting gives your business a facelift with its quick and elegant solutions to complicated accounting problems. The software is GST equipped and can be customized to the needs of the business, with software support available to users to troubleshoot issues and also to provide the knowledge on how best to use the software for particular accounting processes.
Choosing the best accounting software
When considering the above options, it is important to cross the available features with your requirements.
Nature and Size Of Business
This is a key aspect to consider. Some businesses have low volumes of transactions, while some have higher volumes. Taking a strong, multi-layered software for a business with low transaction volume could be more of a hindrance, but it is also important to consider how your business could scale up in the future. It is also important to consider the impact of taxes like GST on your business and choose accordingly.
If you are going for a high volume business strategy, it may be necessary to have accounting done at the point of sale to make sure your accounts are regularly up to date and you do not have to duplicate your efforts.
For large businesses, customization becomes a very important part of the software. The more customizable the software is, and the more options it has for new forms and reports, the better it is for you.
Accounting Resources
If you are at a stage of business where you may not be able to afford an accountant, then you will need a user friendly software which allows you to get things done without much of a fuss. The important thing is to keep it simple in the accounts and focus on making sales, since it opens up more resources for future accounting requirements.
