Products Comparisons

Best Business Cloud Accounting Software In Singapore 2020 – Osome, Financio, Quickbooks and Xero

Jennifer Tjahyadi
October 8, 2020

Is handling your accounts taking too much of your time?

With cloud accounting, you may no longer have to deal with these tumultuous tasks manually.

In this article, we will share the difference between traditional and cloud accounting software with you.

We will compare the cloud accounting software packages offered by Osome, Financio, Quickbooks and Xero, and list the available government grants you can apply for.

1. Traditional Accounting Software vs Cloud Accounting Software

Typically, traditional accounting software is installed into a hard drive on your computer. You may access and store your data in the accounting application on your computer.

Conversely, cloud accounting software allows you to keep your business books remotely on the cloud. You may access your data from any location with a laptop or mobile device.

We list some of the differences between traditional accounting software and cloud accounting software below:

Type of Accounting Software Traditional Accounting Software Cloud Accounting Software
  • May involve some manual data entry work
  • Process is more automated and may be paperless
Time Taken
  • May take a longer time as compared to cloud accounting software
  • Time taken may be lesser than traditional accounting software
  • Infrastructure and maintenance costs of on-premise software and hardware
  • Subscription costs
  • May need to invest in new servers to increase storage space
  • May opt for increase cloud storage from software provider

Disclaimer: The information presented in the above table is based on our common understanding and is not definitive. For more accurate information, please refer directly to the software provider.

2. Cloud Accounting Software Packages

Cloud Accounting Software Expensify Osome Financio Quickbook Xero
  • Expense management system that integrates with Xero’s cloud accounting and PEPPOL invoicing.
  • Online accounting, HR and company registration and reporting. Integrates with Xero’s cloud PEPPOL invoicing.
  • Cloud based accounting with PEPPOL invoicing feature.
  • Cloud based accounting with PEPPOL invoicing feature.
  • Cloud based accounting with PEPPOL invoicing feature.
Sign Up
  • Automatic mileage tracking
  • Auto-categorize expenses
  • Unlimited SmartScans
  • For other features, find it in here
  • Management report
  • Unaudited Financial Statements
  • Estimated chargeable income
  • Corporate Tax Return (Form C-S)
  • Bookkeeping
  • For other features, find it in here
  • E-invoicing
  • Track sales
  • Track purchases
  • Full Financial Report
  • Inventory tracking
  • Multi-currencies support
  • For other features, find it in here
  • Track income & expenses
  • Send custom invoices & quotes
  • Connect your bank account
  • Track GST
  • For other features, find it in here
  • Send custom invoices & quotes
  • Enter and capture bills and receipts with Hubdoc
  • Reconcile bank transactions
  • For other features, find it in here
IRAS Compliant
  • No information
Bank Feeds
  • No information
  • No information
  • No information
Progress Billing Function
  • May be available depending on the third-party applications listed in here
Report Types
  • Uses third-party applications to generate reports such as the ones listed in here
  • Management Report
  • Unaudited Financial Statements
  • Balance Sheet
  • Cash Flow Statement
  • Trial Balance
  • For other reports, visit here
  • Balance Sheet
  • Cash Flow Statement
  • Profit & Loss Statement
  • Balance Sheet
  • Business Snapshot
  • Cash Summary
  • Cash Flow Statement
  • For other reports, visit here
Management Reporting
  • No information
  • No information
  • No information
Customer Service
  • Premium users can get a reply within 2 working hours. Otherwise, send a support request and replies will be made in 1 working day
Cloud Security
  • No information
Pricing Collect
  • From $5/user/month with expensify card

  • From $9/user/month with expensify card
  • *Pay-per-use and unbundled packages are also available here
  • $50/mth for 60 transactions a year

  • $100/mth for 40 transactions a month


  • Multicurrency Accounting: $25/mth
  • Dormant accounting: $300
  • Unaudited Financial Statements: $500
  • Consolidated Unaudited Report: $1,000
  • $9.95/mth
Simple Start
  • $10.70/mth for 1 user, plus accountant

  • $16.05/mth for 3 users, plus accountant

  • $21.40/mth up to 5 users, plus accountant
  • $10/mth

  • $30/mth

  • $40/mth

*Optional Extras

Projects: $7 for 1 user/mth + $5 for each additional active user/mth

Expenses: $4/mth for 1 user + $4/mth for each additional active user/mth
Getting Started
  • For other information visit here
  • For other information visit here
  • For other information visit here
Other Information

3. Factors To Consider When Choosing A Cloud Accounting Software

a.    Understand your business needs

When choosing a cloud accounting solution, be clear about the features that your business needs.

Your needs may differ depending on the industry you are in, the size of your organization, or other factors such as the number of transactions you have per month.

For instance, if you adopt milestone payments for your business, you may want to subscribe to a platform that has a progressive billing option.

Other additional features that you may find useful would be the bank feeds and integrations.

Cloud accounting software such as Financio and Xero not only keep your books in check, but also allow you to sync with your business bank account so that transactions are recorded as they occur.

Some software also provide application integration so that you can consolidate your business data in one place.

b.    Software data security and reliability

When you store your data on the cloud, you may run the risk of a data security breach.

Hence, it is important to take note of the security procedures that the software provider implements.

You may check if the software provider puts in place anti-malware, encryption, firewalls or even conducts security monitoring.

Also, find out if the software keeps a constant backup of your data so that you can retrieve it if it is misplaced.

c.     Costs and additional charges

When it comes to costs, be aware of the limitations of each package.

For instance, Osome’s mini package only provides up to 60 transactions a year.

Take note of the additional costs that you may need to bear, such as the multi-currency feature (if your business transacts in foreign currencies).

Sometimes, these costs may not be apparent to you and negligence may result in additional charges. That being said, you may want to set up a meeting with the sales executive so he can work out a package and highlight these costs to you.

4. Government Grants For Cloud Accounting Software

To encourage businesses to digitalise, IMDA and ESG joined hands to set up The Start Digital Pack.

SMEs can take up a cloud accounting solution and one other digital solution of their choice to form a Start Digital Pack. This is offered in partnership with DBS, Maybank, OCBC and UOB.

Check out The Start Digital Initiative article to get insights on these packs.

You may also visit the SMP Centre for other grants that are available for cloud accounting software. 

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About the author

Jennifer loves helping SMEs in their business growth journey. She is also an epicurean and has perpetual wanderlust. During the weekend, she weaves poems out of thin air and buries herself in books.


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