Accounting Software for Your Hong Kong Company

Accounting software has become increasingly popular among companies who want to save time, costs, streamline operations, and manage their accounts from anywhere in the world.

Traditionally, Hong Kong companies had to manage accounting at the end of the financial years and when the records were prepared for tax assessments. However, thanks to technological development you can create and manage financial records and analyze reports at any time.

In this article, we list some of the most popular accounting software available for companies that operate in the Hong Kong market.

1. Xero

Xero was founded in New Zealand in 2006 and is one of the biggest and fastest-growing accounting software. The company has more than 2,500 employees and leads the cloud accounting markets in New Zealand, Australia, and the UK.

Xero has seen rapid growth in the past years and as of 2019, they have helped more than 2 million subscribers.

A great benefit of using Xero is that the software is connected with 3 major banks in Hong Kong, including DBS, Hang Seng Bank, and HSBC. They help with automatic transaction updates directly into Xero daily, which helps you to manage your work more efficiently and saves you time.

Packages & Prices

Xero offers 3 different packages, including:

• Starter: USD 20
• Standard: USD 30
• Premium: USD 40

Starter

The Starter package is, as you can see, the cheapest option and allows you to send 5 invoices and quotes, enter 5 bills, and reconcile 20 bank transactions per month.

Standard

The Standard version, on the other hand, allows you to send invoices and quotes, enter bills, and reconcile bank transactions without any restrictions.

Premium

The Premium version is your option if you want to be able to handle multiple currencies. They also have a free trial that includes all the features as the Premium version, valid for 30 days.

Integrations

Xero is integrated with numerous other applications, including Stripe, PayPal, Receipt Bank, and more. For more information, you can visit this page.

2. Zoho Books

Zoho Books is a leading accounting software that has grown quickly in the past years. According to Business.com, it’s the best business accounting software reviewed for small businesses as it offers low costs and has plenty of useful features.

The application has accounts payable, accounts receivable, banking, and inventory.

Packages & Prices

Zoho Books has 3 different packages, including:

• Basic: USD 39
• Standard: USD 79
• Professional: USD 199

Basic

Allows you to invoice 500 customers, having 3 users, and 3 automated workflows/modules. You’ll also get:

• Hosted payment pages
• Multi-currency support
• Dunning for automatic payments
• Multiple payment gateways
• Offline payments
• REST API & Webhooks
• Subscription metrics
• 24/5 Email and Phone support

Standard

The standard package allows you to invoice 2,000 customers, having 5 users, and 10 automated workflows/modules. It includes everything else in the Basic package, plus:

• Web tabs
• Customer portal single sign-on
• Domain branding
• Custom buttons

Professional

With the professional package, you can invoice 5,000, have 10 users, and 10 automated workflows/modules. In addition, you will get everything in the Standard package plus:

• 24/5 Live Chat support
• Custom Schedulers

If you pay for one year upfront you’ll also enjoy discounts for any of the packages.

Integrations

Zoho Books is integrated with plenty of payment service providers, including Stripe, PayPal, WorldPay, Braintree, and Razorpay. Also, you can integrate it with various other programs and applications like Zapier, Office 365, and Zendesk.

3. QuickBooks

QuickBooks was launched in 2002 by Intuit, a big business and financial software company from the US. They primarily target small and medium-sized companies that need help with accounting services, using cloud-versions and onsite applications.

QuickBooks allows you to:

• Track your expenses
• Create and send business forms
• Check your business performance
• Efficiently manage your cash flow

Packages & Prices

QuickBooks offers 3 packages:

• Simple Start: USD 7.50 (50% discount first 6 months, original price USD 15)
• Essentials: USD 11.50 (50% discount first 6 months, original price USD 23)
• Plus: USD 15.50 (50% discount first 6 months, original price USD 31)

Simple Start

This is the smallest package and for 1 user, plus your account.

Essentials

It can be used by 3 users, plus your accountant.

If you opt-in for this package, you will also be able to manage and pay bills, generate sales quotes, and handle transactions in multiple currencies.

Plus

Up to 5 users, plus your accountant. In addition to the functions offered with the Essentials package, you can create purchase orders, track inventory, and track project or job profitability.

Integrations

You can integrate QuickBooks with programs and applications like Shopify, PayPal, BigTime, Buildertrend, and more.

4. Sage

Sage was founded as early as 1981 and has more than 13,000 employees in 23 countries all over the world. One of their flagship products is their Business Cloud Accounting services that helps you to manage your accounting operations efficiently from anywhere in the world.

It was launched in 2018 and is currently divided into two different subscriptions.

Packages & Prices

Sage Business Cloud – Accounting Start

This is Sage’s entry-level accounting software online. It’s suitable for small companies that need to manage their cash flow and finances online. If you opt-in for this account type, you’ll be able to:

• Calculate and submit VAT
• Manage your cash flow
• Record and send invoices (for sales only)
• Automatically reconcile bank transactions

You can try the account for free for 30 days and then you have to pay £3.60 per month + VAT. Sage offers a discount of 70% as the original price is £3.60 + VAT per month.

Sage Business Cloud – Accounting

This solution is more robust and advanced, allowing you to:

• Get cash flow forecasts
• Add multiple users
• Record and send invoices (both purchases and sales)
• Send remittance advice to suppliers
• Create credit and delivery notes

Integrations

Sage offers various integrations with hundreds of applications, including Stripe, AutoEntry, Receipt Bank, Verify, and more. You can read more about them by visiting this page.

5. NetSuite

NetSuite was founded in 1998 in the US and a subsidiary of Oracle Corporation. The company has grown significantly in the past years and was acquired by Oracle for USD 9.3 billion in 2016.

In addition to online accounting services, NetSuite helps clients with Global Business Management, CRM solutions, Email Marketing, Analytics, and more.