5 Best Accounting Software in Hong Kong in 2024

Handling accounting processes manually can be time-consuming, resource-draining, and prone to errors. In fact, 88% of manual accounts payable spreadsheets contain errors. 

Therefore, having the right accounting software can make all the difference. It can help automate repetitive tasks, reduce human errors, offer real-time visibility into cash flow, and helps maximise tax returns. Notably, automation can reduce the time spent on finance tasks around by 30-40%

In Hong Kong specifically, it's crucial to choose accounting software that not only fits your company's needs but also aligns with Hong Kong’s accounting standards.

In this article, we’ve narrowed down the top five accounting software solutions in Hong Kong to help you find the best fit, whether you’re a start-up, entrepreneur, small business owner, or growing enterprise. We'll review their features, fees, support channels, and pros and cons to help you choose the right software so you can focus more on growing your business and less on paperwork.

Accounting software is a specialised program that handles tracking and recording all financial transactions in a company. This includes invoicing, accounts payable, accounts receivable, income, expenses, revenue, assets, and liabilities. It helps accountants and bookkeepers streamline their work and save time. 

The software often features reports that provide insights into a business's financial health, along with automation of processes and integration with various business tools. Additionally, some accounting software solutions are part of broader enterprise resource planning (ERP) systems, which combine essential business functions like accounting, inventory management, and financial planning into a single platform.

If you are looking for accounting software, you’ll find many options on the market. A key to making the right choice is considering your business goals and identifying the features that will help you achieve them. 

Here are some fundamental considerations to keep in mind while you are choosing the best accounting software for your business.

Types of Accounting Software

Different types of software offer varying levels of functionality, accessibility, and customisation. Here are some of the most popular ones and what they’re best suited for.

• Cloud-based or Online Accounting Software: This type of software offers accessibility from anywhere and typically includes automatic updates and backups. It is ideal for businesses needing real-time collaboration and remote access. However, your software’s performance relies on an internet connection. One of the most popular cloud-based accounting software is Xero Accounting. 
• Desktop Accounting Software: If you prefer a traditional setup with strong performance and offline access, desktop accounting software installed locally on your computer might be ideal. However, it relies solely on your computer’s resources and may lack the flexibility and remote access offered by cloud-based solutions. Examples include Sage50 (Desktop version) and ABSS accounting software.
• Open Source Accounting Software: For businesses with technical expertise seeking tailored solutions without a hefty price tag, open-source accounting software can be a great fit. This solution is often free and highly adaptable, though it requires technical know-how to set up and maintain. A recognised example is GnuCash. 
• ERP (Enterprise Resource Planning) Software: If you’re managing a large-scale operation, an ERP system might be necessary. This comprehensive solution integrates accounting with other business management systems like inventory and human resources. While they can be complex and expensive, they offer a powerful all-in-one solution. NetSuite is a well-known example of an ERP system.

The Full Suite of Features

When choosing accounting software in Hong Kong, prioritise features that directly impact your business operations. Look for software that simplifies tasks, enhances accuracy, and saves time. Key features to consider include:

• Bank Reconciliation: Look for software with automated bank reconciliation that can import your financial transactions from banks and match them with your records. 
• Third-Party Integrations: Your accounting software should seamlessly integrate with tools you already use, such as CRM systems, payment processors, and ecommerce platforms. These integrations will streamline workflows significantly. 
• Reports: Detailed financial reports are key to understanding your business’s financial health, making informed decisions, and planning for the future. Reports such as profit and loss statements, balance sheets, and cash flow statements give you insights into profitability, liquidity, and overall performance. Choose software with customisable reporting features that allow you to generate tailored reports based on specific parameters, such as date ranges, departments, or projects. 
• Document Capture and OCR: Look for features that let you upload and scan documents, like invoices, receipts and financial statements. The software should also be able to automatically extract relevant information from images. These features typically use OCR technology, with high-quality OCR systems achieving around 90% accuracy.
• Payroll Management: For businesses with employees, look for integrated payroll features that can help automate payments, handle tax calculations, and generate payslips.
• Multi-Currency Support: If you operate internationally, ensure your software can manage multi-currency invoicing, payments, and reporting.

Fees

Accounting software fees can vary widely, so getting a detailed breakdown is essential to avoid surprises while budgeting.

• Initial Costs: Many accounting software options come with an initial purchase or licensing fee. Modern solutions now use a subscription model, so it’s important to calculate the total annual cost.
• Additional Costs: Be mindful of potential extra charges for advanced features, additional users, or support services. Costs can escalate if you need more functionality or have a growing team.

Ease of Scaling or Switching 

Evaluate how easily the software can scale with your business growth. Ensure it can accommodate increased users, data, and functionality without major disruptions.

On a related note, consider how difficult it will be to transfer your data and switch to another software if necessary. High lock-in can lead to significant costs and complications when changing providers, so look for software that offers flexible data export and migration options.

Data Security 

Given the sensitive nature of financial information, security is non-negotiable. Here's a look at some security features to consider:

• Data Encryption: Ensure the software uses strong encryption (e.g., AES-256) for data in transit and at rest.
• Two-Factor Authentication (2FA): Look for 2FA to add an extra layer of security beyond passwords, such as authentication apps, SMS, or email codes.
• Role-Based Access: Ensure it offers permissions to restrict access based on user roles.
• Secure Data Centers: For cloud solutions, check that the provider uses certified, secure data centres.

Now that we've covered what to look for let's explore the 5 best options for your business. 

Founded in 2006, Xero is a New Zealand-based technology company that offers cloud-based accounting software. The platform allows users to manage their business finances online, providing access from anywhere. Xero operates internationally, with offices in Australia, New Zealand, the United Kingdom, the United States, Canada, Singapore, and South Africa. 

Xero aims to be a leading solution for small businesses, offering products for both business owners and accountants. The software has over 4.2 million global subscribers and has established a significant presence in Hong Kong.

Xero Features

Xero offers a wide range of features that vary depending on the tier plan. Here are the highlights:

• Automate invoicing and reporting tasks
• Automatically sync transactions into Xero
• Sync your bank with Xero online accounting
• Reconcile bank transactions daily
• Use suggested matches for quicker bank reconciliation
• Extract data into Xero without manual entry
• Capture data from bills and receipts
• Upload documents via photos, email, or scan
• Collaborate in real-time with anyone from anywhere
• Set up automatic payment reminders
• Get reports
• Integrate and connect with various apps through the Xero App Store, a digital catalogue of apps that you can link to Xero, to manage more of your business in one place.
• Switch to Xero by importing CSV data. Convert up to 24 months of Sage and QuickBooks accounts for free. 
• Access multi-currency support (Premium plan only)

Xero Pricing

For more information, please refer to this Xero Hong Kong pricing page.

Xero Pros & Cons

Xero Support & Contact Channels 

• Website: https://www.xero.com/hk 
• Contact Channels: Xero recommends checking articles in Xero Central first for assistance. If further help is needed, you can reach out to Xero Support through the menu icon in your Xero app dashboard. Note that Xero does not provide a support phone number.
• Hong Kong Address: N/A
• Business Hours: Online support is available 24/7. 

QuickBooks developed and distributed by Intuit—an American multinational specialising in financial software—is a cloud-based accounting solution introduced in 1992.

QuickBooks provides specialised accounting products for both SME business owners and accountants, addressing diverse requirements. Their accounting software is designed to track and organise financial data while automating various tasks. 

The software has over 7 million users globally.

QuickBooks Features

QuickBooks offers a wide range of features that vary by plan tier. Here are the highlights:

• Automatically tracks and categorises expenses
• Syncs with your bank and apps for accurate bookkeeping
• Access from any device to manage your books on the go, whether a computer, laptop, tablet, or smartphone
• Allow colleagues and accountants to access your books for collaboration
• Stores and organises receipts to maximise tax deductions
• Capture receipts with your phone and match them to bills
• Progress invoicing, which lets you split project estimates into milestone-based invoices. Bill clients in full, partial, or custom amounts while tracking progress. 
• A range of customisable reports
• Switch to QuickBooks by importing data from Excel, Reckon, MYOB, or Xero.
• Integrate with ecommerce tools, including Shopify
• Multiple add-ons

For more details, please visit the QuickBooks Hong Kong pricing page.

QuickBooks Pros & Cons

QuickBooks Support & Contact Channels 

• Website: https://quickbooks.intuit.com/hk
• Contact Channels: Search the QuickBooks support community, call sales at +852 2571 9557 (toll-free), or use the live chat and contact form on the website.
• Hong Kong Address: N/A
• Business Hours: Online support is available 24/7. Phone call is available from Monday through Friday from 6 am to 8 pm SGT.

ABSS (Asian Business Software Solutions), formerly known as MYOB South Asia, was founded in 1993 and is headquartered in Kuala Lumpur. 

The company offers business solutions for SMEs across Asia, operating in over 20 countries, including Malaysia, Singapore, and Hong Kong.

ABSS offers tools for accounting, electronic payments, ecommerce, and accounts receivable management. They focus on delivering practical solutions that support the financial management needs of small and medium-sized businesses in the region.

ABSS Features

ABSS features vary depending on the software version you use. Here are the main highlights:

• Manages accounts receivable, accounts payable, inventory, and tax
• Bank reconciliation
• Software with no accounting jargon
• Supports installation in Traditional Chinese or English
• Includes a built-in setup assistant
• Offers cash and accrual accounting
• Double-entry accounting
• Customises forms and reports with cash flow analysis
• An audit trail 
• Links dynamically with MS Word and Excel
• Integrates email and fax
• Recurring transactions reminders
• Defines lock periods by date range
• Advanced integrated accounting, billing, multiple-currency, and inventory management (Premier)
• Allows simultaneous use by multiple users. (Premier)

ABSS Pricing

The ABSS Hong Kong website does not list pricing information. The prices provided are based on their official Hong Kong distributor. The price varies depending on the user licence (1 to 3 users), support duration (30 days, 6 months, or 12 months), and the version used. 

For accurate and up-to-date pricing, it is best to contact ABSS Hong Kong directly.

ABSS Pros & Cons

ABSS Support & Contact Channels 

• Website: https://hk.abssasia.com or https://www.en.myob.hk for the official sole distributor of ABSS in Hong Kong.
• Contact Channels: call +65 6505 6582 or +852 2711 9930 (distributor), email cs.sg@abssasia.com or info@myobhk.com(distributor), or use a contact form available on the ABSS Hong Kong website
• Hong Kong Address: Room 2003, 20/F, Millennium City 3, 370 Kwun Tong Road, Kwun Tong, Kowloon (distributor) 
• Business Hours: 9 am to 5:30 pm from Monday to Friday

Founded in 1981, Sage is a British multinational enterprise software company that specialises in providing ERP, integrated accounting, payroll, and payment systems. 

Among its popular accounting software options are Sage50, Sage Intacct, Sage300, and Sage300 Cloud, each designed to support different business sizes and requirements. 

With a diverse product lineup, Sage serves over 2 million customers across 26 countries, offering solutions that cater to a wide range of business needs.

Sage Features

Sage offers a range of accounting software products, each tailored to different business needs. Below are the most popular options:

Sage50 (formerly Peachtree) - Ideal for small businesses 

• Desktop software with cloud connectivity
• Tools for adjusting inventory, managing payroll, and handling purchases
• Features for forecasting and "what-if" scenarios
• Expense management with comprehensive spending tracking
• Compatibility with Microsoft Excel®, Outlook®, and Word®
• General ledger, accounts receivable, and accounts payable management
• Audit trails and advanced budgeting (available in Premium Cloud)

Sage300 - Tailored for larger businesses

• A comprehensive cloud-connected business management solution
• Vendor and purchasing management tools
• Sales and distribution process optimisation
• Advanced accounting functionalities
• Robust reporting and analytics capabilities
• Inventory and warehouse management 
• Options for deployment either on-premises or in the cloud
• Support for multiple languages, currencies, and companies

Sage Pricing

Sage Pros & Cons

Sage Support & Contact Channels 

The contact channels differ depending on the product you're interested in. Below are the details for each option.

Sage50 (Formerly Peachtree) Hong Kong Exclusive Distributor 

• Website: https://www.peachtree.com.hk
• Contact Channels: Call 852 2393 3819 or email sales@peachtree.com.hk
• Hong Kong Address: Unit B, 11/F, Silvercorp International Tower, 707-713 Nathan Road, Mong Kok, Kowloon
• Business Hours: N/A

Sage300

• Website: https://www.sage.com/en-hk
• Contact Channels: Browse Sage Support Central on the website, call +852 800 900 343, or email info.asia@sage.com
• Hong Kong Address: N/A
• Business Hours: N/A

Founded in 1998 as Netledger and rebranded as NetSuite in 2003, NetSuite is a cloud-based Enterprise Resource Planning (ERP) system designed to enhance business efficiency. It provides a unified suite of applications for various business functions, including HR, finance, operations, CRM, and more. 

Among many products is NetSuite Finance & Accounting Software, which plays a key role in managing financial processes. NetSuite supports over 38,000 customers across 219 countries and territories.

NetSuite Features

• Core accounting integration
• Integrated billing management 
• Connects sales, finance, and fulfilment
• Dynamic general ledger management, which allows customisation to meet unique business needs
• Automated revenue recognition
• A recurring revenue management solution
• Integrates front- and back-office processes for subscription-based businesses
• On-demand and real-time financial reports
• An intuitive planning, budgeting, and forecasting system
• Governance, risk, and compliance management

NetSuite Pricing

NetSuite offers a free demo, but pricing information is not available on the website. For details, you will need to contact NetSuite directly.

NetSuite Pros & Cons

NetSuite Support & Contact Channels 

• Website: https://www.netsuite.com.hk
• Contact Channels: call +852 3655 1949 or +852 3655 7400, or use live chat on the website
• Hong Kong Address: 1 Sunning Road, Causeway Bay, Lee Garden Three, Floor 8
• Business Hours: N/A

When it comes to choosing the best accounting software for businesses in Hong Kong, the right option depends on your specific requirements. In this article, we’ve covered five notable options: Xero is known for its extensive third-party connections, QuickBooks for its various plans to suit different budgets, ABSS for its desktop solution, Sage for both desktop and cloud solution, and NetSuite for its comprehensive ERP capabilities. 

To fully benefit from your accounting software, integrating it with your business account is key. This integration synchronises records and saves significant time. 

Statrys business account offers seamless integration with Xero, making it a great choice for Hong Kong businesses.

Here’s a summary of Statrys’ business account services.