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Best accounting software in Hong Kong

Xero

QuickBooks

ABSS (formerly MYO)

Sage

NetSuite

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.

What Is an Accounting Software? 

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.

What You Need to Consider When Choosing an Accounting Software in Hong Kong

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.
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Tip: Negotiate for annual payment discounts. Many software providers offer lower rates for upfront yearly payments. 

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.

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Tip: Opt for software that allows easy data export, such as bulk imports via CSV files, to simplify the process.

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.
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Tip: Unsure whether to use software or outsource the service? Explore these top bookkeeping services and tax advisors in Hong Kong.

The 5 Best Accounting Software in Hong Kong in 2024

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

Accounting Software in Hong Kong

Best for 

Xero

SMEs seeking cloud-based software with extensive integration capabilities for various business tools and applications.

QuickBooks

SMEs looking for flexible cloud-based software with pricing plans designed to meet their specific needs.

ABSS (formerly MYO)

Businesses that require straightforward, traditional accounting solutions.

Sage

Businesses of various sizes looking for a blend of desktop and cloud-based accounting options.

NetSuite

Large enterprises in need of an all-encompassing ERP solution that covers extensive business processes.  

1

Xero

Best for: Small to medium-sized businesses looking for a robust cloud-based accounting solution that offers extensive third-party integrations.

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

Free Trial

30-day free trial

Starter

  • Send up to 20 quotes and invoices
  • Enter up to 5 bills
  • Reconcile bank transactions
  • Capture bills and receipts with Hubdoc
  • View short-term cash flow and business snapshot

USD 29/month 

(About HKD 225/month)

Standard

  • Everything in Starter, plus a bulk transaction reconciliation

USD 46/month 

(About HKD 359/month)

Premium

  • Everything in Standard, plusmulti-currency support

USD 62/month 

(About HKD 483/month)

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

Xero Pros & Cons

Pros of Xero

  • Xero is cloud-based and accessible from anywhere.
  • Xero provides extensive Integrations with third-party business apps, from CRM to payroll and HR.

Cons of Xero

  • Multicurrency support is only available on the premium plan.
  • Fees are on the higher side.
  • There is no phone support.

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. 
A dropdown of some supported currencies by the Statrys business account.

2

QuickBooks

Best for: Small to medium-sized businesses seeking a cloud-based accounting solution with flexible plans to suit different budgets and a phone contact option.

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

Free Trial

30-day free trial

Simple Start

  • 1 user plus an accountant
  • Monitor income and expenses
  • Generate and send personalised invoices and quotes
  • Link your bank account
  • Track GST and VAT
  • Access insights and reports
  • Set up progress invoicing

HKD 145/month

Essentials

  • 3 users plus an accountant
  • All features from the Simple Start package
  • Handle bills and payments
  • Monitor employee time
  • Support for multiple currencies

HKD 215/month

Plus

  • 5 users plus an accountant
  • All features from the Essentials package
  • Manage recurring transactions and bills
  • Track inventory
  • Monitor project profitability
  • Oversee budgets

HKD 295/month

Advanced

  • Up to 25 users
  • All features from the Plus package
  • Automate workflows
  • Create custom reporting fields
  • Personalize dashboards
  • Adjust role permissions
  • Backup and restore data online
  • Handle revenue recognition

HKD 590/month

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

QuickBooks Pros & Cons

Pros of QuickBooks

  • QuickBooks offers slightly more cost-effective pricing compared to its cloud-based counterparts.
  • QuickBooks features various contact options, including phone calls, live chat, and access to a support community.

Cons of QuickBooks

  • Most QuickBooks plans have limited numbers of users, which can be a drawback for growing teams.

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.

3

ABSS (Formerly MYOB)

Best for: SMEs in Hong Kong seeking a locally recognised desktop-based solution with setup support in both English and Traditional Chinese, available as a one-time purchase.

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

Free Trial

7-day free trial

ABSS Accounting

Ideal for day-to-day accounting

Starting at approximately HKD 4,000

(One-time purchase)

ABSS Premier 

Ideal for processing foreign currency transactions

About HKD 5,000 - HKD 10,000 

(One-time purchase)

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

Pros of ABSS

  • Recognised locally
  • Desktop-based software, enabling use without an internet connection
  • Available in Traditional Chinese or English

Cons of ABSS

  • May need additional training to understand the products, compared to more user-friendly, cloud-based options
  • Limited third-party app integration due to its desktop-based nature

ABSS Support & Contact Channels 

4

Sage

Best for: Small businesses and larger businesses needing a scalable accounting solution that offers both desktop and cloud options.

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

Free Trial

The free online trial period for Sage 50 is unlimited.

Sage50

One-time payment with no annual fee, but specific pricing details are not available. Please contact Sage directly for more details.

Sage300

No pricing information is available on the website. Please contact Sage directly to obtain pricing information.

Sage Pros & Cons

Pros of Sage

  • Both desktop and cloud solutions
  • Options that can cater to larger enterprises with complex needs
  • Unlimited free online trial period for Sage 50 (formerly Peachtree)

Cons of Sage

  • Pricing information is not provided.
  • Multiple products, with some having limited information available in Hong Kong, may create confusion in selecting the right one.

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

5

NetSuite

Best for: Large enterprises and growing businesses needing a unified, cloud-based ERP system that integrates financial management, CRM, and more in one software.

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

Pros of NetSuite

  • Integrated ERP system that combines accounting, CRM, inventory management, and ecommerce functionalities in one place
  • Suitable and scalable for large businesses

Cons of Netsuite

  • The system’s extensive features can be complex.
  • There is no pricing information on the website. 

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

Final Note 

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.

A summary of Statrys' services
A dropdown of some supported currencies by the Statrys business account.

FAQs

Which accounting software is most commonly used in Hong Kong?

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In Hong Kong, Xero, QuickBooks, Sage50, and ABSS are popular due to their comprehensive features that cater to various business needs.

What are the top accounting software options in Hong Kong?

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Which accounting software is best for small businesses in Hong Kong?

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What are the three types of accounting software?

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Is Excel an accounting software?

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