For many businesses in Singapore, accounting software is no longer just about bookkeeping or producing reports at the end of the month. With digitalisation moving at full speed and the government encouraging the adoption of InvoiceNow, companies now need tools that go beyond traditional accounting.
Suppose you’re a business owner, especially running an SME, the real question isn’t whether you should upgrade your accounting software. In that case, it’s which software will help you stay compliant, connected, and future-ready.
Let’s take a closer look at what InvoiceNow actually means, why it matters to Singaporean businesses, and which accounting software options are well-equipped to handle it.
Why InvoiceNow Matters in 2025
If you’ve been hearing a lot about InvoiceNow but haven’t paid it much attention, here’s a quick refresher. InvoiceNow is Singapore’s nationwide e-invoicing initiative built on the Peppol network. Instead of emailing PDFs or printing invoices, businesses can send and receive invoices directly from system to system—cutting out errors, manual data entry, and delays.
By 2025, InvoiceNow will be more than just an option. For many businesses, it’s fast becoming the standard. Benefits include:
- Faster payments from clients and partners
- Reduced administrative overheads
- Improved data accuracy
- Government incentives for adoption
- Staying aligned with compliance requirements
In other words, InvoiceNow isn’t just about keeping up with regulations; it’s about keeping your business competitive.
What to Look For in InvoiceNow-Ready Accounting Software
Before we dive into the top options, it helps to know what makes a good InvoiceNow-ready platform. Some features worth prioritising include:
- Seamless InvoiceNow integration, so you don’t need third-party workarounds
- User-friendly dashboards for SMEs without in-house finance experts
- Scalability so the system can grow as your business expands
- Compliance with IRAS requirements (GST, reporting formats, etc.)
- Cloud-based flexibility so you can access your books anywhere, anytime
Keeping these in mind will help you filter out the noise and choose a system that works for your needs.
Singapore’s Best InvoiceNow-Ready Accounting Software Options
Now for the part you’re probably most curious about—the actual software options available in Singapore that tick the right boxes. Here are some of the most popular and reliable choices heading into 2025:
1. Xero
Xero has become a favourite among SMEs thanks to its user-friendly interface and cloud-first approach. It integrates seamlessly with InvoiceNow, allowing businesses to send and receive e-invoices directly. Beyond compliance, Xero offers strong automation features—from reconciling bank transactions to generating financial reports—making it a reliable partner for small businesses.
Best for: SMEs that want a simple yet powerful all-in-one accounting tool with scalability.
2. Million
Million is a home-grown software trusted by many Singaporean businesses. It is InvoiceNow-ready and particularly appealing to SMEs that need a straightforward and cost-effective accounting solution without unnecessary complexity. Million provides essentials like invoicing, payroll, inventory, and GST compliance, all while supporting e-invoicing for faster payment cycles.
Best for: Businesses looking for affordability and practicality with strong local support.
3. QuickBooks Online
QuickBooks has long been a global leader in accounting software, and its online version continues to serve SMEs well. With InvoiceNow compatibility, businesses can enjoy faster invoicing while tapping into a rich ecosystem of integrations. QuickBooks also simplifies payroll, tax filing, and expense tracking.
Best for: Companies that want an international solution with flexibility and a wide range of integrations.
4. Autocount
Autocount is popular among SMEs in both Singapore and Malaysia. It is particularly strong in inventory and accounting integration, making it an excellent fit for trading and retail businesses. With InvoiceNow compliance built in, Autocount helps businesses manage invoicing, stock, and accounts in a single ecosystem.
Best for: SMEs with heavy inventory needs who want a comprehensive system.
5. SAP Business One
For larger SMEs and mid-sized companies, SAP Business One offers a more advanced solution. It integrates accounting, operations, and inventory into one platform, with InvoiceNow support included. While it requires a higher investment compared to other software on this list, its scalability makes it future-proof.
Best for: Mid-sized businesses or SMEs planning for significant growth.
Make the Right Choice for Your Business
Choosing the right software isn’t about going with the most popular name—it’s about finding the best fit for your size, industry, and growth plans. For example, a small retailer might find AutoCount or QuickBooks Online perfectly suited, while a mid-sized manufacturer planning expansion might lean towards SAP Business One or Oracle NetSuite.
The good news? With InvoiceNow becoming the norm, most top accounting software providers in Singapore are already on board. The key is to balance compliance and convenience with features that will support your business over the next five years.
Final Thoughts
As we move into 2025, it’s clear that InvoiceNow is here to stay. It’s not just a compliance box to tick—it’s a strategic advantage for businesses in Singapore. Whether you choose Xero, Million, QuickBooks Online, AutoCount, or SAP, adopting an InvoiceNow-ready accounting software ensures you’re not just keeping up, but also moving ahead.
Think of it as setting your business up with a seatbelt for the digital highway. You could try driving without it, but why risk the bumps when you can enjoy a smoother, safer ride?
