causes

Comparison of Free and Paid Account Software in Hong Kong

Wed, 04/08/2020 - 16:01 admin

To comply with Hong Kong tax law, all profit making organizations need to apply for a Business Registration (BR). With the business registration, all revenue should be assessed by the Inland Revenue Department for tax.
Equiry for buying Account Software with 1/4 price using Tech Voucher:6709 7504    

Online stores owner, YouTuber, Freelancer, Slash, handcraft sellings, model and artist should all register for BR. Having a BR protects you from being questioned by the IRD and prevent future troubles. Once a company is formed, you should keep track of all your transactions and expenses, and be prepared for presenting the financial statements. Using software could hugely reduce your effort in keeping track and help you run your company efficiently.

Common small business accounting software in Hong Kong include:

  1. ABSS / MYOB Accounting Software
  2. AutoMi
  3. Sage 50 Peachtree Accounting Software
  4. QuickBooks Online Accounting Software
  5. Xero Online Accounting Software

To help you make a good choice below is a comparison table:

1. Types and Price

Software comes in 2 main types, web based and desktop based. Web based software is program delivered through your computer browser (like Chrome or Edge). The other type is desktop software, which you need to download and install before using.

 

Web Based

Desktop

Starting

Register and start in minutes

Download and install, usually takes 10 min

Data Stored

Online

Online or local computer

Place

Any device with browser

Installed computer, possible with tailor-made mobile data access

Offline Use

Usually not supported

Supported

User Interface

Usually clean and simple

Usually more features (like print layout customizations)

Pricing is of great concern to most micro and small business owners, a comparison of pricing:

  • Price information is collected from Official websites, you may find better price through distributors

  • Functions may change regularly, please refer to official websites for details

  • You should also consider the support service included in the pricing.

 

Model

Free

Entry

Standard

Full

ABSS/MYOB

one-off

7 days

$4,188

$ 4,788

$5,888

AutoMi 

recurring

Free for use without Accounting Functions.

 

NA

NA

$1,800 / year*

Or Use Tech Voucher Funding to tailor-made functions

Sage 50 Peachtree

one-off

NA

$4,134

$5,460

$10,506

QuickBooks Online

recurring

30 days trial

$ 120/month

$ 180/month

$240 /month

Xero

recurring

30 days trial

$ 156/month

$234/month

$312/month

* AutoMi per year pricing includes right to software, basic accounting help and audit assistance (with AutoMi audit partners only)

Support and Service 

 

Software Support

Accounting Support

ABSS/MYOB

Depends on distributor Depends on distributor

AutoMi

Included Common SME scenarios*

Sage 50 Peachtree

Depends on distributor Depends on distributor

QuickBooks Online

Included Extra charge using accounting service providers

Xero

Included Extra charge using accounting service providers

* Accounting support thru email and forum for common small business accounting tasks

2. Main Functions 

Most small business and accounting software have similar functions. To select a product you need to start with your own transaction requirements. For example, what fields and data and product details you would need to present on your invoice and orders? Is the software capable of preparing the document following your layout design? If manual adjustment is required to generate a document it is really not worth the time using.

What kind of documents supported by the accounting software is also an important consideration. Quotation, Order, Invoice, Delivery Note, Return are just some of types of document you may need, but not all system supports all of the types. 

Multi-currencies handling accounting software should be taken with care. For overseas trading and purchasing, you would need a good multi-currencies system to speed you up instead of slow you down.

 

Some system focus on accounting, some focus on ease of use, some focus on helping you outsource accounting, picking the right approach will save you alot of time.

 

ABSS/MYOB

AutoMi

Sage 50 Peachtree

QuickBooks Online

Xero

Main Functions

 

- Multi-currencies

- Trad Chi and English Interface

- Multi-warehouse

- Sell before buy (negative stock possible) 

- Multi-currencies

- Simp Chi, Trad Chi and English Interface

- Multi-warehouse

- Sell before buy (negative stock possible) 

- Single Currency

- English Interface

- Single Warehouse 

- Sell before buy (negative stock possible) 

- Multi-currencies

- Trad Chi and English Interface

- Single warehouse

- Sell before buy (negative stock possible) 

- Single Currency

- English Interface 

- Single warehouse

- Negative stock not possible 

Contacts

- Max 5 Address

- 6 Custom Fields

- No limit on Address

- 20 Custom Fields

- Max 20 Address

- 5 Custom Fields

- Max 2 Address

- 10 Custom Fields

- Max 1 Address

- No Custom Fields

Item

- Image Link but cannot print

- 6 Custom Fields 

- Image and rich text descriptions

- Can print image in documents

- 20 Custom Fields

- No image

- 5 Custom Fields

- Support Image

- Cannot print in documents

- No Custom Fields

- No image

- No Custom Fields

Transactions

General Transactions

- Cannot bill same customer with different currencies

- Line discount

- Text line (description column)

- Subtotal

- Can customize layout

- Category

- Job per line

- Cannot copy transactions (support save as recurring)

- Transaction number 8 char long

- Shared auto numbering with different transaction types

- Bill same customer with different currencies 

- Exchange rate update

- Rich text and image

- 20 Custom Fields

- Product image

- Line and footer discount

- Full width text line 

- Subtotal

- Line Number 

- Customize layout 

- Color coded transaction status

- Extra column like delivery date

- Line code (project)

- Copy transaction

- Auto numbering for each login user

- Text line (description column width)

- Subtotal 

- Change line sequence 

- Customize layout 

- Line code (job)

- Copy transaction

- Cannot bill same customer with different currencies

- Exchange rate update

- Text line (description column width)

- No line discount

- Copy transaction

- No subtotal

- Cannot change line sequence 

- Cannot customize layout (field selection only)

- Auto numbering for each transaction type

- Bill same customer with different currencies

- Line discount

- Exchange rate update

- Copy transaction

- No subtotal

- Line code (job)

- No custom fields

- No layout editor, use Word to customize

- Auto numbering for each transaction type

Accounting

Focus

Ease of use

No accounting staff

Integrates with MYOB/Sage

Accountant use

Ease of use Ease of use

Supported Sales Transactions

Sales Quote Supported Supported Supported Supported

 

Sales Order

Supported

Supported Supported Not Supported Not Supported
Sales Invoice

Supported

Supported Supported Supported Supported
Delivery Note

Not Supported

Supported Not Supported Not Supported Not Supported
Return

Not Supported (use negative invoice)

Supported Not Supported (credit note) Not Supported (credit note) Not Supported (credit note)
Credit Note

Supported

Supported Supported Supported Supported

Supported Purchase Transactions

Purchase Quote

Supported

Supported Not Supported Not Supported Not Supported
Purchase Order

Supported

Supported Supported Supported Supported
Purchase Invoice

Supported

Supported Supported Supported Supported
Goods Receive

Not Supported

Supported Not Supported Not Supported Not Supported
Return

Not Supported (credit note)

Supported Not Supported (credit note) Not Supported (credit note) Not Supported (credit note)
Credit Note

Supported

Supported Supported Supported Supported

Banking

Receipt

- Support local and invoice currency receipt

- Non-local or invoice currency settlement in 2 steps

- Bank charges and deduction settlement in 2 steps

- Support local, invoice and other currency settlement in 1 step 

- Single currency

- Settle with bank charges and deduction in 1 step

- Local and invoice currency

- Non-local or invoice currency settlement in 2 steps

- Local or invoice currency 

- Non-local or invoice currency settlement in 2 steps

Expenses

- Support local and invoice currency receipt

- Non-local or invoice currency settlement in 2 steps

- Bank charges and deduction settlement in 2 steps

- Support local, invoice and other currency settlement in 1 step

- Single currency

- Settle with bank charges and deduction in 1 step

- Local and invoice currency

- Non-local or invoice currency settlement in 2 steps

- Local or invoice currency 

- Non-local or invoice currency settlement in 2 steps

 

It is worthwhile to spend time select the best accounting software system to help run your business, please review official websites for each products for product updates.

Enquire buying account software using Tech Voucher with 1/4 of price:6709 7504    

Back to Blog listing