Comparison of Free and Paid Accounting Software in Hong Kong
Comparison of Free and Paid Accounting Software in Hong Kong
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.
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Online stores owner, YouTuber, Freelancer, Slash, handcraft sellings, model and artist in HK should all register for a HK Business Registration. Having a HK 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：
- ABSS HK/ MYOB Accounting Software HK
- AutoMi
- Sage 50 Peachtree Accounting Software
- QuickBooks Online Accounting Software
- 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 (in Hong Kong Dollar):
-
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 |
HK$4,188 |
HK$ 4,788 |
HK$5,888 |
|
AutoMi |
recurring |
Free for use without Accounting Functions.
|
NA |
NA |
HK$8,800 * Or Use Tech Voucher Funding to tailor-made functions |
|
Sage 50 Peachtree |
one-off |
NA |
HK$4,134 |
HK$5,460 |
HK$10,506 |
|
QuickBooks Online |
recurring |
30 days trial |
HK$ 120/month |
HK$ 180/month |
HK$240 /month |
|
Xero |
recurring |
30 days trial |
HK$ 156/month |
HK$234/month |
HK$312/month |
* AutoMi pricing includes ongoing right to use the software, basic accounting help and audit assistance (with AutoMi audit partners only) for first year.
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 accounting 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.
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