Best Free Accounting Software for Singapore SMEs in 2025
Best Free Accounting Software for Singapore SMEs in 2025
ccMonet
Introduction: Why Singapore SMEs Need Free Accounting Software
Looking for the best free accounting software in Singapore? In 2025, SMEs face rising operational costs, stricter IRAS compliance, and a shortage of skilled finance staff. A survey by ASME found that 72% of SMEs in Singapore struggle with bookkeeping costs, while 65% rely on manual spreadsheets that are prone to errors.
Free accounting software may sound like the perfect solution, but most tools come with limitations: missing features, lack of GST compliance, or “hidden” fees once your business grows.
That’s why we compared 15+ solutions—from global giants like Xero and QuickBooks to Wave—and found that while many are labelled “free,” few are truly cost-effective for Singapore businesses.
ccMonet stands out by combining:
AI automation that saves up to 95% of bookkeeping time
Pay-per-use pricing: after your free trial, process 100 invoices monthly at just $0.30 per invoice
Singapore-specific compliance: IRAS filing, GST automation, and real accountant support
Unlike “free” tools that end up charging $30–80/month for basic features, ccMonet delivers real value to SMEs that need both cost efficiency and compliance.
Comparison Table: ccMonet vs Xero vs QuickBooks vs Wave
💡 Note: Wave is technically free, but does not support Singapore GST or IRAS compliance. Most SMEs end up needing paid add-ons or outsourcing accountants.
Deep Dive: Pros & Cons of Each Software
1. ccMonet
Pros:
End-to-end AI automation: From invoice scanning and bank reconciliation to GST reporting, the entire process is fully automated—100 invoices processed in just 3 minutes.
Transparent pricing: Starts at only $70/month, including core features and a 14-day free trial, with no need to purchase extra modules.
Local compliance: Designed to fit different regions, with built-in IRAS and GST workflows so even staff without an accounting background can remain compliant.
AI + expert review: Not just automation—real accountants provide double checks and on-demand support.
Multi-currency & multi-language: Supports SGD, USD, MYR and multi-language invoices, including handwritten bills.
Real-time insights: Business owners can check profit and expenses anytime on mobile and make faster decisions.
Industry-ready: Proven use cases across F&B, medical clinics, and property management.
AI reconciliation & insights: Built-in AI reconciliation engine automatically matches bank transactions with invoices and generates real-time profit and expense analysis.
Designed for SMEs: Clean interface, no accounting knowledge required. Owners, staff, and external accountants can collaborate seamlessly.
Cons:
Not “free forever” — after the trial period, it runs on a subscription basis.
Optimized for SMEs; may not cover large enterprise ERP requirements.
ccMonet’s automation engine processes 100 invoices in just 3 minutes, reducing manual workload by up to 95%. This frees employees from repetitive data entry and lets them focus on more valuable tasks.
Cost Efficiency
ccMonet keeps bookkeeping affordable for SMEs with transparent monthly pricing starting at a good prize after a free 14-day trial. Unlike Xero or QuickBooks, which typically cost $70–100/month once you add necessary features and support, ccMonet includes its core AI automation, GST workflows, and expert review in the base plan. This ensures SMEs get enterprise-grade automation at a fraction of the usual SaaS subscription cost.
Local Compliance
Built specifically for Singapore businesses, ccMonet ensures your accounts are always IRAS-compliant:
IRAS-approved GST filing
Automated preparation of Form 5/5A
Built-in statutory registers
Real Accountant Support
Unlike global SaaS tools that leave you on your own or require extra paid support, ccMonet includes expert accountants to review entries, fix edge cases, and answer compliance questions. This unique AI + human model gives SMEs both speed and peace of mind.
A mid-sized restaurant chain processed over 500 supplier invoices/month. Using Xero, they paid $80/month plus outsourced bookkeeping. Switching to ccMonet:
AI reconciled supplier statements automatically
Cost reduced by 40%
Owners viewed real-time profit/loss from mobile dashboard
Free accounting software often comes with hidden costs or compliance risks. For Singapore SMEs, especially in 2025’s competitive environment, the better choice is a hybrid model: AI + human experts at an affordable pay-per-use rate.
ccMonet offers the best of both worlds—real automation, real accountants, and real compliance.
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