Best and Popular accounting software in Malaysia

Find out which are the best accounting software in Malaysia popularly used by the small business owners in Malaysia. But first we will define what is an accounting software and what should be included in a basic accounting software.

What is accounting software?

Accounting software is an application software that helps you record and process your business related transactions – transactions such as sales, purchases, payments to suppliers and receipts from customers. A good accounting system should also function as an accounting information system, as well as a management information system.

Types of accounting software in Malaysia

Some accounting systems consist of a core module and several add-on optional modules. Some other accounting systems are made up of several inter-dependent modules, and are described as integrated systems.

The core modules that are necessary in order to be able to generate your financial statements are the General Ledger module, Cash Book module and the Accounts Receivable and Accounts Payable module. Optional modules that help to ease the business operations are the Sales Order module, Billings module, Purchase Requisition module, Purchase Order module, Inventory / Stock control module, Payroll module, Timesheet module, Inquiry module, Electronic payment module, and the CRM module.

In evaluating the best accounting software for your company, you need to ask yourself which modules are necessary for your business at that point of time, and also for the future.

List of Accounting software in Malaysia

Here is the list of the popular brands of accounting software Malaysia, grouped by country of origin, and listed in alphabetical order

Accounting software that originates from Malaysia

Accounting software in Malaysia that originated from other countries

Where can you buy accounting software Malaysia

The list of accounting software Malaysia above are general-purpose systems suitable for most trading and service industries. They can be bought ‘off the shelf’ and are generally not customizable or modified in any way. If you are operating in specific industries, you may contact certain ERP solution provider such as Bifrost Tech or YGL to customize solution for your company.

The Malaysian accounting software can be bought directly from the developers themselves, or from consultants and agents of the company. The accounting software that originate from other countries are normally available from the authorized distributor’s office, IT stores, and also through independent agents, consultants and system integrator acting for the distributor.

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Available ERP software in Malaysia

Tier 1: SAP , Peoplesoft , Oracle.....
Tier 2: Navision, Skala, .......
Tier 3: Bifrost Tech, Karensoft, UBS, SQL Accounting......

When talking about ERP software, most Malaysian with some ERP knowledge will come across the above ERP provider. The first 3 company, we normally position them as "tier 1", then the next 2 is "tier 2" and the last 2 is "tier 3" ( of course there are many providers in market for tier 1, 2 and 3, the above named companies are just an example)

What does it mean ?

well , tier 1 , 2 and 3 is the service scope and different market segmentation they serve. For "tier 1" provider, they normally target on Multi Nationals Corporation (MNC) with the budget of millions dollars, and "tier 2" provider target on listed companies and large organization with the budget of less than a million, and "tier 3" provider target on Small and Medium Industries (SMI) with the budget of less than RM 100,000.

I am regret to know some tier 2 providers are still unaware of the business trends, they are still concern on finding big corporation with the budget of RM 300,000 to RM 800,000. When I was talking to such providers, they normally say " SMI ? They got budget or not ? If got more that RM 300,000 then could be considered........"

They don't know the other side is saying : " Tier 2 provider? They can lower the price or not ? If they can lower the price to below RM 100,000, then I will be glad to find one" - from the SMI

Obviously, closing a deal with the budget of RM 300,000 to RM 800,000 is much more profitable compare to closing a deal with the budget of RM 100,000. Most Tier 2 providers will give many reasons why they do not go to below RM 100,000 ...... For example, company image, less profit, high overhead etc.....

We are always talking about "long-term business partnership". It sounds good. But when it come to practice, many tier 2 providers just concern on short term profit, and ignore long term benefits.

Just imagine, these SMI will keep growing, one day, they may become MNC and listed companies as well, if you are smart enough, target to the right SMI with the potential to grow big , lower the ERP software price for them to use, when they grow, they will ask for more from your ERP software - and eventually, throughout the period, your ERP software price selling to those SMI will sure exceed RM 300,000 and above.

and one more important reward - they trust you.

For tier 3 provider such as Bifrost Tech and Karensoft, they are targeting on SME with the budget lower than RM 100,000 - sometimes could be RM 50,000 . Anywhere , with that price, the SMI also cannot expect too much on features or customization. Finding a good tier 3 provider could be a challenge, and try to understand how the ERP provider develop and customize software for your business.

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