A guide to invoicing software for small businesses in Singapore (2025)

Key takeaways

• Invoicing software helps small businesses save time, improve accuracy, maintain a professional brand image, and gain financial insights for better decision-making.

• Top invoicing software options – including  free invoicing tools – for small businesses include QuickBooks Online, Xero, NetSuite, Odoo Invoicing, FreshBooks, and Zoho Invoice.

• Choosing the right software depends on your business needs, customer support requirements, scalability, and future growth plans.

Running a small business in Singapore comes with many moving parts, and keeping your finances in order is one of the biggest challenges. 

From tracking payments to managing cash flow, invoicing plays a key role in keeping your finances on track. But manual invoicing can be time-consuming and inefficient – especially as your business scales.

According to the 2025 DBS Business Pulse Check Survey, 70% of SMEs are investing in regionalisation, while 60% have strategies to expand into ASEAN and other high-growth markets.¹ As global expansion becomes a key focus for SMEs in Singapore, efficient invoicing is more important than ever.

Read on to find out how the right invoicing software can make managing your finances simpler – and what to consider when choosing one.

What is invoicing software?

Invoicing software is a digital tool that helps businesses create, send, and manage invoices efficiently. It automates the process of billing clients or customers for products or services, making it easier to track payments, manage cash flow, and maintain accurate financial records.

Most invoicing software offers features such as customisable invoice templates, expense tracking, analytics reports, recurring billing, and automatic payment reminders. By streamlining invoicing, businesses get paid faster and stay on top of their finances.

Businesses can choose from invoicing solutions at various price points to suit their needs – ranging from free invoicing software and standalone apps to invoicing features bundled within paid accounting software plans.

What are the benefits of invoicing software for small businesses?

Small business owners can benefit from invoicing software in the following ways:

Improves accuracy

When you create invoices manually, it’s easy to make typos or omit important information. Even minor mistakes, such as entering the wrong unit price, can lead to calculation errors, potentially delaying payments and frustrating customers.

Using invoicing software helps eliminate the risk of manual errors. Features like pre-populated fields and drop-down menus can minimise data entry errors by standardising product descriptions, pricing, and payment details. Automated calculations also ensure accuracy, so you won’t need to worry about manual errors slowing down your payments. 

Protects your brand image 

Invoicing software allows for full customisation, letting you create professional-looking digital invoices easily. 

You can personalise your invoice by adding your logo, and choosing fonts and colours that match your brand style. This helps you create a cohesive image across customer touchpoints, which strengthens your brand identity and builds trust with your customers.

Provides scalability

Invoicing software supports scalability by helping businesses with features that adapt to ‌growing customer bases, transaction volumes, and service offerings, without incurring significant costs or complex reconfigurations. Choose software features that enhance scalability, such as recurring billing, customisable invoice templates for different service types, integration with multiple payment gateways, as well as multi-currency and multi-language support. 

Provides financial reporting and insight

Invoicing software provides real-time reports and customisable dashboards, so you can get a clear view of your business’ financial health. 

With these insights, you can analyse payment trends, track customer behaviour, and forecast your cash flow. Understanding these patterns lets you refine payment terms, improve financial management, and make informed business decisions.

Helps you save time on manual work

Invoicing software offers a range of features designed to optimise your workflow and reduce manual tasks. 

You can automate recurring invoices by using pre-saved invoice templates instead of creating them from scratch each billing cycle. Other features, such as batch sending, lets you send multiple invoices in just a few clicks – a time saver that becomes increasingly essential as your business scales, and transaction volume grows. Many invoicing tools integrate with multiple payment gateways, allowing you to accept online payments quickly and conveniently.

You can also integrate your online invoicing software with financial solutions –  including those offered by fintech platforms like Airwallex –  to further streamline your invoicing processes. 

The Airwallex Business Account supports integrations with software like Xero. Once you connect Airwallex to Xero, your transactions will sync automatically into your Xero account. As soon as your customer pays the invoice and the payment lands in your Airwallex account, it’s recorded in Xero. This saves you time and keeps your financial records accurate. 

You can also embed Airwallex’s Payment Links into your invoices. This allows your customers to pay in multiple currencies using over 160 payment methods. This functionality not only streamlines the payment process, but also makes it easier for businesses to expand to international markets.

Best invoicing software for small businesses

QuickBooks Online

QuickBooks Online is a cloud-based accounting software known for its comprehensive features and user-friendly interface. While QuickBooks also offers a desktop version, QuickBooks Online, which is accessible from any device and supporting easy multi-user access, is better suited for small businesses and startups.

QuickBooks doesn’t offer invoicing as a standalone product, but you can access the feature as part of your QuickBooks Online subscription. You can choose from four pricing plans: Simple Start, Essentials, Plus, and Advanced. 

• The Simple Start plan supports 1 user and an accountant, making it ideal for solo entrepreneurs and small teams. With this plan, you can track expenses and income, create customised invoices and quotes, and generate reports.

• The Essentials plan supports 3 users and an accountant. With this plan, you can track employee or contractor hours, send and accept payments in multiple currencies, and set up automatic reminders for overdue invoices. These features help improve cash flow and efficiency.

• The Plus plan supports 5 users and an accountant, making it suitable for growing businesses. It includes everything in the Essentials plan and offers advanced tools to streamline business operations. With this plan, you can manage recurring invoices and bills, track inventory and project profitability, and oversee budgets efficiently.

• The Advanced plan supports 25 users and an accountant. It includes everything in the Plus plan, along with advanced reporting, automation, and customisation features. With this plan, you can generate in-depth reports and analytics, automate workflows, create customised dashboards, set user permissions, and sync your data with Microsoft Excel.² You’ll also receive dedicated account management and training support.

Pros: 

• Offers over 750 integrations 

• Multi-currency support is available for the the Essentials, Plus, and Advanced plans

• Progress invoicing feature, which lets you split a total estimate or project cost across multiple invoices, is available across all pricing plans

Cons:

• You can send recurring invoices only with a subscription to the Plus or Advanced plans.²

Xero

Xero is a user-friendly, cloud-based accounting software that offers invoicing, payroll, and inventory management features. The software integrates invoicing within its accounting system, so you need to subscribe to one of Xero’s accounting plans to access the invoicing function. 

You can choose from three pricing plans: Starter, Standard, and Premium. 

• The Starter plan lets you send and approve up to 20 invoices and track five bill payments per month. It’s well-suited for solo entrepreneurs and small business owners with a low transaction volume.

• The Standard and Premium plans remove these limits. You can send unlimited invoices, quotes, and bill payments.

• Multi-currency support is available only on the Premium plan. You can send and receive payments in over 160 currencies, track exchange rate changes, and generate reports in foreign currencies.³

Pros:

• Clean, intuitive user interface

• Allows unlimited users on all pricing plans

• Offers over 1,000 integrations

Cons: 

• Limited number of invoices and bills you can generate

• Multi-currency support is only available on the Premium plan

• Supports unlimited users per company, but each subscription only covers one organisation.

NetSuite

NetSuite is a cloud-based enterprise resource planning (ERP) software designed to help businesses manage key functions like financial management, order management, inventory, human resources, and more, all on one platform.

Instead of being offered as a standalone feature, invoicing is integrated into NetSuite’s broader ERP system. To access advanced billing capabilities such as subscription management or automated billing schedules, you’ll need to add the SuiteBilling module.

The software offers invoicing features such as creating and sending invoices manually, recurring billing, and customer management. If your business requires more complex billing functionalities, such as subscription management, prorated billing, or consolidated invoicing, the SuiteBilling module provides the tools you need to streamline your processes.

You can choose from four service tiers: Standard, Premium, Enterprise, and Ultimate. Each tier includes different limits for users, storage, and transactions. 

• The Standard tier supports up to 100 users, with 100GB of file storage and 200,000 monthly transaction lines.

• The Premium tier supports up to 1,000 users, with 1,000GB of file storage and 2,000,000 monthly transaction lines.

• The Enterprise tier supports up to 2,000 users, with 2,000GB of file storage and 10,000,000 monthly transaction lines.

• The Ultimate tier supports up to 4,000 users, with 4,000GB of file storage and 50,000,000 monthly transaction lines.

Pros

• Seamless integration with other modules for a full ERP experience

• Modular structure offers flexibility and scalability as your business grows

Cons

• May be too complex for businesses that don’t need ERP-level features

• Implementation often requires third-party consultants

• Longer setup time

Odoo Invoicing

Odoo Invoicing is an online invoicing software that lets you create, customise, and manage invoices efficiently. 

You can use it independently, or integrate it with other Odoo modules, such as accounting, sales, inventory, customer relationship management, and more. The invoicing feature is also available within Odoo Accounting, which is part of Odoo ERP’s suite of business applications.

Odoo offers a simplified pricing structure designed to accommodate businesses of all sizes. The available plans include One App Free, Standard, and Custom.

• The One App Free plan lets you access Odoo Invoicing or any other Odoo app for free, with unlimited users and no time limit.

• The Standard plan is ideal for businesses that don’t require custom development. It provides a standard cloud-hosted database on Odoo Online, allowing users to install and access multiple Odoo apps. Pricing is based on a per-user, per-month model, with no restrictions on the number of apps each user can use.

• The Custom plan is designed for established businesses managing multiple companies on a single database. This plan includes Odoo Studio for app customisation, multi-company support, and external API access, offering greater flexibility for complex business needs.⁴

Pros 

• Free to use if you only need the invoicing module

• Modular structure allows for scalability, as you can expand beyond invoicing as your business grows

Cons 

• Technical expertise needed for additional setup and customisation⁵

FreshBooks

FreshBooks is a cloud-based accounting software. It offers extensive features, allowing businesses to create and send invoices, create invoice templates, accept payments online, set up automatic reminders for late payments, manage clients and projects, track expenses in real time, and more. 

The invoicing feature is not available as a standalone product. Instead, it’s integrated within FreshBooks’ broader accounting packages, so you need to subscribe to the accounting plans to access the invoicing functionality. The software supports over 170 currencies and 14 languages, so it’s a great option if you’re working with global suppliers or are planning to expand internationally.  

FreshBooks offers four pricing plans: Lite, Plus, Premium, and Select. While you can send unlimited invoices across all pricing plans, there are usage limits with the Lite and Plus plans.

• The Lite plan lets you invoice up to 5 clients. With this plan, you can track expenses in real time, create and send estimates, and generate tax-time reports.

• The Plus plan lets you invoice up to 50 clients. It includes everything in the Lite plan, plus features like receipt capture, generating financial and accounting reports, and allowing your accountant to access your account. 

• You can invoice unlimited clients on the Premium and Select plans. The Premium plan includes everything in the Plus plan, along with tools to check project profitability and customise your email templates. The Select plan includes everything in the Premium plan, plus the ability to remove FreshBooks branding from emails, import data via Easy Switch, access dedicated phone support, and add two team members at no extra cost.

Pros

• Intuitive, user-friendly interface

• You can send customised invoices at specified intervals 

Cons

• The Lite plan limits the number of clients you can invoice to 5

• Limited inventory management features

• Additional user fees can be costly for small businesses⁶

Zoho Invoice

Zoho Invoice is an online invoicing software designed for small businesses. It’s part of the Zoho ecosystem, which offers a comprehensive suite of tools to manage various business functions. These include finance, customer support, customer relationship management, human resources, and more.

The software streamlines the invoicing process with automation features like recurring invoices, payment reminders, automated reminder emails, and real-time payment tracking. It also lets you create customised invoice templates and sales receipts, accept payments online, and supports multiple currencies and languages – making it a great option for businesses expanding globally.

Zoho Invoice stands out with its robust reporting features, providing a bird’s-eye view of your finances right from the dashboard. You can explore detailed reports on revenue analysis, payment statuses, best-selling products, and top customers to make informed business decisions.⁷

Pros

• Cost-effective option for newly established businesses⁸

• Clean, intuitive interface

• Comprehensive reporting features

Cons

• Cap of 1,000 invoices per year 

• Limited to 3 user accounts and 3 custom invoice fields 

• Limited customer support

If you’re subscribed to the accounting plans offered by QuickBooks, Xero, NetSuite, or Odoo, you can seamlessly integrate your Airwallex Business Account with these platforms.

This helps you gain real-time visibility into your company’s financial performance – whether through the Airwallex dashboard or directly within your accounting software. Integration also reduces the need for manual data entry and automates invoicing. This frees up valuable time so you can focus on growing your business.

How to choose the right invoicing software for your small business?

Selecting the right invoicing software is important for businesses as its impact extends beyond financial management. The right tool not only improves your invoicing and accounting processes, but also enhances customer satisfaction, streamlines operations, and boosts efficiency.

Consider the following factors when evaluating invoicing software:

Understand your business requirements

Start by identifying what your business needs from an invoicing solution. The ideal tool should solve your day-to-day challenges while meeting any industry-specific requirements or compliance standards.

For example, subscription-based businesses require recurring billing as a core feature. You’ll  need invoicing software that lets you set up automated invoices for monthly or yearly payments, track payment statuses, and manage prorated charges when subscriptions are modified.

On the other hand, healthcare and wellness services providers benefit from invoicing software that supports automated billing and integrates with appointment scheduling. In these sectors, ‌software must also comply with the Personal Data Protection Act (PDPA) to protect customer data and privacy.

Evaluate customer support

Reliable customer support is essential, especially when you encounter issues with your invoicing software. Having quick access to assistance ensures minimal downtime and smoother business operations.

Look for providers that offer responsive support across multiple channels, such as live chat, social media, email, and phone. A rich knowledge base with video tutorials, FAQs, and community forums, is also valuable. This lets you troubleshoot issues independently without having to rely solely on customer support.

Consider scalability and future growth

Selecting the right invoicing software calls for a clear view of your growth plans. As your business expands, your invoicing software needs to scale with you.  

To assess your growth strategy, consider these questions:

• Where do you see your business in the next 1, 3, or 5 years?

• Is your invoicing software flexible enough to adapt to that growth?

• Can your current processes, systems, and tools support new product lines, services, or markets?

For Singaporean SMEs eyeing international expansion, additional features are critical – like local tax compliance, multi-currency support, and integration with other global tools.

To determine whether your invoicing software can support your global expansion plans, consider these questions: 

• Does it support country-specific tax compliance and automatic tax calculations?

• Can it automatically convert foreign currencies and reconcile exchange rate differences?

• Does it comply with global data protection laws?

• Can you add new users or teams in multiple locations easily?

• Can it generate country-specific reports for better decision-making?

• Does it integrate with tools like inventory software, customer relationship management (CRM) systems, or fintech solutions?

By choosing invoicing software that supports both your local operations and global ambitions, you can eliminate financial bottlenecks and create a system that's future-ready.

Streamline your financial management with Airwallex

Without the right tools and systems, even the most promising ventures can struggle to grow. Invoicing software does more than handle payments – it saves time, improves accuracy, and gives you the clarity you need to scale.  

Airwallex integrates with a wide range of software, eliminating the hassle of manually stitching together data and workflows across different platforms. By connecting your invoicing software to the Airwallex Business Account, you can automatically sync transactions, code expenses, and import bills directly – all in one place. 

Fast-growing wealth management platform, Endowus, faced increased challenges with manual payment processing and bookkeeping as it expanded globally. 

With the Airwallex Business Account, Endowus gained full visibility of transactions across multiple entities from a single platform, while benefiting from Airwallex’s fast, low-fee transfers. Seamless integration with Endowus’ accounting software further streamlined financial operations, freeing up valuable time for their lean finance team to focus on more strategic tasks.  

Beyond investing in automation, all-in-one financial platforms like Airwallex give your business the holistic support it needs to scale faster and succeed in today’s marketplace. 

Sources:

1. https://www.dbs.com/newsroom/DBS_Survey_SMEs_embracing_Gen_AI_upskilling_and_global_expansion_to_stay_competitive

2. https://quickbooks.intuit.com/sg/pricing/

3. https://www.xero.com/sg/explore/invoicing-software-for-small-businesses/

4. https://www.odoo.com/pricing

5. https://www.odoo.com/app/invoicing

6. https://www.freshbooks.com/pricing

7. https://www.zoho.com/in/invoice/

8. https://www.zoho.com/us/invoice/pricing/

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.