In this guide · 9 sections
- 01Xero vs QuickBooks: the short version
- 02Plans and prices in Singapore
- 03GST: filing the F5 return with IRAS
- 04InvoiceNow and e-invoicing
- 05Bank feeds and payment integrations
- 06Which suits which business
- 07Switching from QuickBooks to Xero (or back)
- 08Do it yourself or get help?
- 09Frequently asked questions
Short answer
For most Singapore SMEs, Xero is the easier fit: it files GST F5 returns directly to IRAS, has direct feeds for DBS, OCBC and UOB, and is on IMDA's InvoiceNow-ready list. QuickBooks suits teams who already know it or need its project and inventory tools, but you file GST yourself on myTax Portal.
Xero vs QuickBooks: the short version
Xero
Easier GST filingS$39 to S$95/mo (S$42 to S$99 from 1 Nov 2026), incl. GST
- Files GST F5 directly to IRAS
- Direct feeds documented for DBS, OCBC and UOB
- On IMDA's InvoiceNow-ready list
- Starter capped at 20 invoices and 5 bills
Best for: Most Singapore SMEs, especially GST-registered ones.
QuickBooks Online
User-capped plansCheck QuickBooks SG pricing page (promotions vary)
- Plans for 1, 3, 5 or 25 users
- Tracks GST and prepares the return, but you file on myTax Portal
- GST InvoiceNow submissions from its e-invoicing settings
- Project and inventory tools on Plus
Best for: Teams already trained on QuickBooks or needing its project tools.
We could not verify QuickBooks' current Singapore prices from its own pricing page on 18 October 2026, as the prices load dynamically and the page was unavailable from our location. Check QuickBooks Singapore pricing directly before you compare totals.
Plans and prices in Singapore
Xero's prices come from its Singapore pricing page and its price change notice. Prices are in SGD and include GST.
| Xero plan | Until 31 Oct 2026 | From 1 Nov 2026 | Key limits |
|---|---|---|---|
| Starter | S$39/mo | S$42/mo | 20 invoices and 5 bills; no multi-currency |
| Standard | S$70/mo | S$77/mo | Bulk reconcile; 60-day cash flow forecast |
| Premium | S$95/mo | S$99/mo | Multiple currencies; 180-day forecast |
QuickBooks Online Singapore has four plans: Simple Start (1 user), Essentials (3 users), Plus (5 users) and Advanced (25 users), each with access for your accountant, according to its pricing page. Multiple currencies start on Essentials, and inventory and project profitability on Plus.
GST: filing the F5 return with IRAS
This is the biggest practical difference for a GST-registered business.
- Xero prepares the GST F5 return from your transactions and files it to IRAS from inside Xero. Per Xero Central, you open the finalised return, click File with IRAS, log in with Singpass and approve the connection. Only the return amounts are sent, not the transactions. You still pay any GST owing outside Xero, and corrections go through a GST F7 on myTax Portal.
- QuickBooks Online tracks GST and prepares the return figures, but its help article on filing GST says you can't e-file in QuickBooks. You copy the figures into myTax Portal, then mark the return as filed in QuickBooks.
Filing directly saves retyping and reduces transcription errors each quarter. If your accountant files for you, the difference matters less.
InvoiceNow and e-invoicing
IRAS is phasing in GST InvoiceNow, which sends invoice data to IRAS through the Peppol network. Our InvoiceNow guide covers the dates and who is affected.
Xero is on IMDA's InvoiceNow-Ready Solution Provider list (12 October 2026 update), and Xero Central has articles on sending GST InvoiceNow submissions to IRAS. QuickBooks' help centre describes a GST InvoiceNow submissions report in its e-invoicing settings, which records invoices submitted to IRAS with acknowledgement IDs. QuickBooks was not on IMDA's list at the 12 October update, so confirm with QuickBooks or your accountant which route your account uses before you rely on it.
Bank feeds and payment integrations
Xero documents direct feeds for DBS, OCBC and UOB on Xero Central, each with its own set-up route and timing. Our Xero bank feeds guide walks through all three. QuickBooks lists automated bank feeds on every plan; check inside QuickBooks which Singapore banks connect directly for your account type.
For online payments, Xero's app store has official integrations for Shopify, Stripe and HitPay. Our guide to connecting Shopify, Stripe or HitPay to Xero explains how payouts and fees reconcile. If you use QuickBooks, check its app marketplace for the same tools before switching.
Which suits which business
| Your situation | Usually the better fit | Why |
|---|---|---|
| GST-registered, files quarterly | Xero | Direct F5 filing to IRAS |
| Banks with DBS, OCBC or UOB | Xero | Documented direct feeds for all three |
| Sole trader, few invoices, not GST-registered | Either | Xero Starter's 20-invoice cap may be tight; compare QuickBooks Simple Start |
| Foreign currency accounts or customers | Xero Premium or QuickBooks Essentials and up | Multi-currency is not on the entry plans |
| Team already trained on QuickBooks | QuickBooks | Switching cost and retraining outweigh small differences |
Switching from QuickBooks to Xero (or back)
Switching is common but needs planning, because balances, open invoices and GST periods must line up.
Pick a clean start date
The first day of a GST quarter is best, so one system covers each whole return period.
Export from the old system
Chart of accounts, contacts, open invoices and bills, and a trial balance at the switch date.
Set up the new system
Import the chart of accounts and contacts, enter opening balances from the trial balance, and recreate open invoices and bills.
Cancel the old bank feed first
DBS, for example, does not allow one feed to connect to two accounting packages at once. Then connect the feed in the new software.
Run both read-only for one period
Keep the old subscription on a cheap plan or export reports, so you can answer IRAS or auditor questions about earlier periods.
Do it yourself or get help?
Choosing between Xero and QuickBooks is a 30-minute decision once you know whether you are GST-registered and which banks you use. Setting it up properly, with bank feeds, payment apps and clean tax codes, is where most of the time goes.
Xero / QuickBooks Integration (S$390) connects your bank feed and payment apps and sets up invoice templates and reminders. InvoiceNow (Peppol) Setup (S$190) registers your Peppol ID and connects your accounting software. Your accountant remains responsible for your tax filings.
Frequently asked questions
For most GST-registered Singapore SMEs, Xero is the simpler choice because it files GST F5 returns directly to IRAS and has documented direct feeds for DBS, OCBC and UOB. QuickBooks is a reasonable choice if your team already knows it, but you file GST yourself on myTax Portal.
As of October 2026, Xero lists Starter at S$39, Standard at S$70 and Premium at S$95 a month, in SGD including GST. From 1 November 2026, these rise to S$42, S$77 and S$99. Xero often offers new customers a discount for the first three months.
Not directly. QuickBooks Online Singapore tracks GST and prepares the return figures, but its help article says you can't e-file in QuickBooks. You enter the figures on IRAS myTax Portal and then mark the return as filed in QuickBooks. Xero, by contrast, files the F5 to IRAS from inside the software.
QuickBooks Online Singapore lists Simple Start for 1 user, Essentials for 3, Plus for 5 and Advanced for 25, each plus access for your accountant. If your team grows past a plan's limit, you need to upgrade.
Yes. Xero's Singapore pricing page shows Starter allows quotes and 20 invoices, and entering 5 bills, with invoices created by connected apps counting towards the limit. Standard and Premium do not show these caps. Multi-currency is only on Premium.