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How to Manage Accounts for Multiple Companies in Hong Kong

If you’re an entrepreneur in Hong Kong, there’s a good chance you’re running more than one company. Maybe you have a trading arm and a holding entity. Perhaps you’ve set up a separate company for a new product line, or you hold properties under different corporate names. Whatever the structure, one thing is certain: managing accounts across multiple companies is a very different challenge from managing just one.

This guide walks you through the key accounting challenges of multi-company management in Hong Kong — and how to set up your systems so that staying on top of everything doesn’t take over your life.


Why Many HK Entrepreneurs Run Multiple Entities

Hong Kong’s straightforward company incorporation process — low cost, fast turnaround, minimal ongoing compliance friction — makes it easy to set up additional entities when the need arises. Common reasons include:

  • Liability separation — keeping different business activities in separate legal entities to limit exposure
  • Tax planning — structuring operations to make use of the two-tier profits tax rate (8.25% on the first HK$2 million of assessable profits)
  • Investor or partner arrangements — different shareholders or joint venture partners in different entities
  • Holding structures — a parent company holding shares in one or more operating subsidiaries
  • Brand or product separation — running separate brands under separate corporate names for clarity and flexibility

Whatever your reason, the moment you have two or more active companies, your accounting workload doesn’t just double — it multiplies, because the relationships between those companies create an entirely new layer of complexity.


The Accounting Challenges of Multi-Company Management

Managing accounts for a single company is manageable with good habits and decent software. Managing multiple companies adds a set of challenges that catch many business owners off guard:

1. Keeping each company’s books separate and accurate

Each company is a separate legal entity with its own profit and loss, balance sheet, and tax obligations. Mixing records — even accidentally — can create serious compliance problems come audit time.

2. Inter-company transactions

When one of your companies loans money to another, pays an expense on another’s behalf, or charges a management fee, those transactions must be recorded correctly in both sets of books. Fail to do this consistently and your accounts become unreliable very quickly.

3. Consolidation

If you want to see the overall financial picture of your group — total revenue, total liabilities, net worth across all entities — you need consolidated accounts. This requires eliminating inter-company transactions so they don’t get double-counted.

4. Different financial year ends

Different companies in a group sometimes have different financial year ends, which means your audit and reporting calendar becomes fragmented and harder to manage.

5. Multiple logins and systems

If each company is managed in a separate software account or worse, a separate software product, your team is constantly switching contexts, re-entering data, and losing time to administrative overhead.


Keeping Inter-Company Transactions Clean

Inter-company transactions are where multi-company accounting most commonly goes wrong. Here are the principles that keep things clean:

  • Record every transaction in both companies at the same time. If Company A lends HK$50,000 to Company B, Company A records a loan receivable and Company B records a loan payable — on the same date, for the same amount.
  • Use consistent account codes across all entities. When your chart of accounts follows the same structure in every company, consolidation and comparison become far simpler.
  • Document management fees and recharges properly. If your holding company charges a management fee to subsidiaries, issue a proper invoice and record it formally on both sides.
  • Reconcile inter-company balances regularly. At least quarterly, confirm that what Company A shows as owing to Company B matches what Company B shows as owed by Company A. Discrepancies left unresolved compound into large problems.
  • Keep personal and company transactions strictly separate. In a multi-company structure, the temptation to move money informally between entities is high. Resist it — every transfer should have proper documentation.

Consolidated vs Individual Reporting

One of the most useful — and often overlooked — capabilities in multi-company accounting is the ability to produce both individual and consolidated reports.

Individual reports show the financial position of a single company. These are what your auditor will sign off on, and what you’ll use for tax filing purposes.

Consolidated reports combine the financials of all related entities — after eliminating inter-company transactions — to give you the true overall picture of your group. These are invaluable for:

  • Presenting to investors or banks who want to understand the group’s total financial health
  • Making strategic decisions based on group-wide performance rather than individual entity snapshots
  • Spotting cash flow issues in the group before they become critical

Not all accounting software supports consolidated reporting — and even fewer make it easy. This is one area where the choice of software matters a great deal.


Software Features to Look For

If you’re managing accounts for multiple companies, your software needs to do more than just basic bookkeeping. Here’s what to look for:

  • Multi-company support under one licence — you shouldn’t have to pay a separate subscription for each entity you manage
  • Shared chart of accounts or easy mirroring — set up a consistent account structure across entities without re-doing the work for each one
  • Multi-year data storage — each company needs to retain years of records without the system slowing down or requiring data purges
  • Multi-user access with permissions — different team members may need access to different companies, with appropriate access controls
  • Fast switching between companies — if your team manages five companies, they should be able to move between them instantly without logging in and out repeatedly
  • Consistent report formats — financial reports across all entities should follow the same format so they’re easy to compare and consolidate

How Giga Accounting Handles Multi-Company Under One Licence

This is one of the areas where Giga Accounting by Lin Fung genuinely stands apart from most international accounting software platforms.

With Giga Accounting, you can set up an unlimited number of companies under a single licence — with no extra charge per entity. Each company maintains its own fully independent set of books, with its own chart of accounts, reports, and data. But your team can switch between companies instantly from within the same application.

Key multi-company features include:

  • No limit on number of companies — whether you manage two entities or twenty, the licence covers them all
  • Up to 10 GB per company — enough to store more than a decade of transaction data without slowdown
  • Multi-year records without purging — no need to archive old data or run year-end rollovers to keep the system running smoothly
  • Multi-user access — different team members can be given access to specific companies with appropriate permissions
  • Cross-network operation — if your companies operate in different locations or even different countries, users can connect to the same system over the internet
  • Hong Kong-format reports for every entity — every company’s financials are produced in the format expected by local CPAs and auditors

For entrepreneurs and SMEs managing a group of Hong Kong companies, this combination of features removes the friction that typically makes multi-company accounting so time-consuming.


Start Managing Your Companies More Efficiently

If you’re currently juggling multiple companies across separate spreadsheets, different software accounts, or a patchwork of manual processes, the administrative burden is probably costing you more than you realise — in time, in errors, and in the stress of never being quite sure your books are right.

The good news is that with the right system, multi-company accounting doesn’t have to be complicated. Download a free trial of Giga Accounting and see how it handles multiple entities in practice, or get in touch with our team to discuss your specific structure.

You might also find these related articles useful: our overview of the Windows accounting system, our cloud accounting option, and our pricing page which explains exactly what’s included in each licence.

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QuickBooks vs Xero vs Local Software (2026): Which Is Best for Hong Kong Businesses?

If you’ve started researching accounting software for your Hong Kong business, you’ve almost certainly hit two big names: QuickBooks and Xero. Both are internationally recognised, well-marketed, and used by millions worldwide. But here’s the question most comparison articles skip: are they actually the best fit for a Hong Kong SME?

This is an honest three-way comparison — QuickBooks, Xero and locally-built accounting software — written by a licensed HK accounting and audit firm, without the sales fluff. One note on wording: whether you call it accounting “software” or an accounting “system,” the same HK realities decide the winner; for the platform-level view see our accounting system comparison, and for the full field our 2026 buyer’s guide.


Why the global-vs-local question matters in Hong Kong

Hong Kong has a specific business environment, and your accounting software has to handle local requirements global platforms weren’t necessarily designed for: HK profits tax (a two-tier 8.25% / 16.5% system with its own rules), MPF contributions tracked accurately in your records, Traditional Chinese interface and documents for Chinese-first finance staff, HKFRS-style financial reports in the layout local CPAs and auditors expect, and multi-company management for entrepreneurs holding several entities. Global software is built for global averages; local software is built for your reality.


QuickBooks in Hong Kong — strengths and limits

QuickBooks, by Intuit, is the world’s most widely used small-business accounting platform, with huge name recognition, an extensive tutorial library, and an impressive integration ecosystem. What it does well: a clean, intuitive interface that non-accountants navigate easily; strong invoicing and expense tracking; a large library of third-party integrations; and good reporting for sales, cash flow and P&L. Where it falls short in HK: the interface is English-only (a genuine barrier for many local teams); there’s no built-in HK profits-tax workflow or MPF module; QuickBooks Online is priced in USD and charges per user, which gets expensive for multi-user setups; and reaching support that understands HK accounting practice is difficult. Verdict: a capable general-purpose tool, best for English-speaking finance teams that need international integrations — but it asks HK businesses to do manual workarounds for local compliance. Our Xero alternatives guide covers where it and Xero leave gaps.


Xero in Hong Kong — strengths and limits

Xero, the New Zealand-born cloud platform, has a strong reputation among accountants globally, including HK CPA firms that recommend it to clients. It feels cleaner and slightly more accountant-friendly than QuickBooks. What it does well: a polished, modern UI; strong bank reconciliation; excellent accountant-collaboration (your CPA logs in directly); good invoicing and payroll add-ons; and an active HK user community with local partners. Where it falls short in HK: English-only interface (same limitation as QuickBooks); limited tax localisation with no built-in profits-tax or MPF module; costs climb once you add payroll, multi-currency or users, and billing is in AUD/USD (FX risk); and it’s cloud-only, a real constraint if you worry about overseas data residency or have unreliable office internet. Verdict: a strong performer and a legitimate choice for HK businesses working with international CPA firms or operating in English — but, like QuickBooks, it needs manual effort to fit HK-specific requirements.


How local software differs

Locally-built accounting software — such as Giga Accounting by 凌峰會計 — takes a different approach: rather than adapting a global platform, it was built for Hong Kong businesses from the ground up. Key advantages: full Traditional and Simplified Chinese across interface and data entry; HKFRS-style reports formatted for local CPAs and auditors, saving hours of reformatting; multi-company under one licence with no per-company fee; multi-year data (10+ years) without archiving or purging; Windows-installed or cloud deployment rather than a forced cloud-only subscription; built-in cheque printing; and local support in Chinese and English from a team that understands HK accounting practice. The trade-off: a smaller international integration ecosystem than QuickBooks or Xero — worth weighing if you rely heavily on connecting to global SaaS tools.


Feature-by-feature comparison

Feature QuickBooks Xero Giga Accounting
Traditional Chinese interface
HKFRS-style financial reports
MPF / IR56 hooks
Multi-company (one licence)
Cloud option
Windows desktop option
Multi-year data (no purge) Limited Limited ✓ (10+ years)
Cheque printing Add-on Add-on ✓ built-in
Billing currency USD AUD/USD HKD
Local support (Chinese) Limited
Third-party integrations ✓✓ extensive ✓✓ extensive Focused
Free trial ✓ 30 days ✓ 30 days

Read the table by your own priorities rather than by the count of ticks. QuickBooks and Xero win decisively on the integration row, and that single factor can outweigh everything else for a business whose accounting has to sync with a global e-commerce or SaaS stack. For a Chinese-speaking, multi-company or audit-focused HK SME, the localisation rows — Traditional Chinese, HKFRS reports, MPF hooks, single-licence multi-company, HKD billing — carry far more weight, and that is where the local option pulls clearly ahead. The right choice is the one that scores well on the rows that actually matter to how you operate.


Which is right for your business size and budget?

There’s no single right answer — the best software fits how your business actually operates. Choose QuickBooks or Xero if your team works primarily in English, you operate internationally and need deep integrations with global platforms, your CPA firm specifically recommends and will manage one of them, or you need a cloud-only solution with strong mobile access. Choose local software (like Giga Accounting) if your team works in Chinese or wants bilingual flexibility, you manage two or more companies and want them under one licence, you want reports ready for a HK auditor without reformatting, you prefer a desktop option with no ongoing cloud fee, you want to store years of data without extra charges or forced archiving, or you value local Chinese-speaking support. For most HK SMEs — especially those with Chinese-speaking staff, multiple companies, or a preference for desktop stability — a locally-built option removes friction that global platforms create.


The pricing reality — what each actually costs

Headline plans understate the real bill for all three. QuickBooks Online and Xero bill per company and per user, in USD or AUD, so a HK operator running three entities with a bookkeeper, accountant and owner on each is quickly paying for a dozen-plus seats — before payroll, multi-currency or bank-feed add-ons, each of which sits behind a higher tier, and before the exchange-rate movement on every monthly invoice. What looked like HK$150 a month becomes several hundred within a year. A single-licence local option such as Giga inverts that: one fee covers multiple companies and users, billed in HKD with no FX exposure, and a Windows desktop edition can be a one-off purchase rather than a subscription at all. The honest comparison is not the sticker price but the three-year total cost of ownership for your actual number of entities and users — and on that basis the two global incumbents are rarely the cheapest for a multi-company HK SME. For a per-tier breakdown, see our accounting software pricing guide.


Frequently asked questions

QuickBooks or Xero — which is better for a Hong Kong business? They’re close. Xero is slightly more accountant-friendly with stronger bank reconciliation; QuickBooks has a larger integration ecosystem. Both are English-only with no built-in HK profits-tax or MPF module, so for a Chinese-speaking or compliance-heavy HK SME a local option often fits better.

Do QuickBooks or Xero support Traditional Chinese and HKFRS? Neither has a Traditional Chinese interface, and neither ships HKFRS-formatted reports or an MPF module out of the box. You can work around this, but it adds manual effort at reporting and filing time.

Which is cheapest? It depends on users and entities. QuickBooks and Xero bill per user and per company (in USD/AUD, so FX applies), which compounds for multi-company operators. A single-licence local option is often cheaper for the same coverage — compare three-year total cost of ownership.

Can I move from QuickBooks or Xero to local software? Yes — migration is routine with planning, exporting your ledger and master data and importing into the new system. A clean set of books makes it far easier.

Is Xero or QuickBooks better for multiple companies? Both charge per organisation, so running several entities means several subscriptions. If you hold multiple companies, single-licence multi-company support (common in HK-built software) is materially cheaper — see managing multiple companies.

Should I just use software, or hire an accounting firm? They work together — software keeps the books, a licensed firm handles audit and tax filing. Our software vs accountant guide weighs it.


See how Giga Accounting compares in practice

Rather than taking our word for it, try it. Giga Accounting by 凌峰會計 offers a free trial so you can explore the interface, test the reporting, and see whether it fits your team — before spending a dollar. It’s the HK-built option with full Chinese support, HKFRS-style reports, single-licence multi-company, HKD billing and local support.

Visit our cloud accounting page for the trial, browse pricing, watch demo videos, or contact us to talk through your requirements.

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Best Accounting Software for Hong Kong Startups (2026): A Year-One Buyer’s Guide

Most accounting-software comparisons are written for established SMEs that already know their workflows. Startups are different. You may not have revenue yet, you’re often the bookkeeper, the chart of accounts you set up in month one will still shape your audit in year three, and every dollar of monthly software cost is a dollar not on payroll or marketing. Picking accounting software for a Hong Kong startup is less about features and more about fit-to-stage.

This guide is needs-led rather than product-led. We start from where a Hong Kong startup actually is in its first twelve months, walk through what your accounting software has to do at this stage (and what you can defer), explain when to graduate to a heavier setup, and give you a startup-filtered shortlist with realistic 2026 Hong Kong pricing. If you’re still deciding whether to incorporate at all, start with our sole proprietor vs limited company breakdown first — entity choice changes everything below.


Why a startup needs different accounting software than an established SME

Established small businesses choose accounting software based on what their existing workflows demand. Startups don’t have workflows yet. Your year-one decision is shaping rather than fitting:

  • Your chart of accounts will be alive for a decade. The categories you create at month one are the categories you’ll be reporting in at year ten — restructuring later is painful.
  • The data model you choose now is the data model your auditor will see at year-end. A messy month-three ledger is an expensive month-thirteen audit.
  • Mixing personal and business spending is hard to undo later. The discipline you set in month one defines your audit risk forever.
  • The vendor you pick today gets harder to leave with every transaction. Migration costs scale with data volume, not with company size.

These constraints argue for a minimum-viable-finance approach: pick the smallest setup that gets you HKFRS-compliant, audit-ready and bilingual on day one, and graduate deliberately as your needs emerge. Don’t over-buy.


The four needs that actually matter in your first 12 months

Strip the feature lists down. A Hong Kong startup’s year-one accounting software has to do four things well — everything else is year-two territory at the earliest:

  1. Capture everything. Bank, credit card, e-wallet, cash. If a transaction can hide, it will. Either via bank-feed automation (covered in our bank-feed deep dive) or a low-friction CSV import path.
  2. Keep records the IRD will accept. Seven-year retention, HKFRS-compliant chart of accounts, audit trail. This is non-negotiable from day one — see our Hong Kong company accounting checklist for the post-incorporation setup steps.
  3. Invoice in both English and Traditional Chinese. A bilingual customer base is the default in Hong Kong, not the exception. Invoices and quotes both need to switch language without re-entering data.
  4. Produce a clean profits-tax-ready output. Year one, you may not have profits. Year two, you might. The software has to be able to produce a HKFRS-compliant P&L and balance sheet that your auditor and the IRD will accept without reformatting in Excel.

Anything past these four — multi-currency, project costing, advanced inventory, departmental reporting, automated bank rules — is year-two territory at the earliest. Defer it.


The year-one vs year-two graduation framework

The most common startup software mistake is buying year-three software in year one. The opposite mistake — outgrowing year-one software at month nine — is also common. The graduation framework gives you a signal for both:

Stay in year-one mode while all of these are true:

  • One entity, one bank account, fewer than 50 monthly transactions
  • All staff (if any) paid through a single MPF scheme
  • You sell primarily in HKD
  • You don’t yet need an audited financial statement

Graduate to year-two software when any of these become true:

  • Monthly transactions cross ~100 and you’re spending more than 30 minutes a week reconciling
  • You add a second entity, a foreign currency, or significant inventory
  • You hire your fifth employee — payroll and MPF compound past this point (see payroll outsourcing and MPF compliance)
  • An audit looms — first audits are smoother on software with proper trial-balance and adjusting-entry support (see first-time audit for a HK company)

Choose software that lets you graduate without migrating. The biggest hidden cost in year one is picking a tool with no upgrade path, then re-platforming in year two. (More on what that re-platforming actually involves in our Excel to accounting software migration guide — most of the same lessons apply tool-to-tool.)


The startup-filtered 2026 shortlist

Filtering the broader SME shortlist down to options that actually fit a year-one Hong Kong startup:

Giga Accounting by 凌峰會計. The strongest fit for HK startups in 2026, for three startup-specific reasons. First, the entry tier is genuinely affordable at the pre-revenue stage. Second, the upgrade path is in-product — when you graduate, you change tier, not vendor. Third, HKFRS-compliant bilingual reporting is native rather than a configuration project. The cloud tier includes 10GB of permanent storage that does not need to be purged, which removes the “do I delete year-one data?” decision when you reach year five and the IRD’s seven-year retention is still in force. Available as Windows desktop (one-off purchase, no subscription) or as a cloud subscription — most startups pick cloud for the bilingual UI and remote access.

A free or near-free option (Wave, spreadsheet). Genuinely viable for the first 3–6 months if you are solo, pre-revenue and HKD-only. Trade-off: no HK-specific compliance hooks, partial Traditional Chinese support, and you will migrate at the audit point. Read our free accounting software in Hong Kong guide for the full trade-off analysis before defaulting to “free”.

Xero or QuickBooks Online. Both work, but the startup-stage cost-per-month is higher than HK-built alternatives, and HKFRS-native reporting is not the default. Best when your investors or board specifically request a globally-recognised brand. For the side-by-side comparison, see QuickBooks vs Xero vs local software.

Skip in year one: ABSS, Kingdee, FlexAccount, Zoho Books — all reasonable in their niches, but the year-one cost-vs-feature ratio is rarely the right call for a startup with no established workflows. Revisit when you graduate to year-two needs.


How much should a HK startup pay for accounting software in 2026?

Realistic 2026 accounting software pricing in Hong Kong, by stage:

  • Pre-revenue, solo founder: HK$0–150/month. Free options or the lowest tier of HK-built software.
  • Year one with first hire: HK$200–500/month. Single-user cloud tier with bilingual invoicing and basic bank import.
  • Year two with team and audit prep: HK$500–1,200/month. Multi-user cloud, payroll add-on, bank feeds, HKFRS report packs.

For a tier-by-tier breakdown of HK accounting software pricing across vendors, see our accounting software pricing guide for Hong Kong. Avoid signing multi-year contracts at the startup stage — the discount rarely beats the cost of being locked in if your needs change in the next twelve months.


Common mistakes Hong Kong startups make in year one

The startup bookkeeping mistakes that cost the most are usually invisible until audit time:

  • Mixing personal and business spending. The single most expensive habit, especially for sole proprietors who haven’t yet decided on entity structure (see sole proprietor vs limited company).
  • Buying for next year, not this year. Paying for project costing, multi-currency or advanced inventory features you won’t use for 18 months.
  • Skipping the chart-of-accounts setup. The default chart of accounts most software ships with is generic. Spend two hours adjusting it for your business at month one — it pays back at every reconciliation thereafter.
  • Treating the IRD’s seven-year retention rule as next-year’s problem. It’s already this year’s problem. Pick software that retains data permanently, or budget for archival now.
  • Postponing incorporation decisions. If you’re operating as a sole proprietor pending incorporation, the accounting structure changes when you incorporate. Plan the transition — our HK company formation step-by-step walks through the realistic timing.
  • Not reading the audit requirements until you need an audit. Most startups won’t need an audit in year one. But the records you keep in year one are what your auditor sees in year two — and a year-two auditor cannot fix a year-one ledger.

When DIY stops being the right answer

Most founders bookkeep themselves through year one and the first half of year two. The crossover where outsourcing becomes economic isn’t about company size — it’s about how you spend your time. If you’re spending more than four hours a week on books, the founder-hour cost almost always exceeds outsourced bookkeeping rates. See our outsourced bookkeeping cost guide for current 2026 Hong Kong rates and the framework for deciding when to bring in help.


Get year one right with Giga Accounting by 凌峰會計

Picking accounting software for your Hong Kong startup is less about finding the perfect tool and more about not building a year-three problem in year one. Evaluate accounting software against four constraints — HKFRS-compliant, bilingual, clear in-product upgrade path, priced for your stage — and revisit the choice every six months as your needs emerge.

If you’d like a startup-stage walkthrough of Giga Accounting by 凌峰會計, our team runs short demos pitched specifically at year-one founders — see our demo videos or contact us directly. For the broader 2026 buyer’s view across all SME stages, our best accounting software in Hong Kong 2026 guide sits alongside this article as the next read.

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Xero Alternatives in Hong Kong: Better Options for SMEs (2026)

Xero is a serious accounting product with a deep international following, and a meaningful number of Hong Kong SMEs run on it well. But it’s not always the right call here. By 2026, enough HK operators have hit the same friction points — billing in a foreign currency, HKFRS report mismatches, the cost of running multiple entities, partial Traditional Chinese support — that “Xero alternatives” has become a real shortlisting exercise rather than an edge case.

This guide is the 2026 view: why Hong Kong SMEs are moving off Xero, the credible Xero replacements that come up on a serious HK shortlist, what the real cost difference looks like in numbers, the practicalities of migrating without losing data, and the cases where staying with Xero is still the right answer. If you want the broader three-way comparison against QuickBooks and a HK-built option, our QuickBooks vs Xero vs local software piece sits alongside this article.


Why HK SMEs are moving off Xero in 2026

Most decisions to switch are not about a single deal-breaker — they’re about the cumulative friction of running an Australian-anchored cloud product against Hong Kong-shaped workflows:

  • FX-billed pricing. Xero invoices HK customers in AUD or USD on most plans. Every monthly subscription line is a small FX exposure, and a 2-3% currency move turns a “fixed” software cost into a variable one over the year. HK-built alternatives bill in HKD by default.
  • HKFRS report mismatch. Xero’s default Profit & Loss and Balance Sheet are formatted for Australian and UK conventions. HK auditors expect Hong Kong Financial Reporting Standards out of the box; Xero gets close after configuration but rarely arrives there without an Excel intermediate. For SMEs heading into a first audit, this is a real cost.
  • Multi-company subscription cost. Xero charges per organisation. A HK operator running three entities pays three subscriptions; an HK-built single-licence multi-company option treats them as one product. The arithmetic compounds over years.
  • Partial Traditional Chinese support. Xero’s interface and templates handle some TC, but bilingual invoicing — switching the same invoice between English and Traditional Chinese without re-keying data — is not Xero’s strong suit. For HK SMEs invoicing in both languages on the same day, this matters.
  • AU/UK-default everything. Tax codes, depreciation conventions, payroll modules, the chart-of-accounts template — Xero’s defaults assume an audience Xero understands deeply, and HK is not that audience. None of these are deal-breakers individually; together they add friction every month.

For a sharper view of what to actually evaluate accounting software against in HK, our 2026 best accounting software in Hong Kong guide walks through the six-point HK-realities filter.


The 2026 Xero alternatives shortlist for HK SMEs

Eight credible Xero replacements come up regularly on Hong Kong SME shortlists in 2026:

Giga Accounting by 凌峰會計. The strongest like-for-like Xero replacement for HK SMEs. Bilingual UI and reports, HKFRS-formatted statements, MPF and IR56 hooks, cheque printing, single-licence multi-company support, billed in HKD. Cloud subscription includes 10GB of permanent storage that does not need to be purged, removing the per-GB upgrade decisions Xero customers face at higher transaction volumes. Available as Windows desktop (one-off purchase) or cloud — the cloud tier is the direct Xero comparison.

QuickBooks Online. The other major global cloud option. Cleaner UX in places than Xero, but HKFRS-native reporting is similarly weak and multi-company still requires separate subscriptions. Best for English-primary operations that don’t care strongly about HKFRS-native output.

Kingdee (金蝶). The strongest pick for businesses with significant cross-border China–HK operations. Native Traditional and Simplified Chinese, native HKFRS and CAS reporting, established mainland support. Less ideal for pure-HK operations.

ABSS (formerly MYOB Asia). Long-tenured HK users, on-premise deployment, mature feature set. The trade-off is a less modern interface and slower release cadence than cloud-first competitors. Side-by-side detail in our ABSS vs Giga Accounting piece.

Zoho Books. Competitive pricing, large ecosystem of Zoho-suite integrations, decent multi-currency. HK localisation is basic — no MPF, partial TC, no HKFRS report templates out of the box. Reasonable for service-only HK SMEs with simple compliance.

MYOB. Australian, like Xero. Worth listing because it comes up, but it shares most of Xero’s HK pain points (AUD-anchored ecosystem, AU-formatted defaults). Switching from Xero to MYOB rarely solves the underlying HK fit problem.

Manager.io. Free desktop option, surprisingly capable for sole proprietors and small operations. No HKFRS templates, no bilingual UI, but a real choice if budget is the binding constraint and you accept the manual work. For other free-or-near-free options see our free accounting software in Hong Kong guide.

FlexAccount. Lightweight local tool, well-suited to micro-businesses with very simple needs. Not a full Xero replacement at scale, but a real fit for a sole proprietor.


Cost comparison: what you actually save

Realistic 2026 monthly accounting software pricing in HKD-equivalent for a single HK entity, two users:

  • Xero Starter / Standard / Premium: approx. HK$365 / HK$695 / HK$1,000+ per month, billed in foreign currency.
  • Giga Accounting cloud: approx. HK$130–250/month — single-licence multi-company support without paying per entity.
  • QuickBooks Online Essentials / Plus: approx. HK$200–500/month per company.
  • Kingdee: approx. HK$150–400/month, depending on edition.
  • ABSS: annual licence model, approx. HK$3,000–8,000/year.
  • Zoho Books: approx. HK$80–250/month.
  • Manager.io desktop: free; cloud tier approx. HK$60–120/month.

The headline-rate gap is real but the multi-company multiplier is usually larger. A HK operator running three entities on Xero Standard pays roughly HK$2,100/month before any add-ons; the equivalent on a single-licence HK alternative is closer to HK$200–400/month. Over five years the difference funds an audit, with change. For a tier-by-tier accounting software pricing breakdown by vendor, see our accounting software pricing guide for Hong Kong.


How to switch from Xero without losing data

Migration is the part most HK SMEs underestimate. The mechanics are not complicated, but the sequence matters:

  1. Pick the cutoff date carefully. Financial-year-start is best — you migrate opening balances rather than mid-year transaction history. Mid-year is possible but doubles the reconciliation work.
  2. Export everything from Xero before you cancel. Trial balance, full transaction history (CSV), customer and supplier master data, items, tax codes, bank statements, and your chart of accounts. You will need these even if you don’t import them all into the new system.
  3. Redesign your chart of accounts deliberately. Don’t import Xero’s COA wholesale into the new tool. The cutover is the one moment you can clean up cruft accumulated over years. Our Excel to accounting software migration walkthrough covers the COA-design step in detail; the same logic applies tool-to-tool.
  4. Run parallel for one month. Process a real month’s transactions in both Xero and the new system. Reconcile both to the bank statement. If the two trial balances match, you’re ready to switch off Xero. If they don’t, fix the new system before going live.
  5. Plan the cancellation, not just the migration. Xero retains your data for a limited period after cancellation. Download the full archive (PDF financials and CSV transactions) before the access window closes.

For the deeper data-migration playbook including bank-feed reconnection and the audit-trail handover, see our switch accounting software in Hong Kong guide.


When staying with Xero still makes sense

This is not an anti-Xero piece. Xero remains the right answer for some HK SMEs:

  • Multi-jurisdiction operations beyond HK and China. If your group runs entities in Australia, the UK, New Zealand, or Singapore alongside HK, Xero’s regional consistency is genuinely valuable.
  • Heavy reliance on Xero’s third-party marketplace. If your business depends on a Xero-only integration — a specific industry add-on, a CRM connector, an inventory app — switching costs more than the friction.
  • English-only operation, no near-term audit pressure. Some HK SMEs genuinely don’t need bilingual invoicing or HKFRS-native reports. For these, Xero’s defaults are fine.
  • Trusted accountant fluent in Xero. If your existing accountant works exclusively in Xero and the relationship is good, the relationship is worth more than the FX cost.

If three or more of these apply, stay with Xero. If none do, the alternatives above are worth a real evaluation.


Try Giga Accounting by 凌峰會計

If your reasons to leave Xero are mostly the HKD-billing, HKFRS, multi-company and bilingual ones, Giga Accounting by 凌峰會計 is the natural like-for-like replacement to evaluate first. Cloud or Windows desktop, free trial, HK-based support. Visit our cloud accounting page, browse plans on pricing, watch demo videos, or contact us for a Xero-comparison walkthrough on your actual books.

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Cloud Accounting for Hong Kong SMEs 2026: Systems Compared, Pricing & Free Trials

Cloud accounting has gone from a category to a default in Hong Kong. Most accounting software bought by HK SMEs in 2026 is some flavour of cloud — yet the term is still used loosely, and the question that actually matters for a small business owner is rarely “should I use cloud?” but “which kind of cloud accounting system, what does it cost to live with for five years, and will it keep my books HKFRS-ready for the audit?”

This is the 2026 cloud-accounting guide for Hong Kong SMEs, written by a licensed Hong Kong accounting and audit firm. We cover what cloud accounting actually means, a comparison of the cloud systems HK SMEs shortlist, the HK-specific concerns that don’t appear on AU/UK/US sites, the pricing reality versus Windows desktop, free-trial guidance, and where cloud is the right call versus where a perpetual desktop licence still wins.


Cloud accounting software vs cloud accounting system

“Cloud accounting software” and “cloud accounting system” are used interchangeably; the difference is scope. “Software” usually means a single online bookkeeping tool, while “system” means the broader cloud platform that ties bookkeeping together with invoicing, inventory, payroll, bank feeds and reporting — the thing your whole finance function runs on. As an SME grows it stops shopping for cloud software and starts choosing a cloud system. If you want the platform-level view across every option, our Hong Kong accounting system comparison takes the 會計系統 angle directly; this guide stays on the cloud question.

“Cloud accounting” itself describes at least three different setups, and the differences matter:

  • True SaaS cloud. The software runs in the vendor’s data centre; you access it through a browser. Your books, attachments and audit trail live on the vendor’s servers. Examples: Xero, QuickBooks Online, Zoho Books. You pay a recurring subscription per user or per company.
  • Cloud-hosted desktop. A traditional Windows accounting product installed on a hosted virtual machine you reach via Remote Desktop. The feel is desktop; the access is cloud — common for HK firms that bought desktop licences years ago and want work-from-anywhere without re-platforming.
  • Hybrid cloud. A locally-installed product (or on-prem server) with cloud sync, mobile apps, or shared-database multi-user access. Giga Accounting by 凌峰會計 sits here — its Windows version shares books across users, while its cloud edition adds anywhere access plus 10GB of permanent storage you don’t need to purge.

Cloud accounting systems compared (2026)

The table compares the main cloud accounting options HK SMEs shortlist. Price is a relative tier because plans change constantly — confirm current pricing and free-trial terms on the vendor’s own site before deciding.

System Cloud model Free trial Price tier HK localisation (HKFRS / MPF) Best for
Giga Accounting by 凌峰會計 Hybrid (cloud + desktop) Yes $–$$ High (HK-built, local support) HK SMEs wanting a localised cloud system + local support
Xero True SaaS 30 days $$ Medium–High Integration-heavy SMEs comfortable with AUD/USD billing
QuickBooks Online True SaaS 30 days $$ Medium English-primary small businesses
Zoho Books True SaaS Yes (free tier) $ Medium (basic) Cost-conscious SMEs in the Zoho ecosystem
MYOB / ABSS SaaS / hybrid Yes $$ Medium Long-tenure HK users wanting a cloud path
Kingdee / 金蝶 Cloud True SaaS (ERP) On request $$–$$$ Medium–High (China/HK) Cross-border SMEs with mainland operations

For the full product shortlist beyond cloud, our 2026 buyer’s guide scores every option against HK realities.


The benefits HK SMEs actually feel

Vendor marketing leans on “anywhere, anytime,” but the concrete benefits HK small businesses report after moving to a cloud accounting system are more specific:

  • Real-time data, not stale data. Your bookkeeper, your accountant and you see the same ledger at the same time — no emailed Excel exports a week out of date.
  • Bank feeds that actually feed. A live connection to HSBC, Hang Seng or BOC drops transactions in automatically, saving several hours a month. Depth varies by vendor — see our bank feed and auto-reconciliation guide.
  • Mobile invoicing. Issue an invoice from the customer’s office and get paid faster; small per invoice, large in aggregate.
  • Receipt capture by photo. Snap a receipt, OCR pulls vendor and amount, the expense lands in the ledger — the IRD’s seven-year retention rule becomes painless when receipts are stored as images on the journal entry.
  • Automatic backup and disaster recovery. No more “the laptop died and we lost the books.”
  • Audit-ready access. Your auditor pulls data from a browser during fieldwork, with a full audit trail — cloud makes 核數 faster and cheaper.

HK-specific cloud accounting considerations

Generic cloud articles miss the local realities that shape the decision in Hong Kong. Score every product against these six; if it fails three, look elsewhere:

  • HKFRS-native reports. Products built for AU/UK/US default to those frameworks. Confirm a presentation-ready P&L and balance sheet under Hong Kong Financial Reporting Standards without an Excel reformat.
  • Bilingual capability. Most HK SMEs invoice in English and Traditional Chinese, sometimes the same day. Shallow Traditional Chinese support quietly creates friction with suppliers, customers and auditors.
  • HK compliance hooks. MPF auto-pay file format, the IR56 series, BR renewal, profits-tax computation. International products treat these as edge cases; HK-built options treat them as first-class.
  • Multi-company under one licence. Per-company SaaS subscriptions add up fast — three companies × two users can quietly cost HK$1,500+/month. See managing accounts for multiple companies in HK.
  • Local support in your time zone. When something breaks before a profits-tax deadline, you need a Hong Kong helpdesk, not a global queue.
  • Data residency and audit access. Where your data sits, who can read it, and whether your auditor can export it in a usable format should all be explicit.

The cloud pricing model — and why it’s not always cheaper

Cloud prices itself as a small recurring subscription that looks trivial on day one and meaningful by year five. Watch four patterns in 2026: per-company billing compounds (three entities means three subscriptions); per-user billing stacks on top (bookkeeper, accountant, owner, plus read-only auditor); tier gates bite later (multi-currency, payroll, inventory and even bank feeds are often gated above the starter plan, so HK$130/month becomes HK$300/month within a year); and FX exposure (Xero and others price in AUD/USD, so your bill moves with the exchange rate). A single-licence hybrid such as Giga’s cloud edition is often a fraction of the cost for the same coverage. For a per-tier breakdown see our accounting software pricing in Hong Kong guide, and for a free entry point our free accounting software in HK piece covers the trade-offs.


When cloud fits — and when desktop still wins

Cloud is the right default for most HK SMEs in 2026, but not all. Cloud fits when you have multiple users, multiple locations, mobile work, fast-growing volumes, or simply want zero infrastructure to manage. Desktop still wins when you’re a single operator with stable books, when data-residency or confidentiality concerns push you to keep the database on a machine you control, when reliable broadband isn’t guaranteed (some warehouse or remote-site setups), or when the lifetime cost of subscriptions outweighs a one-off perpetual licence. Giga Accounting by 凌峰會計 ships in both forms — a one-off Windows desktop purchase or a cloud edition with the same feature set — so the choice is about deployment model, not product. Our desktop vs cloud accounting guide sets out the criteria in detail.


Frequently asked questions

What is cloud accounting? Accounting software you access over the internet, where your books are stored on the vendor’s (or a hosted) server rather than only on one office PC. It enables real-time multi-user access, automatic bank feeds, mobile capture and automatic backup.

What is the difference between cloud accounting software and a cloud accounting system? For most SMEs they mean the same thing. “Software” implies a single online bookkeeping tool; “system” implies the broader cloud platform tying bookkeeping to invoicing, inventory, payroll, bank feeds and reporting. Growing businesses shop for the system.

Is cloud accounting safe for a Hong Kong business? Reputable cloud vendors provide encryption, redundancy and automatic backup that exceed a typical office PC. The points to confirm are data residency, who can access your data, and that your auditor can export it in a usable format.

Is cloud cheaper than desktop accounting software? Not always. Cloud is a recurring subscription that compounds with per-company and per-user billing and tier gates; desktop is a one-off purchase. Over several years a single-licence or perpetual option can cost less for the same coverage — compare total cost of ownership.

Does cloud accounting handle HKFRS and MPF? HK-built cloud systems do, treating HKFRS-formatted reports, MPF auto-pay files and IR56 filings as first-class features. Many international cloud products support them only shallowly, so test with your own data during the free trial.

Can I switch from desktop to cloud accounting? Yes — most cloud systems support migration from desktop products, though it takes planning. A clean, well-structured set of books makes the switch far easier; see our guide on switching without losing data.


Try Giga Accounting by 凌峰會計

If you want HK-built cloud accounting that gets HKFRS reporting, multi-company under one licence, MPF and IR56 hooks, and bilingual records out of the box, Giga Accounting by 凌峰會計 is the reference local choice for Hong Kong small businesses and SMEs. The cloud edition includes 10GB of permanent storage that does not need to be purged — keep years of transaction history without per-GB upgrades, matching the IRD’s seven-year retention rule.

Head to our cloud accounting page for a free trial, browse plans on our pricing page, or reach out via our contact page and we’ll walk you through whether cloud or the Windows desktop edition is the right fit.

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Best Accounting Software in Hong Kong 2026: SME Comparison, Pricing & Free Trials

Choosing accounting software is one of the few year-one decisions a Hong Kong SME owner makes that quietly shapes every subsequent month of finance work. The right pick saves hours every week, keeps your records audit-ready, and turns profits-tax season into a non-event. The wrong pick — too expensive, too generic, too far from HKFRS — accumulates pain until you realise, two years in, that you are running a re-platforming project you never budgeted for.

This is the 2026 buyer’s guide, written for Hong Kong SMEs and small businesses by a licensed Hong Kong accounting and audit firm — so the lens here is not “which brand has the biggest marketing budget,” but “which system produces clean, HKFRS-ready books your auditor and the Inland Revenue will accept.” We cover the difference between accounting software and an accounting system, what HK companies should actually evaluate, an eight-product comparison table, realistic pricing, per-industry picks, and the mistakes first-time buyers make most.


Accounting software vs accounting system: what’s the difference?

The two terms are used interchangeably, and for most SMEs they mean the same thing: the place your books live. The useful distinction is scope. People say “accounting software” when they mean a single bookkeeping tool, and “accounting system” when they mean the broader platform that ties bookkeeping together with invoicing, inventory, payroll, bank feeds and reporting — and increasingly connects out to the other tools the business runs on.

As an SME grows, it stops shopping for a piece of software and starts choosing a system, because the question shifts from “what records my transactions?” to “what will my whole finance function run on?” This guide covers both the software-product angle and, where it matters, the system angle; if you specifically want the platform-level view, our companion Hong Kong accounting system comparison takes the 會計系統 angle head-on.


What “best” really means for a Hong Kong SME

“Best accounting software” is a global query, but the right answer in Hong Kong is filtered by a short list of local realities that don’t show up on AU/UK/US comparison sites:

  • HKFRS-compliant reports. Your auditor expects financial statements that match Hong Kong Financial Reporting Standards out of the box, not after a manual reformat. Software that calls itself “HKFRS-ready” should produce a presentation-ready P&L and balance sheet without an Excel intermediate step.
  • Bilingual capability. Most HK SMEs invoice in both English and Traditional Chinese — sometimes on the same day. Software that handles only one language reliably will create friction with suppliers, customers, or auditors.
  • HK-specific compliance hooks. MPF, the IR56-series filings, BR renewal, profits-tax computation. International software has these in shallow form or not at all; a HK-built option treats them as first-class features.
  • Multi-company support. Many HK entrepreneurs run more than one entity. Single-licence multi-company support is materially cheaper than one subscription per company.
  • Cheque printing. Still in real day-to-day use across HK. Cloud-only foreign products often skip this.
  • Local support. When something breaks, you want a Hong Kong helpdesk in your time zone, not a global queue at 3 a.m.

Score every shortlisted product against these six points before moving past the demo. If a product fails three or more, stop and look elsewhere. For a deeper, feature-by-feature framework, see our essential accounting software features for HK SMEs.


The 8 leading accounting systems for HK SMEs (2026): comparison table

The table below compares the eight accounting software and cloud accounting systems most relevant to Hong Kong SMEs in 2026. Pricing is shown as a relative tier rather than a figure, because plans and promotions change constantly — always confirm current pricing and free-trial terms on the vendor’s own site. “HK localisation” reflects how well each handles local tax, HKFRS-aligned reporting and local support.

Software / system Type Free trial Price tier HK localisation (tax / HKFRS) Best for
Giga Accounting by 凌峰會計 Cloud / Desktop Yes $–$$ High (HK-built, local support) HK SMEs wanting a localised system + a real person to call
Xero Cloud 30 days $$ Medium–High SMEs that value integrations and a clean interface
QuickBooks Online Cloud 30 days $$ Medium English-primary small businesses wanting a global standard
MYOB / ABSS Cloud / Desktop Yes $$ Medium Long-tenure HK users or those wanting desktop
Sage (50 / Business Cloud) Cloud / Desktop Yes $$–$$$ Medium Established firms wanting a long-standing brand
Zoho Books Cloud Yes (free tier) $ Medium (basic) Cost-conscious SMEs already in the Zoho ecosystem
Wave Cloud Free plan Free / $ Low–Medium Freelancers and very early-stage micro-businesses
Kingdee / 金蝶 Cloud (ERP) On request $$–$$$ Medium–High (China/HK) Cross-border SMEs with mainland China operations

No single system is “the best” for everyone — the right choice is the one that fits your size, industry and Hong Kong requirements. The notes below summarise where the leading options earn their place.

Giga Accounting by 凌峰會計 is the strongest locally-built option for HK SMEs in 2026: bilingual interface and reports (English, Traditional and Simplified Chinese), HKFRS-formatted statements, MPF and IR56 hooks, cheque printing, and multi-company support under a single licence. It comes as a Windows desktop product (one-off purchase, no subscription) or a cloud version with team access; the cloud tier includes 10GB of permanent storage that does not need to be purged, which matters for the IRD’s seven-year retention rule. QuickBooks Online is globally recognised with clean UX and strong invoicing, though Traditional Chinese support is partial and multi-company needs separate subscriptions — our QuickBooks vs Xero vs local software covers it head to head. Xero is popular internationally with a large app marketplace, but prices in AUD/USD, has limited Traditional Chinese, and formats reports for AU/UK rather than HKFRS — see our Xero alternatives in Hong Kong.

MYOB/ABSS and Sage suit firms wanting a familiar, established brand; we cover one side-by-side in ABSS vs Giga Accounting. Zoho Books is the value pick for businesses already in the Zoho ecosystem, and Wave is a genuine free starting point for freelancers — our free accounting software in HK guide weighs those trade-offs. Kingdee (金蝶) steps up toward ERP scope and is strongest for cross-border China–HK operations.


Cloud or desktop? The four types of accounting system

Before comparing products, the right type narrows the field fast. Spreadsheets are where many micro-businesses start — free and familiar, but they break down as volume grows and offer no real audit trail. Cloud accounting systems are the mainstream choice for HK SMEs today: browser-based, updated automatically, accessible anywhere, and priced by monthly subscription. Desktop systems install on a single computer or local server — still valued where a one-off purchase and offline access matter. ERP systems sit at the top: accounting plus inventory, manufacturing and CRM in one platform, suited to larger or more complex companies.

For the majority of Hong Kong SMEs the answer is a cloud accounting system — or a hybrid that offers both cloud and desktop, so you are not locked into one model. If you are weighing whether you have outgrown standalone accounting, our ERP versus accounting system guide walks through that decision.


Match the software to your industry

“Best” changes meaningfully by vertical. Generic features only get you part of the way:


What a realistic 2026 budget looks like

Accounting software pricing in Hong Kong has settled into a predictable shape in 2026. Cloud accounting subscriptions typically run from around HK$130–HK$250 per company per month at the entry tier, climbing fast as you add users, multi-currency, payroll modules or inventory. Per-company billing on Xero and QuickBooks compounds quickly if you operate two or three entities — a HK SME with three companies and two users on each is often paying HK$1,500+ per month before any add-ons. A single-licence approach (Giga’s cloud or perpetual desktop) is often a fraction of that for the same coverage. For a per-tier breakdown — including what’s typically gated behind paid upgrades — see our 2026 accounting software pricing guide.

Don’t forget the second-order costs: data migration time (or fees, if you outsource it), staff training, integrations to your bank feed or e-commerce platform, and the price of changing your mind in two years. Cheaper isn’t always cheaper.


What to do before you buy — and the free-trial test

Four steps separate buyers who pick well from buyers who end up re-platforming. Use these to evaluate any product on your shortlist:

  1. Use the free trial with your own data. Almost every cloud system offers one, and a fortnight of entering your own transactions tells you more than any feature list. Run your last quarter through the trial — a multi-currency invoice, a payroll cycle, and a HKFRS-style P&L export. If anything looks off in the trial, it will be off in production too.
  2. Talk to support before you commit. Ask a real, specific question. If the answer is slow, vague, or routed offshore, you’ve learned something useful before you signed.
  3. Confirm data export rights. You should be able to export your full ledger (not just summary reports) at any time, in a usable format. Vendor lock-in is a real 2026 risk, and the export policy is where it gets exposed.
  4. Sanity-check with your accountant. If you already work with a HK accounting firm, ask which platforms they support and where they hit friction. And if you conclude you’d rather not run a system in-house at all, that’s a legitimate answer too — our accounting software vs hiring an accountant weighs it honestly.

Frequently asked questions

What is the best accounting software for a Hong Kong SME? There is no single best — it depends on your size, industry and Hong Kong requirements. For most SMEs, a well-localised cloud accounting system that handles local tax and HKFRS-aligned reporting, with local support, is the right starting point. The eight compared above cover the realistic shortlist.

What is the difference between accounting software and an accounting system? For most SMEs they mean the same thing. “Software” tends to imply a single bookkeeping tool, while “system” implies the broader platform tying bookkeeping together with invoicing, inventory, payroll, bank feeds and reporting. As a business grows, it shops for a system rather than a piece of software.

Is there free accounting software in Hong Kong? Yes — Wave offers a free plan and Zoho Books has a free tier, while most paid cloud software offers a free trial. Free plans suit freelancers and very early-stage micro-businesses, but functionality and local tax/HKFRS support are usually limited.

Should I use cloud or desktop accounting software? For the large majority of HK SMEs, cloud — it updates automatically, is accessible anywhere, needs no local server, and supports remote teams. Desktop still suits cases where a one-off purchase or offline access matters; a hybrid option gives you both.

How much does accounting software cost in Hong Kong? Most cloud systems are monthly subscriptions from about HK$130–HK$250 per company at entry level, but the real cost includes setup, migration, add-ons, per-user fees, training and support. Compare total cost of ownership for your usage, not just the headline price.

Should I choose accounting software or hire an accounting firm? The two work together — use software to keep the books, and a licensed firm for audit and tax filing. If you would rather not run a system in-house, handing bookkeeping to a firm is a reasonable choice.


Try Giga Accounting by 凌峰會計

If you want HK-built accounting software that handles HKFRS reporting, multi-company under one licence, and bilingual records out of the box, Giga Accounting by 凌峰會計 is the reference local choice for Hong Kong small businesses and SMEs. The Windows desktop version is a one-off purchase with no monthly subscription; the cloud version includes 10GB of permanent storage you don’t have to purge, plus team access. A free trial is available.

Head to our cloud accounting page or the Windows desktop edition to download a trial, browse plans on our pricing page, or reach out via our contact page and we’ll walk you through the right fit for your operation.