Singapore has a well-developed market for accounting and bookkeeping services, with options ranging from large regional firms to specialist boutique providers suited to SMEs, startups, and foreign-incorporated businesses. Services typically cover monthly bookkeeping, GST filing, IRAS tax submissions, financial statement preparation, and XBRL filing for companies required to submit to ACRA.
What These Services Generally Cover
Most providers in Singapore offer a bundled or modular structure. Core bookkeeping handles the recording of transactions, bank reconciliations, and maintenance of general ledgers. Accounting services build on that foundation to produce profit and loss statements, balance sheets, and management accounts. Many firms also include:
- GST registration and quarterly filing: required for businesses with taxable turnover above S$1 million annually
- Corporate tax (Form C or Form C-S): due annually with IRAS, with Form C-S available for companies with revenue below S$5 million
- Payroll processing: including CPF contributions and IR8A submissions
- XBRL filing: mandatory for most Singapore-incorporated companies submitting financial statements to ACRA
Typical Pricing in Singapore
Pricing varies significantly based on transaction volume, company size, and whether the work is done monthly or annually. As a general guide:
- Basic bookkeeping (sole trader or dormant company): from around S$80 to S$200 per month
- SME monthly bookkeeping and accounts: S$300 to S$800 per month depending on transaction count
- Annual compilation and tax filing (small company): S$800 to S$2,500 as a one-off engagement
- Payroll processing: S$50 to S$150 per month for small headcounts
Many firms offer package pricing for newly incorporated companies, combining company secretary, registered address, and accounting services into a single annual fee.
Choosing a Provider
Providers can be broadly grouped into three categories: full-service accounting firms (often affiliated with global networks), mid-tier local firms with dedicated client managers, and cloud-based providers that use platforms like Xero or QuickBooks to deliver remote bookkeeping. For a company with fewer than 20 staff and moderate transaction volume, a cloud-based or boutique local firm typically offers sufficient coverage at lower cost than a full-service firm.
Check that the firm is registered with ACRA as a public accountant or approved company auditor if audit services are needed. For bookkeeping and tax work alone, formal CPA registration is not required, but membership with the Institute of Singapore Chartered Accountants (ISCA) is a reasonable indicator of professional standing.
Frequently Asked Questions
Is bookkeeping compulsory for all Singapore companies?
Yes. Under the Companies Act, all Singapore-incorporated companies must maintain proper accounting records that accurately reflect their financial position. These records must be retained for at least five years.
Can a foreign-owned Singapore company use an overseas accountant?
The company can use overseas advisers for internal purposes, but statutory filings with ACRA and IRAS must comply with Singapore Financial Reporting Standards and be handled by someone familiar with local requirements. Most foreign business owners appoint a local firm to manage compliance obligations.
What is the difference between bookkeeping and accounting in this context?
Bookkeeping refers to recording day-to-day financial transactions accurately. Accounting covers the interpretation, classification, and reporting of that data into formal financial statements and tax returns. In practice, most Singapore service providers offer both together as part of a single engagement.
