Bookkeeping services in Singapore are offered by a wide range of providers, from full-service accounting firms to specialist bookkeeping companies and freelance bookkeepers, with monthly fees typically starting from SGD 200 to SGD 500 for small businesses. These services cover transaction recording, bank reconciliation, accounts payable and receivable management, GST filing preparation, and the production of monthly or quarterly financial reports.
What Singapore Bookkeeping Services Usually Include
Most providers offer a standard package covering data entry, reconciliation of bank and credit card statements, maintenance of general ledgers, and preparation of profit and loss statements and balance sheets. For businesses registered for GST, bookkeepers will also track input and output tax and prepare data for quarterly GST submissions to IRAS. Payroll processing is sometimes bundled in, though many firms price it separately, usually from SGD 80 to SGD 150 per month for small headcounts.
Cloud-based bookkeeping has become common, with providers working through platforms such as Xero, QuickBooks, and Financio. Some firms offer add-on services like Corppass management and liaison with the company’s corporate secretary for annual filing purposes.
Typical Costs and Pricing Structures
Pricing in Singapore is generally structured around transaction volume or a flat monthly retainer. A sole proprietor or very small company with fewer than 50 transactions per month might pay SGD 150 to SGD 300 monthly. A small-to-medium business with 100 to 300 transactions per month typically pays SGD 400 to SGD 800. Companies with high volumes or complex requirements, such as multi-currency accounts or inventory tracking, can expect fees from SGD 1,000 per month and above.
Many firms offer an annual package at a discount compared to monthly billing. One-off catch-up bookkeeping (bringing accounts up to date after a period of neglect) is charged separately and quoted based on the backlog involved.
Choosing a Provider in Singapore
Look for a firm or individual with experience in your industry, familiarity with IRAS requirements, and clear communication about turnaround times. It is worth confirming whether the person doing your books holds a relevant qualification, such as membership with the Institute of Singapore Chartered Accountants (ISCA) or a certification from the Association of Chartered Certified Accountants (ACCA). Some smaller operators are unqualified but experienced; for routine bookkeeping, this can be acceptable, but for anything touching on tax compliance, qualified oversight matters.
Well-established providers in Singapore include BoardRoom, Tricor, Rikvin, and InCorp Global, all of which offer bookkeeping as part of broader corporate services packages. Independent boutique firms and freelancers found through platforms like Fiverr or local directories can be more affordable for very small businesses.
Frequently Asked Questions
Is bookkeeping mandatory for companies in Singapore?
Yes. Under the Companies Act, all Singapore-incorporated companies are required to keep proper accounting records that accurately reflect their financial position. These records must be retained for at least five years.
Can a Singapore business do its own bookkeeping?
Yes, there is no legal requirement to outsource. Many small business owners manage their own books using software like Xero or QuickBooks. Outsourcing becomes worthwhile when the time cost or complexity exceeds what the owner can reasonably handle.
How is bookkeeping different from accounting in Singapore?
Bookkeeping covers the day-to-day recording and organisation of financial transactions. Accounting builds on that data to produce financial statements, manage tax obligations, and provide analysis. Many Singapore firms offer both under one engagement, but they are distinct functions priced accordingly.
