Bookkeeping Services In Singapore
A practical guide for startups, SMEs, and business owners
In this article:
- Singapore’s Accounting Framework: SFRS and IFRS
- What Do Bookkeeping and Accounting Services Include?
- How Is Bookkeeping Done for SMEs and Startups?
- Accounting Software in Singapore: Is It Necessary?
- Who Can Do Accounting for a Singapore Company?
- Doing It Yourself vs. Outsourcing
- How Much Do Bookkeeping Services Cost in Singapore?
- What Else Is Required for Accounting Compliance?
Introduction: Why Bookkeeping Matters
Whether you’re a startup founder, small business owner, or foreign entrepreneur running a company in Singapore, bookkeeping is not just a legal requirement — it’s the backbone of financial control. Accurate records help you track performance, prepare for tax filings, and avoid costly compliance issues.
But not all business owners understand what bookkeeping services in Singapore really involve — or when it makes sense to outsource versus do it yourself.
In this article, we break down what you need to know:
✔ What’s included in bookkeeping and accounting
✔ How it works in practice for SMEs
✔ Tools, costs, and outsourcing options
✔ Filing and audit requirements
✔ Common questions (with straight answers)
Singapore’s Accounting Framework: SFRS and IFRS
Singapore’s accounting system is based on internationally aligned standards:
SFRS (Singapore Financial Reporting Standards): This is the local standard that aligns closely with IFRS.
SFRS for Small Entities: A simplified version applicable to smaller private limited companies.
IFRS: Some holding companies or groups may also report in full IFRS for global consolidation.
If you’re a startup or SME, your financials will likely follow SFRS for Small Entities, unless your auditor or parent company requires otherwise.
What Do Bookkeeping and Accounting Services Include?
Bookkeeping is the day-to-day recording of financial transactions, while accounting includes summarizing, reporting, and interpreting those records.
Here’s what’s typically included in professional bookkeeping services in Singapore:
| Service Item | Description |
|---|---|
| General ledger maintenance | Record of all transactions, categorized by account |
| Accounts payable & receivable | Tracking who you owe and who owes you |
| Bank reconciliations | Matching bank statements to books |
| GST computation & filing (if applicable) | Monthly or quarterly GST returns to IRAS |
| Monthly or quarterly reports | Profit & Loss, Balance Sheet, Cash Flow |
| Payroll & CPF filings | Monthly salary processing and contributions |
| Year-end unaudited financials | For tax filing and annual return purposes |
| XBRL filing | Required for most private limited companies (unless exempt) |
How Is Bookkeeping Done for SMEs and Startups?
In most SMEs or startup environments, bookkeeping is done either:
Monthly, quarterly or even Yearly, depending on transaction volume
In-house by the founder or admin staff (less common as you grow)
Externally, by a corporate service provider or freelance accountant
Startups with limited transactions may combine bookkeeping + tax + compliance in one package from a service firm.
For growing SMEs, separating day-to-day bookkeeping from financial strategy and tax planning makes more sense.
Accounting Software in Singapore: Is It Necessary?
In many cases, using an accounting platform significantly reduces manual work and filing errors.
However, many small businesses with simple operations find it not very necessary to engage an accounting platform. Instead, they use Excel sheets to track their expenses; and usually ask an accountant to prepare finalized reports by the end of the period.
Ultimately, the choice of accounting system depends on the business management and their manpower capabilities.
Most common accounting software in Singapore:
| Software | Features | Ideal For |
|---|---|---|
| Xero (cloud-based) | Invoicing, bank feeds, GST, reporting | Most startups and SMEs |
| QuickBooks Online | Similar to Xero, strong in reporting | Accountants and consultants |
| Zoho Books | Integrated with other Zoho tools | Tech-savvy teams |
| Excel / Google Sheets | Still used for low-volume businesses | Early-stage / low budget |
If you’re planning to grow or seek outside investment, it’s best to start on Xero or another compliant cloud platform from day one.
Note: Intraconnect is an official Xero partner.
Who Can Do Accounting for a Singapore Company?
You can:
Do it yourself, if you have basic knowledge and very few transactions.
Hire an internal accountant, if you have consistent cash flow and scale.
Outsource to a professional firm, which is the most common option for small companies.
Outsourcing is ideal if:
You want peace of mind with deadlines and compliance
You have limited internal resources
You need help with GST, payroll, or tax matters
Doing It Yourself vs. Outsourcing
| Option | Pros | Cons |
|---|---|---|
| Do it yourself | Cost-saving | Risk of errors, time-consuming, may miss deadlines |
| Hire in-house | Control, instant access | Expensive, only makes sense at scale |
| Outsource | Expertise, scalable, includes compliance | Less control, must work with a reliable provider |
How Much Do Bookkeeping Services Cost in Singapore?
Pricing varies depending on transaction volume, complexity, and whether you require GST, payroll, or multi-currency handling.
Typical monthly pricing (SGD):
| Company Type | Estimated Fee Range |
|---|---|
| Dormant company | From $300/year |
| Low-volume startup | $80–150/month |
| Active SME | $150–400/month |
| With GST + Payroll | $300–600/month |
👉 At Intraconnect, we offer transparent, flat-fee packages — no hidden charges. Contact us for a custom quote.
What Else Is Required for Accounting Compliance?
Even if you outsource bookkeeping, your company is still responsible for:
Filing Estimated Chargeable Income (ECI) – due 3 months after financial year end
Filing Annual Tax Return (Form C-S/C) – due by November each year
Filing Annual Return with ACRA – via BizFile+
XBRL financials (if required)
Audit (if required) – Companies with > SGD 10M turnover or assets may need audit
We also assist with audit coordination, ensuring your records are in order before submission.
FAQs – Bookkeeping and Accounting in Singapore
How do I do accounting for a Singapore company?
You need to record all income and expenses, reconcile bank transactions, prepare financial reports, and file tax and ACRA returns annually. Most SMEs use Xero or QuickBooks and outsource this to a service provider.
Can I do accounting myself?
Yes, if your business is very simple and you’re confident in your financial skills. But keep in mind compliance deadlines and reporting standards — mistakes can be costly.
How much does bookkeeping cost for a small company?
Basic bookkeeping for a small, low-volume company typically starts from SGD 80–150/month, with full packages including GST and payroll in the range of SGD 300–600/month.
What is the difference between bookkeeping and accounting?
Bookkeeping is the recording of financial transactions. Accounting includes interpreting, summarizing, and reporting those transactions for compliance and decision-making.
Do I need to audit my company?
Only if your company exceeds any 2 of the following:
Revenue > SGD 10M
Total assets > SGD 10M
- 50 employees
If not, you’re considered audit-exempt.
Need Help with Bookkeeping in Singapore?
At Intraconnect Pte Ltd, we provide affordable, reliable, and fully compliant bookkeeping services in Singapore — tailored for SMEs, startups, and foreign-owned companies.
📩 Contact us today for a quote or to discuss your accounting needs.
📞 We also assist with Xero setup, tax filing, and audit support.
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