Save Up to 79% on Salaries with Outsourced Accounting Services
Efficient and Reliable Accounting Services in Singapore
Understanding Singapore Accounting Standards
The Singapore Companies Act requires all companies to maintain proper accounting records. The directors have the right to inspect these documents, providing insight into a company’s financial position and transactions. This allows for the preparation of accurate financial statements.
All Singapore companies and foreign company branches are required to prepare annual financial statements that adhere to Singapore Financial Reporting Standards (SFRS). SFRS aligns with International Financial Reporting Standards (IFRS).
Most small companies can use SFRS for Small Entities (SFRS SE), which is closely aligned to IFRS for Small Entities. Accurate financial reporting is requisite for well-run businesses because it provides an updated financial picture and enables compliance. Financial statements are critical for expanding businesses when seeking capital since they demonstrate creditworthiness and growth potential
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In Singapore, most companies are small entities. A company can apply SFRS SE if it is not publicly accountable. Meaning, it does not file accounts with authorities or issue securities/shares publicly.
But some small companies under the Companies Act may still require full IFRS compliance if they are publicly accountable.
The main difference between SFRS and SFRS SE is disclosure. Hence, the result is simplified reporting. SFRS SE aims to efficiently and cost-effectively meet user needs. The Singapore Accounting Standards Board (SASB) oversees the implementation of any changes to SFRS and SFRS SE.
Accurate financial reporting in Singapore accounting is important for successful businesses because it provides the current financial status and demonstrates business health when attracting investment. Singapore accounting balances reporting complexity with user needs through SFRS and SFRS SE. Most small Singapore companies can use simplified SFRS SE, but some small companies may still require full SFRS based on accountability.
Singapore Accounting: Why Does Business Outsource their Accounting in Singapore this 2024?
In the past, both big and small businesses hired in-house accountants to watch over their finances. These days, Accounting Services can be outsourced to professionals who have a high-level of understanding of running businesses. Here are some reasons why outsourcing your business accounting may be better for your company:
Reduced costs
Outsourcing allows you to enjoy lower fixed-cost service without the burden of worrying about full-time employee salary or maintaining expensive accounting software. Having fewer in-house accounting personnel also decreases the associated time and costs related to human resources, training, payroll and benefits.
Expertise
Accurate and timely financial reporting is overseen by qualified public accountant who are up-to-date with the complex standards of financial reporting standards and Singapore Accounting requirements. You will be assured that the reports are done on timely basis and complies with regulatory requirements.
More time
You’ll save on valuable time, which can be spent doing the things best for your business, like increasing your sales, make improvements on your products/services to better serve your customers' needs and also ensure your business stays ahead of your competitors.
Why Choose Us
Money Back Guarantee
We are so confident that you will continue using our services that we offer a 30 days money back guarantee. If within the first 30 days of signing with us you decide to return to your prior accountant or outsourced accounting firm, we will refund half of accounting fees paid prior to receiving a written request for termination.
New to Outsource Accounting?
We’ll set up your company’s chart of accounts for free. We’ll guide you through the set-up process and ensuring you understand every decisions you are required to make.
No Switching Fees
There are no switching fees if you're moving from another accountant, and we'll handle the switching process and make it hassle-free for you.
Our Promise
Partner With Our Experienced Accountant
Tap into Hans’ 15+ years of expertise guiding companies through mergers, acquisitions, and cross-border transactions in Southeast Asia. His insights on simplifying operations and tax planning can help you gain a fresh perspective and approach to achieving your business goals. Connect with this trusted advisor today!
Our Core Strength - A Team Based Model
Have a team of trained staff and qualified accountant on demand for your business – Ready to go from Day One.
- Skilled and competent team on par with a senior accountant
- Independent group of professionals that are adept in their respective field
- Well-verse with the provisions under the Companies Act and Income Tax Act
- Worry less about commitment during off-peak times
- Fixed price per task or percentage for every additional service request
- Assistive in creating new business processes
- Usage of disruptive technology (e.g., cloud computing) to maximise efficiency
Customisable Fixed-Price Outsourced Accounting Packages
Predictable billing, manageable cash flow, and no surprises are just a few of the advantages of our fixed-price accounting services. We offer customisable packages, with one (1) year contract, to encourage cost-efficiency and flexibility as your business grows.
Our packages include a FREE Service Consultation to discuss your specific business and accounting needs in detail. We will then recommend the best package option for you, with no obligation. If you don’t see a package that fits your needs, we can tailor a custom solution.
- Services
- Transactions (per month)
- No need to purchase accounting software
- No yearly maintenace fee
- OBM Chart of Account Set Up
- Telephone and e-mail support
- Monthly financial reports
- Free Add-Ons
- Extra Monthly Transactions
- Payroll Service up to 5 staff
- GST computation & Filing
- Emerging
- S$299S$299 per month (payable 1 year in advance) OR $349 per month billed monthly
- Up to 40
- √
- √
- √
- √
- √
- Choose 1 below
- 5
- X
- X
- Evolving
- S$549 S$549 per month (payable 1 year in advance) OR S$599 per month billed monthly
- Up to 80
- √
- √
- √
- √
- √
- Choose 1 below
- 10
- X
- X
- Established
- S$949S$949 per month (payable 6 months in advance) OR S$999 per month billed monthly
- Up to 180
- √
- √
- √
- √
- √
- Choose 1 below
- 15
- X
- X
- Corporate
- S$1,899S$1,899 per month (payable 3 months in advance) OR S$1,999 per month billed monthly
- Up to 380
- √
- √
- √
- √
- √
- Choose 1 below
- 20
- X
- X
- Custom
- Customise (Based on your requirements)
- As requested
- √
- √
- √
- √
- √
- You choose
- As requested
- As requested
- As requested
Add on Services
| Usual Price | *Value Price | |
|---|---|---|
| Extra Monthly Transactions (for every additional band of 20 transactions) | S$200 | S$150 |
| Additional employee on payroll services (per employee) | S$60 | S$50 |
| First time CPF set up and submission of Form 1/GIRO (one time) | S$250 | S$200 |
| IR8A form preparation (per employee per year) | S$50 | S$40 |
| GST computation & Filing (per quarter) | S$250 | S$200 |
| Use of Registered Local Address in Singapore (per month) | S$50 | S$40 |
| Monthly mails scanning service (per month) | S$30 | S$20 |
| Compilation of unaudited financial statements (per annum) | S$1200 | S$1000 |
| ECI submission, tax computation and tax filing of Form C-S for simple company (minimum from per annum ) | S$800 | S$700 |
| ECI submission, tax computation and tax filing of Form C for complex company (minimum from per annum ) | S$1200 | S$1000 |
| Corporate Secretarial Service for small company with simple structure inclusive name secretary and preparation of AGM documents and filing of annual return to ACRA (per annum) | S$900 | S$750 |
| XBRL reporting Partial submission (per annum) | S$300 | S$250 |
| XBRL reporting Full submission (per annum ) | S$1200 | S$1000 |
All Our Packages Include
Accommodating Support
24/5 email and telephone support from 9 AM to 6 PM
Financial Reports
These include income statements, balance sheets, bank reconciliation statements, debtors & creditors ageing reports, accounting schedules, and more!
Designated Accountant
The assigned accountant serves as the one responsible for keeping records of your accounts, so you can get in touch with him via email for formal correspondence.
Accounting Process
Implementation of seamless accounting techniques and internal control to expedite third-party audits and reviews
Payroll services
With our payroll services, tracking, management and administration of your employee payroll related matters.
Delegation of Duties
Working with your team to implement and delegate responsibilities.
Accounting Software
Use of your existing accounting software or the migration to a new accounting software or using our in-house accounting software.
Monthly Review
All accounts are regularly reviewed for informed decision-making.
Chart of Accounts
Formulation of a custom chart or enhancing an existing one to aid with internal budgeting and monitoring and give valuable insights to the management and investors
Assigned Accounts Manager
He will review your financials every month to ensure accuracy and recency. You can communicate with the accounts manager anytime via phone call or email.
Monthly Closing of Accounts
The monthly closing of business accounts and delivery of the reports are completed on the 15th of the month.
Contact Us Today for No Obligation Discussion and Quote
Outsource Accounting Process
As Singapore’s most premier outsourced accounting provider, we have developed a workflow process that’s easy and effective.
We pride ourselves on making outsourcing straightforward and seamless for all business owners.
Setting up takes less time than you might think. Our team has extensive experience in Singapore Accounting, auditing, tax services and company secretarial services.
We estimate that company directors will only need to allocate about 2 hours of their time to set everything in motion. Once we’ve begun the process, we’ll then require about 4 hours from your accountant to handover the accounts to us to complete the process. We have successfully completed more than 20,000 financial year statements and tax returns for Singapore companies, and that number grows daily.
Software Specialists Whom We Work With
Five Key Differences Between Accounting and Bookkeeping Services
| Difference | Bookkeeping | Accounting |
|---|---|---|
| Objective | The objective of bookkeeping is to keep records of a company’s financial transactions systematically. |
The objective of accounting is to aid management in making critical business decisions by examining a firm’s financial situation. |
| Starting point | The starting point for bookkeeping is the raw business data gathered from different sources. Examples include receipts, bank statements, cash registers, warehouse logs, purchase orders, and sales order books. |
The starting point for an accountant is the financial information gathered and recorded by a bookkeeper. Once the books are in order, the accountant will analyze and interpret the data before making critical financial decisions about the business’ future. |
| Key skills required | A bookkeeper must have profound knowledge about managing financial books and overseeing accounts, such as managing purchases on credit and expenditures incurred. He should, therefore, be thoroughly well-versed with concepts such as journal entries, ledger accounts, the three types of ledger accounts, and the effect of passing these journal entries on the company’s balance sheet. Other skills required include alertness and thoroughness to maintain records systematically. |
An accountant should possess financial wisdom due to the analytical and complex nature of the job. He should have the ability to make timely and measured decisions, think out of the box, and be able to balance the risk and return trade-off for the company. A business will also benefit from the valued advice and knowledge of an experienced accountant. |
| Day-to-day routine activities | The daily activities of a bookkeeper include:
|
The day-to-day activities of an accountant include:
|
| Level of responsibilities | A bookkeeper is generally part of low- or middle-level management. Although a business cannot make decisions based solely on the data bookkeeping provides, a bookkeeper plays a critical role in ensuring that all financial transactions are accurately and systematically recorded. |
An accountant is usually part of middle-level management. He is responsible for presenting an accurate and fair view of the financial position of the company to management and various stakeholders. |
Case Studies
This commonly appears in small and medium size company in Singapore. The company’s monthly transactions reach up to 200 transactions in term of sales, purchases, receipts and payments. The company employed a junior accountant assist to do monthly closing of accounts, payroll (for up to 5 staff) and quarterly GST submission.
Since the position is junior accountant, the accountant may not have the experience to handle issues such as proper handling of accounting treatment as a result of incorrect entries, revenue recognition may not be appropriate as a result of misinterpretation of income statement, may not have sufficient experience to handle tax issues, as a result of tax deduction and tax incentives not fully utilised, etc…
The client decided to outsource their accounts to Reliance Consulting. They immediately enjoy cost saving of $44,493 per annum. We have a team of expert staff who can handle the monthly accounts, payroll and GST submission. We ensure accounting records are accurate, timely delivery of financial reports and affordable outsourced accounting service.
A multinational company with more than 12 years operation in Singapore, employed a finance manager. The company’s cash flow is unhealthy due to increase in staff costs over the years.
The company’s monthly transactions reach up to 200 transactions in term of sales, purchases, receipts and payments. The company employed a finance manager whose role consists of monthly closing of accounts, payroll (up to 10 staff), quarterly GST submission, and dealing with auditors and tax agent and communicate to holding company for monthly and yearly reporting package.
The client decided to outsource their accounts to Reliance Consulting. They immediately enjoy cost saving of $64,425 per annum, equivalent to 73% saving. We have a team of expert staff who can handle the monthly accounts, payroll, and GST submission; preparing audit schedules; preparing audit schedules; dealing with multiple currencies, auditors, tax agent and holding company.
The client is extremely happy to engage our services. They are able to reduce cost and also meet the relevant deadline to ACRA, IRAS and holding company.
Example: Cost of Employing Full Time Junior Accountant and Finance Manager
| Junior Accountant | Finance Manager | |
|---|---|---|
| Basic salary | S$3,500 | S$5,500 |
| CPF 17% | S$595 | S$935 |
| AWS pro-rated in 1 month | S$291.67 | S$458.33 |
| CPF on AWS | S$49.58 | S$77.92 |
| 14 day Annul Leave plus CPF | S$221 | S$347 |
| Medical Insurance & Leave | S$50 | S$50 |
| Staff cost per month | S$4,707 | S$7,368 |
| Our Fees | S$999 | S$1,999 |
| Savings Per Month | S$3,708 | S$5,369 |
| Savings Per Year | S$44,493 | S$64,425 |
| Savings % | 79% | 73% |
FAQs for Accounting Services in Singapore
What is the process of filing annual returns in Singapore?
According to the Companies Act, all incorporated companies in Singapore are obligated to file annual returns with the Accounting and Corporate Regulatory Authority (ACRA). Effective in December 2019, ACRA has enhanced the filing system to make it more convenient for businesses. All you need to do is visit BizFile+. Once there, find the “eServices” tab and select “Local Company.” Under “Annual Filing,” select “Annual Return by Local Company.”
You will need to pay S$60 and submit the Annual Return 30 days after the Annual General meeting. In succeeding years, submitting the returns will be much easier as the form will be pre-filled. All you need to do is to check the accuracy of the form and provide the missing information.
Who are responsible for the accuracy of my company’s accounting records?
All directors of the company are responsible for the accuracy of the records, regardless of whether or not they are involved in the business operations or otherwise.
Does every business need an accountant?
What is an Unaudited Financial Statement?
Companies meeting all of the following criteria are not required to have their accounts audited and can file unaudited accounts:
• Total number of shareholders is less than 20;
• Annual revenue does not exceed S$10 million;
• Value of company’s total assets does not exceed S$10 million;
• Number of employees does not exceed 50.
Companies that do not meet the above criteria are required to file audited accounts.
The unaudited financial statements include Directors’ Statements, Compilation Report, Statement of Financial Position, Statement of Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Unaudited Financial Statements.
It shall be prepared in accordance with Companies Acts and Singapore Financial Report Standards (“SFRS”).
It shall be signed by company directors and lay before the company AGM. A company must submit its unaudited financial statements to ACRA for its annual return filing and submit it with Form C or Form C-S (Tax Return) to IRAS for tax purposes.
Will I lose control of my accounting records compared to having the financial records maintained in-house?
What are accounting services?
Accounting services involve tax preparation, counselling, and keeping track of earnings and expenditures. It also includes safekeeping accurate financial records and implementing effective recordkeeping systems. These services include:
- Sales and purchases invoices
- Receipts
- Payment vouchers
The following records are generated at every end of a periodical service for review and approval:
- Income statement
- Balance sheet
- General ledger
- Journal listing
- Debtors & creditors ageing report
When will I need accounting or bookkeeping?
How do I prepare XBRL?
Why and when should one prepare group accounts?
Why should I outsource my company’s accounts to an accounting firm?
Let a professional do a professional’s job! If you are like most successful business owners, you should focus your time and energy on building up your company’s sales and expansion.
We strongly encourage small to medium enterprises (SMEs) and Multinational Corporations (MNCs) to outsource their accounting function to enjoy the following benefits:
- It could cost as little as 40 percent compared to hiring a full-time employee!
- You won’t have to worry about CPF, AWS, bonuses, overtime, or medical insurance – outsourcing takes care of it.
- You don’t have to deal with the hassle of hiring and replacing accounting staff.
- Accounting software can be costly to buy and maintain, but outsourcing avoids these expenses for your business.
How long must I keep my Singapore company's accounting records?
What kind of accounting services does your firm provide?
Corporate Services Singapore recognises that it is essential for our clients to have access to timely and accurate financial information to ensure their competitive edge. Thus, we provide a complete range of computerised accounting services for companies in Singapore, including:
• Monthly, quarterly, yearly of full sets of accounting services
• Outsourcing of accountant
• Group consolidation and reporting
• Compilation of unaudited financial statements
Are Corporate Services Singapore fees fixed without any hidden costs?
Should I outsource my accounting functions?
As a business owner, you could outsource anything from a single accounting function like bookkeeping to the whole organisation’s financial operations. Finance and accounting outsourcing is crucial because an external provider supports and extends the in-house capabilities, helping you manage cash flows and cut down unnecessary expenses. If you plan to hire full-time bookkeepers and accountants, ensure the following conditions:
- They meet the requirements of the Inland Revenue Authority of Singapore (IRAS)
- The bookkeepers selected must have capabilities for seamless recordkeeping and embrace what disruptive technology can do to fulfill a financial function efficiently.
- Thoroughly check their backgrounds to reduce the possibility of financial fraud.
To make your decision-making easier, Corporate Services Singapore can provide helpful insights and fruitful results regarding your company’s finance and accounting functions by helping you manage your business effectively and preserve corporate liquidity. By letting us take over your corporate finances, you can focus on the core aspects of the company. Our services include:
- Group consolidation & reporting
- Compilation of unaudited financial statements
- Maintenance of the general, accounts receivable, and accounts payable ledger
- Complete sets of accounting services: monthly, quarterly, or yearly
We encourage small firms with teams of 10 (maximum) to outsource their bookkeeping and accounting tasks. Small and Medium-sized Enterprises with more than ten (10) but less than 75 employees are recommended to engage a full-time bookkeeper and outsource their accounting operations.
