How Much Do Accounting Services Cost in Singapore?
Singapore, as a global business hub, has a well-developed financial and regulatory ecosystem that requires businesses to maintain proper accounting records. Whether you are a startup, SME, or large corporation, engaging professional accounting services is crucial for compliance with the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS).
The cost of accounting services in Singapore varies widely based on several factors, including the complexity of the business structure, the volume of transactions, and the specific services required. In this article, we will explore the different types of accounting services available, their associated costs, and how businesses can determine the right service provider based on their budget and needs.
Types of Accounting Services in Singapore
Accounting services in Singapore generally include the following:
Bookkeeping Services
Financial Statement Preparation
Tax Filing and Compliance
Payroll Processing
Audit and Assurance
Advisory Services
Corporate Secretarial Services (Closely Related to Accounting)
Each of these services has its pricing model, which can be charged on a monthly, quarterly, or annual basis.
1. Bookkeeping Services Costs in Singapore
Bookkeeping is one of the fundamental accounting services that every business needs. It involves recording day-to-day financial transactions, reconciling bank statements, and maintaining financial records.
Factors Affecting Bookkeeping Costs
Number of transactions: The more transactions, the higher the cost.
Complexity of financial records: If your business has multiple revenue streams or operates in various industries, bookkeeping can become more complicated.
Software usage: Some firms use cloud-based solutions like Xero or QuickBooks, which may have additional subscription costs.
Cost Estimates for Bookkeeping
Freelancers: SGD 100 - 500 per month (ideal for micro-businesses)
Small firms: SGD 300 - 1,000 per month
Established accounting firms: SGD 1,000 - 3,000+ per month (for larger SMEs and corporations)
2. Financial Statement Preparation Costs
ACRA mandates that all companies prepare financial statements annually, which include:
Balance sheet
Profit and loss statement
Cash flow statement
Notes to financial statements
If a company is exempt from audit, financial statements still need to be prepared for tax reporting purposes.
Cost Estimates for Financial Statement Preparation
Small businesses (fewer transactions): SGD 500 - 1,500 per year
Medium-sized businesses: SGD 1,500 - 5,000 per year
Large corporations: SGD 5,000 - 10,000+ per year
For companies requiring consolidated financial statements (e.g., with multiple subsidiaries), the cost will be significantly higher.
3. Tax Filing and Compliance Costs
Tax compliance in Singapore includes corporate tax filing, GST filing, and personal tax filing for business owners.
Corporate Tax Filing
Every company must submit its Estimated Chargeable Income (ECI) within three months after the end of the financial year and file Form C-S/C annually.
Small businesses: SGD 400 - 1,200 per filing
Medium-sized businesses: SGD 1,200 - 3,000 per filing
Larger firms with tax complexities: SGD 3,000 - 10,000+ per filing
GST Filing
Companies with annual revenue exceeding SGD 1 million must register for Goods and Services Tax (GST) and file GST returns quarterly.
GST registration: SGD 200 - 500 (one-time)
GST filing: SGD 300 - 800 per quarter
Personal Income Tax for Business Owners
Many accounting firms also offer tax services for business owners, including tax optimization strategies.
Basic personal tax filing: SGD 150 - 500
Complex personal tax filing (including rental income, investments, etc.): SGD 500 - 2,000
4. Payroll Processing Costs
Payroll processing includes computing salaries, CPF contributions, and issuing payslips.
Payroll Pricing Structure
Per employee basis: SGD 20 - 50 per employee per month
Flat rate for small businesses: SGD 200 - 800 per month (for companies with up to 10 employees)
Larger firms with 50+ employees: SGD 1,500 - 5,000+ per month
Many firms bundle payroll services with corporate secretarial services, which can lead to cost savings.
5. Audit and Assurance Costs
Certain companies in Singapore are required to conduct annual audits if they exceed two of the following three criteria:
Total revenue exceeds SGD 10 million
Total assets exceed SGD 10 million
Company has more than 50 employees
Cost Estimates for Audits
Small businesses: SGD 3,000 - 10,000
Medium-sized companies: SGD 10,000 - 30,000
Large corporations: SGD 30,000 - 100,000+
The cost of an audit depends on the complexity of the financial records, industry requirements, and the experience of the audit firm.
6. Advisory Services
Accounting firms also offer financial advisory services, which may include:
Financial forecasting and budgeting
Cash flow management
Mergers and acquisitions consulting
Business valuation
Cost Estimates for Advisory Services
Hourly consultation: SGD 150 - 500 per hour
Project-based advisory: SGD 3,000 - 50,000+, depending on complexity
7. Corporate Secretarial Services (Closely Related to Accounting)
While not strictly an accounting service, corporate secretarial services are often bundled together with accounting services. These services include:
Filing annual returns with ACRA
Maintaining statutory registers
Board meeting minutes preparation
Cost Estimates for Corporate Secretarial Services
Basic package: SGD 360 - 800 per year
Comprehensive package (includes compliance monitoring and additional filings): SGD 1,000 - 3,000+ per year
Factors That Influence Accounting Service Costs
Company Size and Complexity – Larger firms with more transactions pay higher fees.
Industry Regulations – Industries such as financial services and construction may require more compliance work.
Frequency of Service – Monthly bookkeeping costs more than quarterly services.
In-House vs Outsourced Services – Hiring a full-time accountant costs significantly more than outsourcing.
How to Choose the Right Accounting Service Provider
When selecting an accounting firm, consider the following:
Reputation and experience – Established firms provide better reliability.
Service packages – Some firms offer bundled services at discounted rates.
Technology adoption – Cloud-based solutions can enhance efficiency.
Cost transparency – Avoid hidden fees by requesting detailed pricing.
Conclusion
The cost of accounting services in Singapore varies significantly depending on the scope of services, business size, and complexity of financial transactions. Small businesses can expect to spend SGD 500 - 2,000 per year for basic accounting needs, while larger companies may spend SGD 10,000 - 50,000+ annually for comprehensive financial management.
Outsourcing accounting services can save costs compared to hiring in-house accountants, while also ensuring compliance with Singapore’s stringent regulatory requirements. When choosing an accounting provider, businesses should balance affordability with quality to ensure accurate financial reporting and compliance.
For businesses looking for accounting services in Singapore, engaging a reliable provider can help streamline operations and enhance financial management.
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