Most Singapore SMEs do not need a full in-house finance team. They need books that are right every month, filings that are never late, and someone senior to turn the numbers into decisions. Outsourcing covers all three for less than one full-time hire.
What Singapore SMEs usually outsource
- Bookkeeping and monthly close: bank reconciliations, receivables and payables, and monthly management accounts in Xero, QuickBooks or ABSS.
- GST: quarterly GST F5 returns at 9%, input tax claims and registration checks once taxable turnover passes S$1 million.
- Corporate tax: Estimated Chargeable Income within three months of the financial year-end, and Form C-S, C-S (Lite) or Form C by 30 November.
- ACRA compliance: financial statements under SFRS and the annual return, due within seven months of the year-end for private companies.
- Payroll and CPF: monthly payroll, CPF contributions by the 14th of the following month, and IR8A forms each year.
The deadlines that catch SMEs out
- ECI: three months after year-end, even when the figure is nil (some companies are exempt).
- GST F5: one month after each quarter, with penalties for late filing and late payment.
- Annual return: seven months after year-end, after the AGM where one is held.
- Form C-S/C: 30 November each year.
What to ask a provider
- Who reviews the work, and are they qualified accountants?
- Do they work in your own accounting software, so you keep control of your data?
- Is the fee fixed each month, and what exactly is included?
- How do they protect data, and do they sign a confidentiality agreement?
- Can they add CFO support, such as cash flow forecasting and budgets, as you grow?
When outsourcing is not the answer
If you have very high transaction volumes and need someone on site daily, an in-house bookkeeper with outsourced review and tax work can be a better mix.
How we help
BI-Outsource has an office at Sin Ming Lane and supports Singapore companies with bookkeeping, GST, corporate tax, ACRA filings, payroll and Virtual CFO work. See our bookkeeping services in Singapore, or check your tax with our Singapore corporate tax calculator.
