Most Singapore SMEs do not need a full-time accountant, but they do need books that are right every month. Outsourcing gives you that, provided you know what to ask for.
What good outsourced bookkeeping covers
- Recording sales, purchases, expenses and payroll each month.
- Reconciling every bank and card account.
- Preparing GST F5 workings each quarter if you are GST-registered.
- A short monthly report: profit, cash, and who owes you money.
- Year-end schedules for your accountant, auditor or company secretary.
The dates your books should be ready for
| What | When |
|---|---|
| GST F5 return | One month after each quarter |
| ECI | Within three months of year-end |
| AGM (private company) | Within six months of year-end, unless exempt |
| ACRA annual return | Within seven months of year-end |
| Form C-S or Form C | 30 November |
Does your company need an audit?
A private company is exempt from audit if it is a small company: it meets two of three tests for the past two financial years — revenue up to S$10 million, total assets up to S$10 million, and 50 employees or fewer. Exempt companies still need proper accounts.
How to choose a provider
- Ask for a sample monthly report.
- Check which software they use. Xero, QuickBooks Online and Zoho Books are common in Singapore.
- Ask how they protect your data and who can access it.
- Agree a fixed monthly fee based on your transaction volume.
- Confirm a qualified accountant reviews the work.
Get a proposal for your business.
Frequently asked questions
At least five years.
Yes. With cloud software and scanned documents, bookkeeping can be done fully remotely, with the same review standards.
