Accounting services
in Singapore.

Avoid the hassle of maintaining your accounts with our reliable accounting services and enjoy running your business knowing that your books and records are kept up to date.

Accounting services in Singapore

Smart accounting services
that scale with your needs.

Flexible options

We offer a variety of options that you can choose from whether you want monthly or quarterly services, or just a year-end report. Choose the service that applies to your business and pay based on the service.

Timely reminders

There is no need to worry about deadlines as our accountants will always keep you posted of any approaching deadlines.

Real-time access

We use Xero and QuickBooks that can be accessed by you and us at the same time. If you wish, you can enter the transactions by yourself to save some bookkeeping costs.

Essential accounting services

Bookkeeping & statutory compliance.

  • Bookkeeping & transaction processing

    • Bookkeeping either in our office or your place of business
    • First, we will set up your books and all of the ledgers required for your business in Xero, QuickBooks, or other cloud-based accounting systems, and help you transition from legacy systems
    • We will then assist in maintaining monthly bookkeeping of your company based on approved payment vouchers, approved claim forms, bank statements, bank-in slips, bank credit advice, bank debit advice and other accounting source information provided by your management
    • Establishing automatic bank account feeds
    • Setting up all payments in bank transactions for client approval online

    Monthly, quarterly or annually

    Financial reporting / Management accounts
    • Preparation and submission of the monthly accounts (Trial Balance, Income Statement, Balance Sheet and Bank Reconciliation) to your local office and the headquarters for approval
    • We can also provide bank signatories if required

    Monthly, quarterly or semi-annually

  • Compliance reporting

    Year-end financial statement*

    The Singapore law requires all companies to prepare their year-end financial statements. We will help prepare the financial statements based on the monthly/quarterly accounts that we have prepared, or we can use your financial records to produce the annual accounts.

    Annually

    XBRL conversion

    Singapore companies with corporate shareholders and companies that are audited are required to file their financial statements in XBRL format. As part of our XBRL service, we will convert your financial statements into XBRL format for filing.

    Annually

    GST registration & filing

    If the company is required to register for GST a quarterly return needs to be prepared and lodged with the Inland Revenue Authority of Singapore (IRAS). We will compute all GST related calculations and make the necessary quarterly filings with the IRAS.

    Quarterly

    Audit assistance

    We will advise you on whether your company needs to be audited under Singapore law. Should your company’s accounts need to be audited, we have good working relationships with a range of local and international audit firms and will work to ensure that the audit is completed most efficiently. Acclime will work closely with the auditor to provide the required schedules, supporting documents and answers to their queries, with minimum disruption to your work.

    Annually

*Government requirement

Request a quote

Additional accounting services.

Depending on your company size, you may also need some of our ad-hoc & ongoing services:

Vendor payment support

Acclime can act as your finance department to manage the client’s receipts and payments and other day-to-day tasks. This service includes:

  • On the payments side receiving and reviewing incoming invoices from vendors, obtaining approval from client’s personnel and payment processing based on agreed payment schedule
  • On the receipts side, drafting invoices for clients and following up on payment, if necessary
  • Establishing a purchase control framework
  • New vendor registration
  • Matching invoice to goods/service received
  • Maximising payment terms
  • Setting up payments in banking systems for management approval
  • Recording and reporting on supplier payments in accounting systems

Sales framework assistance

We can help you set up a comprehensive sales framework that range from refining sellers’ approach to drafting reports. Our assistance includes:

  • Assisting with new client Know Your Customer (KYC)
  • Understanding and advising on client contracts
  • Establishing an online/digital quote process
  • Ensure timely invoicing
  • Chasing for payment on overdue invoices
  • Reporting invoices due and overdue to management

Management reporting

We can prepare an entity’s management accounts and/or group consolidated accounts using a cloud accounting software, covering the following:

  • Design and implementation of an accounting system and reporting structure for newly incorporated companies
  • Preparation of periodic management reports, including group reporting packages
  • Preparation of consolidated financial statements for statutory or management reporting purposes

Review of accounting policies & procedures

  • Confirm the technical accuracy or the current accounting policies
  • Update accounting policies to reflect the current accounting developments
  • Benchmark the current accounting policies against industry norms

Financial planning and analysis

Going beyond reporting for statutory purposes, our team of professionals can assist with budgeting and forecasting, oversight of internal controls and more.

Accounting advisory

Leverage our team of professional’s expertise via insightful advice on new business incorporation, existing business process improvement, cross-border expansion and integration, and so much more.

Acclime benefits

Why outsource your accounting to Acclime.

We have a professional team who will set up and manage your accounting, and we assist businesses of all sizes.

On-time and error-free

Let our specialised team of certified accountants manage your accounts. We ensure that our work is delivered on time and without costly mistakes.

Experienced accountants

We have a clear understanding of the local laws and regulations and can confidently guide you through setting up the right accounting structure and maintenance for your business.

Regional specialists

Our presence in Asia can help your business expand beyond Singapore to other important markets in the region. View all our regional locations.

Not happy with your current provider?

Move your accounting to Acclime.

Switching from one accountancy firm to another doesn’t have to give you sleepless nights! We will take care of the entire process for you, from start to finish, starting with contacting your current accountant to request all the info we need to register with Inland Revenue Authority of Singapore (IRAS) to act on your behalf, so you can focus on running your business.

FAQ

Common questions & answers.

What are the requirements for annual audited accounts to be filed with the local tax (IRAS) and corporate (ACRA) authorities?

An audit is only mandatory if:

  • A company is not private exempt
  • Its turnover exceeds 5 million dollars
  • Any shareholder with a stake of at least 5% requests one. However, all private exempt companies must prepare a report with annual accounts in accordance with the Singapore Financial Reporting Standards (FRS), signed by 2 Directors on behalf of the company (Sole director will sign singly). FRS accounts have to be filed with our local tax authorities, Inland Revenue Authority of Singapore (IRAS).
Must the company hold its AGM even though it is dormant?
Every company is required to hold its AGM and file its annual return even though it is dormant. However, the law has been amended to allow companies to dispense with AGMs provided the requisite formalities have been finalised.
Where are general meetings of members and shareholders required to be held?
Anywhere. The first meeting of shareholders must be held within 18 months from the date of incorporation to accept the Directors Report and Audited/FRS Accounts. A proxy can be appointed to attend the Annual General Meeting (“AGM”).After that, an AGM must be held once in every calendar year and not more than 15 months from the last AGM.
Is there any penalty for late lodgement of the annual return and accounts with ACRA?
There are penalties and composition fines for late filing which must be paid to ACRA.
Do I need to register for GST?
It is compulsory for businesses to come forward to register for GST when their taxable turnover exceeds $1mil per year. Businesses that do not exceed $1mil in taxable turnover may register for GST voluntarily.
What are the responsibilities of a GST-registered business?
  1. Charge GST for standard-rated supplies
  2. e-File accurate GST returns and pay the tax due in a timely manner
  3. Keep business and accounting records
  4. Display price with GST
  5. Issue tax invoices and reflect GST Registration Number
  6. Inform IRAS of changes
  7. Accounting for GST on business assets held at point of de-registration
  8. Additional obligations under voluntary registrationIf you are under voluntary registration, you have to:
    • Remain registered for at least two years
    • Make taxable supplies within two years if you have not started making taxable supplies at the point of application)
    • Complete the e-learning course “Introduction to GST” within three months from the effective date of registration
    • Be on GIRO arrangement for payment and/ or refund of GST
    • The Comptroller may also impose other conditions on voluntarily registered business and may cancel his GST registration if any of the conditions is not met
What annual tax is levied, and when is it payable?
Companies resident in Singapore are taxed on their income generated from Singapore. Net profits before taxes are taxed at the prevailing tax rate. However, for all newly incorporated Exempt Private Limited companies, there is tax exemption on the first $100,000.00 of taxable income (net profit after tax allowances and tax adjustments), for the first 3 years. Partial tax exemptions are available even after the first three years of incorporation.
What is required to set up a bank account in Singapore?
Firstly, a Director’s Resolution must be passed to agree to the signatory(s) (and administrator(s) in the case of Internet banking) of the company bank account. A separate Director’s Resolution is required for each type of banking i.e., checking, internet, and telephone. Secondly, the authorised signatory(s) and the Directors who signed the resolution for opening the bank account are required to go to the bank in person to open a new account, with a recent copy of the Company’s business profile, M&A and Directors’ Resolution. (In the case of a sole Director who is also the signatory, the Company Secretary will be required to attend.) Most local banks require a minimum deposit of S$1,000.00 for Singapore Dollar accounts or USD$1,000.00 for United States Dollar accounts. Boutique/foreign banks may require a deposit of $10,000 in the respective currencies. We can advise you of monthly balance requirements once you specify your bank preference.
How many agents are required and who can be an agent of a foreign company?
Every foreign company must have at least 2 local agents acting on its behalf in Singapore. They must be Singapore Citizens, Singapore Permanent Residents, or hold an Employment Pass. Money Matters for Expats can provide you with a resident agent, if you require one.
Can a company engage the same external firm for its corporate secretarial, accounting, and auditing requirements?
Yes, you can use a single firm as your corporate secretarial and accounting agents. However because of the auditor’s independence rules, the audit work will have to be done by other auditing firms. We can provide you with a recommendation.
What happens if I am late for my corporate taxes?

Depending on how late you are for your corporate tax filing, there are different actions that the Inland Revenue Authority of Singapore (IRAS) can take against you. First, the IRAS will send you an estimated notice of assessment (NOA) which you are obliged to pay and file within a set deadline. If you are unable to do so, the IRAS will send you an outstanding tax return and/or document(s) and composition Fee notice which you should file and pay for before the due date. If you are still unable to complete this, the IRAS will send you a letter that bears a Notice Pursuant to Section 65B(3) of the Income Tax Act which you should file within 35 days in addition to paying the previous composition fees. Unable to do so will result in a summons being sent to the company and/or director. In addition to attending court hearings, you will be fined a maximum of 1,000 SGD and be required to submit the documents and pay the fees before a set deadline.

What are the corporate tax submission deadlines?

Form C filing due date is every 30th of November every year. Form C-S2 filing due date is every 30th of November every year for paper filings and 15th of December for e-filing.

Why do I need record keeping for my company?

In addition to being required by IRAS to keep proper records and accounts of business transactions, record-keeping also lets you gain insights into how your business is performing. It allows you to see which products or services are profitable and what changes you can apply. Having good records also makes preparation of financial statements easy and accurate, resulting in efficient and on-time tax returns filing.

How do I change from Excel to Xero or Excel to QuickBooks?

Before you can convert from Excel to Xero, you need to set your Xero start date (also conversion date), which is recommended to be the start of the financial year or the start of the sales tax reporting period. To move your data from Excel to Zero, you need to download Xero’s CSV import template. Copy your data over to the template and save it as a CSV. Then import the file into Xero. A conversion date is important as matching all historical data from years ago will be time-consuming and costly. So, it is more practical to set a conversion date and simply entering bills and invoices during that time.

To move your data from Excel to QuickBooks, you need to install first the QuickBooks Import and CSV toolkit. From your Excel, you can import customer, vendor, items, and chart of accounts data. The toolkit wizard will instruct you on how to enter your data in the provided spreadsheet template and how to map your accounts.

What is cloud accounting? Can I use it?
Cloud accounting is a new method of accessing your accounting software from any web browser. It is different from a traditional accounting software where you need to install the application on your desktop hard drive. Cloud accounting lets you log in to your records anytime, anywhere. It can help improve your bookkeeping efficiency, streamline your financial processes, and provide real-time and secure access to your financial data.
How can I change accountants?

Changing accountant is a simple and straightforward process. First, you find and engage a new accountant through a formal latter that also states agreement for services. When all has been agreed upon, you need to inform your existing accountant about your intentions of changing to a new one. Your new accountant may also issue a notice of takeover. Both parties will proceed to courier of files and information from your existing accountant to a new one. You will be set up in your new accountant’s system, and the takeover is finalised and closed.

What is the difference between a bookkeeper and an accountant?

A bookkeeper is tasked with recording a company’s financial information, while an accountant is to analyse and develop insightful reports out of the data. A bookkeeper’s job is transactional and administrative where it involves handling of the daily tasks of recording purchases, receipts, sales, payments, and other financial transactions. On the other hand, an accountant’s job is subjective, where it involves providing financial insights that are based on the bookkeeper’s recorded data.

What is a financial statement?

A financial statement is a document that shows a company’s business activities and financial standing. It is audited by government agencies, accountants, and business partners for purposes of accuracy, tax, financing, and investment.

A financial statement is comprised of three main parts. An income statement or profit and loss statement that indicates how much profit or loss a company has incurred. A balance sheet or statement of financial position that shows a company’s assets, liabilities, and shareholder’s equity. And a cash flow statement that provides information as to how a company generates cash to fund activities, investments, and debt obligations

Ready to get started?

Make running your business in Singapore easier with our flexible and reliable accounting services.

Not sure where to begin?

Get a free 30-minute consultation on starting and operating your company
in Singapore.

Alan, Commercial director
Acclime Singapore Pte. Ltd.
UEN 200501892E

© Acclime | Privacy policy