Bookkeeping for Singapore SMEs — Costs and fees breakdown

Bookkeeping for Singapore SMEs typically costs between S$150 and S$800 a month depending on transaction volume, with year-end unaudited financial statements adding S$500 to S$2,500. This guide breaks down what drives the fees, the statutory records you must keep, and the timelines that matter for tax and ACRA compliance.

What bookkeeping for Singapore SMEs involves

Bookkeeping is the systematic recording of a company’s financial transactions: sales, purchases, receipts and payments. For Singapore SMEs it underpins GST returns, corporate tax filing and the statutory financial statements required under the Companies Act 1967. Section 199 of the Companies Act 1967 requires a company to keep accounting records that sufficiently explain its transactions and financial position, and to retain them for at least five years, which is the legal foundation for every bookkeeping engagement. Record-keeping expectations for tax are set out by IRAS.

Who needs it

Every active company needs proper books, but the intensity varies. A dormant holding company may need only a few entries a year, while a GST-registered trading company with hundreds of monthly transactions needs disciplined monthly bookkeeping. Family offices and investment holding companies have their own patterns; our guide to the Section 13D offshore fund scheme shows how investment entities are treated differently for tax.

Cost and fee breakdown (2026)

Monthly bookkeeping fees in 2026 commonly run: micro companies with under 30 transactions a month, S$150 to S$300; small companies with 30 to 100 transactions, S$300 to S$600; and busier SMEs, S$600 to S$1,200. Xero or QuickBooks subscriptions add S$40 to S$90 a month. Year-end compilation of unaudited financial statements to the SFRS framework costs S$500 to S$2,500. GST return preparation, where registered, adds S$150 to S$400 per quarter.

Timelines and thresholds

GST registration becomes compulsory once taxable turnover exceeds S$1,000,000 in a 12-month period. GST-registered businesses file returns quarterly, usually within one month of the accounting period end. Estimated Chargeable Income must be filed with IRAS within three months of the financial year end unless the company qualifies for a waiver. Keeping books current month by month is what makes these deadlines cheap to meet.

Step-by-step: setting up SME bookkeeping

First, choose accounting software and a chart of accounts suited to the business. Second, connect bank feeds so transactions import automatically. Third, agree a monthly close routine, reconciling bank, receivables and payables. Fourth, review GST treatment on each transaction where registered. Fifth, produce management accounts monthly and financial statements annually. For a fuller operational walkthrough, see our companion piece on bookkeeping for Singapore SMEs step by step. Accounting standards are maintained by the Accounting Standards Council.

Common mistakes and gotchas

The frequent errors are mixing personal and company expenses, missing the S$1,000,000 GST threshold, failing to reconcile bank accounts monthly, and leaving everything to year end, which inflates fees. Hiring an in-house bookkeeper triggers employment obligations, so founders scaling up should review the EntrePass founders walkthrough if foreign talent is involved.

Documents and information you will need

Accurate output depends on complete source records: bank statements for every account, sales invoices, purchase invoices and receipts, payroll records, loan and lease agreements, and fixed-asset registers. For GST-registered businesses, tax invoices must meet IRAS content requirements. The opening balances from the prior year’s financial statements must reconcile. Providing these promptly each period is the single biggest driver of lower fees and faster turnaround.

Consequences of getting it wrong

Inaccurate books lead to wrong GST returns and understated or overstated tax, both of which expose the company to IRAS penalties and interest. Poor records can invalidate the audit-exemption position and complicate financing. Directors remain responsible under the Companies Act 1967 for keeping proper records, so weak bookkeeping is ultimately a governance risk, not merely an administrative one.

How we can help

Raffles Corporate Services handles the full lifecycle described above: gathering the documents, meeting the deadlines, and coordinating with the relevant authority so nothing falls through the cracks. We work with a panel of corporate and employment law firms where formal legal advice is needed, and we keep fees transparent and fixed where possible so you can budget with confidence. Engaging early, before deadlines loom, is consistently the cheapest path.

FAQs

How much does bookkeeping cost for a Singapore SME? Usually S$150 to S$800 a month depending on transaction volume, plus year-end financial statements.

Do I have to use accounting software? It is not legally mandatory, but software makes meeting the Section 199 record-keeping obligation far easier and cheaper.

When must I register for GST? When taxable turnover exceeds S$1,000,000 over 12 months, or on a voluntary basis earlier.

How long must records be kept? At least five years under the Companies Act 1967 and IRAS rules.

Need help with this? Call, SMS or WhatsApp +65 8501 7133, or email [email protected]. Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.