Accounting for tech companies, simplified

Accounting for tech companies involves systematically recording, analyzing, and reporting financial transactions specific to the technology sector. This includes managing revenue from software sales, subscription services, and intellectual property, as well as tracking expenses related to research and development. Proper accounting ensures compliance with financial regulations, provides insights into financial health, and aids in strategic decision-making.

By leveraging Osome's expertise and technology, you can ensure your tech company's accounting and compliance functions are efficiently managed, allowing you to concentrate on innovation and growth.

When establishing your accounting function in Singapore, consider the following:

• Compliance with Singapore Financial Reporting Standards (SFRS): Ensure your financial statements adhere to local accounting standards.
• Setting Up a Robust Accounting System: Invest in reliable accounting software that supports multi-currency transactions and integrates with other business tools.
• Hiring a Qualified Accountant: Engage an accountant experienced in the tech industry to provide strategic financial advice and ensure compliance with local regulations.
• Separating Personal and Business Finances: Maintain separate bank accounts to simplify accounting and protect personal assets from business liabilities.
• Understanding Tax Obligations: Familiarize yourself with Singapore's tax incentives and schemes for startups, such as corporate tax exemption.

Many businesses consider setting up an in-house finance team, but the costs can quickly add up. Here’s what you’re looking at for a company generating more than $900K in annual revenue:

• Staffing Costs: Hiring a full-time accountant or finance manager can cost anywhere from $50,000 to $70,000 annually, including salaries and benefits.
• Tool Costs: Essential tools like QuickBooks, Xero, document processing and payroll management software can cost an additional $1,000 to $5,000 per year.
• Hidden Costs: Training staff, ensuring compliance, and correcting errors add further expenses, not to mention the opportunity cost of your time spent overseeing these operations.

With Osome, the cost starts from around $3,000 annually (both for services and software)

We've developed proprietary software that you can access from your desktop or a mobile app. This software provides daily updates of your balance from all linked bank accounts, your pending invoices, and lists documents that need to be uploaded. Additionally, we provide swift responses to queries via chat, keep track of important deadlines, and reconcile daily transactions.

Absolutely. We make the transition seamless on your end. We’ll get in touch directly with your current accounting service provider, take over all your financial documents, and audit them to make sure your company is compliant. We check for any loose ends with HMRC, organise historical data, and then prepare and file necessary reports. We offer up ongoing advice about relevant tax exemptions, helping you be smarter with your taxes. Now that your accounting is in good hands, you can focus on what you do best: running your business.