Accounting Services in Singapore by Professionals
- Dedicated accountant available daily
- Automated admin saves us to 8 hours a week
- Certified management accounting
- No-sweat tax and bookkeeping
Financial management tools and an accountant all in one?
That's Osome.
Personal accountant
Your dedicated expert who knows you and your business and replies within 24 hours
Management reports
We prepare Profit & Loss, Balance sheets, Aged Payables and Recievables
Corporate Tax
We calculate Corporate Tax and file it with IRAS — always on time, of course
Tax savings
We make sure you're paying the right tax and identify appropriate tax deductions
Bookkeeping
We collect all your documents and accurately match them against transactions every day
Bank connections
Connect your bank accounts to see your cash flow updated
Bank reconciliation
Get your bank account transactions categorised and reconciled
GST filings
We calculate GST and file GST returns online securely with IRAS
Cash balance
See your cash balance, check financial health and track metrics
Invoice management
Quick and easy invoicing with saved contacts and a dashboard to reflect invoice statuses
E-commerce insights
Connect your marketplaces to compare performance and see sales and return trends
Multi-currency
Pay and get paid in over 150 currencies
Why Osome
Your one accounting person
Meet your Chartered Accountant, who’ll be your point of contact, advisor, and the one in charge. He’ll track filing deadlines, suggest tax exemptions, and highlight issues in the reports.
Smart automated accounting software
We automated everything you’re doing manually – uploading bank documents, invoices, bills, expenses. We process them within minutes and return reports and tax filings.
No mess-ups
Together the person and the software make sure you’re always on top of your accounting and compliance tasks. We calculate taxes, ensure you get reliefs and exemptions, advise on the schemes, follow up on the deadlines, even for sales outside Singapore.
What you need to know about accounting in Singapore
Here are some details on the official requirements in Singapore. Need help? Get in touch with one of our Certified Accountants.
Filing deadlines
Financial Year End (FYE)It’s a basic deadline for filing your reports. You can choose any date.
Estimated Chargeable Income (ECI)You file taxable income minus all tax-allowable expenses 3 months after the FYE.
C-S/C, the Annual Tax ReturnsYou report your taxes following these standards a year after the FYE.
To learn more, download our checklist. It explains the filing requirements and penalties for missing deadlines.
Sample reports
Here are the most common reports we assist our clients with. Feel free to use them to get an idea of what is expected from your business. Do note that these are just samples, so make sure you check if there are any new regulations or specific requirements for your industry.
Download the sample of Management Report Download the sample of Tax Report Download the sample of Unaudited Financial Statements
Key tax rates
We list the taxes you have and don’t have to pay below and explain exemptions in the checklist.
Corporate tax — 17% and lowerFor SME eligible for SUTE or PTE exemptions.
Tax on dividends and on capital gains — NilAs Singapore has a one-tier tax system.
GST — 0%If your turnover is below S$1M.
GST — 7%If your turnover is above S$1M or expected to grow to that level.
Who we help
- Start-ups
- Small business
- Growing companies
- Big corporations
Switch to an accountant who always answers
Do you have a sort-of solution for your financial needs? If you still have to spend hours on it, your solution isn’t good enough.
Pay upfront for the year and get 2 months for free
You don’t measure your business by the number of transactions, so neither do we. Our accounting packages are tied to your revenues. All our packages come as they are, no extra charges — simple and straightforward.
What’s your average monthly ?
Need more?
Additional services you may need
- Multicurrency accounting S$200/y
- Unaudited Financial Statements + Tax S$800
- Consolidated Unaudited report S$1,000
- Dormant Accounting S$300
- Full XBRL S$500
- GST Registration S$300
- Payroll, per person S$25/m
Joining Osome is as easy as 1‑2‑3
Have a chat
No strings attached - we'll give you a quick tour, show you sample reports and explain how we'll help you with your finances
Get you set up
Once you’re ready to get started, we will set up all connections, and start automating your accounting
Meet your Accountant
You'll meet your dedicated accounting expert who'll check if you have any loose ends with IRAS and ensure you get all available tax exemptions
Upgrade to Osome
Switch to an accountant who always answers
Your transition will be seamless with us. We will handle all financial records for your company and ensure they comply.
Our team will directly contact your current accounting services provider. We will log any loose ends with the government, compile historical data, prepare and file required reports. We’ll inform you about the available tax exemptions, too, so you can pay your taxes wiser.
We got your accounting under control, so you can focus on what’s important: growing your business.
Accounting and bookkeeping services in Singapore for all types of businesses
Need an accountant for your LTD company? Running a start-up? Whether you are a small business, or a large corporation, you can rely on us for full-service online accounting support.
Perhaps, you aren’t registered and considering an accountant for company registration? Thousands of clients trust Osome for services from online bookkeeping and accounting to e-commerce support and company formation.
We work with clients in different industry sectors, and they trust us because we know the unique problems they face in their business.
Yes, please!Business accounting services in Singapore we provide
Government & Tax filing
We prepare and file a company’s Estimated Chargeable Income and Tax Returns with the government.
Daily support
A dedicated accountant knows your business and answers quickly during business hours in a chat. We watch the deadlines, report what’s missing, and take care of your filings on time.
Annual support
If your needs only require annual checkups and filings, you don't need to pay daily support. Our Mini plan offers a dedicated accountant who manages your annual bookkeeping and reports all in one app.
E-commerce solutions
We’re e-commerce natives:
- Automated reconciliation with top marketplaces
- End-to-end taxes in all of your countries of sales
- Optimised for Shopify, Lazada, Shopee, and more
- Real-time analytics
Read more about Osome Accounting Services
Multicurrency Accounting
Multicurrency accounting records transactions in foreign currencies, adds them to financial statements and tax returns
GST Registration
You need to register for GST in Singapore if your company’s turnover is over S$1 million a year
XBRL
XBRL or Extensible Business Reporting Language is a standardised format for financial reporting
Cash Flow & Budgeting
You need to check a company’s cash flow statements to determine its financial performance
Financial Reporting
Financial reporting helps understand the financial standing of a company and the value of a company
We know how to do accounting and optimise tax for your business
Every industry has its perks and complications regarding bookkeeping and accounting. We advise what tax exemptions and tax reliefs your company is entitled to, and we organise your reports exactly the way needed to comply.
Accounting for Software Industry
The economic rise of Singapore relied heavily on hi-tech products. Over the last 40 years, the country has become a world-renowned technology hub. This atmosphere fosters great ideas.
Accounting for Retail Industry
Offline shops have been in relative decline but Singaporeans aren’t buying less, they just buy online. Out of 5.6 million of Singapore’s population, 3.12 million shop online and 998,000 more users will be doing it by 2021.
Accounting for Real Estate Industry
Singapore economy attracts businesses and employees from around the world, so there is a high demand for both residential and commercial estate.
Accounting for Manufacture Industry
Singapore is the 4th largest global exporter of high tech products, with manufacturing contributing about 20% to the GDP. Key industry clusters include electronics, chemicals, biomedical sciences, logistics and transport engineering.
Accounting for Insurance Industry
Singapore is the largest banking and financial network in Southeast Asia. The life insurance market increased by 0.4% in 2019. With financial technology being developed, insurance companies can expand their direct life, general reinsurance, and captive insurance services.
Accounting for Hospitality Industry
Domestic tourism is giving a boost to the hospitality industry as locals look for a holiday. The Singapore government has also launched a S$45 million marketing push to help the tourism industry cope with the impact of the pandemic.
Accounting for Healthcare Industry
The aging population and emerging medical tourism drive healthcare demand in Singapore. New entrants may gain a considerable market share.
Accounting for Financial Industry
Fintech sector is one of the fastest growing industries. Due to the high concentration of financial institutions, the Singapore market welcomes cryptocurrency, blockchain, and mobile banking projects.
Accounting for Entertainment Industry
Singapore’s digital entertainment landscape is growing rapidly. Startups focus on content delivery with more than 7,000 media companies have set up in Singapore.
Accounting for Education Industry
Education is valued in Singapore: 54% of parents say they’d get into debt to fund their children’s studies. Also, the whole region craves online education services, which chimes with global trends.
Accounting for E-commerce Industry
Singapore’s e-commerce market revenue is expected to grow at 11.2% per year reaching US$5.086 billion by 2021. As locals practice social distance during the pandemic, more are turning to online shopping to avoid crowds.
Accounting for Construction Industry
Over the next three years, total construction demand is expected to be between $27 billion and $32 billion. The public sector is on the rise but there are a lot of private projects to join, too.
Accounting for Travel Industry
In 2017, 17.4 million international tourists visited Singapore. That’s three times more than the entire population of the city-state. All these travelers are craving high-quality services.
Accounting for Recruitment Industry
Singapore has a buoyant employment market. Companies turn to HR agencies to find suitable candidates both inside the country and overseas.
Accounting for Shipping Industry
Singapore is connected to more than 600 ports in over 120 countries. This makes a perfect location for the headquarters of a logistics company.
Accounting for Publishing Industry
Singaporeans are a nation of prolific readers. The city-state has one of the highest rates of literacy in the world.
Accounting for Food Industry
Singaporeans are known for their passionate love for food. National cuisines of other countries are always of high demand: in Singapore, there have been 39 Michelin-starred restaurants since 2018.
Trusted by Osome entrepreneurs around the world
89% of customers recommend us
9,500+ clients worldwide
I've moved not just one business to Osome, but a number. If you’re a small business it’s the place to be — you’ll save time and sleep.
Tingsager Michael Tingsager Consulting Pte. Ltd.
Osome is a fantastic partner for the complex accounting needs of our venture-backed corporate structure. Extra credit for helping us with fundraising transactions!
Ajay Gopalakrishnan Digital Services Sg Six Pte. Ltd.
Osome is reasonably priced and very convenient. I ended up signing my documents while I was on the metro!
Randeep Sudan Multivertz Pte. Ltd.
Osome uncovered many issues that went unnoticed by our accountant. Amazing Osome staff now optimises our tax.
Stanislav Karpenko GIVE VISION Pte. Ltd.
Everything was so seamless, it even looked like a fraud 😀 I didn’t have to go anywhere, I just use the web and mobile app to sign the docs.
Ivan Zeljkovic Evans Media Pte. Ltd.
I’m actually surprised they kept all their promises! I found Osome on Friday and on Monday morning everything was ready.
John Lim Artac Pte. Ltd.
Many accountants I reached out to either never responded or charged extortionate amounts of money. I joined Osome and I'm incredibly happy I did.
Pawel Wargan freelancer
They use the Osome app to gently nudge me to send in paperwork, and they provide me with regular updates and reminders regarding finances and filing deadlines.
Dave Wallace DW4DAYS Pte. Ltd.
FAQ
How does accounting work?
Accounting tracks all your business activities and assets. Any time you spend, lose or make money, your bookkeeper adds it to the books. Your accountant then builds reports using these numbers. The government requests these reports to calculate how much tax you owe and whether you are exempted from some of it.
Why is accounting important?
First of all, you have an obligation to report your accounts to the government: that’s how your tax is calculated. Second, accounting is crucial for internal planning and management. Mistakes could be costly: the government punishes wrong reports with fines. Not to mention, you probably base your evaluations and plans on the same numbers. So, making sure your accounting is accurate is crucial.
What are the accounting standards in Singapore?
Singapore has its own system called Singapore Financial Reporting Standards (SFRS). It’s similar to IFRS and it’s accrual-based accounting. Which means transactions are recognised when they take place and not when the money is paid. Outsourced accounting services in Singapore must comply with SFRS requirements.
Can I switch from another accounting firm to Osome?
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 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.
What accounting services do you have for small businesses?
We help small businesses in Singapore with all necessary accounting services. We prepare financial statements, ECI tax reports, XBRL (full and highlights) and handle bookkeeping. We can apply for GST registration and submit regular reports for GST-registered companies. If your case is special, let us know and our specialists will be happy to help with accounting for your company.
In what form should I submit my data?
Osome is an online accounting company. Send us your records in whichever format you have them. Drop your files in our app, store them in a cloud or email to our experts — we’ll take care of the rest.
What do I have to report to the Inland Revenue Authority of Singapore (IRAS)?
All companies are required to submit two corporate income tax returns annually — Estimated Chargeable Income (ECI) within three months from financial year end and Corporate Income Tax Return (Form C/C-S) by 30th November or 15th December if via e-filing. Unless qualifying conditions are met for ECI waiver or company has been granted Waiver of Income Tax Return Submission by IRAS.
How does your accounting software work?
We have developed our own software. We recognise invoices and receipts, reconcile them with transactions, and update your documents and outstanding bank balance daily. We support single and multiple currencies, show actual list of all unpaid invoices and report to you if anything document is missing.
How is income assessed to tax?
Tax is assessed on income earned in the preceding financial year. For example, a tax return for the Year of Assessment (YA) 2019 would be to declare the income earned during the financial year 2018. This tax return is to be submitted by 30th Nov 2019 / e-filed by 15th Dec 2019.
What is the price of accounting services?
There are several types of accounting services in Singapore. Some of the common ones are tax preparation and consultation, along with tracking expenses and revenues. Apart from this, recordkeeping services include billing, taxes, bank reconciliations, general ledger and payroll records. Some bookkeepers also generate financial statements for review.
For those seeking cheap accounting services in Singapore, you can use the below figures as a benchmark:
- Company incorporation services cost about SGD850, per annum, at a minimum
- Accounting and bookkeeping costs around SGD600 per annum
- For corporate secretary services, the average minimum fee is SGD350
- Corporate taxation services typically start at SGD400 per annum
- Payroll services cost roughly SGD15 per employee
How to outsource accounting services in Singapore?
When it comes to outsourcing, you need to look for an accounting services provider in Singapore. They usually offer accounts receivables and payables management, bookkeeping, financial statements and reporting, controller services, financial planning and analysis, cost accounting, forensic accounting and tax reporting and filing.
What’s more, small business entrepreneurs or new foreign investors may require specific accounting services in Singapore. These include GST computation and conversion of financial statements to XBRL (extensible business language) format. Also, generally, most companies incorporated in Singapore and branches of foreign companies (apart from exempt companies) are mandated to prepare annual financial accounts and company financial reports according to the Singapore Financial Reporting Standards (SFRS). And if you are not up-to-date with these regulations, you will need to opt for outsourced services.
Since the year 2011, the Accounting and Corporate Regulatory Authority (ACRA) has established the Financial Reporting Surveillance Programme (FRSP). With this, a selected pool of your company’s financial statements is reviewed to determine if they comply with the SFRS. It is important to note that Singapore is moving towards adopting the International Financial Reporting Standards (IFRS). Accordingly, the preparation of the financial accounts in XBRL format is challenging for those unfamiliar with filing. In this case, it is best to consult a qualified professional from an experienced accounting firm.
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