Your finances sorted with all-in-one accounting services

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.

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, send them to us via the live chat or email to our experts — we’ll take care of the rest.

All companies are required to submit two corporate income tax returns annually: Estimated Chargeable Income (ECI) within three months from the financial year end and Corporate Income Tax Return (Form C/C-S) by 30th November or 15th December if via e-filing. This applies for all businesses unless qualifying conditions are met for an ECI waiver or the company has been granted Waiver of Income Tax Return Submission by IRAS.

We have developed our own software to make the lives of business owners easier. We let you manage invoices and receipts, reconcile them with transactions, and update your documents and outstanding bank balance daily. We support single and multiple currencies, show an actual list of all unpaid invoices and report to you if anything document is missing. Your personal dashboard will give you a snapshot of your business’s finances, including Profit&Loss, whether you’re at home or on the go.

Tax is assessed on income earned in the preceding financial year. For example, a tax return for the Year of Assessment (YA) 2022 would be to declare the income earned during the financial year 2021. This tax return must be submitted by the 30th of November 2022 or e-filed by the 15th of December 2021.

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, record-keeping services include billing, taxes, bank reconciliations, general ledger and payroll records. Some bookkeepers also generate financial statements for review.

For those seeking affordable accounting services in Singapore, you can use the below figures as a benchmark:

• Company incorporation services for locals cost about S$350 per annum, at a minimum

• Accounting and bookkeeping costs start at S$800 per annum

• For corporate secretary services, the average fee is S$350

• Corporate taxation services typically start at S$400 per annum

• Payroll services cost roughly S$25 per employee

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.

Additionally, small business entrepreneurs or new foreign investors may require specific accounting services in Singapore. These include GST calculations and the conversion of financial statements to XBRL (extensible business language) format. 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). If you aren’t familiar with these regulations, it’s best to outsource an accounting service to guide you.

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.

Our pricing is revenue-based. We don’t charge on the number of transactions in your account or the number of invoices you upload. All prices are based on the financial year, not the calendar one.