Discover The Most Common Questions

Monthly bookkeeping in Singapore typically includes the recording of income and expenses, bank reconciliation, general ledger maintenance, and accounts payable/receivable tracking. For GST-registered companies, it also includes GST input/output reconciliation and quarterly GST filing. A well-maintained monthly accounting process helps business owners monitor cash flow, manage budgets, prepare for audits, and ensure accurate tax filing at year-end.

Your FYE should be set upon incorporation and can be any date, though most companies choose 31 March or 31 December to align with Singapore’s tax cycle. For newly incorporated companies, the first FYE can be up to 18 months long. Selecting the right FYE affects the deadlines for your Annual General Meeting (AGM), ACRA Annual Return filing, and IRAS tax submission. Strategic selection can also reduce your compliance burden in the first year.

Yes, unless your company is exempt under the small company audit exemption, you must still prepare unaudited financial statements annually. These typically include the profit and loss statement, balance sheet, cash flow statement, and accompanying notes. These documents are necessary for tax submission to IRAS and are part of your company’s Annual Return filing to ACRA. They also provide critical insights into your business’s financial health and support funding or investor discussions.

While Excel is acceptable for very small or dormant companies, it’s not ideal for businesses with frequent transactions or GST registration. Accounting software offers automation, reduces manual errors, and allows for real-time financial tracking. Many IRAS-compliant platforms also simplify GST submission and tax reporting, saving time and improving accuracy. Using proper software also makes audits and investor reporting easier and more professional.