How Much Does an Accountant Cost in Singapore? [2025 Guide]

Most accounting firms in Singapore won't show you their prices upfront. You have to call or fill in a form, then wait for a quote. It's annoying and wastes your time.

I spent years as an audit manager at KPMG and Deloitte Singapore. The industry has a transparency problem. Firms either hide high prices or want to upsell you on the phone.

Here's what most Singapore SMEs actually pay: Between $1,500 and $15,000 per year for full accounting services, depending on your revenue and how complex your business is.

• Small business (under $500K revenue): $1,500-$8,000/year
• Medium business ($500K-$5M revenue): $7,000-$15,000/year
• Larger SME ($5M+ revenue): $15,000-$60,000/year

But that range means nothing without understanding what you actually get for your money, and what makes some businesses pay more than others.

This guide breaks down exactly what accounting costs in Singapore in 2025. You'll learn what to budget, what to avoid, and how to tell if you're overpaying.

Table of Contents

1. Introduction
2. In-House Bookkeeper vs Outsourcing: Which Costs Less?
3. How Much Do Accounting Services Cost in Singapore?
4. Singapore Accounting Service Prices Breakdown
5. Comparing Accounting Fees: Big 4 vs Small Firms
6. How to Choose an Accountant in Singapore (Without Overpaying)?
7. When to Upgrade Your Accounting Services?
8. Frequently Asked Questions About Accounting Costs in Singapore

In-House Bookkeeper vs Outsourcing: Which Costs Less?

Before you start comparing accounting firms, you need to decide: should you hire someone full-time or outsource?

The answer depends on how much accounting work you actually have and how much you're making.

What Hiring In-House Actually Costs

Junior Bookkeeper: $35,000-$49,000/year

What they DO:

• Daily data entry (invoices, bills, receipts)
• Bank reconciliation
• Basic reports (P&L, Balance Sheet)
• Chase customers for payment
• Process supplier payments
• Petty cash tracking

What they DON'T DO:

• Corporate tax filing (you still need to hire someone)
• GST compliance and filing (lack GST knowledge)
• Financial analysis
• Company secretary work
• Complex accounting adjustments (depreciation, provisions, adjustments)

The catch:

• No backup when they're on leave or sick
• You still need to outsource tax work anyway
• There is no one to train them or update them on newest accounting and tax changes
• They need supervision and training

Experienced Accountant: $56,000-$84,000/year

What they DO:

• Everything a bookkeeper does
• Corporate tax preparation and filing
• GST registration and filing
• Financial analysis and planning
• Tax planning (basic)
• Handle IRAS and ACRA matters
• Manage audit process

What they DON'T DO:

• Work when they're on leave (no backup)
• Handle multiple specialisations at once (payroll + tax + advisory)
• Company secretary services
• Keep up with every tax regulation change

The catch:

• Takes 2-3 months to learn your business
• When they leave, knowledge walks out the door
• Still need to outsource: company secretary ($300-$800/year), audit if required ($3,000-$15,000), specialised tax advice
• No backup during annual leave or MC
• Ongoing training costs to keep skills current

Outsourced Accounting: $1,500-$15,000/year

What you GET:

• Everything handled (bookkeeping, tax, GST, company secretary)
• Team coverage - someone always available
• No leave or resignation problems
• No training time
• Qualified accountants immediately
• Scale up or down as you need

When to Hire In-House

Use this guide based on your revenue:

Under $1M revenue: Don't hire. You don't have enough work to keep someone busy 40 hours a week. Outsource everything.

$1M-$5M revenue: Still probably don't hire unless:

• You process 50+ transactions daily that need immediate recording
• You handle lots of cash that needs daily reconciliation
• You have complex inventory or job costing
• You need someone physically at your office location
• Your operations are too unique for standard outsourcing

$5M-$10M revenue: Consider hiring if:

• Accounting takes more than 2-3 hours every day
• You have multiple entities with consolidation
• You can comfortably afford $50K+ yearly overhead
• You have enough work to keep someone busy full-time

Above $10M revenue: You probably need in-house staff at this level. But many still outsource compliance work and keep in-house for daily operations.

What Each Option Can Handle

Service	Junior Bookkeeper	Experienced Accountant	Outsourced Firm
Daily bookkeeping	✓	✓	✓
Bank reconciliation	✓	✓	✓
Financial statements	Basic	✓	✓
Corporate tax filing	✗	✓	✓
GST filing	✗	✓	✓
Company secretary	✗	✗	✓
Payroll	Basic	✓	✓
Tax planning	✗	Basic	✓
Multiple entities	✗	Limited	✓
Audit support	✗	✓	✓
Advisory	✗	Basic	✓
Backup coverage	✗	✗	✓

When Outsourcing Makes Sense (Most Businesses)

Outsource if you:

• Make under $5M revenue
• Have mostly digital transactions (online banking, e-invoices)
• Can batch receipts weekly instead of processing daily
• Don't need someone sitting at your office
• Want to avoid hiring and managing staff
• Need tax expertise, not just data entry

The math:

• Hiring costs: $35,000-$84,000/year
• Outsourcing costs: $8,000-$45,000/year
• You save: around 50% or $30,000 every year

The Hybrid Approach

Some businesses do both - hire part-time for daily work, outsource the complex stuff.

Part-time bookkeeper ($1,000-$1,500/month) + Outsourced compliance ($2,000-$4,000/year)

Total cost: $14,000-$22,000/year

This works if:

• Revenue between $2M-$5M
• Need someone a few days a week for data entry
• You're comfortable managing staff
• You still want professionals handling tax and compliance

Quick Decision Guide

Your Revenue	Best Option	Annual Cost
Under $500K	Outsource everything	$1,500-$8,000
$500K-$2M	Outsource everything	$7,000-$15,000
$2M-$5M	Outsource (or hybrid)	$14,000-$22,000
$5M-$10M	Hybrid or in-house	$25,000-$50,000
Above $10M	In-house + outsource compliance	$50,000-$100,000+

Bottom line: Unless you're doing $5M+ in revenue or have daily complex accounting that needs immediate attention, outsourcing saves you money and headaches.

Now let's look at what outsourcing actually costs based on what you need.

How Much Do Accounting Services Cost in Singapore?

If you've decided to outsource, the next question is: what level of service do you actually need?

Most firms offer three main packages. The price depends on the service level you choose and how complex your business is.

Yearly Compliance Package: $1,500-$3,000/year

This is the basic package. The accountant processes everything once a year.

What's included:

• Yearly accounting (you give them all receipts at year-end)
• Financial statements preparation
• Corporate tax filing (Form C-S or Form C-S Lite)
• Company secretary services
• ACRA annual return filing

What's NOT included:

• Monthly bookkeeping
• GST filing
• Payroll processing
• Regular financial reports
• Accountant access throughout the year

What makes it cost more:

Transaction volume:

• Under 100 transactions/year: $1,500
• 100-300 transactions/year: $1,800-$2,200
• 300-500 transactions/year: $2,500-$3,000

Business complexity:

• Simple service business (consulting, agency): Base price
• E-commerce with inventory: +$300-$500
• Multiple income streams: +$200-$400
• Foreign currency transactions: +$200-$400
• Loans or financing: +$100-$300

Industry factors:

• Standard service business: Base price
• F&B (cost of goods, inventory): +$300-$500
• E-commerce (multiple platforms, inventory): +$400-$600
• Construction (progress billing, retention): +$500-$800

Real examples:

Example 1: Simple consultancy

• Revenue: $80,000
• Transactions: 50 invoices, 30 expenses
• One director, no staff
• Cost: $1,500

Example 2: E-commerce seller

• Revenue: $150,000
• Transactions: 200+ orders, inventory tracking
• Sells on Shopify + Lazada
• One director, no staff
• Cost: $2,500

Example 3: Small contractor

• Revenue: $180,000
• Transactions: 15 projects, progress claims
• Multiple suppliers, retention accounting
• One director, no staff
• Cost: $2,800

When this package works:

• Revenue under $200K
• Not GST-registered
• No employees (or just yourself)
• You can keep basic records yourself
• You don't need monthly financial updates

When this package DOESN'T work:

• You're GST-registered (need quarterly filing)
• You have employees (need payroll)
• You need regular financial reports
• Your books are a mess and need cleanup

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Monthly Bookkeeping Package: $7,000-$15,000/year

This is what most established SMEs need. You get regular bookkeeping and full compliance.

What's included:

• Weekly or monthly bookkeeping (they update books regularly)
• GST filing (quarterly)
• Corporate tax filing (Form C-S or Form C)
• Financial statements preparation
• Company secretary services
• ACRA annual return filing
• Payroll processing (5-10 employees included)
• Access to your accountant via WhatsApp/call

What's NOT included:

• Tax planning and advisory (basic advice yes, detailed planning no)
• Audit services
• Multiple entity consolidation
• Extra employees beyond included number

What makes it cost more:

Base pricing by revenue:

• $200K-$500K revenue: $7,000-$8,500/year
• $500K-$1M revenue: $10,000-$12,000/year
• $1M-$3M revenue: $13,000-$15,000/year

Employee count:

• Up to 5 employees: Included
• 6-10 employees: Included
• 11-20 employees: +$50/employee/month ($600/employee/year)
• 20+ employees: +$30-$50/employee/month

Transaction volume:

• Under 500 transactions/year: Base price
• 500-1,000 transactions/year: +$1,000-$2,000
• 1,000-2,000 transactions/year: +$2,000-$3,000
• Over 2,000 transactions/year: +$3,000-$5,000

Industry complexity:

• Standard retail/services: Base price
• F&B (inventory, wastage, multiple outlets): +$2,000-$4,000
• E-commerce (multi-platform, dropship, inventory): +$1,500-$3,000
• Construction (progress billing, retention, subcons): +$2,000-$5,000
• Trading (multiple currencies, import/export): +$1,500-$3,000

Software and systems:

• Standard Xero/QuickBooks: Included
• E-commerce integration (Shopify, Lazada, etc.): +$500-$1,000
• POS system integration: +$500-$1,000
• Custom software/multiple systems: +$1,000-$2,000

Urgency fees:

• Standard 4-week processing: Base price
• 3-week rush: +25%
• 2-week rush: +50%
• 1-week rush: +100%

Real examples:

Example 1: Retail shop

• Revenue: $450,000
• GST-registered, quarterly filing
• 3 employees
• Standard POS system
• 600 transactions/year
• Cost: $7,600/year

Example 2: F&B restaurant

• Revenue: $800,000
• GST-registered
• 8 employees (high turnover)
• Inventory management needed
• 1,200 transactions/year
• Multiple suppliers, wastage tracking
• Cost: $12,000/year

Example 3: Interior design firm

• Revenue: $2,000,000
• GST-registered
• 12 employees
• Project-based accounting
• Progress billing
• 800 transactions/year
• Cost: $14,500/year

When this package works:

• Revenue $200K-$5M
• GST-registered
• Have employees
• Need regular financial visibility
• Want someone you can reach when needed

When to upgrade to next level:

• Revenue over $3M and need strategic advice
• Multiple companies that need consolidation
• Want proactive tax planning, not just compliance
• Need cashflow forecasting and financial modeling

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Full-Service + Advisory: $15,000-$50,000+/year

This is for businesses that need strategic support, not just compliance.

What's included:

• Everything in Monthly Bookkeeping Package
• Monthly management reports with analysis
• Tax planning and optimization strategies
• Business structure advice
• Cashflow forecasting
• Financial modeling
• Regular strategic calls with senior accountant
• Proactive advice (they reach out to you)

What's NOT included:

• Audit services (if required, add $5,000-$20,000)
• Legal services
• Fundraising or M&A advisory

What makes it cost more:

Base pricing by revenue:

• $1M-$3M revenue: $15,000-$22,000/year
• $3M-$5M revenue: $22,000-$32,000/year
• $5M-$10M revenue: $32,000-$45,000/year
• $10M+ revenue: $45,000-$80,000+/year

Complexity factors:

• Single entity: Base price
• 2-3 related entities with consolidation: +$3,000-$5,000 per entity
• Multiple business lines: +$2,000-$4,000
• International operations: +$3,000-$8,000
• Complex shareholding structures: +$2,000-$5,000

Advisory needs:

• Basic tax planning (2-3 calls/year): Included
• Regular monthly advisory: +$2,000-$3,000/year
• Intensive planning (restructuring, etc.): +$5,000-$15,000

Real examples:

Example 1: Trading company

• Revenue: $2,500,000
• GST-registered
• 15 employees
• Import/export, multiple currencies
• 2 related entities
• Monthly reports and tax planning
• Cost: $22,000/year

Example 2: Growing e-commerce

• Revenue: $5,000,000
• Multiple entities (Singapore + overseas)
• 25 employees
• Complex inventory across warehouses
• Needs strategic CFO-level input
• Cost: $38,000/year

Example 3: Holding company structure

• Revenue: $8,000,000 (across 3 companies)
• Group consolidation needed
• Property investments + operating business
• Tax optimization planning
• 30 employees total
• Cost: $52,000/year

When this package works:

• Revenue over $1M and growing fast
• Multiple entities or complex structure
• Want to minimise tax legally
• Need strategic financial input
• Making decisions that need financial modelling

Alternative at this level: Many businesses at $5M+ revenue consider hiring in-house ($56,000-$84,000/year) + outsource compliance ($3,000-$5,000/year). Total $59,000-$89,000/year.

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Quick Reference: Which Package Do You Need?

Your Situation	Package You Need	Typical Cost
Under $200K, no GST, no staff	Yearly Compliance	$1,500-$3,000
$200K-$500K, GST-registered	Monthly Bookkeeping	$7,000-$10,000
$500K-$1M, GST + staff	Monthly Bookkeeping	$10,000-$13,000
$1M-$3M, need strategic help	Full-Service + Advisory	$15,000-$25,000
$3M-$5M, complex operations	Full-Service + Advisory	$25,000-$35,000
$5M+, multiple entities	Full-Service or In-house	$35,000-$80,000+

The biggest mistake? Starting with the cheapest package then getting hit with surprise fees when you realize you needed more. Or paying for full-service when yearly compliance is enough.

Next, let's look at pricing if you only need specific services.

Singapore Accounting Service Prices Breakdown

Not everyone needs a full package. Sometimes you just need one or two specific services.

Here's what individual services cost if you buy them separately.

Bookkeeping Only

Monthly bookkeeping: $200-$600/month ($2,400-$7,200/year)

What you get:

• Record all income and expenses
• Bank reconciliation
• Basic P&L and Balance Sheet
• Receipt organisation

What affects the price:

• Under 50 transactions/month: $200-$300/month
• 50-150 transactions/month: $300-$450/month
• 150+ transactions/month: $450-$600/month
• Multiple bank accounts: +$50-$100/month per account
• Inventory tracking: +$100-$200/month
• Multi-currency: +$100-$150/month

Yearly catch-up bookkeeping: $1,000-$3,000

If your books are a mess and need fixing:

• 6 months of backlog: $1,000-$1,500
• 12 months of backlog: $1,500-$2,500
• 18+ months of backlog: $2,500-$4,000+
• Missing receipts (need to reconstruct): +50%

When this makes sense:

• You handle your own tax filing
• You just need books updated
• You already have company secretary services elsewhere

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Corporate Tax Filing Only

Form C-S filing: $500-$1,200

For small companies (revenue under $5M, shareholders under 20):

• Simple business, under $500K revenue: $500-$700
• Standard complexity, $500K-$2M revenue: $700-$900
• Complex or $2M-$5M revenue: $900-$1,200

What affects the price:

• Clean books provided: Base price
• Messy records need sorting: +$200-$500
• Multiple income sources: +$100-$300
• Foreign income: +$150-$400
• Capital allowances claims: +$100-$200

Form C filing: $800-$2,500

For larger companies or those that don't qualify for Form C-S:

• Revenue $5M-$10M: $1,200-$1,500
• Revenue $10M-$20M: $1,500-$2,000
• Revenue $20M+: $2,000-$3,500+
• Group consolidation: +$1,000-$3,000 per entity

ECI (Estimated Chargeable Income) filing: $300-$600

Required within 3 months of financial year-end:

• Simple calculation: $300-$400
• Complex (adjustments needed): $400-$600
• Often bundled free with yearly packages

When this makes sense:

• You do your own bookkeeping
• Books are clean and organised
• You just need someone to file the tax

Reality check: Most firms won't take tax-only clients unless your books are perfect. They don't want the liability of filing based on messy records.

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GST Filing

Quarterly GST filing: $250-$400 per quarter ($1,000-$1,600/year)

What you get:

• Calculate output tax (GST collected)
• Calculate input tax (GST you paid)
• Complete and submit GST F5 form
• Advice on GST treatment for transactions

What affects the price:

• Under 100 transactions/quarter: $250-$300
• 100-300 transactions/quarter: $300-$350
• 300+ transactions/quarter: $350-$400
• Multiple GST schemes (standard + import): +$100/quarter
• Tourist refund scheme: +$150/quarter

GST registration (one-time): $400-$800

• Compulsory registration: $400-$600
• Voluntary registration (more complex): $600-$800

Annual GST filing: $1,000-$1,500

Some small businesses file annually instead of quarterly. Same work, different timing.

When this makes sense:

• You handle bookkeeping yourself
• Just need GST compliance
• Your records are organised

Important: Many accountants won't do GST-only. They need to verify your books are correct before filing GST, so they often require bookkeeping services too.

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Company Secretary Services

Annual company secretary: $300-$800/year

What's included:

• Registered office address
• ACRA annual return filing
• Maintain statutory registers
• File changes (directors, shareholders, address)
• AGM minutes (if required)
• Basic ACRA compliance

What affects the price:

• 1 shareholder, 1 director: $300-$400
• 2-5 shareholders: $400-$500
• 6+ shareholders or complex structure: $500-$800
• Frequent changes: +$50-$150 per change

Ad-hoc changes:

• Change of director: $100-$200
• Change of shareholder: $150-$250
• Change of registered address: $50-$100
• Share transfer: $150-$300

When this makes sense:

• Simple company structure
• Don't need accounting services
• Just need statutory compliance

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Payroll Processing

Per employee: $30-$80/month

What's included:

• Calculate salary, CPF, SDL
• Generate payslips
• CPF submission
• IR8A preparation (yearly)
• IRAS filing

Pricing tiers:

• 1-5 employees: $50-$80/employee/month
• 6-10 employees: $40-$60/employee/month
• 11-20 employees: $30-$50/employee/month
• 20+ employees: $25-$40/employee/month

Setup fee: $200-$500 (one-time)

What increases the cost:

• Variable pay (commissions, overtime): +$10-$20/employee
• Foreign workers (work permit, levy): +$20-$30/employee
• Directors' fees: +$50-$100/year
• Leave management needed: +$8-$15/employee/month

Yearly IR8A filing: Usually included

If standalone: $30-$50 per employee

When this makes sense:

• You handle your own accounting
• Just need payroll done correctly
• CPF and IRAS compliance is confusing

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Financial Statements Preparation

Unaudited financial statements: $500-$1,500

What you get:

• Balance sheet
• Profit & loss statement
• Notes to accounts
• Directors' statement

What affects the price:

• Simple service business: $500-$700
• Standard trading/retail: $700-$1,000
• Complex (inventory, multiple revenue streams): $1,000-$1,500

XBRL filing: +$300-$500

Required for most companies filing with ACRA:

• Simplified XBRL template: +$300-$400
• Full XBRL report: +$400-$600

When this makes sense:

• Books are already done
• Just need formatted statements
• Need ACRA filing completed

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Audit Services

Small company audit: $3,000-$8,000

For companies under $10M revenue:

• Revenue under $5M, simple: $3,000-$5,000
• Revenue $5M-$10M: $5,000-$8,000
• Complex operations: $6,000-$10,000

Medium company audit: $8,000-$20,000

For companies $10M-$50M revenue:

• Standard complexity: $8,000-$12,000
• Multiple entities: $12,000-$18,000
• Complex (consolidation, international): $15,000-$25,000

What increases audit fees:

• First-time audit: +20-30%
• Poor records: +30-50%
• Multiple locations: +$1,000-$3,000 per location
• Inventory count required: +$1,000-$3,000
• Related party transactions: +$500-$2,000

When audit is required:

• Company revenue over $10M
• Public company
• Shareholders require it
• Bank/investor requires it
• Exempt private company that loses exemption

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Advisory and Consulting

Hourly rates: $200-$500/hour

What you get:

• Tax planning advice
• Business structure consultation
• Financial analysis
• Ad-hoc support

Rate tiers:

• Junior accountant: $150-$250/hour
• Senior accountant: $250-$350/hour
• Manager level: $350-$450/hour
• Partner/director level: $450-$600/hour

Monthly retainer: $2,000-$5,000/month

For ongoing advisory:

• Basic (2-3 hours/month): $2,000-$2,500/month
• Standard (4-6 hours/month): $2,500-$3,500/month
• Intensive (8-10 hours/month): $3,500-$5,000/month

What you get on retainer:

• Regular calls/meetings
• Priority response
• Proactive advice
• Email/WhatsApp access

Project-based advisory:

• Business restructure: $3,000-$10,000
• Tax optimisation review: $2,000-$5,000
• Cashflow modelling: $1,500-$4,000
• Business valuation: $3,000-$15,000

When this makes sense:

• Need expert input on specific issues
• Don't need full-service accounting
• Have complex tax or structure questions

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When À La Carte Makes Sense vs Packages

Buy individual services if:

• You handle most accounting yourself
• Your books are organised and clean
• You only need specific compliance work
• You have in-house bookkeeping staff
• You're on a very tight budget

Buy a package if:

• You need 2+ services regularly
• Your books need proper maintenance
• You want one firm handling everything
• You value having someone to call
• You're GST-registered with employees

The math:

Example business: $600K revenue, GST-registered, 5 employees

À la carte approach:

• Bookkeeping: $300/month x 12 = $3,600
• GST filing: $300/quarter x 4 = $1,200
• Tax filing: $900
• Company secretary: $400
• Payroll: $50 x 5 x 12 = $3,000
• Total: $9,100/year

Monthly package:

• All of the above included: $10,000/year
• Plus you get an accountant you can call anytime

The package costs $900 more but you get support and someone managing everything. Most businesses find that worth it.

Next, let's look at the different types of firms and what to expect from each.

Comparing Accounting Fees: Big 4 vs Small Firms

Not all accounting firms are the same. The type of firm you choose affects what you pay and what you get.

Here's what to expect from each tier.

Big 4 Firms (KPMG, Deloitte, PwC, EY)

Typical pricing: $20,000-$100,000+/year

What you actually get:

• Brand name recognition (helps with investors, banks, IPO)
• Deep technical expertise (IFRS, complex tax, international)
• Global network (offices in 100+ countries)
• Large teams (but you deal with juniors most of the time)
• Extensive resources and research
• Strong audit and assurance capabilities

What services cost:

• Basic compliance (bookkeeping + tax): $20,000-$40,000/year minimum
• Audit for SME: $15,000-$50,000
• Tax advisory: $300-$600/hour
• Full-service for $10M+ company: $50,000-$150,000+/year

When it makes sense:

• Revenue over $10M and complex operations
• Going for IPO or major fundraising
• International operations in multiple countries
• Regulatory requirements (banks, MAS-regulated, etc.)
• Need Big 4 name for credibility with investors
• Complex group structures with consolidation

When it's overkill:

• Revenue under $10M
• Standard Singapore operations only
• Simple business structure
• You need someone responsive and accessible
• You can't afford $30K+ yearly fees

Reality check from my Big 4 experience:

I spent years as an audit manager at KPMG and Deloitte. Here's what they don't tell you:

• Most work is done by junior staff (2-3 years experience)
• Partners are expensive and rarely available
• You're a small fish if you're under $10M revenue
• Response times are slow (days to weeks)
• They have minimum fee requirements
• Everything is billable (even quick questions can be charged)

Big 4 firms are excellent at what they do, but most SMEs don't need that level and can't afford it.

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Mid-Tier Firms (Baker Tilly, RSM, Nexia, PKF, etc.)

Typical pricing: $10,000-$40,000/year

What you get:

• Balance of expertise and cost
• More partner access than Big 4
• Strong technical capabilities
• Regional network (not as extensive as Big 4)
• Better service for mid-sized companies
• More attention than you'd get at Big 4

What services cost:

• Full compliance package: $12,000-$25,000/year
• Audit: $8,000-$25,000
• Tax advisory: $250-$400/hour
• Advisory services: $200-$350/hour

When it makes sense:

• Revenue $5M-$20M
• Need audit but Big 4 is too expensive
• Moderate complexity (2-3 entities, some international)
• Want expertise without Big 4 price tag
• Need industry specialisation
• Growing fast and might need audit soon

When it's not necessary:

• Revenue under $5M with simple operations
• Don't need audit
• Want someone very accessible and responsive
• Prefer WhatsApp communication over formal emails

What to watch for:

• Can still be slow to respond (you're competing with bigger clients)
• May have minimum fees ($10K-15K/year)
• Junior staff do most of the work
• Partner time is limited and expensive

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SME-Focused Firms (Tax Filing SG, Sleek, Osome, etc.)

Typical pricing: $1,500-$15,000/year

What you get:

• Affordable pricing for small businesses
• Fast response times (hours, not days)
• Direct access to qualified accountants
• No minimum fees or revenue requirements
• Modern tools and platforms
• Specialised in SME needs

What services cost:

• Yearly compliance: $1,500-$3,000
• Monthly bookkeeping package: $7,000-$15,000
• GST filing: $250-$400/quarter
• Tax filing only: $500-$1,200
• Advisory: $200-$350/hour

When it makes sense:

• Revenue under $5M
• Standard Singapore operations
• Don't need audit (yet)
• Want someone accessible and responsive
• Need practical advice, not complex theory
• Value fast turnaround
• Prefer WhatsApp/call over formal meetings

Quality differences between SME firms:

Not all small firms are equal. Here's what to look for:

Good SME firms:

• Qualified accountants (CA, ACCA, CPA)
• Clear pricing upfront
• Fast response (24-48 hours)
• Industry experience
• Good reviews/testimonials
• Modern accounting software (Xero, QuickBooks)

Bad SME firms (avoid):

• Vague pricing ("depends on scope")
• Slow response (take days to reply)
• Unqualified staff
• No digital tools (still use Excel)
• Hidden fees everywhere
• Poor communication

My firm (Tax Filing SG) positioning:

As a former KPMG and Deloitte audit manager, I bring Big 4 technical expertise to SME clients at affordable prices:

• Big 4 training and experience (statutory audit, SFRS, IFRS)
• SME pricing ($1,500-$15,000/year range)
• Fast response (hours, not days - often within 1 hour)
• Direct WhatsApp access
• No hidden fees
• Get things done quickly

I saw too many small businesses overpaying for Big 4 services they didn't need, or getting poor service from cheap firms with unqualified staff. There's a better middle ground.

---

Pricing Comparison Table

Firm Type	Yearly Cost	Response Time	Best For	Skip If
Big 4	$20K-$100K+	Days to weeks	$10M+ revenue, IPO, complex international	Under $10M, want accessibility
Mid-Tier	$10K-$40K	1-3 days	$5M-$20M, need audit, moderate complexity	Under $5M, simple operations
SME Firms	$1.5K-$15K	Hours to 1 day	Under $5M, standard operations, want responsiveness	Complex consolidation, need Big 4 brand

Real Cost Comparison Example

Let's say you run a $2M revenue trading company, GST-registered, 10 employees, need monthly bookkeeping and tax filing:

Big 4 option:

• Monthly accounting: $3,000-$4,000/month
• Annual total: $36,000-$48,000/year
• Response time: 2-3 days
• Deal with: Junior staff mostly

Mid-Tier option:

• Monthly accounting: $1,500-$2,000/month
• Annual total: $18,000-$24,000/year
• Response time: 1-2 days
• Deal with: Mix of junior and senior staff

SME firm option:

• Monthly package: $13,000-$15,000/year
• Response time: Same day to 24 hours
• Deal with: Qualified accountant directly

You save $21,000-$35,000/year going with an SME firm, and get faster service.

When to Upgrade from SME Firm to Bigger Firm?

You should consider moving up when:

• Revenue exceeds $10M consistently
• Need statutory audit
• Going for IPO or major fundraising
• International expansion (10+ countries)
• Complex group structures (5+ entities)
• Industry requires Big 4 (banking, insurance, MAS-regulated)
• Investors/banks require Big 4 audit

Until then, a good SME firm with qualified accountants gives you everything you need at a fraction of the cost.

Next, let's look at how to choose wisely and avoid getting ripped off.

How to Choose an Accountant in Singapore (Without Overpaying)?

Now you know what things cost. But how do you actually choose without getting ripped off?

Here's what to watch for and what questions to ask.

Hidden Costs and Red Flags

Most surprise fees come from these areas:

Setup and Onboarding Fees

What firms charge:

• Setup fee: $200-$800 (one-time)
• Migration from previous accountant: $300-$1,000
• Software setup: $100-$300
• Initial cleanup: $500-$2,000

What's reasonable:

• Small setup fee ($200-300) is normal
• First-time cleanup if your books are messy: Fair to charge
• Migration assistance: Should be included or minimal ($200-300 max)

Red flag:

• Charging $500+ setup when your books are clean
• Surprise "onboarding" fees not mentioned in quote
• Charging you to learn your business

Ask upfront: "What are all one-time fees to get started?"

---

Per-Transaction Charges

Two ways firms handle this:

Fair approach (disclosed upfront for estimation):

• Use transaction volume to estimate monthly fee: e.g., $5/transaction
• Quote based on 3-month average
• Keep price stable month-to-month
• Only adjust if volume trends up consistently (3+ months)

Example: You average 150 transactions/month = 150 × $5 = $750/month quoted. If one month you have 180, price stays $750. Only adjusted if you're consistently at 200+ for several months.

This is fair because:

• Disclosed upfront
• Predictable monthly cost
• Based on averages, not daily fluctuations
• Reflects actual work required

Unfair approach (hidden surprise charges):

• Base price quoted, transaction fees "additional"
• Charge per transaction with no cap: $1-2 each
• Bill fluctuates wildly month to month
• Not disclosed clearly in initial quote

Example: Quoted $500/month "plus transaction fees". First month: 300 transactions × $1.50 = $450 extra. Total $950. You thought it was $500.

This is unfair because:

• Surprise fees not in original quote
• Unpredictable costs
• Penalises business growth
• Hard to budget

My approach at Tax Filing SG: I use $5/transaction to estimate monthly fees based on 3-month average volume. The quoted price stays consistent unless your volume trends up significantly for 3+ months, then we discuss adjusting. Everything disclosed upfront in the quote.

Ask upfront: "How do you handle transaction volume? Is it a fixed monthly price, or does it fluctuate? How is it calculated?"

Software Subscription Add-ons

What firms charge:

• Xero/QuickBooks subscription: $30-$70/month
• Integration apps: $20-$100/month
• Receipt scanning apps: $10-$30/month
• Payroll software: $20-$50/month

What's reasonable:

• Software costs are real, but firms often get volume discounts
• Some include it, some pass it through
• Should be clear upfront

Red flag:

• Charging you full retail price when they get wholesale rates
• Forcing you to use expensive software when cheaper options exist
• Not disclosing software costs until first bill

Ask upfront: "Are software subscriptions included, or charged separately? How much?"

---

Amendment and Revision Fees

What firms charge:

• Tax amendment after filing: $200-$500
• Financial statement revisions: $150-$400
• Re-submission to IRAS/ACRA: $100-$300

What's reasonable:

• First revision if it's their mistake: Free
• Revision due to new info you provided late: $150-300 is fair
• Major restructure of filed returns: $300-500 is reasonable

Red flag:

• Charging for fixing their own mistakes
• Charging $500+ for minor amendments
• No clear policy on revisions

Ask upfront: "What if something needs to be amended after filing? What's your revision policy and cost?"

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"Consultation" and Advisory Charges

What firms charge:

• Quick questions included in service
• Advisory calls: $50-$250 per session
• Complex advice: $200-$500/hour
• Ongoing advisory: $2,000-$5,000/month retainer

What's reasonable:

• Quick questions about your accounts: Should be included
• "How do I record this transaction?": Included
• "Is this expense tax deductible?": Included
• "When is my tax deadline?": Included
• Strategic tax planning (requires research/analysis): $50-$250 fair
• Complex restructuring advice: $200-$500/hour fair

What's NOT reasonable:

• Billing for every 5-minute question
• Charging to answer basic questions about your own accounts
• Refusing to clarify their work without extra payment

Reality check: Most SME clients don't want to pay for advisory even when offered. They want quick answers to immediate questions, not strategy sessions. Good accountants include reasonable support as part of service.

My approach at Tax Filing SG: Basic questions about your accounts are included. If you need tax planning advice or strategic consultation that requires significant time, I charge $50 onwards depending on complexity..

Ask upfront: "What support is included? If I have a tax question that needs research, how is that charged?"

Rush and Urgency Fees

What firms charge:

• 25% extra for 3-week turnaround (vs standard 4 weeks)
• 50% extra for 2-week rush
• 100% extra for 1-week rush

What's reasonable: These fees are fair IF:

• You're asking them to drop other work
• It's genuinely rushed (you're near deadline)
• The percentage is disclosed upfront

What's NOT reasonable:

• Charging rush fees when you gave them adequate time but they procrastinated
• Making you rush because they're behind schedule
• Not disclosing rush fee structure

My approach at Tax Filing SG: 25% for 3 weeks, 50% for 2 weeks, 100% for 1 week. Clear upfront. If I'm slow and you're near deadline, no rush fee.

Ask upfront: "What's your standard turnaround? What if I need it faster?"

---

Scope Creep Charges

How this happens: You sign up for "monthly bookkeeping" but later get bills for:

• "Complex reconciliation": +$200
• "Extra analysis required": +$150
• "Additional schedules": +$100
• "Special handling": +$75

What's reasonable:

• Genuinely out-of-scope work: Fair to charge
• You added a new company: Fair to charge
• You changed business model significantly: Fair to charge

Red flag:

• Billing for "complexity" that should've been obvious from the start
• Constant surprise charges for "extra work"
• Vague scope that allows them to bill for anything

Ask upfront: "What exactly is included? What would be considered out of scope?"

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Quick Pricing Benchmark: The 1% Rule

Rough guideline for annual compliance packages:

Your accounting fees should be roughly 1% of your annual revenue for basic yearly compliance (no monthly bookkeeping, no GST).

Examples:

• $100,000 revenue → ~$1,000 accounting fee
• $150,000 revenue → ~$1,500 accounting fee
• $200,000 revenue → ~$2,000 accounting fee

This works for:

• Yearly compliance only
• Standard service business
• No GST, simple structure

Add more if you have:

• Monthly bookkeeping needed: +$3,000-$6,000/year
• GST filing: +$1,000-$1,600/year
• Employees/payroll: +$50/employee/month
• Complex operations: +$1,000-$3,000/year

This is just a starting benchmark. Use it to check if quotes are reasonable, but remember complexity matters more than revenue.

Questions to Ask Before You Sign

Print this list and ask every firm you're considering:

About Pricing

1. "What's the total all-in price per year, including everything?"
2. "What's included in that price? What's extra?"
3. "Do you charge per transaction, or is it flat fee?"
4. "Are software costs included?"
5. "What are your revision/amendment fees?"
6. "Can I call or message with questions without being charged?"
7. "What triggers price increases?"
8. "Do you have setup or onboarding fees?"

About Service

9. "What's your typical response time?"
10. "Who will handle my account? Can I meet them?"
11. "What if that person leaves? What's the backup?"
12. "How do I contact you? (Email, WhatsApp, phone?)"
13. "What's your process for monthly/yearly work?"
14. "When will I receive my financial reports?"
15. "How do I submit receipts and documents to you?"
16. "What accounting software do you use?"

About Experience

17. "What's your experience with businesses like mine?"
18. "What qualifications do your accountants have?"
19. "Have you handled [my specific situation] before?"
20. "Can I speak to 2-3 current clients as references?"

About Deadlines and Process

21. "What information do you need from me and when?"
22. "What's your process if we're near a deadline?"
23. "Have you ever missed a filing deadline? What happens if you do?"
24. "How far in advance do you need documents?"

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How to Evaluate Proposals

You've got 3 quotes. Now what?

Don't Just Pick the Cheapest

Example:

• Firm A: $6,000/year
• Firm B: $8,500/year
• Firm C: $12,000/year

Your instinct: Pick Firm A, save $2,500.

But check:

Firm A ($6,000):

• Excludes GST filing (+$1,000)
• Charges per transaction (+$1,200)
• Software not included (+$720)
• Limited support (1 call/quarter)
• Real cost: $8,920 + poor service

Firm B ($8,500):

• Everything included
• Unlimited questions
• Fast response
• Experienced staff
• Real cost: $8,500

Firm B is actually cheaper AND better.

Compare Apples to Apples

Make a spreadsheet:

What's Included	Firm A	Firm B	Firm C
Monthly bookkeeping	✓	✓	✓
GST filing	Extra $1K	✓ Included	✓ Included
Tax filing	✓	✓	✓
Company secretary	Extra $400	✓ Included	✓ Included
Payroll (5 staff)	Extra $3K	✓ Included	Extra $2K
Software	You pay	✓ Included	You pay
Support	Limited	Unlimited	Unlimited
True Total	$10,400	$8,500	$14,000

Now you can actually compare.

Red Flags in Quotes

Avoid firms that:

• Give vague ranges without committing ("$3,000 to $8,000 depending")
• Say "we'll quote after we see your books" but won't give a range
• Have long lists of exclusions and add-ons
• Can't explain clearly what's included
• Price seems too good to be true (it is)
• Refuse to put pricing in writing

Good quotes have:

• Clear total price
• List of what's included
• List of what's extra and how much
• Response time commitments
• Clear scope
• Fixed term (12 months)

---

What You Can Negotiate

What's typically negotiable:

• Setup/onboarding fees (ask them to waive)
• First-year discount (10-20% off)
• Multi-year contract discount
• Package adjustments (remove services you don't need)
• Payment terms (monthly vs yearly)

What's usually not negotiable:

• Hourly rates for advisory
• Statutory filing fees (these are time-consuming)
• Audit fees (heavily regulated)
• Software subscription costs (they pay this too)

Negotiation tips:

• "Can you waive the setup fee if I commit to 12 months?"
• "I'm comparing 3 firms. Can you match [competitor price] if everything's included?"
• "Can I get 10% off if I pay the full year upfront?"
• "I don't need [service X]. Can we remove that and reduce the price?"

Don't be afraid to negotiate, but don't be annoying:

• Asking for 10% off: Reasonable
• Asking for 50% off: Insulting
• Asking to match a competitor's price: Reasonable
• Haggling over every $50: Annoying

---

Contract Terms to Review Carefully

Before you sign, check these:

Contract Length

• 12 months is standard
• Watch for auto-renewal clauses
• Check termination notice period (30-60 days is fair)

What Happens If You Terminate Early

• Some charge balance of contract
• Some charge termination fee
• Some let you leave with 30 days' notice
• Get this clear before signing

Price Increase Terms

• Can they increase prices mid-contract? (Should be no)
• How much notice for price increases? (30-60 days minimum)
• Is increase capped? (10-15% max is reasonable)

Liability and Mistakes

• What if they miss a deadline?
• What if they make a mistake?
• Do they carry professional indemnity insurance?
• What's their liability cap?

Data and Documents

• What happens to your records if you leave?
• Do you get all source documents back?
• Will they provide handover to new accountant?
• In what format do you get your data?

Scope Changes

• How are scope changes handled?
• What's the process for adding services?
• How much notice for price adjustments?

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What "Cheap" Actually Costs You

Scenario: You hire the $4,000/year firm instead of the $8,000/year firm

What actually happens:

Year 1:

• Late GST filing: $200 IRAS penalty
• Missed tax deadline: $200 fine + 5% penalty on tax
• Wrong tax calculation: Paid $1,500 extra tax (could've been optimised)
• Had to spend 20 hours chasing them: 20 hours × $100/hour opportunity cost = $2,000
• Stress and frustration: Priceless

Real cost of "cheap" firm: $4,000 + $200 + $200 + $1,500 + $2,000 = $7,900

Plus:

• Bad records make next year harder
• May need to hire someone else to fix mistakes
• Your books are a mess

Better firm at $8,000:

• Everything done correctly and on time
• Tax properly optimised
• No stress
• Your time saved

Real value: $8,000 investment, $2,000+ saved in tax and penalties = $6,000 net cost

The "expensive" firm is actually cheaper.

---

When to Pay More vs When to Push Back

Worth paying more for:

• Industry expertise (they understand your business)
• Qualified accountants (CA, ACCA, CPA)
• Fast response times (hours vs days)
• Proven track record
• Good references
• Modern systems and tools

Push back on:

• Hidden fees and surprise charges
• Per-transaction billing
• Excessive setup fees
• Paying for their learning curve
• Rush fees when they were slow
• Vague "depending on scope" pricing

Bottom line: Good accounting is an investment, not an expense. Saving $2,000/year on a bad accountant will cost you $5,000+ in mistakes, penalties, and stress.

Next, let's look at when you should upgrade your accounting services.

When to Upgrade Your Accounting Services?

Your accounting needs change as your business grows. Here's when you should upgrade and what triggers the change.

Revenue Milestones That Trigger Upgrades

Starting out → $200K revenue:

• Start with: Yearly Compliance Package ($1,500-$2,000)
• What you get: Once-a-year processing, tax filing, company secretary
• Upgrade when: You register for GST or hire your first employee

$200K → $500K revenue:

• Upgrade to: Monthly Bookkeeping Package ($7,000-$10,000)
• Why: You're likely GST-registered now, need quarterly filing
• What changes: Regular bookkeeping, better financial visibility, payroll support

$500K → $1M revenue:

• Stay with: Monthly Bookkeeping Package ($10,000-$13,000)
• Why: Same service level, just more volume
• What changes: Price adjusts for higher transaction volume

$1M → $3M revenue:

• Consider: Full-Service + Advisory ($15,000-$25,000)
• Why: Tax planning can save you significant money at this level
• What changes: Proactive advice, strategic support, monthly management reports

$3M → $5M revenue:

• Strongly consider: Full-Service + Advisory ($25,000-$35,000)
• Why: Tax optimisation becomes very valuable
• Alternative: Consider part-time in-house bookkeeper + outsourced compliance

$5M+ revenue:

• Evaluate: In-house accountant ($60,000-$84,000) vs full outsourcing ($35,000-$60,000)
• Why: Daily work might justify in-house
• Reality: Most still outsource because it's cheaper and less hassle

Important: Revenue alone doesn't determine what you need. A $2M consultancy with 50 transactions is simpler than a $500K F&B with 2,000 transactions.

---

Complexity Triggers (Regardless of Revenue)

These events mean you need to upgrade, even if revenue hasn't changed:

GST Registration

What changes:

• Must file quarterly (or annually if small)
• Need proper input/output tax tracking
• Penalties for mistakes are steep ($200-$5,000)

Upgrade needed:

• From: Yearly Compliance ($1,500-$2,000)
• To: Monthly Bookkeeping Package ($7,000+)
• Why: Can't do GST properly with once-a-year processing

When this happens:

• Revenue exceeds $1M (mandatory registration)
• You voluntarily register (to claim input tax)

---

Hiring Your First Employee

What changes:

• Need monthly payroll processing
• CPF calculations and submissions
• IR8A yearly filing
• SDL contributions

Upgrade needed:

• From: Yearly Compliance
• To: Monthly Bookkeeping with payroll
• Added cost: +$50-$80/employee/month

When this happens:

• You hire anyone (full-time, part-time, foreign worker)
• You pay yourself a salary (as opposed to director's fees only)

---

Starting Inventory/Stock

What changes:

• Need proper inventory tracking
• Cost of goods sold calculations
• Stock takes and adjustments
• More complex financial statements

Upgrade needed:

• From: Simple bookkeeping
• To: Inventory management support
• Added cost: +$1,000-$3,000/year

When this happens:

• Retail business buys stock to resell
• F&B needs ingredient tracking
• E-commerce holds inventory
• Manufacturing starts

---

Multiple Companies or Entities

What changes:

• Each entity needs separate books
• Inter-company transactions tracking
• Consolidated reporting (if needed)
• Multiple tax returns

Upgrade needed:

• From: Single company service
• To: Multi-entity package
• Added cost: +$1,500-$5,000 per additional entity

When this happens:

• You set up holding company structure
• Start second business
• Acquire another company
• Create property investment entity

---

International Operations

What changes:

• Foreign currency transactions
• Withholding tax considerations
• Transfer pricing (if related parties)
• Tax treaties and reliefs

Upgrade needed:

• From: Singapore-only accountant
• To: Accountant with international experience
• Added cost: +$2,000-$8,000/year

When this happens:

• You sell overseas regularly
• You have foreign suppliers
• You set up overseas entity
• You have overseas employees

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Signs Your Current Accountant Isn't Enough

Time to upgrade (or switch) when you notice these:

They're Always Behind Schedule

Warning signs:

• Takes weeks to respond to simple questions
• Misses deadlines (or comes very close)
• Always asking for extensions
• You have to chase them constantly

What this means:

• They're too busy
• You're too small a client for them
• They're disorganised
• Time to find someone more responsive

---

Frequent Mistakes and Amendments

Warning signs:

• Tax returns need correcting after filing
• Wrong GST calculations
• Bookkeeping errors you catch
• IRAS sends queries/notices

What this means:

• Junior or unqualified staff handling your work
• No proper review process
• They don't understand your business
• Costing you money in penalties and overpaid tax

---

Can't Answer Your Questions

Warning signs:

• "I'll need to check and get back to you" (then doesn't)
• Vague answers to specific questions
• Doesn't understand your industry
• Can't explain their own work

What this means:

• Not qualified enough for your needs
• Don't have expertise in your area
• You've outgrown them
• Need someone more experienced

---

No Proactive Advice

Warning signs:

• Only does what you ask, never suggests improvements
• Doesn't warn you about upcoming deadlines
• Never mentions tax-saving opportunities
• Purely compliance, no strategy

What this means:

• They're order-takers, not advisors
• At higher revenue ($1M+), you need someone proactive
• Missing tax optimisation opportunities
• Time for advisory-level service

---

Hidden Fees Keep Appearing

Warning signs:

• Every request has extra charges
• Bill is always higher than quoted
• "That's not included in the package"
• Constant scope disputes

What this means:

• Poor communication upfront
• Intentionally vague pricing
• Not aligned on expectations
• Find someone with transparent pricing

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Poor Communication

Warning signs:

• Takes 3-5 days to reply
• Hard to reach (phone goes to voicemail)
• Doesn't use WhatsApp or convenient channels
• Speaks in jargon you don't understand

What this means:

• Service level doesn't match your needs
• Cultural mismatch
• You need someone more accessible
• Communication style doesn't fit

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How to Switch Accountants Mid-Year

Switching isn't as hard as firms make it sound. Here's the process:

Best Time to Switch

Ideal timing:

• Right after your financial year-end (fresh start for new year)
• After tax filing is complete (clean break)

Acceptable timing:

• Anytime if current accountant is terrible
• Before busy tax season (avoid March-May)
• When you've already decided (don't wait)

Difficult timing:

• Middle of tax filing (March-April)
• Right before deadlines
• During audit (if applicable)

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The Switching Process

Step 1: Find your new accountant (2-4 weeks)

• Get 3 quotes
• Check references
• Meet the person who'll handle your account
• Ensure they can start when you need

Step 2: Notify current accountant (30-60 days notice)

• Check your contract for notice period
• Send formal notice in writing
• Request all documents and records
• Be professional (even if you're frustrated)

Step 3: Handover (1-2 weeks)

• New accountant contacts old accountant
• Transfer of working papers
• Access to accounting software
• Outstanding work completed or transitioned

Step 4: Onboarding with new firm (2-4 weeks)

• Review previous work
• Set up new systems
• Clarify ongoing process
• First month's work begins

Total time: 6-10 weeks for smooth transition

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What Documents You Need

Request these from your old accountant:

Essential:

• All tax returns filed (last 3 years)
• Financial statements (last 3 years)
• Trial balances and general ledgers
• Bank reconciliations
• GST returns filed
• Payroll records
• Company secretary documents

Helpful:

• Working papers
• Copies of all receipts/invoices
• Correspondence with IRAS/ACRA
• Any pending matters notes

Your right: All original documents are yours. Accountant must return them (though they can keep copies for their records).

---

Costs of Switching

What you might pay:

To old accountant:

• Balance of contract (if terminating early): $0-$3,000
• Outstanding work completed: $500-$2,000
• Handover time: Usually included (some charge $200-500)

To new accountant:

• Setup/onboarding: $200-$800
• Review of previous year's work: $300-$1,000
• First month/year normal fees

Total switching cost: $1,000-$5,000

Worth it if:

• Current accountant making costly mistakes
• Poor service costing you time and stress
• Missing tax-saving opportunities
• Significant price difference

Not worth it if:

• Just minor annoyances
• Only 6 months left on contract
• Service is adequate, just not great

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Common Switching Concerns

"Won't my old accountant make it difficult?"

Most are professional and helpful. If they're difficult:

• You have legal right to your documents
• New accountant can escalate if needed

"Will it mess up my tax filing?"

No, if done properly:

• New accountant reviews previous work
• Plenty of time if you switch after financial year-end
• Both accountants ensure smooth transition

"What if there were mistakes from old accountant?"

New accountant will identify issues during onboarding:

• Can file amendments if needed
• May need to fix prior years
• Old accountant is liable for their mistakes

"Do I have to pay both accountants?"

Possibly for a short overlap:

• Old accountant: Outstanding work
• New accountant: Onboarding and review
• Usually 1-2 months overlap maximum

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Upgrading vs Switching

Upgrade with current firm when:

• They offer the higher service level you need
• They have qualified staff for it
• You're happy with service quality
• Price is competitive
• Relationship is good

Switch to new firm when:

• Current firm doesn't offer what you need
• Service quality is poor
• Price is unreasonable
• Better options available
• You've lost trust

Don't stay just because:

• "We've been with them for years" (loyalty doesn't fix bad service)
• "Switching is too much hassle" (staying with bad service costs more)
• "They're nice people" (nice doesn't mean competent)
• "They know my business" (new accountant will learn quickly)

Your accountant works for you, not the other way around. If they're not meeting your needs, upgrade or switch.

Next, let's wrap up with common questions about accounting costs.

Frequently Asked Questions About Accounting Costs in Singapore

Can I do my own accounting to save money?

Short answer: You can, but it's usually not worth it for most business owners.

What you can DIY:

• Basic bookkeeping (recording income and expenses)
• Scanning and organising receipts
• Bank reconciliation
• Using accounting software (Xero, QuickBooks)

What you shouldn't DIY:

• Corporate tax filing (easy to make costly mistakes)
• GST filing (penalties are steep)
• Financial statements preparation (technical requirements)
• Company secretary work (legal compliance issues)

The math:

• Your time: $50-$200/hour (opportunity cost)
• Time needed: 5-10 hours/month minimum
• Your cost: $250-$2,000/month ($3,000-$24,000/year)
• Professional accountant: $1,500-$15,000/year

Plus risks:

• Miss tax deductions (costs you money)
• File incorrectly (penalties $200-$5,000)
• Stress and time lost

Better approach: Do basic bookkeeping yourself if you enjoy it, outsource tax and compliance to professionals. Saves money without the risk.

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What's the minimum I need to spend on accounting?

Legal minimum (if you DIY everything):

• Company secretary: $300-$500/year (mandatory)
• ACRA filing fee: $60/year
• Total: $360-$560/year

But you still need to:

• File tax yourself (free if you do it, $500-$1,200 if you pay someone)
• Prepare financial statements yourself
• Keep proper books

Practical minimum for most businesses:

• Yearly compliance package: $1,500-$2,000/year
• Gets you: Bookkeeping, tax filing, financial statements, company secretary
• This is the baseline for proper compliance

Don't go cheaper than this unless:

• You're dormant (no transactions)
• You're closing down soon
• You can do proper accounting yourself

Penny-wise, pound-foolish. Saving $500/year on accounting can cost you $2,000+ in mistakes and penalties.

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Why do accounting prices vary so much between firms?

Same service quoted at:

• Firm A: $6,000/year
• Firm B: $10,000/year
• Firm C: $15,000/year

Why the difference?

1. Firm size and overhead:

• Big firms: High overhead (fancy offices, big teams) = higher prices
• Small firms: Lower overhead = lower prices
• Doesn't mean quality is better or worse

2. Staff qualifications:

• Qualified accountants (CA, ACCA, CPA): Higher cost
• Unqualified bookkeepers: Lower cost
• You pay for expertise and reliability

3. Service level differences:

• Full support, fast response, proactive advice: Higher price
• Basic compliance, slow response, no advice: Lower price
• Check what's actually included

4. What's included:

• Firm A: Excludes GST, payroll, software
• Firm B: Everything included
• Firm C: Premium service, advisory included

5. Client size they target:

• Firms targeting $10M+ businesses charge more
• Firms targeting SMEs charge less
• Same service, different target market

How to compare:

• List everything that's included
• Check qualifications of staff
• Consider response times
• Ask for references
• Calculate true total cost

Don't just pick the cheapest. Pick the best value.

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Should I choose an accountant based on price alone?

No. Here's why:

Cheap accountant ($4,000/year):

• Slow response (3-5 days)
• Frequent mistakes
• Hidden fees add up
• Misses tax deductions
• Near-miss on deadlines

Your real cost:

• $4,000 base fee
• $500 in surprise charges
• $1,000 in missed tax savings
• $200 in penalties
• 20 hours chasing them = $2,000 opportunity cost
• Total: $7,700 + massive stress

Better accountant ($8,000/year):

• Fast response (same day)
• Accurate work
• No hidden fees
• Optimises your tax
• Never near deadlines

Your real cost:

• $8,000 base fee
• $0 surprise charges
• Save $1,000 in tax optimisation
• $0 penalties
• 2 hours total time needed = $200
• Total: $7,200 + peace of mind

The "expensive" accountant is actually cheaper and better.

Choose based on:

1. Qualifications and experience
2. References and reviews
3. Response time and accessibility
4. Transparency of pricing
5. Then price (among qualified options)

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What happens if I switch accountants mid-year?

It's easier than you think.

The process:

1. Give 30-60 days' notice to current accountant
2. New accountant contacts old accountant
3. Documents transferred (1-2 weeks)
4. New accountant reviews previous work
5. Continue from where old accountant left off

What gets transferred:

• Financial records
• Tax returns filed
• Working papers
• Company secretary documents
• Access to accounting software

Potential costs:

• Old accountant: Balance of contract (if any) + outstanding work
• New accountant: Setup fee $200-$800
• Total: $500-$3,000 usually

Tax filing isn't disrupted if:

• You switch after financial year-end (ideal)
• Or give new accountant enough time (3+ months before deadline)

Common concern: "Will it mess up my records?"

No. Professional accountants do handovers regularly. Your records are your records, they just change hands.

When to switch immediately:

• Current accountant making serious mistakes
• Missing deadlines
• Completely unresponsive
• Billing fraud or unethical behaviour

Don't stay with bad service just because switching seems hard.

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Do I need a Big 4 firm or is a small firm okay for my SME?

You need Big 4 if:

• Revenue over $10M with complex operations
• Going for IPO or major fundraising
• Industry requires it (banking, insurance, MAS-regulated)
• International operations in 10+ countries
• Investors/banks require Big 4 audit

Small firm is perfectly fine if:

• Revenue under $10M
• Standard Singapore operations
• Simple to moderate complexity
• Don't need audit (yet)
• Want responsive, accessible service

Real talk from my Big 4 experience:

I was an audit manager at KPMG and Deloitte. Here's the truth:

Big 4 strengths:

• Deep technical expertise
• Global reach
• Brand recognition
• Extensive resources

Big 4 weaknesses for SMEs:

• You're too small to get good service
• Junior staff handle your work
• Slow response times
• Expensive ($20K-$100K+/year minimum)
• Partners rarely available

Small firm with qualified accountants:

• More attention and better service
• Direct access to senior staff
• Fast response (hours, not days)
• Much cheaper ($1,500-$15,000/year)
• Personal relationship

What matters most:

• Qualifications (CA, ACCA, CPA)
• Experience in your industry
• Responsiveness
• Not the firm's name

For 90% of Singapore SMEs, a good small firm beats Big 4 on service and value.

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How do I know if I'm overpaying for accounting services?

Quick benchmarks:

Yearly compliance only:

• Should be: 1-2% of revenue
• $100K revenue: ~$1,000-$2,000
• $200K revenue: ~$1,500-$3,000

Monthly bookkeeping package:

• Should be: 0.5-1.5% of revenue
• $500K revenue: ~$7,000-$10,000/year
• $1M revenue: ~$10,000-$15,000/year
• $3M revenue: ~$15,000-$25,000/year

Red flags you're overpaying:

1. Bill is 3X+ the benchmarks above

   • Unless you're extremely complex, something's wrong

2. Constant surprise charges

   • "That's not included" every time you ask for something

3. Per-transaction fees add up to more than quoted price

   • $6,000 quote + $4,000 in transaction fees = $10,000 actual

4. Paying Big 4 prices for basic work

   • $30,000/year for standard bookkeeping and tax

5. Firm charges top rates but uses junior staff

   • Paying $400/hour, serviced by 2-year graduate

How to check:

1. Get 2-3 quotes from other firms
2. List exactly what's included in each
3. Compare total costs
4. If current firm is 50%+ more expensive, probably overpaying

When higher price is justified:

• Complex industry (construction, F&B, trading)
• Multiple entities with consolidation
• International operations
• Need strategic advisory, not just compliance
• Premium response time and service

If you're simple and paying premium prices, you're overpaying.

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What should I negotiate on and what's fixed?

Usually negotiable:

Setup/onboarding fees:

• Often waived if you commit to 12 months
• Ask: "Can you waive setup fee for annual contract?"

First-year discount:

• 10-20% off first year is common
• Ask: "Do you offer any first-year discount?"

Package customisation:

• Remove services you don't need
• Ask: "I don't need payroll, can we reduce the price?"

Payment terms:

• Monthly vs quarterly vs annual
• Ask: "Any discount for paying full year upfront?"

Multi-year commitment:

• 5-10% off for 2-3 year contract
• Ask: "If I commit to 2 years, what discount?"

Matching competitor price:

• If services are equivalent
• Ask: "Firm B quoted $7,500 for the same. Can you match?"

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Usually NOT negotiable:

Hourly rates for advisory:

• These are based on staff costs
• Can't reduce much without losing money

Statutory filing work:

• Tax filing, GST filing are time-intensive
• Limited room to discount

Audit fees:

• Heavily regulated, specific hours required
• Very little negotiation room

Software subscriptions:

• They pay this cost too
• Can't discount much

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Negotiation tips:

Good approach:

• "I'm comparing 3 firms. Your service looks good but Firm B is $1,500 cheaper. Can you come closer to their price?"
• "Can you waive the setup fee if I sign for 12 months?"
• "I'll pay the full year upfront. Is there a discount for that?"

Bad approach:

• "Your price is ridiculous, I want 50% off"
• "My friend pays less, you need to match"
• Haggling over every $50

Remember: Good accountants are worth paying fairly. Negotiate reasonably, but don't squeeze so hard you get poor service.

Saving $500/year isn't worth getting bad accounting that costs you $2,000 in mistakes.

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Is monthly bookkeeping worth the extra cost vs yearly?

Yearly compliance: $1,500-$3,000/year

• Process everything once at year-end
• Get tax and financial statements done
• No monthly updates

Monthly bookkeeping: $7,000-$15,000/year

• Books updated regularly (weekly or monthly)
• See financial position anytime
• GST filing quarterly
• Accountant available for questions

Extra cost: $5,500-$12,000/year

Worth it if:

1. You're GST-registered

   • Must file quarterly
   • Can't do this with yearly-only package
   • Not optional, you need monthly

2. You have employees

   • Monthly payroll processing
   • CPF calculations
   • Need monthly package

3. You need financial visibility

   • Making business decisions based on numbers
   • Want to track performance monthly
   • Need to manage cashflow
   • Monthly reports are valuable

4. You're growing fast

   • Revenue $500K+ and increasing
   • Need to monitor closely
   • Want proactive support
   • Worth the investment

Not worth it if:

1. Revenue under $200K, simple business

   • Not much happening month-to-month
   • Save the $5,000-10,000 extra

2. Not GST-registered, no employees

   • Don't need monthly compliance
   • Yearly is sufficient

3. You track things yourself

   • You do your own bookkeeping anyway
   • Just need year-end tax filing

My recommendation:

• Under $200K revenue + no GST + no staff = Yearly package
• GST-registered OR have employees = Monthly package (required)
• $500K+ revenue = Monthly package (valuable for visibility)

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How much do late penalties cost if I don't file on time?

Filing late isn't just annoying, it's expensive.

Corporate tax filing late:

• First offense: $200 penalty
• Repeated offenses: $200-$1,000
• Plus: 5% penalty on tax payable if over 3 months late
• Criminal prosecution possible (extreme cases)

Example: You owe $10,000 tax, file 4 months late:

• Late filing: $200
• 5% penalty on tax: $500
• Total: $700 + stress + IRAS attention

GST filing late:

• First offense: $200 penalty
• Subsequent offenses: Up to $5,000
• Plus: 5% penalty on GST payable
• Serious cases: Criminal prosecution

Example: You owe $8,000 GST, file late:

• Late filing: $200-$5,000
• 5% penalty: $400
• Total: $600-$5,400

ACRA Annual Return late:

• First $300, then $300 for each month
• Can add up to $5,000+
• Company can be struck off

Payroll/IR8A late:

• $200-$1,000 penalty
• Possible prosecution

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The real cost:

Direct costs:

• Penalties: $200-$5,000 per late filing
• Interest on late tax: 5% of amount owed

Indirect costs:

• IRAS flags your company (more scrutiny)
• Harder to get financing (banks check compliance)
• Stress and time dealing with IRAS
• Reputation damage

Total cost of late filing: $500-$10,000+ easily

Cost of proper accounting: $1,500-$15,000/year with zero penalties

Don't be penny-wise and pound-foolish. Proper accounting that files on time pays for itself by avoiding penalties alone.

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What if my accountant makes a mistake?

Who's liable:

• Accountant is liable for their professional errors
• You're ultimately responsible to IRAS/ACRA
• Good accountants carry professional indemnity insurance

What to do:

Step 1: Identify the mistake

• Wrong tax calculation
• Missed deadline
• Incorrect GST filing
• Financial statement errors

Step 2: Notify accountant immediately

• In writing (email or letter)
• Explain the issue clearly
• Ask how they'll fix it

Step 3: Get it corrected

• Accountant should file amendments
• Pay any penalties that result
• Fix future processes to prevent recurrence

Step 4: Determine who pays

Accountant should pay if:

• Clear professional error on their part
• You provided correct information
• They missed deadline despite having time
• Mathematical or technical mistake

You might pay if:

• You provided wrong information
• You delayed giving them documents
• You requested unusual treatment
• Borderline interpretation issue

Step 5: Escalate if needed

If accountant refuses to fix or pay:

1. Review your contract
2. Claim against their insurance (if they have it)
3. Complain to professional body (if they're member)
4. Legal action (last resort, expensive)

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How to avoid this:

1. Hire qualified accountants (CA, ACCA, CPA)
2. Check professional indemnity insurance
3. Review work before filing
4. Keep good records yourself
5. Respond quickly to their requests

Professional accountants with insurance will stand behind their work and fix mistakes at their cost.

Cheap, unqualified accountants often won't take responsibility and you're stuck paying.

This is why qualifications and insurance matter more than price.

Making Your Decision: What's Next?

You now know exactly what accounting costs in Singapore and how to choose without overpaying.

Quick Recap

What most Singapore businesses pay:

• Under $200K revenue: $1,500-$3,000/year (yearly compliance)
• $200K-$1M revenue: $7,000-$15,000/year (monthly bookkeeping with GST)
• $1M-$5M revenue: $15,000-$30,000/year (full-service with advisory)

How to choose wisely:

• Don't pick based on price alone
• Check qualifications (CA, ACCA, CPA)
• Ask about hidden fees upfront
• Test their response time
• Read the contract carefully

When to upgrade:

• You register for GST (need monthly bookkeeping)
• You hire employees (need payroll)
• Revenue crosses $1M (tax planning becomes valuable)
• Your accountant is slow, makes mistakes, or unresponsive

Red flags to avoid:

• Vague pricing with lots of exclusions
• Per-transaction charges not disclosed upfront
• Slow response times (days to weeks)
• Unqualified staff
• Hidden fees everywhere

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Why I Started Tax Filing SG

After years at KPMG and Deloitte, I saw two problems:

Problem 1: Small businesses overpaying for Big 4 services they didn't need. $30,000-$50,000/year for standard bookkeeping and tax work that should cost $8,000-$12,000.

Problem 2: Small businesses getting terrible service from cheap firms. Missing deadlines, making mistakes, never responding. The "cheap" option costing more in penalties and stress.

There's a better way: Big 4 technical expertise at SME-friendly prices with actual responsive service.

What We Do Differently at Tax Filing SG

Transparent pricing:

• No hidden fees
• Everything disclosed upfront in the quote
• You know exactly what you're paying for

Big 4 expertise:

• I bring statutory audit experience from KPMG and Deloitte
• Deep knowledge of SFRS, IFRS, complex accounting
• Technical skills at SME prices

Actually responsive:

• Reply within 24 hours (often within 1 hour)
• WhatsApp access for quick questions
• Get things done fast without chasing

Fair pricing model:

• Use $5/transaction to estimate monthly fees based on 3-month average
• 1% of revenue guideline for annual packages
• Rush fees only when genuinely rushed (25% for 3 weeks, 50% for 2 weeks, 100% for 1 week)

This is the service I wished existed when I was working with SME clients at the Big 4 firms.

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Our Services

Company Incorporation Starting a new business? We handle the entire incorporation process remotely and get you operational fast.

Accounting & Bookkeeping From yearly compliance to monthly bookkeeping, we keep your books clean and your financials accurate. We use Xero for modern, cloud-based accounting.

Corporate Tax Filing We prepare and file your corporate tax returns accurately and on time. Tax planning advice included to ensure you're not paying more than necessary.

Company Secretary Services Stay compliant with ACRA requirements. We handle your annual returns, statutory registers, and all company secretary duties.

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Ready to Get a Quote?

Stop guessing what accounting should cost. Let's have a quick chat about your business and I'll give you an honest, transparent quote.

What happens next:

1. WhatsApp me with your business details (revenue, GST status, number of employees)
2. I'll ask a few questions to understand your needs
3. You'll get a clear quote with everything included
4. No pressure, no hidden fees, no surprises

Three reasons to choose Tax Filing SG:

• ✓ Big 4 audit manager experience at SME prices
• ✓ Fast response (hours, not days)
• ✓ Transparent pricing with no hidden fees

Whether you're just starting out or looking to switch from your current accountant, I'm here to help.

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Last updated: October 2025. Pricing and regulations subject to change. All figures are estimates based on typical market rates and may vary based on specific business requirements.