Starting and running a business in Singapore is exciting, but it also comes with responsibilities. Among the most important is bookkeeping—the process of recording and managing financial transactions. While essential, many business owners wonder: “How much do bookkeeping services cost in Singapore?”
This guide explores everything you need to know about bookkeeping service prices in Singapore, factors that influence the cost, and tips for choosing the right provider for your business.
🔹 What is Bookkeeping?
Bookkeeping is the foundation of good financial management. It involves recording daily financial transactions such as:
- Sales and purchases
- Receipts and payments
- Payroll expenses
- Tax records
- Bank reconciliations
Accurate bookkeeping helps businesses:
- Monitor cash flow
- Stay compliant with tax laws
- Prepare for audits
- Make informed financial decisions
Since bookkeeping requires precision, many businesses outsource it to professional firms instead of hiring full-time staff.
🔹 Why Businesses Outsource Bookkeeping in Singapore
Running a business in Singapore means focusing on growth, clients, and operations. Outsourcing bookkeeping offers:
- Cost Savings – No need to hire a full-time accountant.
- Expertise – Professionals are up-to-date with Singapore’s accounting and tax laws.
- Time Efficiency – Business owners can focus on scaling their company instead of handling numbers.
- Scalability – Services can be adjusted as the business grows.
This brings us to the main question: What is the price of bookkeeping services in Singapore?
🔹 Bookkeeping Services Singapore Price Range
The cost of bookkeeping in Singapore depends on several factors, but here’s a general breakdown:
✅ Monthly Packages
- Small businesses / startups: S$100 – S$300 per month
- Medium-sized businesses: S$300 – S$600 per month
- Larger corporations with high transaction volume: S$600 – S$1,200+ per month
✅ Hourly Rates
- Professional bookkeepers may charge S$25 – S$60 per hour depending on complexity and expertise.
✅ Annual Packages
- Some firms offer annual packages starting from S$1,200 – S$5,000+ per year, depending on the scope of work.
💡 Tip: Most service providers tailor packages based on the number of transactions, company size, and whether additional services like payroll or tax filing are included.
🔹 Factors Affecting Bookkeeping Prices in Singapore
- Transaction Volume
- Businesses with more invoices, payments, and receipts require more work.
- Example: A retail business with 500 transactions a month will pay more than a consultancy with 50.
- Business Size and Structure
- SMEs usually pay less than corporations due to fewer financial complexities.
- Frequency of Service
- Weekly, monthly, or quarterly updates impact pricing. Monthly is the most common choice.
- Level of Expertise Required
- Some companies only need basic bookkeeping, while others require advanced financial reporting.
- Software Used
- Cloud accounting platforms like Xero, QuickBooks, or MYOB may add subscription costs.
- Additional Services
- Payroll, GST filing, tax computation, and audit support add to the base price.
🔹 Comparing Bookkeeping vs. Hiring an In-House Accountant
Aspect
Outsourced Bookkeeping
In-House Accountant
Cost
S$100 – S$1,200/month
S$2,500 – S$4,000/month (salary + CPF)
Expertise
Access to multiple professionals
Limited to one person’s skills
Flexibility
Scalable as business grows
Fixed, unless you hire more staff
Compliance Updates
Always up-to-date
May require training
👉 For most SMEs, outsourcing bookkeeping is far more cost-effective than hiring a full-time accountant.
🔹 How to Choose the Right Bookkeeping Service in Singapore
When comparing providers, don’t just look at price—consider value. Here’s a checklist:
- Transparent Pricing – Make sure there are no hidden charges.
- Industry Experience – Choose providers familiar with your sector.
- Scalability – Can they handle your business as it grows?
- Technology Integration – Do they use modern cloud-based accounting tools?
- Compliance Knowledge – Ensure they understand Singapore’s ACRA and IRAS requirements.
- Customer Support – Quick response times and proactive advice matter.
🔹 Benefits of Affordable Bookkeeping in Singapore
- Peace of Mind – No need to stress about missing deadlines.
- Financial Clarity – Clear insights into cash flow and profitability.
- Tax Efficiency – Professionals help you claim all eligible deductions.
- Professional Growth – Focus on expanding your business instead of crunching numbers.
🔹 Cost-Saving Tips for Bookkeeping Services
- Bundle Services – Combine bookkeeping with tax filing or payroll for discounted rates.
- Automate Processes – Use software to reduce manual work.
- Organize Records – Provide clear, timely documents to avoid extra charges.
- Choose Monthly Packages – These are usually cheaper than hourly rates.
🔹 FAQs: Bookkeeping Services Singapore Price
Q1. Can I do bookkeeping myself to save money?
Yes, but it’s time-consuming and mistakes can cost more in penalties. Outsourcing ensures accuracy.
Q2. Do all businesses in Singapore need bookkeeping?
Yes, all companies registered with ACRA must maintain proper financial records.
Q3. What happens if I don’t keep proper records?
You risk fines, compliance issues, and problems with tax authorities.
Q4. Is bookkeeping the same as accounting?
No. Bookkeeping records transactions, while accounting interprets data and provides financial insights.
🔹 Final Thoughts
When searching for bookkeeping services Singapore price, remember that the cheapest option may not always be the best. Instead, focus on value, transparency, and reliability.
A good bookkeeping partner not only helps you stay compliant but also empowers you with accurate financial data to make smart business decisions.
📌 Whether you are a startup, SME, or established company, investing in professional bookkeeping is a step toward sustainable growth and success in Singapore’s competitive business environment.
