Top 5 Bookkeeping Companies in Singapore for Startups and SMEs

Small and medium-sized enterprises (SMEs) are businesses with an annual turnover of less than S$100 million or fewer than 200 employees. In Singapore, SMEs play a vital role in the economy, making up 99% of all businesses, employing 71% of the workforce, and contributing nearly half of the nation’s GDP.

While not the most exciting aspect of running a business, bookkeeping is essential for startups and SMEs. Accurate financial records are not only necessary for compliance with local regulations but also crucial for making informed business decisions. However, managing daily transactions can quickly become overwhelming, especially for growing businesses. This is where professional bookkeeping services can make a significant impact.

If you’re looking for bookkeeping services in Singapore, this blog will explain why bookkeeping is so important and guide you to the top five bookkeeping services in Singapore that help simplify financial management for startups and SMEs.

Why do startups and SMEs need bookkeeping services in Singapore?

Bookkeeping is the process of systematically recording, organizing, and managing a company’s financial transactions. This includes tracking income, expenses, and assets to ensure financial transparency.

Singapore businesses need bookkeeping services for several key reasons:

Cost efficiency

For startups and SMEs, hiring a full-time, in-house accountant can be a significant expense. Outsourcing bookkeeping services provides a more budget-friendly alternative, offering flexible payment plans to suit your needs.

Accuracy and compliance

Startups and SMEs must file accurate financial statements with ACRA annually, following local accounting standards. Professional bookkeeping services ensure compliance by accurately recording financial transactions, which is essential for maintaining the integrity of financial statements.

Singapore has strict accounting standards for businesses, including the requirement to maintain proper financial records. Bookkeeping services help businesses meet these regulations and avoid penalties.

Investor confidence

For startups seeking investment, having well-maintained financial records can increase investor confidence and facilitate the fundraising process.

Time-saving

70% of business owners dedicate more than 90 hours each year to accounting. Running a business involves numerous tasks, and bookkeeping can be time-consuming for startups and SMEs. By outsourcing these services, businesses can focus on their core operations while leaving the financial management to experts.

Now that we’ve established why bookkeeping is vital, let’s review some of the best bookkeeping companies in Singapore tailored specifically for startups and SMEs.

Top 5 bookkeeping services in Singapore you should know

BBCIncorp

BBCIncorp is a trusted global corporate services provider that offers highly precise and efficient bookkeeping solutions for startups and SMEs. Their services are designed to be both effective and affordable, making them a practical choice for businesses looking to grow without overspending on financial management.

Key services

• Accounting management: Handle organization’s daily financial transactions with accuracy, managing key reports like Balance Sheets, Profit & Loss Statements, and General Ledgers.

• Effortless annual tax filing: The team manages tax computations, ECI submissions, and the filing of Form C/C-S, ensuring full compliance with Singapore’s tax regulations.

• Statutory accounts compliance: They provide monthly and annual preparation of unaudited financial statements that meet statutory requirements.

• Specialized ad hoc accounting services: BBCIncorp offers payroll support, XBRL preparation, personal tax filing, auditor liaison, GST registration, and the preparation and filing of tax returns.

• Tailored solutions for dormant companies: Their specialized accounting support ensures efficient compliance with annual reporting obligations, including preparing and filing Form C/C-S/C-S Lite.

Why choose BBCIncorp?

• Scalable services: BBCIncorp’s expertise grows alongside a business, supporting startups and established enterprises alike.
• Tech integration: The company integrates with advanced tools like Xero, enabling smooth and efficient financial operations.
• Global expertise: With a broad international presence and in-depth knowledge of Singapore’s regulations, BBCIncorp delivers customized solutions to suit unique business needs.
• Customer-first approach: BBCIncorp prioritizes client satisfaction by offering flexible, transparent, and proactive communication throughout their services.

Get in touch with the BBCIncorp team to learn more about accounting services for small business in Singapore and how you can take the stress out of bookkeeping.

Counto

Counto provides precision-driven bookkeeping services designed for small and mid-sized businesses. By focusing on automation, they deliver efficient, accurate, and affordable solutions.

Key features

• Automated tools that reduce manual work and improve accuracy in bookkeeping.
• Full payroll management to ensure employees are paid on time and meet compliance requirements.
• Real-time financial reports to help you make quick, informed decisions.

Why choose Counto?

Counto offers tailored service packages to match the needs and budgets of growing businesses. Whether you’re a startup needing simple bookkeeping or a mid-sized company with more complex requirements, Counto customizes its services to fit your goals.

With personalized support and a commitment to financial clarity, Counto is the trusted partner businesses need to drive growth.

Sleek

If streamlining your bookkeeping experience through technology is your goal, Sleek is the perfect partner. As a tech-first service provider, Sleek offers real-time insights into your finances, making bookkeeping simple and efficient.

Key features

• Real-time financial tracking: Monitor your cash flow and transactions instantly to stay current and in control.
• Automated invoicing and expense management: Simplify your processes with tools that handle invoicing and expense tracking for you.
• Cloud platform integration: Easily sync and update your data across systems with seamless integration into popular cloud-based platforms.

Why choose Sleek?

Sleek is perfect for businesses that want a fully digital, easy-to-use bookkeeping experience. Their tools eliminate paperwork, reduce manual errors, and save you time.

With Sleek, you not only stay on top of your finances but also free up valuable resources to focus on growing your business. Their tech-driven approach makes bookkeeping efficient, accurate, and hassle-free!

3E Accounting

3E Accounting specializes in providing comprehensive bookkeeping solutions tailored to the needs of SMEs. Known for their attention to detail and expertise, they help businesses stay compliant with regulations while maintaining clear and accurate financial records.

Key features

• Expertise in year-end reporting and statutory compliance, ensuring businesses meet all legal and tax obligations.
• Advanced multi-currency handling, ideal for companies managing global transactions or operating internationally.
• Customized services designed to address the specific needs of each business, providing flexibility and accuracy.

Why choose 3E Accounting?

3E Accounting is the perfect partner for businesses with complex financial needs that go beyond basic bookkeeping. Their experience in managing international business operations and intricate financial reporting makes them a trusted choice for companies seeking professional, reliable support in navigating their finances.

Margin Wheeler

Margin Wheeler provides expert bookkeeping services paired with strategic financial advisory, making it the ideal choice for businesses seeking accurate financial management and actionable insights.

With extensive experience, they go beyond standard bookkeeping, offering tailored advice to help businesses grow and confidently navigate their financial challenges.

Key features

• Cash flow monitoring: Regular updates ensure transparency in your financial health, giving you a clear picture of where your business stands.
• Hands-on support: Comprehensive assistance with budget planning and forecasting to help businesses set realistic goals and prepare for the future.

Why choose Margin Wheeler?

Small and medium-sized businesses in need of customized financial support will find a trusted partner in Margin Wheeler. Their personalized approach ensures they address the unique challenges SMEs face, delivering solutions that align perfectly with your business goals.

How to choose a reliable bookkeeping service in Singapore?

Selecting the right bookkeeping company is a critical decision that can significantly impact your business’s financial health and efficiency. To make the best choice, consider the following questions in detail:

What are your needs?

Think about the size, complexity, and industry of your business. Does the provider offer services that are tailored to meet your specific requirements, such as handling payroll for a small team or managing complex multi-location operations? It’s essential that their expertise aligns with your business type and goals.

How tech-savvy are they?

In today’s digital age, technology plays a huge role in bookkeeping. Can the provider integrate seamlessly with your existing financial systems, like accounting software or inventory management tools? Do they use cloud-based solutions for real-time updates and accessibility, making your workflow smoother and more efficient?

What’s the level of support?

A good bookkeeping service goes beyond just recording transactions. Do they provide additional services, such as ensuring compliance with tax regulations, preparing financial reports, or offering strategic insights to help you make smarter business decisions? Consider whether they can act as a partner in your growth, not just a service provider.

Is the service scalable?

Your business won’t always stay the same size, so it’s vital to choose a bookkeeping service that can grow with you. Will they be able to handle more complex needs as your company expands, such as managing larger payrolls, multi-currency transactions, or increased reporting requirements?

By carefully evaluating your priorities and comparing them against the unique offerings of potential providers, you’ll be better equipped to make a confident and informed decision that supports your business now and into the future.

Make bookkeeping an asset, not a hassle

In Singapore’s competitive market, efficient bookkeeping is essential for success. At BBCIncorp, we provide professional bookkeeping services designed to help Startups and SMEs save time, reduce costs, and eliminate stress, all while building a solid foundation for growth. By outsourcing your bookkeeping to us, you gain financial clarity and the freedom to focus on scaling your business.

Ready to simplify your finances? Reach out to us at service@bbcincorp.com to learn more about our bookkeeping services in Singapore for small businesses and get started today.

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