Key Takeaways
-
Monthly bookkeeping for SMEs in Singapore typically costs S$90–S$300 for small businesses, and S$300–S$800+ for more complex or high-volume businesses.
-
Transaction-based pricing is fairest. You pay for actual work done based on the number of invoices and receipts, not fixed package limits that might not fit your needs.
-
Outsourcing accounting can save 70-85% compared to hiring a full-time accountant while giving you access to a team's expertise.
Understanding Accounting Fees in Singapore
If you're trying to figure out what accounting services should cost, you've probably noticed prices are all over the map. One firm quotes S$300/month, another wants S$1,500, and a third gives you "it depends."
The common price range for monthly bookkeeping services for SMEs in Singapore generally starts from around S$90 to S$300 per month for small businesses with low to moderate transaction volumes. More complex bookkeeping or businesses with higher transaction volumes may pay between S$300 to S$800+ per month. The range is wide because every business is different. A consulting firm with 80 transactions monthly pays much less than an e-commerce business juggling 500 transactions across multiple platforms.
At Swiftly, we believe pricing should be straightforward. You should know exactly what you're paying for and why, with no surprises or fine print that bites you later.
What Actually Affects Your Accounting Fees
Understanding what drives your costs helps you estimate accurately and avoid overpaying. Here are the key factors that determine your accounting fees.
Transaction Volume
This is the biggest cost driver. Count your monthly sales invoices, purchase receipts, expense claims, and bank transactions. A business with 100 transactions needs less work than one with 500, simple as that. More activity means more time required to process and reconcile.
Pro tip for POS users: If you run a retail or F&B business, your daily sales summary counts as just 1 transaction instead of counting every individual sale. This keeps costs reasonable for high-volume businesses.
Business Structure & Compliance
The type of business and its reporting requirements are major factors. Sole proprietorships have simpler needs and typically benefit from straightforward bookkeeping and basic financial insights. Private limited companies require more detailed financial statements, annual returns, and compliance support, giving a clearer picture of overall business health. GST-registered businesses need regular updates through monthly or quarterly bookkeeping, helping them stay on top of filings and manage cash flow year-round.
Frequency of Reporting
How often you need financial updates significantly impacts pricing. Some businesses only need annual reports for compliance, while others want quarterly updates for better oversight, or monthly reports for active decision-making and investor requirements. More frequent reporting means more regular work throughout the year.
Industry Complexity
E-commerce businesses with multiple sales channels, F&B outlets with daily cash handling, or trading companies dealing with foreign currencies need more detailed attention than straightforward consulting businesses. Industry-specific requirements and documentation complexity add 20-40% to standard fees.
Record-Keeping Quality
How organised you are directly impacts cost. Clean digital records that arrive on time? Lower fees. Shoebox of crumpled receipts in December? Higher fees because sorting that mess takes time. Being organised can save you 15-25% on accounting costs.
Different Pricing Models Explained
Not all accounting firms price the same way. Understanding the different models helps you choose what works best for your business and avoid unexpected costs.
Hourly Rate
Pay for actual hours worked at S$80-200/hour depending on seniority. Cost varies monthly based on time spent. This works for one-off projects like historical cleanup or special consultations, but monthly costs become unpredictable. There's also no incentive for providers to work efficiently when they're billing by the hour.
Fixed Monthly Retainer
Same fee every month regardless of your actual activity. Sounds simple for budgeting, but most packages have hidden limits. Exceed 150 transactions and you're hit with overage charges. You also overpay during quiet months when you don't need as much work done.
Transaction-Based Pricing (What We Use)
Your fee is calculated based on actual monthly transaction count.
More transactions = more work = higher fee.
Fewer transactions = less work = lower fee.
This is the most transparent model because the math is simple: count your transactions, know your price. It scales naturally as you grow without hitting arbitrary package limits.
Flat Fee by Revenue Tiers
Fixed fee based on your business revenue bracket, cost rises as revenue grows. Simple tier system that's easy to understand, but can be unfair since higher revenue doesn't always mean more accounting work. A consulting business with S$2M revenue might have fewer transactions than a retail shop with S$800K revenue.
Tiered Packages by Volume
Pricing tiers based on estimated transaction volume like "Bronze" (up to 100 transactions), "Silver" (100-300 transactions), "Gold" (300+ transactions). Bundled services simplify choices, but package limits are sometimes unclear and you might face extra charges when you exceed thresholds.
Accounting Service Pricing Model Comparison
Pricing Model |
Pros |
Cons |
|---|---|---|
| Hourly Rate |
Transparent for time spent; good for irregular tasks |
Unpredictable monthly costs; no incentive for efficiency |
| Fixed Monthly Retainer |
Predictable costs; easy for budgeting |
Hidden limits may lead to overpaying during slow periods |
| Transaction-Based |
Highly transparent and fair; scales naturally with activity |
Requires clear understanding of transaction volume; moderate complexity. Learn how to calculate here! |
| Flat Fee by Revenue Tiers |
Predictable; simple tier system |
May be unfair; pay increases with revenue but not necessarily workload |
| Tiered Packages by Volume |
Bundled services simplify choices |
Package limits sometimes unclear; possible extra charges |
At Swiftly, we chose transaction-based pricing because it's honest. You pay for work actually done, not for unused capacity or arbitrary tiers. It's the fairest way to price accounting services because cost directly reflects the work required.
Our Accounting Service Fees Explained
Your accounting service fee at Swiftly is based on two key factors: transaction volume and reporting frequency.
How We Count Transactions
-
Standard approach: Each sales invoice and expense receipt = 1 transaction
-
Retail/F&B with POS: Daily consolidated sales summary = 1 transaction per day (not individual sales), plus all supplier bills/expense receipts
Example calculation: If you have 10 sales invoices and 15 expense receipts in a month, that's 25 transactions total.
Ongoing Accounting Services (Frequency-Based Pricing)
Your fee depends on two main factors: transaction volume and reporting frequency. Here's how it works:
Weekly Bookkeeping & Reporting
For businesses needing real-time financial visibility and tight cash flow management:
Monthly Transactions |
Weekly Service Fee |
|---|---|
| 1 – 50 | S$130 – S$390 |
| 50 – 100 | S$390 – S$520 |
| 100 – 200 | S$520 – S$780 |
| 200 – 500 | S$780 – S$1,560 |
| 500 – 1,000 | S$1,560 – S$2,340 |
| 1,000+ | S$2,340+ |
Best for: Fast-growing businesses, businesses with daily operations requiring close monitoring, F&B and retail with high transaction volumes
Monthly Bookkeeping & Reporting
For businesses needing regular financial updates and GST filing:
Monthly Transactions |
Monthly Service Fee |
|---|---|
| 1 – 50 | S$100 – S$300 |
| 50 – 100 | S$300 – S$400 |
| 100 – 200 | S$400 – S$600 |
| 200 – 500 | S$600 – S$1,200 |
| 500+ | S$1,200+ |
Best for: GST-registered businesses, businesses needing monthly reports for decision-making or investor updates
Quarterly Bookkeeping & Reporting
For businesses needing periodic oversight:
Average Monthly Transactions |
Quarterly Service Fee |
|---|---|
| 1 – 50 | S$270 – S$810 |
| 50 – 100 | S$810 – S$1,080 |
| 100 – 200 | S$1,080 – S$1,620 |
| 200 – 500 | S$1,620 – S$3,240 |
| 500+ | S$3,240+ |
Best for: Non-GST businesses wanting regular oversight, businesses with seasonal patterns
Annual Bookkeeping & Reporting
For businesses only requiring year-end compliance:
Annual Transactions |
Annual Service Fee |
|---|---|
| 600 – 1,200 | S$350 – S$550 |
| 1,200 – 2,400 (avg 100–200/month) | S$550 – S$850 |
| 2,400 – 6,000 (avg 200–500/month) | S$850 – S$1,900 |
| 6,000+ | S$1,900+ |
Best for: Non-GST businesses with simple operations, businesses needing only compliance reporting
What's Included: Bookkeeping, bank reconciliation, and GST filing (if applicable and registered).
Why the ranges? Pricing is based on your monthly transaction volume. Additional fees may apply if documents require sorting or rush processing is needed.
Year-End Financial Report & Tax Computation Services (Annual)
Flexible year-end accounting services tailored to your business size, covering financial statement preparation, tax computation & Form C filing, and XBRL submission if needed.
Annual Transactions |
Annual Cost (S$) |
|---|---|
| 1,000 – 1,500 | S$800 – S$1,500 |
| 1,500 – 5,000 | S$1,500 – S$2,000 |
| 5,000+ | Contact for Quote |
Fixed Disbursements: Out-of-pocket expenses (S$30) and Annual Return filing disbursement (S$60).
XBRL Filing: If your company is required to file in XBRL format, the fees are S$300 for Simplified XBRL or S$500 for Full XBRL.
Calculate Your Cost
Get an instant, obligation-free quote in 2 minutes:
Visit swiftly.sg/accounting and use our online calculator. Select your frequency for ongoing accounting services or input your annual transactions for year-end services.
Simple Ways to Reduce Costs
Small changes in how you manage your records can significantly reduce accounting fees without compromising quality.
Get Organised (Save 15-25%)
The single biggest cost-saver is getting organised before engaging an accountant:
-
Use one business bank account
-
Scan receipts immediately using phone apps
-
Separate personal expenses completely
-
Submit documents on time to avoid rush fees (20-50% extra)
-
Batch your questions in weekly emails instead of individual queries
Don't Chase the Cheapest Option
Providers charging 40% below market rate either lack experience or have hidden fees. A missed GST deadline costs S$200, while tax errors cost thousands.
How to Choose the Right Provider
Choosing an accounting partner doesn't have to be complicated if you know what to look for. The selection process comes down to four key factors: Clarity, Credibility, Scope, and Cost.
Define Your Scope & Needs: Start by getting absolutely clear on what you need. Know your monthly transaction volume, whether you are GST-registered, the desired reporting frequency, and if you need essential extras like payroll or advisory support. This clear picture is the foundation for accurate quotes.
Verify Professional Credibility: This is non-negotiable. Look for recognised professional qualifications (ACCA, CA (Singapore), CPA) and ensure the provider carries Professional Indemnity Insurance to protect your business. You can also check client testimonials or case studies to gauge reliability and track record.
Test Expertise & Communication: Use your initial consultation to test their knowledge. Ask specific questions about your unique business situation. Just as importantly, pay attention to their communication style during the sales process. Their responsiveness, clarity, and willingness to demystify complex terms are strong indicators of the service quality you'll receive later.
Why Choose Swiftly for Your Accounting Service
Transparent Transaction-Based Pricing
Your fee is based on actual monthly transaction count and reporting frequency. No package tiers or hidden limits. Count your transactions, know your price.
All-Inclusive Compliance Coverage
Everything needed to stay legal is included: bookkeeping, GST filing, financial statements, tax filing, annual returns. Extras are clearly stated upfront.
Singapore-Focused Expertise
We specialise exclusively in Singapore regulations and optimise for your industry's specific tax reliefs to ensure you claim everything you're entitled to.
Get in Touch
Understanding accounting fees shouldn't be complicated. At Swiftly, we believe in straightforward pricing that scales with your business.
Calculate your cost instantly: Visit swiftly.sg/accounting and input your transaction volume to see your price in 2 minutes.
Talk to our team: Contact us for honest guidance on your specific situation. We'll tell you upfront if we're the right fit—and if we're not.
Fair pricing shouldn't require a decoder ring. Let's keep it simple.
Frequently Asked Questions
Is outsourcing cheaper than hiring an accountant?
Yes. Outsourcing can be more cost-effective than hiring a full-time accountant, giving you access to professional support tailored to your business needs.
What's included in basic accounting fees?
Basic accounting fees typically cover bookkeeping, bank reconciliation, preparation of financial statements, GST filing (if registered), tax filing, and submission of annual returns, providing a comprehensive foundation for your business compliance and reporting needs.
Are accounting fees tax-deductible?
Yes, fully deductible as business expenses, reducing your net cost by 17%.
How much should startups budget for accounting in Singapore?
Startups in Singapore should budget approximately S$1,000 to S$5,000 annually for accounting services, depending on the complexity of their business and volume of transactions.
Do you charge extra for QuickBooks or Xero accounting services?
No, absolutely not. We believe you should use the best tools for your business. At Swiftly, we are fully proficient in QuickBooks, Xero, and other major accounting softwares. Our transparent, transaction-based fees remain the same regardless of the platform you choose.
