What to Expect When You Hire a Bookkeeper in Singapore

Hiring a bookkeeper is one of the smartest moves a business owner can make. Whether you’re a new startup, a growing SME, or a well-established company in Singapore, having a dedicated professional to manage your financial records helps ensure compliance, improves decision-making, and frees up your time to focus on business growth.

But what exactly does a bookkeeper do? And what should you expect when you hire one in the Singapore context?

In this article, we’ll break down the roles and responsibilities of a bookkeeper, how the process works, what qualifications to look for, and what kind of results you can expect when working with a professional bookkeeping service in Singapore.

1. Understanding the Role of a Bookkeeper

A bookkeeper is responsible for the recording, organization, and maintenance of a company’s financial transactions. Their duties may include:

Recording all sales and purchases
Processing supplier invoices and customer receipts
Handling payroll entries
Managing accounts receivable and payable
Reconciling bank statements
Preparing reports like Profit & Loss and Balance Sheets
Organizing financial documents for audits or tax filing

In Singapore, where businesses must comply with regulations from IRAS and ACRA, a qualified bookkeeper ensures that your financial records are well-organized and legally compliant.

2. Initial Setup and Onboarding

When you first hire a bookkeeper—whether freelance, in-house, or through a bookkeeping firm—there will typically be an onboarding phase. Here’s what to expect:

✅ Understanding Your Business

The bookkeeper will take time to learn about your:

Business structure (sole proprietorship, partnership, Pte Ltd)
Nature of operations (e.g., retail, service, e-commerce)
Accounting systems and software in use
GST registration status
Financial year-end and reporting deadlines

✅ Gathering Documents

You’ll be asked to provide:

Bank statements
Sales invoices and purchase receipts
Payroll records
Past financial reports (if any)
Chart of accounts (if pre-defined)

They will review your past data for errors, gaps, or inconsistencies and clean up old records if necessary.

3. Choosing the Right Accounting Software

In Singapore, many businesses use cloud-based platforms like:

Xero
QuickBooks Online
Sage Accounting

If you’re not already using a system, your bookkeeper will recommend one based on your needs and may help with setup, customization, and training.

These systems provide:

Real-time financial dashboards
Automated bank feeds
GST compliance tools
Integration with payroll, e-commerce, and POS systems

A good bookkeeper will also configure templates and reports that suit your business type.

4. Ongoing Monthly Bookkeeping Activities

Once the system is set up, your bookkeeper will carry out regular tasks, including:

📌 Recording Daily Transactions

Every sale, purchase, refund, payment, or expense will be accurately recorded with proper categorization.

📌 Bank Reconciliation

They will match your bank records with your books to ensure that everything tallies. This helps spot duplicate entries, missing income, or bank fees.

📌 Invoicing and Receivables

Some bookkeepers assist in:

Issuing customer invoices
Tracking overdue payments
Sending follow-up reminders

Keeping receivables in check improves cash flow.

📌 Managing Payables

Your bookkeeper can:

Track supplier invoices
Monitor due dates
Prepare payment schedules

This ensures you avoid late payment penalties and maintain good vendor relationships.

📌 GST Filing Support (If Applicable)

If your business is GST-registered in Singapore, your bookkeeper will:

Ensure correct GST classification of sales and purchases
Prepare and reconcile GST reports
Assist with GST submissions to IRAS every quarter

5. Monthly and Quarterly Reports

Professional bookkeepers will provide you with key financial reports such as:

Profit & Loss Statement – Shows business performance over a period
Balance Sheet – A snapshot of assets, liabilities, and equity
Cash Flow Statement – Tracks money coming in and going out

These reports are crucial for:

Evaluating profitability
Planning budgets
Supporting loan or grant applications
Making strategic business decisions

6. Year-End Preparation and Audit Support

As your business approaches the end of its financial year, the bookkeeper plays a key role in:

Preparing clean books for submission to your accountant
Supporting corporate tax filing
Organizing documents needed for audit (if your company requires one)
Ensuring compliance with Singapore Financial Reporting Standards (SFRS)

This simplifies the tax season and reduces the likelihood of IRAS penalties or audit flags.

7. Qualities of a Good Bookkeeper in Singapore

When hiring, look for the following traits:

Experience with Singapore regulations
Familiarity with local tax codes and GST
Knowledge of modern accounting tools
Attention to detail and accuracy
Prompt communication and responsiveness
Good track record with SMEs in your industry

If outsourcing to a firm, check for:

Clear pricing and deliverables
Data protection policies
Responsive client service
Additional services (e.g., payroll, tax filing, secretarial support)

8. Costs and Engagement Models

Bookkeeping fees in Singapore vary depending on:

Monthly transaction volume
Complexity of your business (e.g., GST, multi-currency)
Scope of services (basic bookkeeping vs full-suite services)

💼 Estimated Fees:

Freelance Bookkeeper: $300–$600/month
Bookkeeping Firm: $400–$1,000/month
In-house Bookkeeper: $3,000–$5,000/month (salary + CPF + benefits)

Outsourced services are more cost-effective for startups and SMEs, while in-house staff may be more suitable for larger firms with high transaction volume.

9. Benefits of Hiring a Bookkeeper

When you hire a qualified bookkeeper, you get:

Accurate and up-to-date financial records
Time savings for business owners and managers
Reduced risk of tax penalties
Improved financial visibility for decision-making
Support during audits or grant applications

In short, a bookkeeper gives you peace of mind and allows you to focus on what matters most—growing your business.

Conclusion

Hiring a bookkeeper in Singapore isn’t just about getting your numbers right—it’s about building a stronger, more sustainable business. With proper onboarding, effective systems, and regular reporting, a bookkeeper becomes a key part of your financial ecosystem.

Whether you choose to work with a freelance professional, outsource to a bookkeeping firm, or hire in-house, the key is to prioritize accuracy, compliance, and transparency. With the right support, you’ll enjoy better cash flow, smoother audits, and greater confidence in your financial decision-making.