Yearly Accounting Services in Singapore
Understanding Yearly Accounting Services
Yearly Accounting Services provides businesses with annual financial compilation, focusing on year-end compliance and statutory requirements. This service includes the preparation of financial statements, tax computations, and regulatory filings once per year. While yearly accounting meets minimum legal obligations, it offers severely limited financial visibility throughout the operational year, leaving businesses vulnerable to undetected issues.
Who Typically Uses Yearly Accounting?
Businesses that commonly choose Yearly Accounting Services include micro-enterprises with minimal transactions, sole proprietors with simple operations, and dormant companies maintaining basic compliance. Very small home-based businesses, freelancers with predictable income streams, and seasonal operations often select yearly services primarily for cost considerations.
However, this approach carries significant risks as financial problems remain undetected for extended periods, potentially causing irreversible damage to business operations.
Is monthly accounting superior to yearly accounting?
Yearly accounting represents the bare minimum for compliance but falls drastically short in terms of timeliness. No one option is superior or the best choice. It will depend on each business’s needs. Understanding the pros and cons of Yearly, Quarterly, and Monthly Accounting is essential for business owners to make an informed decision.
Monthly accounting provides superior advantages:
-
Real-time visibility enabling proactive financial management
-
Early detection of cash flow issues before they become critical
-
Enhanced decision-making with current, actionable data
-
Better preparation for audits and regulatory requirements
-
Continuous tax planning opportunities throughout the year
Quarterly accounting offers balanced benefits:
-
Regular financial reviews every three months
-
Timely GST compliance for registered businesses
-
Moderate cost while maintaining reasonable oversight
-
Faster problem identification compared to yearly approaches
Yearly Accounting Services follows a basic year-end compilation process involving transaction recording, financial statement preparation, and statutory filing. The method includes preparing profit and loss statements, balance sheets, cash flow statements, and annual tax returns within statutory deadlines.
Yearly Accounting Process and Limitations
Singapore businesses increasingly choose professional outsourcing over in-house yearly accounting due to enhanced expertise and cost efficiency. Maintaining basic in-house accounting capabilities still costs SGD 2,500-4,000 monthly, while comprehensive outsourced services deliver superior results at significantly lower investment.
Professional firms provide:
-
Access to qualified & experienced professionals (Chartered Accountants, CPAs, ACCAs)
-
Advanced cloud-based accounting software and technology
-
Comprehensive compliance support beyond basic yearly requirements
-
Integration with corporate secretarial services, tax obligations, and tax planning
Outsourced Accounting Services: The Professional Advantage
Transparent Pricing for Yearly Accounting
Our Yearly Accounting Services start from SGD 400-1,200 annually, depending on transaction volume and complexity. Dormant companies or small businesses with minimal transactions benefit from packages starting at SGD 400, while medium-volume operations typically require SGD 700-1,200 yearly.
However, we strongly recommend considering monthly accounting packages starting from SGD 200 monthly, providing dramatically superior value through enhanced financial intelligence and risk management.
Our Commitment to Excellence
We maintain strict professional standards using advanced cloud-based systems, including Xero and QuickBooks, for secure, accessible financial management. Our qualified accountants ensure compliance with Singapore Financial Reporting Standards while providing strategic business advice beyond basic compliance requirements.
Upgrade Your Financial Strategy Today
Make the Strategic Choice
Are you considering Outsource Yearly Accounting services for your company? Speak to our expert accountants and find out which services suit your firm best. At OakTree, we offer professional accounting, taxation, and corporate solutions to aspiring business owners.
Engage us in a discussion to find out what is best for your business.