Cost of Hiring an Accountant in Singapore | SOAS Guide
Accounting plays a vital role in every business, ensuring financial accuracy, tax compliance, and strategic decision-making. In Singapore, where businesses must comply with ACRA (Accounting and Corporate Regulatory Authority) and IRAS (Inland Revenue Authority of Singapore) regulations, hiring an accountant is not just a choice but a necessity.
However, the cost of hiring an accountant in Singapore varies depending on:
✅ The type of accounting services required.
✅ Whether you hire an in-house accountant or outsource accounting services.
✅ The size and complexity of your business.
This guide provides a detailed breakdown of accountant hiring costs, helping you determine the most cost-effective solution for your business.
Why Businesses in Singapore Need an Accountant
1. Compliance with Singapore’s Accounting & Tax Regulations
- Singapore companies must file their Annual Financial Statements in XBRL format to ACRA.
- GST-registered companies must submit accurate GST returns (F5, F7, F8 forms) every quarter.
- Corporate tax filings (ECI, Form C-S, Form C) must be submitted to IRAS on time.
- Payroll and CPF contributions need proper documentation.
💡 Failure to comply with IRAS & ACRA regulations can result in penalties of up to SGD 10,000 or legal action.
2. Strategic Financial Planning
Accountants help businesses:
📊 Identify cost-saving opportunities.
📊 Improve cash flow management.
📊 Ensure smooth financial audits.
3. Tax Optimization & Cost Reduction
A good accountant can help reduce taxes by:
✔️ Claiming all legally deductible expenses.
✔️ Advising on tax-saving schemes like the Productivity Solutions Grant (PSG) and Startup Tax Exemption Scheme (SUTE).
How Much Does It Cost to Hire an Accountant in Singapore?
The cost of hiring an accountant depends on the type of services required and whether you hire in-house or outsource.
1. Hiring an In-House Accountant: Cost & Considerations
Salary Expectations for Full-Time Accountants
| Position | Monthly Salary (SGD) | Annual Cost (Incl. CPF & Benefits) (SGD) |
|---|---|---|
| Junior Accountant | $2,500 – $4,000 | $36,000 – $60,000 |
| Senior Accountant | $4,500 – $7,000 | $72,000 – $100,000 |
| Chief Financial Officer (CFO) | $10,000 – $25,000 | $150,000 – $300,000 |
🔹 Hidden Costs of Hiring an In-House Accountant
- CPF Contributions: Employers must contribute 17% to CPF (for Singaporean & PR employees).
- Office Setup: Salary isn’t the only cost—consider software, office space, and training expenses.
💡 Best For: Large enterprises with high-volume transactions & internal financial reporting needs.
2. Outsourcing Accounting Services: Cost & Benefits
For many small and medium-sized businesses (SMEs), outsourcing is a cost-effective alternative to hiring an in-house accountant.
| Service | Estimated Cost (SGD) |
|---|---|
| Bookkeeping (Monthly/Quarterly) | $150 – $800/month |
| Compilation of Financial Statements | $500 – $2,000/year |
| Corporate Tax Filing (ECI, Form C-S) | $300 – $1,500/year |
| GST Registration & Filing | $200 – $1,000/quarter |
| Payroll Processing | $20 – $50 per employee/month |
💡 Benefits of Outsourcing Accounting Services
✔️ Cost Savings – Avoid full-time salaries & employee benefits.
✔️ Compliance Assurance – Professionals ensure accurate filings with IRAS & ACRA.
✔️ Time Efficiency – Focus on growing your business instead of admin work.
📢 Looking for cost-effective outsourced accounting? SOAS offers tailored solutions for businesses in Singapore!
3. Freelance Accountants vs. Accounting Firms: Which One to Choose?
Freelance Accountants (Cost: $300 – $2,000/month)
✅ Suitable for small businesses with minimal accounting needs.
✅ Typically handle bookkeeping & tax filings.
❌ May lack reliability & long-term availability.
Accounting Firms (Cost: $500 – $5,000/month)
✅ Best for growing businesses that need comprehensive financial management.
✅ Provides multi-level expertise (bookkeeping, payroll, tax planning).
✅ Offers legal & regulatory compliance support.
❌ Higher cost than freelancers.
Which Accounting Option is Best for Your Business?
A. Startups & Small Businesses
📌 Best Choice: Outsourcing accounting services.
📌 Why? Low cost, high flexibility, and expert financial management.
B. Medium to Large Enterprises
📌 Best Choice: In-house accountant + outsourcing for tax & compliance.
📌 Why? Ensures efficient daily operations with expert support for complex filings.
C. High-Growth Companies & MNCs
📌 Best Choice: In-house accounting team or CFO.
📌 Why? Advanced financial strategy, tax planning & auditing.
SOAS: Your Trusted Accounting Partner in Singapore
Why Choose SOAS?
✔️ Affordable Accounting Packages – Transparent pricing with no hidden fees.
✔️ Experienced & ACRA-Certified Accountants – Ensuring 100% compliance with IRAS & ACRA.
✔️ Customized Solutions – From bookkeeping to tax filing & payroll processing.
✔️ Time-Saving Automation – We use digital accounting tools for accuracy & efficiency.
✔️ Dedicated Support – Get expert guidance tailored to your business.
💡 Need an affordable accounting solution?
📞 Get a FREE Consultation Today! Visit SOAS.com.sg for customized accounting plans.
FAQs About Cost of Hiring an Accountant
Q. How much does it cost to hire an accountant in Singapore?
The cost varies depending on whether you hire in-house or outsource. In-house accountants earn between SGD 2,500 – SGD 7,000 per month, while outsourcing services can start from SGD 150/month for bookkeeping and SGD 300/year for tax filing.
Q. Is it better to hire an in-house accountant or outsource?
Outsourcing is cost-effective for startups and SMEs, offering flexibility and compliance without fixed salaries. Large businesses may benefit from in-house accountants for daily operations while outsourcing tax and compliance services.
Q. What services do outsourced accountants provide?
Outsourced accountants offer bookkeeping, financial reporting, payroll processing, GST filing, tax computation, and compliance services to ensure businesses meet ACRA and IRAS regulations.
Q. Can I hire a freelance accountant instead of an accounting firm?
Yes, freelance accountants charge between SGD 300 – SGD 2,000 per month, making them suitable for small businesses. However, accounting firms provide greater expertise, security, and compliance assurance.
Q. Where can I find affordable accounting services in Singapore?
SOAS offers affordable, reliable, and ACRA-compliant accounting services tailored for businesses of all sizes. Get a free consultation at SOAS.com.sg.
Final Thoughts: Should You Hire or Outsource?
💰 If cost savings & compliance are your priority → Outsource your accounting.
📊 If you need in-house financial control → Hire a full-time accountant.
✅ For a hybrid approach → Combine in-house staff with outsourced expertise.
With SOAS, you can optimize costs, ensure compliance, and focus on growing your business while we handle your accounting needs.
🚀 Explore our flexible accounting solutions today at SOAS.com.sg!