How much does bookkeeping cost in Singapore?
Bookkeeping fees in Singapore typically run from S$150 to S$600 per month for small businesses with up to 300 monthly transactions. A sole proprietor or simple Pte Ltd with fewer than 50 transactions pays around S$150 to S$250. A growing SME with 100 to 300 transactions pays S$300 to S$600. GST-registered businesses, those with payroll, or those needing management accounts pay more.
These aren't estimates pulled from thin air — they're what Singapore bookkeeping firms actually charge when you strip away introductory discounts and scope tricks. The number that matters most isn't the headline fee; it's what's actually included. Two quotes for "S$300/month bookkeeping" can mean very different things depending on whether reconciliation, payroll and GST are bundled or billed extra.
Bookkeeping price ranges by business size (2026)
Monthly fees for outsourced bookkeeping. Assumes Xero or QuickBooks cloud accounting, bank reconciliation included, no payroll or GST (add-ons listed separately below).
| Business profile | Transactions/month | Monthly fee range | Typical client |
|---|---|---|---|
| Starter | Under 50 | S$150 – S$250 | Freelancer, 1-person Pte Ltd, new sole proprietor |
| Small SME | 50 – 150 | S$250 – S$400 | Retail, F&B, small services business, 2-5 staff |
| Growing SME | 150 – 300 | S$400 – S$600 | E-commerce, consulting firm, 5-20 staff |
| Mid-size | 300 – 600 | S$600 – S$1,000 | Multi-location business, import/export, 20+ staff |
| Complex | 600+ | S$1,000 – S$2,000+ | Multiple entities, high-volume invoicing, group accounts |
Ranges reflect Singapore market rates for outsourced bookkeeping as of 2026. In-house bookkeeper costs are covered separately below.
What is actually included in a monthly bookkeeping fee?
A proper monthly bookkeeping fee should cover transaction categorisation, bank and credit card reconciliation, accounts payable and receivable maintenance, a monthly profit and loss statement, and a balance sheet. Year-end prep — packaging your books cleanly for financial statements — is usually included. Payroll, GST filing, and management accounts are typically priced separately.
Usually included in base fee
- Bank and credit card reconciliation (all accounts)
- Transaction categorisation and coding
- Accounts payable ledger maintenance
- Accounts receivable tracking
- Monthly P&L and balance sheet
- Year-end closing and prep for financial statements
- Email support for coding queries
Usually billed as add-ons
- CPF payroll processing (per employee)
- GST return preparation and submission
- IR8A filing at year-end
- Management accounts with commentary
- Xero or QuickBooks software subscription
- Bank feed setup and migration
- Catch-up bookkeeping for prior periods
Before signing with any bookkeeping provider, ask them to confirm in writing exactly what's included. The most common surprise is discovering that bank reconciliation is an add-on, or that the quoted fee only covers data entry with no review. Use our bookkeeping cost estimator to get a scope-matched estimate for your specific business.
What makes bookkeeping more expensive — or cheaper?
Transaction volume is the biggest driver. After that: whether you're GST-registered (quarterly filing adds work), how many bank accounts and credit cards you have, whether payroll is included, and how messy your records are. A business with clean bank feeds, one account, and 60 tidy transactions costs far less to service than one with five accounts, petty cash, and mixed personal and business expenses.
Transaction volume
Every bank line needs to be categorised and reconciled. 300 transactions takes 3-4x longer than 80. This is the primary cost driver.
GST registration
Quarterly GST returns add 2-4 hours of work per quarter. Most providers charge S$80-200 extra per GST return.
Number of bank accounts
Each additional account needs its own reconciliation. Three accounts isn't 3x the work, but it's noticeably more.
Payroll
CPF calculations, payslip generation and submission typically adds S$30-80 per employee per month.
Mixed personal and business expenses
When personal costs run through the business account, every transaction needs a judgment call. Clean separation saves money.
Using cloud accounting (Xero/QuickBooks)
Bank feeds, automatic categorisation and remote access reduce manual entry time significantly. Most providers charge less for cloud clients.
Consistent monthly volume
Predictable transaction patterns are cheaper to service than seasonal spikes. Fixed-fee pricing works in your favour if volume is stable.
Is it cheaper to hire a bookkeeper in-house or outsource in Singapore?
For most Singapore SMEs with fewer than 300 monthly transactions, outsourcing is significantly cheaper than hiring in-house. A part-time bookkeeper costs at least S$1,500 to S$2,500 per month including CPF. A full-time junior costs S$2,800 to S$3,500 plus CPF, leave, and recruitment. Outsourced bookkeeping for equivalent work runs S$300 to S$600 per month — with no headcount overhead and no gap when staff resign.
| Cost item | Part-time in-house | Full-time in-house | Outsourced (150 txns/mo) |
|---|---|---|---|
| Salary | S$1,200 – S$2,000 | S$2,800 – S$3,500 | Included in fee |
| Employer CPF (17%) | S$204 – S$340 | S$476 – S$595 | None |
| Annual leave (14 days) | Partial | S$1,100 – S$1,750/yr | None |
| Sick leave, medical | Partial | S$200 – S$400/yr | None |
| Software (Xero/QB) | S$30 – S$60 | S$30 – S$60 | Often included |
| Recruitment cost (once-off) | S$500 – S$1,500 | S$1,500 – S$3,000 | None |
| Training and supervision | Your time | Your time | None |
| Total monthly estimate | ~S$1,500 – S$2,400 | ~S$3,200 – S$4,200 | ~S$350 – S$500 |
The math changes above roughly 500 transactions per month — at that point a dedicated in-house person starts to make financial sense. Below that, outsourcing almost always wins on cost. The hidden advantage of outsourcing that doesn't show up in the table: when your bookkeeper resigns, your books don't stop. Service continues without interruption.
What are the red flags in a bookkeeping quote?
Watch for quotes that don't mention reconciliation, providers who bill per invoice rather than per month, contracts with no scope definition, and any quote under S$100 per month for a trading business. Very cheap bookkeeping means someone is cutting corners somewhere — usually on review and reconciliation, which are the parts that catch errors before they compound.
Quote doesn't mention reconciliation
Data entry without reconciliation means errors compound silently. You won't know until year-end when your accountant finds months of mismatches.
Billing per invoice or receipt
Fine for very low-volume businesses, but unpredictable for most SMEs. A busy month can triple your invoice with no warning. Fixed monthly is cleaner.
No written scope of work
Verbal quotes lead to scope creep disputes. Ask for a written engagement letter that lists exactly what's covered — and what isn't.
No mention of who reviews the work
Junior staff do the data entry. Who checks it? A good provider has a qualified person reviewing every set of books before they go to the client.
Extremely low pricing (under S$100/mo for a trading business)
Below a certain point, the economics don't allow for proper review. You're likely getting data entry into a spreadsheet, not double-entry bookkeeping on proper software.
What does AFSB charge for bookkeeping in Singapore?
We charge a fixed monthly fee based on your transaction volume and scope. There are no per-invoice fees, no surprise charges for bank reconciliation, and no annual lock-in. Every package includes full-set bookkeeping on Xero or QuickBooks, bank reconciliation, monthly P&L and balance sheet, and year-end prep. Payroll and GST are available as clear add-ons.
Use the bookkeeping cost estimator to get an instant scope-matched figure for your business. Or see our full pricing page for the breakdown of what's included at each tier. If you want to compare our pricing against your current provider or a competitor's quote, send us both and we'll give you an honest comparison.
If you're also thinking about the full accounting picture — payroll, CPF, financial statements, management accounts — our accounting services bundle bookkeeping with everything else at a single monthly fixed fee. Most growing SMEs find this cleaner than managing multiple providers for different services.
Frequently asked questions
How much does bookkeeping cost in Singapore?
S$150 to S$600 per month for most small businesses, depending on transaction volume. Under 50 transactions per month: S$150 to S$250. Between 100 and 300 transactions: S$300 to S$600. GST registration, payroll and management accounts add to these figures.
What is included in a monthly bookkeeping fee?
A proper monthly fee covers transaction categorisation, full bank reconciliation, accounts payable and receivable, monthly P&L and balance sheet, and year-end preparation. Payroll processing, GST returns, IR8A filing and management accounts are usually separate add-ons. Always ask for a written scope before signing.
Is outsourced bookkeeping cheaper than hiring in-house in Singapore?
Yes, for most SMEs. A part-time bookkeeper costs S$1,500 to S$2,400 per month including CPF and leave. A full-time junior costs S$3,200 to S$4,200 all-in. Outsourced bookkeeping for the same work runs S$300 to S$600 per month with no headcount overhead. The break-even point is roughly 500 transactions per month.
Why do some bookkeeping firms charge so much less than others?
Very cheap bookkeeping (under S$100/month) means data entry only — no reconciliation, no qualified review. Errors accumulate undetected and cost far more to fix at year-end than you saved. A proper bookkeeping service includes a qualified person reviewing every set of books before they go to you.