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Professional Accounting & Bookkeeping from Only S$100/Month
Running your own business in Singapore is exciting. You have to do many things, like serve your customers and grow your company. But one very important job is managing your money. This is where accounting and bookkeeping come in.
It may not sound exciting, but it is the key to your success. Good bookkeeping and accounting help you know exactly how your business is doing. They help you make smart choices and follow Singapore’s rules.
At Think SME, we make this part easy for you. We are your partner, here to handle the numbers so you can focus on what you do best.
What is Bookkeeping? (The Daily Record)
Think of bookkeeping as your business’s daily diary. It is the job of keeping a record of all the money that comes in and goes out of your company.
Every day, your business makes sales, buys supplies, pays bills, and pays staff. Bookkeeping is the task of writing all this down.
Simple bookkeeping includes:
- Recording all your sales (money in).
- Recording all your costs and purchases (money out).
- Keeping track of bills you need to pay.
- Keeping track of money that customers owe you.
- Saving all your receipts and invoices in one safe place.
What is Accounting? (The Big Picture)
If bookkeeping is the daily diary, accounting is the story you write using that diary.
Accounting takes all the daily records from bookkeeping and turns them into useful reports. These reports show you the “big picture” of your business’s health.
Simple accounting includes:
- Making Financial Reports: We create simple reports like the Profit and Loss (P&L) statement. This report tells you if your business made money or lost money over a period (like a month or a year).
- Making a Balance Sheet: This report shows what your business owns (like cash or equipment) and what it owes (like loans or bills).
- Checking Your Cash Flow: We watch the money moving in and out to make sure you have enough cash to pay your bills.
- Planning for the Future: We use these reports to help you plan. You can see what’s working and what’s not.
Why Your SME Needs Good Accounting & Bookkeeping
For a small or medium-sized enterprise (SME) in Singapore, good records are not just “nice to have.” They are a “must-have.” Here is why:
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Your Business “Report Card”
Think of accounting like a student’s exam results. After a year of studying hard, you’d want to see your grades — to understand how well you performed and what needs improvement.
Your financial statements do the same for your business. They show:
- How your company performed financially over the past year
- Which functions generated the most revenue
- Where costs were higher than expected
- What financial goals you should set for the next fiscal year
With accurate accounting and bookkeeping, you’ll always know how your business is truly performing.
Our Accounting & Bookkeeping Services
At Think SME, we offer simple, stress-free services just for SMEs in Singapore. We handle the paperwork so you do not have to.
Here is how we help:
Full Bookkeeping Service
Send us your bills, receipts, and bank statements. We will record everything for you. We keep your “daily diary” neat and up-to-date.
2.
Financial Reports
Every month or every quarter, we give you simple reports. You will get a Profit and Loss report and a Balance Sheet. We make them easy to read and understand.
3.
Help with Rules (Compliance)
We make sure your records follow the rules set by ACRA and IRAS. No more worrying if you are doing it right.
4.
Get Ready for Tax Time
When it is time to pay your taxes, we get all the numbers ready for you. We work with our tax team to make sure you pay the right amount, and not a dollar more.
5.
Friendly Advice
We do not just give you reports. We help you understand them. Have a question about your spending? Want to know how your sales are doing? Just ask us. We are your partner.
Why Choose Think SME for Your Accounting?
We are not just an accounting firm. We are an all-in-one partner for SMEs in Singapore.
We Understand SMEs
We built our company just to help businesses like yours. We know the challenges you face.
All Your Services in One Place
We do more than just accounting. We can help with starting your company (incorporation), secretarial services, and even applying for grants. When you work with us, all your business support is in one place.
Simple and Clear
We do not use complex words. We give you clear answers and clear prices.
Focus on Your Growth
Our goal is to help your business succeed. By taking care of your accounts, we give you back the time and peace of mind you need to grow your company.
Common Money Mistakes SMEs Make (And How We Avoid Them)
Because we work with so many SMEs, we see the same small mistakes pop up again and again. It is easy to make these mistakes when you are busy. Here are the most common ones and how we help you fix them.
Mixing Personal and Business Money
1
The Mistake
Using your personal bank card to buy business supplies. Or, paying for your family dinner with your company's bank card. It all gets mixed together in one bank account.
2
Why It's Bad
It is a nightmare to untangle. You do not know what is a business cost and what is a personal cost. Your "profit" number is wrong. It makes tax filing very hard and can get you into trouble with IRAS.
3
The Simple Fix
Open a separate bank account for your business from Day 1. Only use this account for business sales and business costs. We then connect this one, clean account to your bookkeeping. It is the best thing you can do for your finances.
The "Shoebox" Method
The Mistake
Piling up all your paper receipts and invoices in a shoebox (or a drawer, or an envelope). You plan to sort them out "later" ... which often means at the end of the year.
Why It's Bad
It is stressful, takes a lot of time, and it is easy to lose receipts. You have no idea how your business is doing month-to-month. You are always looking at old news.
The Simple Fix
We help you use modern tools. You can use an app on your phone to just take a photo of a receipt the moment you get it. The app saves it, records the cost, and throws away the need for a paper pile.
Forgetting About Cash Flow
The Mistake
You look at your P&L report and see you made a S$10,000 profit. You feel great! But then you look at your bank account, and it is empty.
Why It's Bad
Profit is not the same as cash. You can have "profit on paper" but have no cash if your customers have not paid you yet. You still have to pay rent and staff this month. This is how many "profitable" businesses fail.
The Simple Fix
We prepare a Cash Flow Statement for you. This report shows you only the cash. We also help you track your "accounts receivable" – the list of customers who owe you money. We can help you send reminders so you get your cash faster.
Doing It All Yourself to "Save Money"
The Mistake
You are a great designer, or chef, or builder. But you spend 10 hours every month trying to be a part-time bookkeeper, fighting with spreadsheets and numbers you do not enjoy.
Why It's Bad
Your time is worth more. Every hour you spend on bookkeeping is an hour you lose on finding new customers or serving your current ones. You could also make a mistake that costs you more in tax or fines than you "saved."
The Simple Fix
Outsource it to us. For a clear monthly fee, you get all those hours back. You get an expert to do the job right. Think of it as an investment in your own time and success, not a cost.
Your Questions Answered (FAQ)
We know you have questions. Here are simple answers to the most common ones.
Yes! Even a one-person company must follow the rules. You still need to file reports with ACRA and IRAS. An accountant does more than just filing. We help you set up your company correctly from the start. We can help you save on tax and give you back your time. As you grow, you will be very glad you started with good, clean records.
It’s simple:
- Bookkeeping is RECORDING. It’s the daily work of writing down every sale and every cost. The bookkeeper builds the bricks.
- Accounting is REPORTING. It’s the monthly or yearly work of taking all those records and turning them into a story (your financial reports). The accountant builds the house with the bricks and tells you if the house is strong.
They are the “health reports” for your business. The two most important are:
- Profit & Loss (P&L): This tells you if you made or lost money over a set time (like a month or a year). It answers the question: “Did I win or lose?”
- Balance Sheet: This shows your company’s health at one moment in time. It lists everything your company owns (assets, like cash in the bank) and everything it owes (liabilities, like loans). It answers the question: “Is my company strong or weak right now?”
You should record your sales and costs as they happen, or at least every week. You should not wait until the end of the month or the end of the year. If you use the modern software we recommend, it becomes a very fast, easy, daily habit. Then, your accountant (Think SME) takes those records and prepares your official reports every month or every quarter.
You can, but we strongly advise against it. An Excel sheet cannot connect to your bank account. It cannot take photos of receipts. It is very easy to make a small typo or delete a formula by accident, which can mess up all your numbers. It takes a lot of time. Modern accounting software is built for this job. It saves time, reduces errors, and gives you a live, clear view of your business health anytime, on your phone.
You must keep a record of everything related to your business money. The rule in Singapore is to keep all records for at least five years. This includes:
- All sales invoices (the bills you send to customers).
- All supplier invoices (the bills you get from others).
- All receipts (even small ones for taxis or meals).
- Your company bank statements.
- Any contracts or loan agreements.
- Records of staff salaries (payroll). We will help you set up a simple digital system to store all this, so you do not need a physical filing cabinet.
This is a very important date. It is your company’s official “end date” for its business year. It is not always December 31st. In Singapore, you can choose your FYE when you start your company. All your big, official reports (like your corporate tax return) are based on this date. We can help you choose the best FYE for your new business.
Let’s Talk About Your Business
Stop worrying about receipts and spreadsheets. Let the team at Think SME take care of your accounting and bookkeeping.
