Accounting Firms For Singapore Businesses

Introduction to Accounting Firms in Singapore

Singapore is considered a leading financial and business hub in Asia. It is home to a vibrant accounting industry comprising local and international accounting firms. These companies offer a wide range of professional services to both local and international businesses based in this city-state.

The accounting industry comprises global networks of accounting firms as well as numerous small and mid-sized practices. Many of the accountants are also qualified Chartered Accountants.

Services offered by accounting firms in Singapore include audit, tax and advisory services related to financial reporting, regulatory compliance, transaction support, risk management, and more. These services cater to the needs of both local Singapore-based organisations as well as regional headquarters and subsidiaries of overseas companies operating in Asia Pacific.

Operating a business in Singapore demands careful attention to financial regulations. Stringent company account requirements, rigorous audits, and hefty penalties for non-compliance can quickly overwhelm even the most seasoned entrepreneur. This complex landscape makes partnering with a reliable accounting firm an absolute necessity, not just a convenience.

Key Functions of Singapore Accounting Firms

Accounting firms serve a vital economic function by providing a wide range of professional services spanning three key areas.

Compliance and Reporting

Accounting firms in Singapore enable businesses to meet mandatory financial compliance and reporting obligations. Key services include:

• Bookkeeping and preparation of financial statements in accordance with Singapore Financial Reporting Standards (SFRS)
• Independent external audits to verify the accuracy of financial information
• Tax planning and filing to minimise tax outgo
• Corporate secretarial services covering regulatory filings and compliance

Financial Management and Advisory

Beyond basic reporting, Singapore accounting firms provide guidance on optimising financial performance through services like:

• Budgeting, cost management, and performance analysis
• Growth advisory, including feasibility studies and fundraising
• Risk management frameworks and internal controls
• Technology solutions for streamlining processes

Specialised Accounting Services

Some niche areas of accounting support include:

• Payroll processing and HR services
• Forensic accounting for fraud investigation
• Valuation services for M&A, tax, and investment decisions

What These Key Functions Mean To Your Business

Accounting firms act as trusted advisors and guide companies through crucial steps like budgeting, forecasting, and strategic decision-making.

Building Realistic Budgets

Accountants provide in-depth analysis of cost structures and revenue patterns to power data-driven forecasting of budgets factoring in different market scenarios. Relevant activities may include:

• Cost behaviour analysis
• Flexible budget modelling
• Guidance on budgeting systems

Data-backed Forecasting

Sophisticated financial models simulate future performance based on past trends and external variables. Accounting firms thereby help clients model worst-case situations and stress-testing business plans. Some outputs to expect include:

• Financial impact simulations
• Risk assessments of market factors
• Regular forecast updates

Strategic Insights for Growth

Accountants can provide variance analysis that highlights areas for improvement. They do this by tracking actual performance against projections. The recommendations may cover:

• Capital investment justification
• Mergers and acquisitions feasibility
• Corrective actions for underperformance

Accountants also facilitate stakeholder alignment on financial plans through professional communication processes. Choosing an accounting partner with specialised industry experience and strategic inclination can set the foundation and guide you in the pursuit of data-backed growth trajectories matching your business’s operating landscape.

Industry-Specific Accounting Services in Singapore

Accounting firms are not one-size-fits-all, especially in the diverse and dynamic economy. They recognise every unique need and challenge faced by different industries and then tailor their services to deliver optimal value.

Financial Services

Accounting partners assist financial institutions with:

• Regulatory compliance across banking, insurance, and capital markets
• Risk management frameworks suited to complex instruments
• Support for investment activities
• Integration of data analytics and financial technologies

Healthcare

The healthcare sector requires assistance with:

• Optimised medical claims processing and revenue cycle management
• Guidance on specialised compliance requirements
• Budgeting and cost control measures
• Governance and reporting for non-profit providers

Technology

For the tech sector, services include:

• Tax planning strategies for startups
• Valuation and accounting of intellectual property and cryptographic assets
• Crafting financial projections for fundraising
• Staying updated on evolving regulations

What their Approach Implies

This specialised approach by accounting firms translates into:

• Deep understanding of sector-specific challenges
• Assistance with specialised regulations and reporting
• Cost and risk optimisation
• Insights from wider industry ecosystem relationships

Choosing the Right Accounting Firm

Finding the right accounting firm in Singapore can make all the difference for your business. However, because of the diverse landscape of accounting firms, choosing the right one may feel like navigating a tax code. Here are some tips to help you choose the most suitable accounting firm.

Licenses

A licensed accounting firm ensures credibility and professionalism in order to provide you with the services you’ll need while meeting industry standards set by the government.

According to the Accountants Act, all entities providing public accounting services must first register with ACRA. Registered firms are then governed by the Institute of Singapore Chartered Accountants or ISCA to oversee qualifications and preserve high standards of professionalism.

The ideal accounting firm should therefore be registered with ACRA and have a team of accountants that abide by ISCA principles.

Specialisation

While some firms focus on core offerings, other mid-tier accounting firms in Singapore offer comprehensive services like accounting, bookkeeping, financial reporting, auditing, tax planning, managing financial statements, and many more.

Taxation Knowledge

Another consideration is the firm’s taxation knowledge. Making mistakes in tax documentation can create time-consuming and costly problems. That’s why it’s crucial to partner with accounting firms with a firm grasp of Singapore’s taxation system.

Having access to complete service offerings is advantageous, but you need to ensure that their specialisation aligns with your company’s objectives.

Size of the Firm

Besides their specialisation, you also have to consider the size of the firm. Do they have a big team to help you accomplish all your accounting tasks?

Rather than assigning one accountant to handle multiple functions, it will be much more efficient to provide different experts to aid in various tasks. Therefore, collaboration among individuals with diverse experience and expertise can add value to your business.

Experience and Expertise

The last factor you need to consider is the firm’s expertise.

You can gauge their expertise through their years of experience in the industry. Based on their existing portfolio and past client relations, you can evaluate whether they are a good match for your company.

What’s more, you can tap on your connections and get recommendations from friends, relatives, or peers. In addition, referrals from other business owners and positive online feedback can help you make a better decision in selecting the perfect accounting firm.

Conduct an Interview

While doing your own research can give you ample information about a potential firm, a more practical approach is to conduct an interview.

Interviews can provide an in-depth look at the company, how they operate, and their existing workforce. Through their insights, you can better grasp the services they offer and how they can benefit you. In the same light, you can also use this opportunity to share your requirements and expectations as a business owner so they can provide a more concrete strategy to help you manage your finances and ultimately meet your goals.

Trusted Accounting Firms in Singapore

Here are the top accounting and audit firms that offer a wide range of specialised services. Let’s discuss their strengths and unique selling propositions to see if they are a match for you.

PwC Singapore

PwC Singapore also stands as one of the leading and most trusted accounting firms in Singapore because of its commitment to workplace excellence, innovation, ESG leadership and talent development.

What makes it a top choice:

• Finalist for ‘Most Positive Workplace Collaboration’ at the SICC Awards 2025
• Accredited with the Enabling Mark (Silver) for disability-exclusive employment
• Gold award for Excellence in Workforce Flexibility and Silver award in In-House Talent Pipeline Strategy (HR Excellence Awards 2024)
• Top Employer in Accounting and Financial Management for the 14th consecutive year
• Ranked among the Top 100 Most Attractive Employers in Singapore by university students
• Committed over US$4 million to establish a new AI Hub in Singapore in 2025, supported by the Singapore Economic Development Board
• Awarded Champion of Good by the National Volunteer and Philanthropy Centre (NVPC) for the fifth consecutive year
• Over 3,300 employees and partners completed ESG upskilling programs

EY Singapore

Ernst & Young (EY) ranked third among the Big Four firms in the country. Its reputation is built on its expertise in audit, tax, advisory services and its focus on helping businesses adapt to regulatory changes and industry shifts.

What makes it a top choice:

• Has about 3,500 professionals serving a broad client base that includes publicly traded companies on the Singapore Exchange (SGX)
• Known for guiding clients through complex regulatory environments and business transformations
• Provides a full suite of services, including assurance and auditing, tax advisory, financial risk management, and cybersecurity and digital solutions
• Promotes career development and talent cultivation through events like the EY Young Tax Professional of the Year competition

KPMG Singapore

Its position as one of the most trusted firms is the result of a combination of industry recognition, technological leadership, commitment to ESG, and a strong reputation for talent development and client service.

What makes it a top choice:

• Awarded Tier 1 firm status in the ITR World Tax 2025 rankings for Tax, Transfer Pricing, and Tax Controversy
• Accolades: ‘Singapore Tax Advisory Firm of the Year’ and ‘Singapore Tax Disputes Advisory Firm of the Year’ at the ITR APAC Tax Awards 2024
• Recognised as the Best Employer in Asia-Pacific 2025 by Financial Times and Statista
• Ranked among the top 10 most attractive employers in Singapore for university students
• Launched AI Trust services to transform AI governance, partnered with ServiceNow

Deloitte Singapore

Deloitte Singapore is widely regarded as a trusted and influential accounting and advisory firm in 2025. It is known for its strong focus on innovation, sustainability, and helping clients navigate complex economic and regulatory landscapes.

What makes it a top choice:

• Budget 2025 focuses on enhancing business resilience, adapting to global tax reforms, advancing research and development, and promoting sustainability
• Champions digital transformation by urging expanded support for e-invoicing, adjusting GST registration thresholds, and fostering a digitally enabled tax ecosystem to boost productivity and transparency
• Serves nearly 90% of the Fortune Global 500 companies and thousands of private enterprises

RSM Singapore

RSM Singapore stands as the largest professional services firm outside the Big Four in Singapore and the sixth largest globally. It is recognised for its expertise in audit, tax, advisory, and business solutions.

What makes it a top choice:

• Part of a global network with over 65,000 professionals in 120 countries, recently surpassing $10 billion in global revenue.
• Renowned for empowering middle-market companies
• Committed a $1 billion investment in technology to accelerate its AI strategy
• Its annual RSM Tech Conference 2025 equipped businesses with insights on AI, cybersecurity, automation, and IT governance
• Firm’s business solutions arm called RSM Stone Forest specialises in helping businesses digitalise, optimise profits, and expand internationally
• Helps clients prepare for new climate-related disclosure requirements such as the adoption of ISSA 5000 and Singapore’s net-zero commitments

BDO Singapore

BDO Singapore is recognised as a leading mid-tier accounting and advisory firm in Singapore in 2025. It is celebrated for its award-winning client service, innovation in sustainability, and commitment to talent development and community engagement.

What makes it a top choice:

• Won multiple prestigious categories like “Accountancy Team,” “Accountancy Team (Greater China Region),” and “Tax Team (Greater China Region)”
• Singapore’s 100 Leading Graduate Employers for 2024
• Fourth in the Accounting and Financial Management sector
• Was conferred the “Company of Good” award by the National Volunteer and Philanthropy Centre
• Dedicated to achieving net-zero greenhouse gas emissions by 2050
• Has initiatives such as Car-Free Days, digitalisation to reduce paper usage, and responsible sourcing
• Continues to invest in continuous learning with programs like the Annual Emerging Leaders Programme and supports professional qualifications such as the Singapore Chartered Accountant and ICAEW
• Has community initiatives like the Annual Sustainable Seasonal Swap and Earth Day campaigns to promote environmental awareness and social responsibility among staff

Baker Tilly TFW

Baker Tilly Singapore is known for its energetic and dedicated team delivering tailored financial and consulting services across a diverse client base.

What makes it a top choice:

• Its assurance services go beyond audit opinions
• Its advisory services cover business strategy, sustainability, and management
• Serves clients from family-owned businesses to multinational corporations
• A member of Baker Tilly International, a global network with presence in 143 countries, 698 offices, and over 43,500 professionals
• Formed an alliance with Diginex to deliver the diginexESG platform to clients
• Expanded its assurance capabilities by admitting experienced partners like Low See Lien
• Offers career development opportunities and encourages learning through ISCA-linked training and thought leadership events

Foo Kon Tan

Foo Kon Tan LLP is one of the most established and respected accountancy practices with a history dating back to 1968. It is known for its personalised service, industry expertise, and commitment to quality and innovation.

What makes it a top choice:

• A principal member of HLB International, a global network of independent accounting firms
• A diverse client base across industries such as construction, education, financial services, healthcare, ICT, etc.
• Its corporate finance arm provides valuation, M&A advisory, and dispute resolution services in intellectual assets and intangible property valuation
• Offers ESG and sustainability advisory and assurance services

Nexia TS Public Accounting Corporation

Operating as Nexia Singapore, it is a prominent accounting and advisory firm in Singapore delivering comprehensive audit, tax, and advisory services to support businesses at various stages of growth.

What makes it a top choice:

• Has strong regional presence and expertise in serving fast-growing, dynamic middle-market businesses
• A member of CLA Global Limited, a global network of independent accounting and advisory firms
• Rebranded as CLA Global TS in 2022 to expand its footprint in Asia with headquarters in Singapore
• Has a strong track record in IPO reporting, valuation, and assurance services
• Hosts international delegations and participates in industry collaborations
• Known for fostering a collaborative and growth-oriented culture

Forvis Mazars

Mazars is recognised for its comprehensive services including audit and assurance, tax, advisory, and consulting. The firm serves a diverse client base, from multinational corporations to SMEs, and is known for its ability to deliver integrated solutions across these domains.

What makes it a top choice:

• Operates as a fully integrated global partnership, present in over 95 countries
• One of only two firms outside the Big Four authorised by MAS to audit financial services companies
• Named “Best Company to Work for in Asia” by HR Asia for six consecutive years
• Had a 24% year-on-year increase in fee income in 2022/2024, driven by robust demand for its core services
• Publishes transparency reports and continually invests in technology and quality management systems
• Has deep expertise in specialised sectors such as financial services, insurance, and asset management

Reliance Consulting Services Pte Ltd

Reliance Consulting Services Pte Ltd is a Singapore-based professional services firm providing a one-stop solution for businesses.

What makes it a top choice:

• Handles all aspects of company setup, statutory compliance, and ongoing secretarial duties
• End-to-end accounting, bookkeeping, and financial reporting for SMEs and MNCs
• Statutory audits, internal audits, and assurance engagements
• Corporate and personal tax compliance, GST, tax advisory, and support with tax authority queries
• Outsourced payroll, HR administration, and support for work pass applications
• Market entry strategies, process optimisation, change management, and business growth advisory
• Assistance with immigration, relocation, and ongoing business support

Your Accounting Firm Should Also Be Tech-Savvy

Choosing the right accounting firm in Singapore is more than just finding someone to crunch numbers. The best firms are embracing cutting-edge technology to streamline processes, unlock valuable insights, and deliver a superior service experience.

Here is how Singapore’s accounting firms are leveraging technology to enhance their offerings.

Cloud Accounting

• Centralised financial data and collaboration tools facilitate real-time information sharing between accountants and clients
• Integration with other business software streamlines workflows through automated syncing and reduced manual processes
• Highly scalable solutions allow firms to service both SMEs and large corporations effectively

AI-powered Analytics

• Algorithms help uncover trends and patterns within vast financial datasets, providing predictive capabilities and actionable recommendations
• Anomaly detection abilities enhance fraud risk management

RPA Robots

• Tedious and repetitive manual tasks like data entry and reconciliations can be automated, allowing for greater efficiency

For clients, partnering with tech-enabled accounting firms translates to:

• Enhanced accuracy and timeliness of reporting processes
• Better insights into financial performance to aid forecasting and decision-making
• Improved transparency and easier access to up-to-date financial information
• Potential cost savings arising from streamlined workflows

Remember, a registered filing agent can be a valuable resource in your search for the right accounting firm. They can help you understand your needs, assess the technology expertise of different firms, and recommend a suitable match for your business.

How Singapore Accounting Firms Help Develop Tax Planning Strategies

Maximising tax efficiency is a must if you want to set up for success in Singapore’s competitive landscape. Accounting firms serve as trusted advisors playing a vital role in helping clients develop customised tax planning strategies aligned to their operating models and growth objectives.

Utilising Tax Incentives

Accounting firms can identify relevant tax incentives and exemptions based on the client’s industry, business activities, and asset investments. These include:

• Startup tax exemption scheme
• R&D activities tax incentives
• Investment Allowances for the acquisition of qualifying plant and machinery

Optimising Business Structure

The tax implications vary widely depending on the registered business entity type. Accounting firms give advice on selecting the ideal structure, such as:

• Sole proprietorship, partnership, or private limited framework
• Group consolidation for companies with multiple subsidiaries
• Holding company structure for the management of investments

Strategic Expense Planning

It is best to manage your expenditures in a tax-efficient manner. Accounting firms ensure maximal tax deductions on expenses like:

• Depreciation of assets
• Employee benefits and allowances
• Interest expenses on business loans

International Tax Considerations

For cross-border businesses, you can minimise global tax exposure if you fully utilise double tax agreements and appropriate entity structuring. Areas that accounting firms in Singapore can advise on include:

• Double taxation treaties between Singapore and overseas jurisdictions
• Feasibility of setting up branch offices in foreign countries with lower task rates

With frequent policy updates, having an expert accounting partner helps you capitalise on available tax incentives and ensures your business is fully compliant. A way to secure sustainable growth is to have a customised, dynamic tax strategy.

Why Learning About Accounting Standards Matters (As An Entrepreneur)

Although finding the ideal accounting partner can help you navigate your business, you still need to take an active role in familiarising yourself with the ins and outs of the industry.

One of the most critical aspects you need to know is the country’s accounting standards.

In Singapore, the standards are based on the International Financial Reporting Standards (IFRS) and are localised in the form of Singapore Financial Reporting Standards (SFRS).

Due to the complexity of the standards, they may be challenging to grasp. But here are some of the basic concepts you need to know about it:

• Financial statements should be prepared on an accrual accounting basis, wherein the effects of all transactions are recognised at the time of incurrence rather than at the time transactions are paid. This enables accountants to get a clearer picture of the entity’s economic resources, claims, and performance. It also gives them an insight into the company’s operational efficacy as influenced by the market’s changing trends.
• Companies can apply for SFRS for Small Entities (SE) if they meet the following criteria: total revenue should not exceed SGD 10 million SGD, total assets should not exceed SGD 10 million, and the total number of employees should not exceed 50. What’s more, small businesses cannot be publicly accountable. If eligible, small entities can benefit from simpler preparation of financial statements and reduction of disclosure requirements.
• Regardless of the size, Singapore authorities mandate all companies to submit annual reports within three months before the fiscal year ends. The report should contain comprehensive income statements, balance sheets, company details, shareholder details, AGM and annual return dates, and cash flow statements.
• Any business in Singapore that fails to comply with the standards will be subject to penalties such as arrest warrants and fines. That’s why it’s important to find a firm that understands the standards and can therefore help your business thrive.

Common Accounting Mistakes To Avoid

Even well-run businesses can fall victim to accounting pitfalls. Some may experience issues like cash flow mismanagement, while others may encounter oversights in compliance. Steer clear of these kinds of growth-inhibiting accounting mistakes by partnering with a trusted accounting partner.

Excess Spending and Cash Flow Gaps

Leave your expenses unchecked, and you will rapidly deplete the working capital needed for daily operations. Accounting firms implement robust tracking and forecasting of cash positions to allow for calibrated spending according to revenue patterns.

Financial Reporting and Regulatory Non-Compliance

Inaccurate books attract tax penalties and even statutory fines. Firms ensure accounting accuracy and timely filing because they enable compliance with tax codes and reporting standards.

Lack of Contingency Planning

Without plans to tackle unexpected scenarios, businesses will be vulnerable during economic fluctuations. Scenario analysis done by accounting partners serves as data-backed plans that buffer against unpredictability.

Underutilisation of Technology

Manual processes are inefficient, error-prone, and limit data utilisation. Accountants prescribe automation and analytics solutions that incorporate efficiency, insights, and controls.

Disregard for External Counsel

Do not rely solely on internal teams because you may be missing out on experienced financial perspectives out there. Accounting firms highlight blind spots and opportunities and also give advice on what you should and not do.

Pre-emptive Measures

Firms are able to mitigate financial risks through:

• Regular financial reviews and audits
• Training programs upskilling staff’s capabilities
• Maintaining open communication channels with clients
• Embracing cloud tools and analytics for real-time visibility

What It Means To Invest In The Right Accounting Firm

Finding the best accounting partner for your business is essential to ensure your company’s survival. Improper financial management and non-compliance with accounting standards in the hands of an inexperienced firm can result in business failure.

Corporate Services Singapore Is Here To Help

Focus on what truly matters and leave your accounting operations to the hands of seasoned professionals. Corporate Services Singapore is an experienced accounting services provider for local and multinational companies aimed to help manage your finances and eventually grow your business. Contact us today to learn more about how you can lead your business toward sustainable financial success.