Compare
Accounting Software
Advantages:
Many software options, affordable pricing and controllable cost, clear financial records and statistics.
Disadvantages:
Requires professional accounting knowledge; the interface is mainly in English.
Market Conditions:
Approximately SG$329-SG$1,300/year (Pricing by Features)
Tax Filing Process:
After software generates financial reports, self-submit via tax bureau’s website.
Manual Accounting
Advantages:
Convenient; simply hand over documents to service providers who handle everything else.
Disadvantages:
High cost, increases with business volume; lacks flexibility and quality varies among providers.
Market Conditions:
Approximately SG$2,400-SG$10,000/year (Pricing by Business Volume)
Tax Filing Process:
Handled entirely by service providers; no need for personal submission.
Bookfo
Advantages:
Combines software advantages with no accounting knowledge required; supports multiple languages; optional managed services; very low cost for human accounting.
Disadvantages:
None (combination resolves all disadvantages of previous two methods).
Market Conditions:
Approximately SG$299-SG$1,199/year (Pricing by Features)
Tax Filing Process:
After software generates financial reports, submit personally or via Bookfo.
Easy Bookkeeping & Tax Filing, No Accounting Skills Required
| Software Fee SG$299 |
Managed Service SG$200 |
Tax Agent SG$500 |
Annual Total Cost |
|
|---|---|---|---|---|
| Can use software and file taxes | SG$299 | |||
| Can use software, can't file taxes | SG$799 | |||
| Can't use software, can file taxes | SG$499 | |||
| Can't use software, can't file taxes | SG$999 |