Bookkeeping software for Singapore: bank feeds, receipts and a multi-currency ledger
Finn keeps your books in Singapore dollars, with dates in day, month, year order, and handles the US dollar and other currency activity that many Singapore companies have. Bring in bank activity by uploading a CSV or PDF statement, or by connecting Mercury, Wise, Stripe or Revolut where you use them. Finn categorises each line with your business context and flags anything unclear for review.
Receipts and invoices go straight to Finn. Email one in, or send a photo by WhatsApp, Telegram or Slack, and Finn reads it, matches it to the bank line and records the GST. At month end Finn reviews the ledger and raises exceptions, you clear them, and the period is locked.
- Categorises transactions using your own business context
- Handles SGD and foreign currency activity in one ledger
- Matches receipts and invoices to payments
- Records GST on purchases and sales where you are registered
14 OctThe CPF and SDL lands on 14 Oct. Finn puts it on your calendar and reminds you ahead of it.
Singapore GST return software: 9% GST, the F5 return and InvoiceNow
Singapore GST is 9%, raised from 8% on 1 January 2024. Exports and international services are zero-rated, while financial services and residential property are exempt. Registration is compulsory once taxable turnover exceeds S$1 million, looking back over 12 months or forward over the next 12. Below that you may register voluntarily, with conditions.
Registered businesses file the GST F5 return for each accounting period, usually quarterly, within one month of the period end through the myTax Portal. Finn prepares the figures for each F5 and tells you what is payable. GST InvoiceNow, Singapore's e-invoicing requirement based on Peppol, is rolling out in stages to all GST-registered businesses by 2031, and Finn tracks where it applies to you.
- Prepares the figures for each quarterly F5
- Watches turnover against the S$1 million threshold
- Separates standard-rated, zero-rated and exempt supplies
- Tracks the InvoiceNow rollout dates
Corporate tax in Singapore: 17%, ECI, Form C-S and tax exemptions
Corporate income tax is a flat 17% on chargeable income. New qualifying companies get the Start-Up Tax Exemption for their first three Years of Assessment, which exempts 75% of the first S$100,000 and 50% of the next S$100,000. Every company gets the Partial Tax Exemption on 75% of the first S$10,000 and 50% of the next S$190,000. Dividends are tax-exempt in shareholders' hands.
You file the Estimated Chargeable Income (ECI) within three months of the financial year end, unless annual revenue is S$5 million or less and the ECI is nil. The corporate tax return is due by 30 November, on Form C-S for qualifying small companies, C-S (Lite) for revenue of S$200,000 or less, or Form C for everyone else. Finn prepares the profit figures behind each.
Singapore payroll software: CPF, SDL and foreign employees
The Central Provident Fund (CPF) is mandatory for Singapore Citizens and Permanent Residents only, not for foreign employees. For employees aged 55 and below the rates are 17% from the employer and 20% from the employee, tapering with age, on monthly wages up to the Ordinary Wage ceiling, which is S$7,400 from 1 January 2025 and rises to S$8,000 in 2026.
The Skills Development Levy (SDL) applies to all employees working in Singapore, including foreigners, at 0.25% of monthly wages, with a minimum of S$2 and a maximum of S$11.25. CPF and SDL are paid to the CPF Board monthly. Finn records wages, CPF and SDL in your ledger so payroll cost shows correctly in your profit, and the submissions go through your payroll route.
ACRA annual return, BizFile and company requirements in Singapore
A private company must hold its annual general meeting within six months of its financial year end and file its Annual Return with ACRA through BizFile within seven months. A private company may skip the AGM if it sends its financial statements to members within five months. The Annual Return is separate from the IRAS tax return, and Finn tracks both dates.
A Pte Ltd can be formed with paid-up capital of S$1, has limited liability, and needs at least one locally resident director. Every registered entity has a Unique Entity Number (UEN). A small private company is exempt from audit if it meets two of three tests: revenue of S$10 million or less, assets of S$10 million or less, and 50 employees or fewer.
Sole proprietorships and small business in Singapore
A sole proprietorship is not a separate legal entity, so the owner is taxed on the business income at personal resident rates. Those rates are progressive from 0% to 24%, with the first S$20,000 of chargeable income tax-free. The business is registered with ACRA and receives a UEN, and GST follows the same S$1 million threshold as for companies.
Singapore has no capital gains tax, although gains that are trading in nature can still be taxed as income, and it taxes foreign-sourced income only when it is received in Singapore. Finn keeps income and expenses in order through the year so your personal return and any GST filing start from clean figures.
Switching from Xero, QuickBooks or Zoho Books
Many Singapore businesses are on Xero, QuickBooks or Zoho Books, often with a bookkeeper or corporate secretary alongside. Switching is a CSV export and an upload. Export your transactions, contacts and chart of accounts from the old package, and Finn maps the columns itself without a template or any manual reformatting.
There is no lock-in, and your accountant or corporate secretary can keep access to review the books. A clean switch date is the start of a GST quarter, so the quarter's figures sit in one system. Finn carries across open invoices and bills, so customers and suppliers keep their balances.