Singapore Accounting Firms Must-Know Services and Benefits

Singapore, as a global financial and business hub, has attracted a large number of international companies and investors. In this context, accounting firms play a crucial role. They not only provide basic services such as financial reporting and tax planning, but also cover areas like compliance consulting and risk management. Recently, with changes in the global economic environment and the acceleration of digital transformation, Singapore's accounting firms have also undergone significant changes in their service and operational models.

According to a report from The Straits Times in May 2025, data from the Accounting and Corporate Regulatory Authority ACRA showed that the number of registered accountants in Singapore increased by about 8% year-on-year as of the first quarter of 2025, indicating a continuous growth trend in the industry. At the same time, more and more companies are beginning to value the importance of professional accounting services, especially in cross-border operations and compliance management.

1. Core Services of Accounting Firms

The main responsibilities of accounting firms include, but are not limited to, financial statement preparation, tax filing, audit services, company registration, and compliance consultation. For businesses establishing companies in Singapore, these services are an essential part of daily operations.

Tax planning, for example, is one of the key areas. Singapore has a relatively lenient tax system, with a corporate income tax rate of 17% in 2025, along with various tax incentives. However, how to reasonably utilize these policies and avoid unnecessary tax burdens remains a challenge for many companies. Professional accounting firms can help businesses develop reasonable tax strategies, ensuring cost minimization while operating within legal and compliant boundaries.

With the continuous strengthening of anti-money laundering and counter-terrorist financing regulations AML/CFT, companies must enhance internal financial controls. Accounting firms can assist businesses in establishing comprehensive financial management systems to ensure compliance with relevant regulations.

2. Emerging Trends Digital Transformation and Automation

In recent years, with the development of artificial intelligence AI, big data, and cloud computing, accounting firms have also actively embraced digital transformation. According to a report from Lianhe Zaobao in June 2025, several major accounting firms in Singapore have begun using smart financial software to improve work efficiency and reduce human errors.

For example, PwC's AI+ Financial Solutions launched in Singapore can automatically process large amounts of data and generate accurate financial reports. The application of such technology not only enhances service quality but also reduces business operating costs.

At the same time, blockchain technology is being increasingly adopted by accounting firms to improve financial transparency and audit efficiency. Through blockchain, companies can achieve real-time updates and tamper-proof financial records, providing more reliable data support for audit work.

3. Differences Between Local and International Firms

In Singapore, accounting firms are mainly divided into two categories local and international. Local firms are usually more familiar with local regulations and market conditions, allowing them to offer more tailored services. International firms, on the other hand, have broader global resources and experience, making them suitable for companies requiring cross-border services.

According to the Singapore Accounting Services Market Report released in June 2025, the Big Four firms-KPMG, Deloitte, EY, and PwC-still dominate the market. However, the market share of local firms is gradually increasing. This indicates that as local companies grow stronger, more small and medium-sized enterprises are turning to local accounting firms for more cost-effective services.

4. Advantages of Accounting Firms

1. Professionalism Accounting firms employ professionals who have undergone rigorous training, capable of providing high-quality financial and tax advice to businesses.

2. Compliance Assurance In a complex regulatory environment, professional accounting firms help companies avoid legal risks and ensure compliance in their operations.

3. Cost Savings By optimizing financial processes and tax planning, businesses can effectively reduce operating costs.

4. Strategic Support Excellent accounting firms are not just bookkeepers; they are strategic partners for businesses, offering decision-making support from a financial perspective.

5. Recommendations for Choosing an Accounting Firm

When selecting an accounting firm, businesses should consider the following factors

Qualifications and Reputation Choose a firm with valid practice qualifications and a good reputation.

Service Scope Select a firm that can provide comprehensive services based on your specific needs.

Communication Ability Good communication is the foundation of cooperation. Choose a team that understands your business needs.

Transparency in Fees Clearly understand the service and fee structure to avoid hidden charges.

Summary

In Singapore's highly internationalized and commercialized environment, accounting firms are not only an important support for business financial management, but also an indispensable partner in the development of enterprises. With the continuous development of the market and technological advancement, the services provided by accounting firms will become more diversified and professional. Whether it is a startup or a multinational corporation, choosing the right accounting firm will bring long-term value and competitive advantage.