Financial year-end is more than closing your accounts, it ensures compliance and strategic planning, helping your business stay on track, meet all requirements, and plan for future budget forecasts.

Key benefits include:

• Staying compliant with ACRA and IRAS requirements
• Accurate financial reporting for better decision-making
• Identifying growth opportunities and cost management

Good preparation keeps your company organised, confident, and ready to start the new financial year smoothly.

Many companies face problems during their financial year-end. Common issues include:

• Mistakes in year-end accounting procedures caused by incomplete or missing records
• Rushed submissions to meet deadlines for financial statements and tax reporting
• Confusion over adjustments, accruals, and reconciliations

Early planning reduces stress and avoids last-minute mistakes.

• Record all transactions accurately in your accounting system
• Reconcile accounts payable, accounts receivable, and bank statements
• Verify outstanding balances with supporting documents

Good record-keeping, supported by reliable accounting and bookkeeping services, ensures everything is in order before the year ends.

• Record all accruals, prepayments, and adjustments
• Verify stock counts and inventory valuation
• Update depreciation and review fixed assets

Completing these year-end accounting procedures ensures your books are correct and up to date.

• Prepare the Profit and Loss, Balance Sheet, and Cash Flow Statements
• Ensure compliance with Singapore Financial Reporting Standards (SFRS)
• Review notes and disclosures for accuracy

Strong financial reporting gives a clear picture of your company’s performance and supports better decision-making. Working with an experienced accounting team can help ensure your year-end procedures comply with Singapore Financial Reporting Standards (SFRS).

• Submit Estimated Chargeable Income (ECI) within three months of your financial year end
• File your corporate tax returns (Form C-S or C) with IRAS
• Utilise tax benefits like Partial Tax Exemption (PTE) and Start-Up Tax Exemption (SUTE)

Early preparation and the support of experienced corporate tax advisors can help you meet all tax requirements without rushing at the last minute.

• File your Annual Returns with ACRA after finalising your financial statements
• Prepare for audits if required
• Complete directors’ resolutions and Annual General Meeting (AGM) requirements

Staying compliant with these regulations helps your business maintain a good reputation and avoid penalties.

• Verify CPF contributions, salaries, and benefits are recorded correctly
• Submit Form IR8A and related reports to IRAS
• Account for bonuses, claims, and leave balances

Accurate payroll processing supported by compliant payroll management services ensures that both HR and finance records remain aligned at year-end.

Start reviewing accounts, reconciling transactions, and checking records before your financial year-end date. Doing things early helps prevent errors and gives you time to fix any issues.

Use accounting software to save time and reduce mistakes.

• Choose tools that connect with payroll and tax systems.
• Automate parts of financial reporting to avoid manual data entry.

Technology makes your financial year-end closing process faster and smoother.

Working with a professional accountant or​​​​ corporate services provider can make the process easier.

• Experts can handle year-end accounting procedures and make sure your business follows ACRA and IRAS rules.
• They can also help prepare financial statements, manage audits, and file returns.

Engaging expert support allows your team to focus on daily operations while professionals manage compliance and ensure accuracy.

Don’t wait until the end of the year to review your books. Conduct monthly or quarterly checks to stay on top of your accounts. Regular reviews help identify issues early and reduce last-minute pressure during the financial year-end closing period.