For Any Singaporean Business To Achieve Success – The Numbers Need To Be Right.

You probably already know that running any business takes up an incredible amount of your money and your time. It also requires a great deal of energy on your part and if you are the owner, then there are no days off you for the foreseeable future until you can make your business a success. If you are thinking about setting up a business in Singapore then this puts a lot more pressure on your shoulders because you are locating your business in a country that you are hoping will have similar rules and regulations as your own, but you can never be sure.

This is why it makes sense to take advantage of accounting services in Singapore because if your business is to be a complete success then you need to be concentrating on it and not be distracted by trying to do the accounting and the figures by yourself. In order for any business to achieve success, the numbers need to be right so that you can make smarter business decisions when it comes to purchasing. You also need to take care of your suppliers and ensure that they are paid on time and in full. If you’re still thinking about doing your own accounts and saving yourself some money then the following are some of the reasons why it makes more sense to reach out to the professionals.

• Think of the time & money saved – Let’s look at the money and how much money it costs to hire an individual to be your business accountant. You would have to supply them with their own office, various pieces of office equipment and you would have to pay the legally mandated perks like health insurance and other things. By reaching out to a service provider, you are just paying for services rendered and nothing more. Trying to do your own taxes at the end of the accounting year by yourself would take up too much of your time and so once again, it makes sense to pass the responsibility over to the professionals.
• The numbers are right – Sometimes when you’re trying to do the accounts by yourself, you want your business to be a success and you can be quite biased when it comes to the figures that are right there in front of you. The numbers never lie so you can’t rely on yourself to make the right decision so it makes more sense to take advantage of accounting services and then you get the real numbers. This will allow you to make better business decisions and to make sure that your business is also compliant with the various tax laws and other regulations in Singapore.

It is true that they are there to do your accounting for you but they can provide you with many other services as well. Your business will not be the first one that they have dealt with in this particular sector and so they can provide insights.

Why Getting Your Numbers Right Feels Like Cheating (But It’s Not)

Imagine driving a car with no dashboard—no speedometer, no fuel gauge, no warning lights. You’d crash eventually. Business works the same way. Without clear financial numbers, you’re guessing if you can afford that new hire, whether last month’s promotion actually made money, or how many months your savings will last.

Good numbers give you superpowers:

• Spot problems early: Notice rent eating 40% of revenue? Find cheaper space before bankruptcy hits

• Plan your growth: Know you need $50K extra to open second outlet? Apply for loans with real proof

• Sleep better at night: See steady cash coming in? Take that family holiday without worry

• Beat competitors: While others scramble during Chinese New Year rush, you stocked exactly what sells

Singapore’s government backs this up—ACRA requires proper books, IRAS watches tax filings closely, and Enterprise Singapore only funds businesses with solid financials. Mess up here, and doors slam shut.

The 5 Key Numbers Every Singapore Business Must Track Daily

Don’t drown in spreadsheets. Focus on these five that tell 90% of your story:

1. Revenue (Money Coming In)
Track daily sales, online orders, service fees. Ask: “Which products make most money? Weekends vs weekdays?”

• Example: Hawker stall notices satay sells 3x more Fridays—doubles stock that day

2. Expenses (Money Going Out)
List EVERY cost: Rent ($5K/month?), staff salaries, Grab deliveries, Shopee ads, coffee runs.

• Tip: Use “fixed” (rent) vs “variable” (ingredients) to spot cuts easily

3. Cash Flow (Your Survival Score)
Even profitable kopitiams go bust without cash to pay suppliers. Formula: Cash In – Cash Out = Survival.

• Red Flag: February CNY sales boom, March cash crunch = common Singapore trap

4. Profit Margin (Your Real Earnings)
Revenue minus ALL expenses = True Profit. 30% margin means $30 profit from every $100 sold.

• Goal: Aim 20-40% for retail, 50%+ for services

5. Burn Rate (How Fast Money Disappears)
New F&B? $20K/month disappearing? You have 6 months before crisis unless sales kick in.

Quick Reference Table: Numbers Every Singapore Business Tracks

How Numbers Turn Into Real Business Wins (Singapore Examples)

Case Study 1: F&B Disaster Avoided
Bugis bubble tea shop tracked daily sales. Notice matcha > taro 3:1 ratio. Switched inventory—saved $3K/month waste. Used freed cash to open second outlet in 9 months.

Case Study 2: E-commerce Pivot
Lazada seller saw 80% returns on one dress size. Dropped that size, focused winners. Profit jumped 45%. Got OCBC loan for inventory expansion.

Case Study 3: Service Business Scale
Tuition agency tracked client lifetime value ($2K/student). Realized 1 teacher handles 15 students max. Hired strategically—revenue doubled Year 2.

Singapore’s Must-Know Money Rules (Don’t Get Fined)

Singapore plays hardball on financial records:

ACRA Requirements:

• Pte Ltds file unaudited accounts yearly (<$10M revenue)

• Above $10M revenue/assets? Mandatory audits ($5K-15K cost)

• Late filing = $300-10,000 fines

IRAS Tax Deadlines:

• November 30: Estimated Chargeable Income

• April corporate tax return

• GST quarterly if >$1M turnover

CPF + Payroll:

• Monthly contributions by 14th

• Accurate salary records = no MOM fines

Pro Tip: Use Xero/QuickBooks + local accountant = bulletproof compliance.

7 Dead-Simple Tools Singapore Businesses Use (Free Options Included)

Actionable Steps: Get Your Numbers Right TODAY

Week 1: Emergency Dashboard

Month 1: Systems Setup

• Pick Xero/Wave (30-day free trials)

• Separate OCBC business account ($0 fees)

• Forward supplier invoices to accounting folder

Quarter 1: Hire Help

• $300/month bookkeeper = priceless clarity

• Quarterly accountant review = strategic gold

Daily Habit (5 mins):

• Check bank balance

• Note today’s sales

• Flag weird expenses

Deadliest Money Mistakes Singapore Businesses Make (And Fixes)

The Growth Formula: Numbers → Decisions → Success

Step 1: Clarity → See true profit ($8K not $20K)
Step 2: Decisions → Drop loser products, raise winner prices
Step 3: Scale → Hire right, expand smart, pitch investors clean

Real Math: $100K revenue, 15% margin = $15K profit. Track right → 25% margin = $25K profit. Same work, $10K extra monthly.

Final Truth: Numbers Aren’t Optional in Singapore

Passion built your business. Numbers keep it alive. Competitors with clean books get DBS loans at 2%. Messy ones beg family at 10%. Clean numbers = Enterprise SG grants. Messy = rejection letters.