ACRA Filing Checklist for Singapore SMEs: Key Steps to Follow for Accurate Annual Return

Filing your Annual Return with ACRA is a mandatory task for every Singapore SME — but accuracy issues often arise not because businesses don’t try, but because key steps are missed along the way. A clear checklist can help ensure your filing is smooth, compliant, and free from last-minute corrections.

Below is a practical ACRA filing checklist to help SMEs prepare accurate financial data and submit with confidence.

1. Confirm Your Financial Year-End and Filing Deadline

Before anything else, verify:

• Your company’s Financial Year End (FYE)
• The Annual Return filing deadline based on your FYE
• Whether your company requires XBRL or simplified filing

Missing the deadline can result in penalties, so timelines should be clear from the start.

2. Ensure Bookkeeping Is Fully Up to Date

ACRA filing relies on complete financial records. Before preparing reports, confirm that:

• All income and expenses are recorded
• Receipts and invoices are submitted and documented
• No outstanding transactions are left unprocessed

AI-powered accounting platforms like ccMonet help keep bookkeeping current throughout the year, reducing last-minute data gaps.

3. Reconcile All Bank and Payment Accounts

Unreconciled accounts are a common source of reporting errors.

Your checklist should include:

• Bank balances fully reconciled
• Payment platform transactions matched
• No unexplained differences or duplicates

Regular reconciliation ensures financial statements reflect reality — not estimates.

4. Review Classification of Income and Expenses

Accurate classification is critical for both financial reporting and XBRL filing.

Before submission:

• Check that similar transactions are categorised consistently
• Review revenue and expense accounts for misclassifications
• Avoid one-off manual adjustments without explanation

AI accounting helps enforce consistent classification rules automatically.

5. Check Consistency Across Financial Statements

ACRA filings require internal consistency. Ensure that:

• Profit and loss figures align with balance sheet movements
• Cash flow statements reconcile with account balances
• Adjustments are reflected across all reports

Using a single system as the source of truth helps prevent mismatches caused by manual re-entry.

6. Validate Supporting Documents

Even when numbers are correct, missing documentation can slow down review or trigger queries.

Confirm that:

• Each transaction has a supporting invoice or receipt
• Documents are clearly linked to records
• Files are easy to retrieve if requested

With ccMonet, documents are centralised and tied directly to transactions, improving traceability.

7. Prepare XBRL (If Applicable)

If your company is required to file XBRL:

• Ensure financial data is structured and final
• Confirm correct data mapping and tagging
• Review for inconsistencies before submission

XBRL should be the final step — not where issues are first discovered.

8. Coordinate Early With Your Accountant or Filing Agent

Late communication is a common cause of delays. Share complete, structured data early so accountants can focus on compliance rather than corrections.

Clean data leads to faster review and smoother submission.

Make ACRA Filing a Routine, Not a Rush

An accurate Annual Return isn’t built in the final week before submission — it’s the result of consistent financial management throughout the year. When data is clean, reconciled, and well-documented, ACRA filing becomes predictable and low-stress.

If every filing season feels harder than it should, the issue may not be the checklist — but the system behind your accounting.

👉 See how ccMonet helps Singapore SMEs stay ACRA-ready with accurate, structured financial data all year: https://www.ccmonet.ai/

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