Singapore SME Accounting Checklist: What to Prepare Before Year-End Filing

Year-end filing doesn’t have to be stressful for Singapore SMEs — if the right groundwork is done early. Preparing key documents and cleaning up records ahead of time helps ensure smoother filing, fewer IRAS queries, and more accurate financial reports.

Here’s a practical checklist to help you get ready before year-end.

1. Ensure All Transactions Are Recorded

Make sure all income and expenses for the year are captured:

• Sales invoices issued and recorded
• Supplier bills and expenses entered
• Petty cash transactions accounted for

Missing entries are one of the most common year-end issues.

2. Collect and Organise Supporting Documents

IRAS requires proper source documents. Ensure you have:

• Invoices and receipts (digital copies are acceptable)
• Bank statements for all accounts
• Contracts or agreements linked to major transactions

Documents should clearly tie back to recorded entries.

3. Reconcile Bank Accounts

Confirm that:

• Bank balances match your accounting records
• Outstanding or unmatched transactions are reviewed
• Duplicate or missing entries are resolved

Clean reconciliation reduces last-minute adjustments.

4. Review Expense Categorisation and GST

For GST-registered businesses:

• Check GST coding consistency
• Ensure claimable and non-claimable GST is correctly treated
• Review unusual or large expenses

Errors here often trigger follow-up questions.

5. Check Fixed Assets and Depreciation

Confirm that:

• Asset purchases are recorded correctly
• Depreciation is applied consistently
• Disposals are properly reflected

This ensures accurate profit and balance sheet reporting.

6. Review Year-End Reports

Before filing, review:

• Profit and Loss statement
• Balance Sheet
• Cash flow summary

Look for anomalies or large fluctuations that need explanation.

7. Maintain Clear Audit Trails

Every figure should be traceable from report → transaction → document. This is critical for audits and IRAS reviews.

How Automation Helps

AI accounting platforms like ccMonet help SMEs prepare for year-end by:

• Automatically capturing and organising documents
• Keeping transactions reconciled throughout the year
• Reducing errors from manual entry
• Maintaining clean, audit-ready records

This means less scrambling when filing season arrives.

Prepare Early, File with Confidence

Year-end filing is much easier when preparation happens continuously — not at the last minute. A simple checklist and automated tools can save time, reduce stress, and improve compliance.

👉 Learn how ccMonet helps Singapore SMEs stay year-end ready with accurate, automated accounting.

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