Running an SME is tough (trust us, we get it — we’re an SME too).
At Athel Accounting, we’ve worked with hundreds of local businesses, each facing their own accounting headaches as they grow.
Here’s what we’ve seen at different stages of the SME journey — and how we can help you stay on top of your finances.
Are you a young Startup or New Business?
The Reality:
- You are running on a tight budget: Starting out means every dollar counts. Hiring a full-time accountant may be a stretch, and the volume of transactions might not even justify it.
- You are confused with compliance requirements: You know your products and customers, but ACRA and IRAS filings requirements? That might be something new to you. Miss a deadline, and you’ll find out the hard way.
7 Key Filing Deadlines to remember (for a company with financial year-end 31 Dec 2024):
- 31 Dec 2024: Financial Year-End (FYE)
- 01 Mar 2025: Filing of employees’ income via IRAS Auto-Inclusion Scheme
- 31 Mar 2025: Estimated Chargeable Income (ECI) submission (3 months after FYE)
- 15 Apr 2025: Individual income tax (Form B1) deadline
- 30 Jun 2025: Annual General Meeting (AGM) (6 months after FYE)
- 31 Jul 2025: Annual Return (AR) (7 months after FYE)
- 30 Nov 2025: Corporate income tax (IRAS Form C/CS)
How Athel Helps:
- We offer affordable bookkeeping and compliance services that keep you on track without breaking the bank.
- Our team sends you reminders for ACRA and IRAS deadlines — no last-minute panic.
Are you a Growing Company, no longer a One-Man Show?
The Reality:
- Backlogged Bookkeeping: Business is booming, but so is your pile of expense receipts and sales invoices. And have you been filing your bank statements and able to identify Each and Every bank transaction?
- Cheap Solutions, Expensive Problems: Some try to save with a “free of charge accountant friend” or a low-cost freelancer service, only to face penalties or messy books before engaging professional help.
- No time to train an accounting staff – Have you tried to employ an admin or foreign staff without proper local accounting knowledge? The cost of hiring is significantly higher than accounts outsourcing services at this stage of the business cycle.
3 ways of preparing a set of accounts:
Proper bookkeeping requires a business to enter Each and Every bank transaction into an accounting system. For a typical retail business, this may take 5-10 days to complete depending on the transaction volume and availability of information and documents.
- There are 3 ways to preparing a set of accounts:
- Do-it-yourself – Many business owners start with good intentions… only to give up halfway. Without proper training or time, most end up making rough estimates just to meet deadlines.
- Freelancer or “accounting friend – You can find someone on Fiverr, Upwork, or through a friend of a friend — but are they trained to handle ACRA requirements and IRAS tax queries?
- Outsource to an accounting firm – An employed certified accountant typically earns over $8,000/month — that’s about $364/day. If preparing one complete set of accounts can take 5 full working days, or over $1,800 worth of effort. If a freelancer quotes $180 for the same job, ask yourself: what are you really getting? With financial compliance, you get what you pay for.
How Athel Helps:
- We take care of your bookkeeping, secretarial, corporate income tax and payroll, keeping everything clean and compliant.
- We offer practical accounting advice to help you make smarter decisions.
Are you an Established Company with GST and audit requirements?
The Reality:
- Audit Requirements: As you grow, audits become a must. Accurate records are non-negotiable.
- Sophisticated stakeholders: Banks, investors, government agencies and business partners — they might require audited financial reports for a piece of mind.
How Athel Helps:
- Our audit team ensures your financial statements are accurate and compliant.
- We handle all regulatory filings (ACRA, IRAS), so you don’t miss a thing.
Athel’s Approach:
More Than Just Compliance, Athel provides value adding services with a personal touch.
We’re here to support your growth at every stage:
- For Startups: We keep compliance costs low and your accounts cleared, so you can focus on growth.
- For Growing Companies: We take bookkeeping off your hands, giving you back your time.
- For Established Companies: We make sure your financials are audit-ready, while offering insights to drive your success.
