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A statement of account summarises your business's financial transactions over a set statement period: income, expenditure, assets, and liabilities.
Businesses with revenue above SGD 500,000 certify their statement of account and submit it during e-filing with IRAS.
Companies in Singapore follow a separate track. They prepare financial statements under the Singapore Financial Reporting Standards and file them with ACRA in XBRL format alongside the annual return.
You can view and print your tax statement of account online through myTax Portal after you log in with Singpass.
Clean bookkeeping, a reconciled business account, and clear records of outstanding payments keep the whole process short.
If you run a business, work for yourself, or sit in a partnership, you have met the term statement of account. But what does it mean, and why does it matter? Whether you manage a small company or a professional practice, preparing a statement of account is more than good housekeeping. In Singapore, it is a legal requirement.
This guide breaks down what a statement of account includes, what its purpose is, when you certify it, how to view it online, and which filing requirements apply once your revenue crosses certain thresholds.
A business statement of account is a financial document that outlines every transaction your business made over a specific period, such as a quarter or a financial year. It covers revenue, expenses, profits, losses, assets, liabilities, and other financial activity. The document gives a snapshot of your business's financial health, so owners, stakeholders, and the government can read your position at a glance.
Think of it as an account summary of your business's financial information. It shows you, and the authorities, where the business stands.
The meaning shifts a little by context, which causes most of the confusion:
| Type | What It Means | Who Issues It |
|---|---|---|
| Business Statement Of Account | The Profit & Loss Account plus the Balance Sheet for a reporting period | You, your accountant, or your accounting software |
| Tax Statement Of Account | A transaction statement of your income tax charges, payments, and closing balance | IRAS, through myTax Portal |
| Customer Statement Of Account | A running list of invoices, credit notes, total credits, and the amount payable by one customer | Your invoicing or accounting system |
This guide focuses on the first one, since that is the version Singapore business owners prepare each year. The others come up later.
The document serves four jobs at once.
Tax compliance. IRAS uses your accounts to assess your business income. Sole proprietors and partners report these figures in Form B or B1.
Financial planning. A clear view of income and expenditure tells you which parts of the business earn money and which drain it.
Cash flow management. The statement flags what customers owe you and what you owe suppliers, before either becomes a problem.
Credibility. Banks, landlords, and partners ask for accounts before they approve a facility, a lease, or a contract. A clean set of records shortens every one of those conversations.
The document also builds transparency and accountability into your reporting, which matters the day someone audits your books.
A statement of accounts rests on two components. Together, they cover performance and position.
The P&L shows how the business performed across the statement period. It includes:
The balance sheet captures your financial position on one date. It includes:
A complete set also carries an opening and closing balance for the period, a note on the accounting basis you used, and the date range the document covers. Companies add a cash flow statement and notes to the accounts.
If your business revenue exceeds SGD 500,000, you prepare a certified statement of account. The self-employed individual, sole proprietor, or partner signs it and confirms that the figures are accurate and complete. You then submit the certified statement during e-filing. If you cannot e-file, mail it to the Inland Revenue Authority of Singapore (IRAS).
Below SGD 500,000, you skip the submission. You still prepare the statement and keep proper records of every business transaction. IRAS can request those documents for verification, and the request often arrives years later.
Preparation means pulling your financial records into the two components above. You can handle it yourself, engage an accountant, or use accounting software. Most software tracks transaction history, generates sales invoices, and builds the balance sheet for you. Tools such as Xero also sync straight from your bank feed, which removes most of the manual work.
If you do it yourself, follow these steps.
IRAS publishes official guides and working sheets for sole proprietorships and partnerships on its website. Follow the worksheet, and the preparation takes an afternoon.
Here are the points that trip up most first-time filers.
| Type Of Document | Pointers |
|---|---|
| Statement Of Account | Revenue of SGD 500,000 or more: submit a certified statement of account as a single attachment under the consolidated statement page of the e-Form B/B1. Revenue below SGD 500,000: skip the submission, but prepare the accounts and keep proper records of your business transactions. |
| Assets In The Balance Sheet | Revenue of SGD 500,000 or more and a capital allowance claim on a business asset? Submit a fixed asset schedule with full details of assets acquired and disposed of in the year: description, cost, payment details, and date of purchase or sale. |
| Grouping Of Expenses | Do not group staff salary with the Central Provident Fund (CPF), Foreign Worker Levy (FWL), and Skills Development Levy (SDL). State each expense separately. |
| Expense Items Subject To Statutory Rates | Contributions above the statutory rates for CPF, FWL, and SDL are not tax-deductible. If your P&L includes excess employer contributions, add those amounts back to the net accounting profit or loss to reach the Adjusted Profit or Loss. |
| Expenses Classified As "General" | Categories such as "General," "Operating," "Miscellaneous," or "Others" need a breakdown. Describe each expense and give the matching amount. |
| Non-Deductible Expenses | Keep private, domestic, and capital expenses out of your P&L. They are not allowable business expenses. If a disallowable expense slipped in, add it back to calculate the Adjusted Profit or Loss. |
Your entity type decides what you file and where you send it. This is where sole proprietorships and companies part ways.
| Entity | What You Prepare | Where It Goes |
|---|---|---|
| Sole Proprietorship Or Partnership | Statement of account (P&L and balance sheet), certified above SGD 500,000 revenue | IRAS, with Form B/B1 by 18 April (e-filing) |
| Private Limited Company | Full financial statements under the Singapore Financial Reporting Standards | ACRA, with the annual return, plus Form C-S/C to IRAS |
| Society Or Charity | Annual accounts and a statement of receipts and payments | Registry of Societies (for societies); Commissioner of Charities via the Charity Portal (for registered charities) |
| Publicly Accountable Entities And Financial Institutions | Full financial statements, often consolidated financial statements | ACRA and the Monetary Authority of Singapore |
Directors of every company in Singapore carry a duty to prepare financial statements that give a true and fair view of the business. The Accounting and Corporate Regulatory Authority (ACRA) collects them in XBRL format, a structured file that the regulator can read across the whole sector.
Two dates drive the corporate calendar. The filing deadline for the annual return falls 7 months after the financial year end for non-listed companies, 5 months for listed ones. The income tax return follows on 30 November. Small companies that meet the audit exemption thresholds file unaudited accounts, which cuts both cost and preparation time.
For tax, IRAS keeps a running record of what you owe and what you paid. The procedure takes two minutes.
You can also request a Statement of Account by email through the IRAS contact channels if you need an official copy on letterhead. Keep the file with your other corporate documents. Someone will ask for it during a loan application, a tender, or an incorporation in another market, such as Hong Kong.
A financial standing statement is a different document. Your bank issues it, and it confirms the balances you hold and how long you have banked there. Grant bodies, immigration officers, landlords, and tender committees ask for one.
Here is the process:
Keep your registered entity name identical across your bank records, ACRA register, and IRAS profile. A mismatch is the most common reason a financial standing statement gets rejected.
Managing your statement of account means tracking outstanding balances and unpaid invoices. If your business issues sales invoices or takes card payments, keep a detailed record of each transaction. Your bank statement shows the balance due on payments, and tracking invoice amounts and outstanding payments keeps customer accounts current.
For example, a credit note you issue appears as part of the account activity and adjusts the amount payable for that transaction.
If your business handles payments by transfer or card, reconcile your bank accounts against your statement of account each month. Every debit and credit then lands in the right place, and you catch discrepancies while they are still small.
Most accounting software ships a template that matches bank account statements to your business's account activity.
A well-prepared statement of account keeps cash flow under control. Monthly statements surface any balance due from customers or suppliers and flag overdue payments. Review them, and you deal with outstanding balances before they hit operations.
The same records help you monitor remittances and plan around late payments. Over a year, that visibility tells you more about the business than any single report.
Preparing a statement of account is a core practice for business owners in Singapore, whether you work for yourself, run a sole proprietorship, or sit in a partnership. It keeps you compliant with local regulations and gives you a clear view of your financial transactions.
Keep accurate bookkeeping records, and the rest follows. You track your current balance, you know what customers owe you, and you meet every due date for tax filing without a scramble. Start the habit in month one, and the year-end takes care of itself.
