In this guide · 7 sections
Short answer
Enter your UEN, registered name and financial year end, connect the business bank feed, set up branded invoice templates, add users and invite your accountant. Leave GST off until IRAS confirms your registration, and let your accountant set the chart of accounts.
Before you start: pick the software and gather details
Ask your accountant which software they prefer before you subscribe. Most Singapore accountants work in Xero, QuickBooks Online or Zoho Books, and some charge less for the one they know. Our Xero vs QuickBooks guide compares prices and GST features as of October 2026.
Have these ready
Subscribe in the company's name and pay with a company card, so the subscription stays with the business if a director leaves.
The setup checklist, step by step
The order below avoids the most common mistakes. Menu names differ slightly between Xero, QuickBooks Online and Zoho Books, but every step exists in all three.
Enter organisation details exactly as ACRA has them
Registered name, UEN, address, industry and base currency (SGD). Invoices pull these details automatically, so typos repeat on every invoice.
Set the financial year end and start date
Use the financial year end your accountant confirms. Set the start date to when the company began trading, or the date you move from another system.
Connect the business bank feed
Link your DBS, OCBC, UOB or other business account so transactions flow in daily. Do not connect personal accounts.
Build invoice and quote templates
Add your logo, UEN, bank details or payment link, payment terms and a short terms note. Send a test invoice to yourself.
Add users with the right access
Give staff the least access they need, for example invoicing only. Keep owner or admin rights to one or two directors with MFA on.
Invite your accountant
Use the software's adviser or accountant invite, not a shared password. Let them set the chart of accounts, tax rates and opening balances.
Connect payment and sales apps last
Stripe, HitPay, Shopify or a booking system can sync into your books, but only after the accountant has confirmed the accounts they post to.
Bank feeds work differently for each bank. Our Xero bank feeds guide for DBS, OCBC and UOB explains timing and set-up forms.
GST settings: only once you are registered
A company that is not GST-registered must not charge GST. IRAS says registration is compulsory once taxable turnover is more than S$1 million at the end of a calendar year, or is expected to be in the next 12 months; some businesses register voluntarily. Until IRAS confirms registration, leave GST off in the software so invoices do not show a GST line.
| Situation | What to do in the software |
|---|---|
| Not GST-registered | No GST on invoices; do not show a GST registration number |
| Registration approved | Turn on GST from the effective date on IRAS's letter; add your GST registration number to invoice templates |
| Registered voluntarily on or after 1 April 2026 | InvoiceNow is a condition of registration; connect the software to the InvoiceNow (Peppol) network |
| Unsure which rate or code applies | Ask your accountant to set tax rates; do not guess |
IRAS also says GST-registered businesses must keep all records for at least 5 years from the end of the accounting period (IRAS record keeping for GST).
Who decides what: you, the software and your accountant
Accounting software suggests a default chart of accounts and tax setup. Those defaults are generic, and changing them after months of transactions is painful.
| Task | Who should do it |
|---|---|
| Organisation details, logo, invoice templates | You (or whoever sets up the software) |
| Bank feed connection, users and app connections | You, with the accountant's go-ahead on accounts used |
| Chart of accounts, tax rates and tracking categories | Your accountant |
| Opening balances and conversion date | Your accountant |
| Reconciling the bank feed each week or month | You or a bookkeeper |
| GST returns and year-end accounts | Your accountant |
If you are setting up IT for a new company at the same time, our new company IT setup cost guide covers email, domain, devices and government logins.
Keep records the way IRAS expects
IRAS says companies must keep source documents, accounting records, bank statements and other records of transactions for at least 5 years from the relevant Year of Assessment (IRAS record-keeping requirements). Cloud software helps if you attach receipts and invoices to each transaction from the start.
Monthly habits that keep books clean
Do it yourself or get help?
A confident founder can do the setup in an afternoon with this checklist. Help is worth it when you want branded templates, bank feeds, payment apps and user access done correctly the first time, so your accountant starts from a clean file.
IT Sorted is a Singapore-based team of developers with over 10 years of experience. We set up accounting software; we do not do bookkeeping, tax or GST filing. Accounting Software Setup (S$490) sets up Xero, QuickBooks Online or Zoho Books from scratch in your name: bank feeds, branded invoices and quotes, user access and your accountant invited.
Frequently asked questions
Ask your accountant first, because the software they know will cost you less in their fees. Xero, QuickBooks Online and Zoho Books are all widely used in Singapore. Compare GST filing, bank feeds for your bank and InvoiceNow support if you are GST-registered, not just the monthly price.
Only if the company is already registered for GST with IRAS. A business that is not GST-registered must not charge GST or show a GST line on invoices. Once registered, turn GST on from the effective date in your IRAS letter, add the registration number to invoices and ask your accountant to confirm the tax rates.
Your accountant. The software's default chart of accounts is generic, and the accounts you post to affect your financial statements and tax computation. Set up the organisation details, bank feed and invoice templates yourself, then invite your accountant to set the chart of accounts, tax rates and opening balances.
IRAS says companies must keep source documents, accounting records, bank statements and other transaction records for at least 5 years from the relevant Year of Assessment. GST-registered businesses must keep records for at least 5 years from the end of the accounting period. Electronic records are acceptable if they are complete and retrievable.
They should not. All three main tools let you invite an accountant or adviser with their own login and the right permissions. Sharing the owner login means you cannot see who changed what, and it weakens security. Keep the owner role with a director, protected by multi-factor authentication.