Running a small business in Singapore? Let’s break down the real costs of hiring a full-time employee versus outsourcing.
First, let’s look at hiring a fresh graduate Singaporean employee. The current market salary ranges from $2,500 to $3,500 per month.
But that’s just the beginning. Under Singapore law, you’ll also need to factor in:
- CPF Contributions: 17% of the employee’s salary. That’s an additional $425 to $595 per month.
- Skills Development Fund (SD): 2.5% of the salary. That’s $62.50 to $87.50 per month.
- Medical Benefits: This can vary, but let’s estimate $100 to $200 per month.
- Annual Bonus: Typically, one month’s salary, adding $208 to $291 per month, averaged out.
- Office Space and Equipment: A desk, computer, and utilities, easily another $200 to $300 per month.
Adding it all up, the total monthly cost of a full-time employee can range from $3,495 to $4,573. That’s a significant investment.
Now, let’s compare that to outsourcing your accounting. Professional accounting services in Singapore typically range from $1,500 to $2,500 per month.
With outsourcing, you get:
- Expertise: Experienced accountants handling your financials.
- Compliance: Ensuring you meet all ACRA and IRAS requirements.
- Technology: Using the latest software for accuracy and efficiency.
- Flexibility: Scalable services to match your business needs.
- No Hidden Costs: No CPF, SDF, medical, or office space expenses.
As you can see, outsourcing can save you a substantial amount of money while providing expert accounting services.
We understand that when it comes to your statutory filings, deadlines are non-negotiable. Late submissions mean penalties, stress, and potential damage to your business reputation. That’s why we’re offering something truly unique: our 4X Guarantee.
Here’s how it works.
We are so confident in our ability to deliver your ACRA and IRAS annual returns on time, that we’re willing to put our money where our mouth is.
If we fail to complete your annual returns by the deadline, and you incur a late penalty fine from the Authorities, we will pay you FOUR TIMES the monthly fee you paid for our services.
For example: “Monthly Fee: $2,000. Penalty: $8,000 paid to client.