Stay Compliant with Singapore's Record-Keeping Rules Using Cloud Accounting Tools

If you own or manage a business in Singapore, it’s essential to understand your legal obligations when it comes to maintaining accounting records. According to both IRAS (Inland Revenue Authority of Singapore) and ACRA (Accounting and Corporate Regulatory Authority), businesses must retain their financial records for a minimum of 5 years from the end of the relevant financial year.

But managing years’ worth of financial data can be tedious—especially without the right tools. That’s where cloud accounting solutions like Xero come in. And as a certified Xero Partner, we help business owners like you make compliance seamless and stress-free.

How Long Do You Need to Keep Accounting Records in Singapore?

According to the Inland Revenue Authority of Singapore (IRAS) and ACRA (Accounting and Corporate Regulatory Authority), companies must retain their accounting and business records for at least 5 years from the end of the financial year in which the transactions occurred.

This includes:

• Invoices and receipts

• Bank statements

• Ledgers and journals

• Contracts and agreements

• Financial statements and tax filings

Failing to maintain proper records can result in penalties, difficulties during audits, or issues with tax assessments.

Why Use a Cloud Accounting Solution Like Xero?

Storing 5 years (or more) of records can become overwhelming — especially when done manually or with outdated desktop software. That’s where cloud accounting solutions like Xero come in.

Here’s how Xero helps:

• Automatic Backup & Secure Storage

Your financial records are stored securely in the cloud, with automatic backups. No more worries about losing data due to system crashes or misplaced files.

• Easy Access Anytime, Anywhere

With Xero, you can access your accounting records from any device with an internet connection. Whether you're in the office or on the go, your data is always within reach.

• Simplified Record-Keeping

Attach receipts and invoices directly to transactions, automate bank feeds, and generate reports with just a few clicks — making compliance and audits far less stressful.

• Paperless Convenience

Ditch the physical filing cabinets. Cloud accounting reduces the need for paper and manual filing, freeing up both physical and mental space.

Make Record-Keeping Effortless with Our Xero Accounting Support

At CR Consultancy Pte Ltd, we help Singapore businesses streamline their accounting process with Xero setup, training, and ongoing support. We’ll help you stay compliant with IRAS and ACRA requirements — while also saving you time and hassle.

Contact us today to find out how switching to cloud accounting can make record-keeping easier, cleaner, and fully compliant.