Accounting Jobs in Singapore: What You Need to Know to Get Started

Singapore has emerged as a leading global financial hub, home to major international accounting firms and regional headquarters. Singapore offers excellent opportunities with competitive salaries and benefits for those interested in launching or advancing an accounting career. However, before leaping, it is prudent to understand the requirements, pathways, and current demand for various accounting jobs in Singapore. This article offers aspiring accounting professionals an overview of key considerations when seeking opportunities in Singapore.

Skills an Accountant Should know in Singapore

1. Up-to-date technology expertise – Accountants must be adept at using accounting software packages like Xero, QuickBooks, etc. As accounting becomes more digital, having strong Excel skills is a must. Pursuing a Master of Business Administration can help accountants stay updated with the latest technological advancements and innovations in the field.
2. Communication skills – Accountants need to communicate complex financial information in simple terms to non-finance clients and leadership. Good writing skills are essential for preparing memos, reports, etc.  
3. Specialised experience – Developing expertise in specific areas like audit, tax, advisory, etc., is important. Specialisations like forensic accounting and sustainability reporting are emerging. Focusing on an industry vertical also helps understand client contexts better.
4. General business knowledge – Broad-based business acumen beyond just finance helps accountants be better strategic advisors. Keeping updated on general industry trends also adds value.
5. Customer service orientation – Accountants must build trust with clients by being responsive, patient and friendly. Identifying client pain points and providing solutions promptly is critical. 
6. Adaptability and flexibility – Regulatory and business environments evolve quickly. Accountants must be agile learners, ready to develop new skills like data analytics. The accountant job scope typically involves responsibilities such as preparing financial statements, analyzing business costs, maintaining ledger accuracy and much more.
7. Leadership abilities – Senior accountants need to manage teams and lead projects. Skillsets like goal-setting, mentoring juniors, stakeholder management and innovation become critical. Developing a strategic mindset to translate financial data into business insights is vital.

Accounting Jobs in Singapore

Here are the different accounting jobs in Singapore:

1. Auditor – Auditors are like the watchdogs of finances. They review a company’s financial statements and records to ensure everything is accurate and truthful. It’s an important job to keep companies honest!
2. Accountant – Accountants prepare and analyse financial records and statements. They make sure taxes are properly paid, and finances are in order. They track costs, profits, assets, etc.
3. Accounts Assistant – These entry-level roles provide accountants with administrative support. Assistants may handle tasks like invoices, expense reports, payroll, keeping organised records, and basic bookkeeping duties. 
4. Accounts Clerk – Clerks process day-to-day accounting transactions for a business. This includes billing, paying vendors, tracking payments owed, and keeping accurate books.
5. Bookkeeper – Bookkeepers record a business’s daily financial transactions in accounting journals and ledgers. With this nitty gritty data, they produce reports on profits, losses, taxes owed etc. It’s detailed work that builds the financial records.
6. Tax Accountant – These specialised accountants handle tax reporting and compliance. They know all the tax codes and regulations to properly file returns, maximise deductions legally, and avoid penalties or audits if possible. Their tax expertise saves individuals and companies money.
7. Management Accountant – Instead of general accounting, these accountants focus more on budget analysis, cost management and strategic planning. They help top executives analyse financial data to make better business decisions for the future.
8. Financial Accountant – These accountants prepare important financial statements that publicly traded companies must disclose. This includes profit & loss statements, balance sheets, cash flow, etc.
9. Forensic Accountant – Forensic accountants investigate the money trail when white-collar financial crimes happen. They may uncover cooking the books, embezzlement, securities fraud, etc. Their accounting skills help crack difficult cases.
10. Internal Auditor – Internal auditors are employed by companies to audit different divisions within that same business. They evaluate internal controls and compliance with procedures to prevent fraud and inefficiencies.
11. External Auditor – External auditors work for independent accounting firms and are hired to audit the finances and statements of their client companies. They provide an objective outside look at an organisation’s accuracy, reporting standards and risk areas.
12. Financial Controller – Controllers direct all financial activities in a company. They manage the finance staff, reporting, controls, and strategic decisions from accounting to budgeting, payroll, taxes and cash flow.

Conclusion

Singapore offers dynamic and rewarding accounting career opportunities across diverse industries for finance professionals at every stage. With an aptitude for numbers, attention to detail, adaptability to new technologies, and a genuine interest in helping businesses make sound decisions, aspiring accountants will find open doors in Singapore’s business hub. 

FAQs

1. What are the key skills needed to be an accountant in Singapore?

Strong tech skills, communication abilities, customer service orientation, and adaptability to change are key. Specialised expertise in audit/tax and business acumen also help.

2. What are some accounting job roles for beginners in Singapore? 

Entry-level roles like accounts assistant, accounts clerk, and bookkeeper are good. They provide administrative and bookkeeping support.

3. What does an auditor do? 

Auditors review financial records and statements to ensure accuracy and compliance with reporting standards. Internal auditors check for fraud risks and process issues within a company. External auditors verify that outside client companies are truthfully disclosing finances.  

4. What is the difference between an accountant and a financial controller?

Accountants handle day-to-day finance functions like reporting and payroll. Controllers oversee all financial activities at a strategic level, managing staff, budgets, taxes and cash flow.

5. Why is Singapore a good place for an accounting career?

Singapore is a global finance hub with many major accounting firms’ HQs. Diverse industry opportunities exist in banking, trade, tech and more. Competitive salaries too, attract talent.