Are you confident your accounting system aligns with Singapore’s tax authority standards? IRAS-approved accounting software helps businesses ensure their financial records are structured, accurate, and ready for regulatory reporting.
Finance managers, business owners, and decision-makers need to be clear before choosing or reviewing their accounting tools. It explains how compliant software supports smoother tax filing, reduces reconciliation issues, and improves audit readiness.
More importantly, using the right system minimizes manual adjustments and lowers the risk of compliance gaps as your business scales. This is why your accounting software should meet IRAS requirements.
Key Takeaways
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Shortlisted IRAS Approved Accounting Software
Several IRAS-approved accounting software providers offer dependable solutions for businesses in Singapore. These platforms offer functions such as automated tax filing, precise financial statements, and efficient workflow management to support compliance and productivity in 2026.
Best Because
IRAS-approved automation that simplifies compliance and reduces manual workload
Best Because
Strong internal controls with audit trails that ensure accuracy and reliability
Best Because
Simplifies financial reporting with IRAS-compliant statements generation
About the Inland Revenue Authority of Singapore (IRAS)
The Inland Revenue Authority of Singapore (IRAS) is a governmental agency that holds a significant role in Singapore’s tax ecosystem. As the principal tax administrator, the IRAS is responsible for effectively administering, collecting, and enforcing taxes in Singapore. Its primary objective is to foster a fair and transparent tax environment that supports the country’s economic growth and development.
The IRAS is Singapore’s central authority for tax matters. It provides businesses and individuals with guidance on tax policies, regulations, and compliance. IRAS helps taxpayers understand their obligations and gives them the resources and tools needed to fulfill them accurately and efficiently.
In addition to its tax administration role, IRAS also contributes to policy formulation. It provides expert advice and insights to the government on tax legislation, tax incentives, and international tax matters. IRAS participates in international forums to promote cooperation and exchange best practices with tax authorities worldwide.
Get to Know Accounting Software Compatible with IRAS Requirements
IRAS-approved accounting software is endorsed by the Inland Revenue Authority of Singapore (IRAS) to comply with local tax rules. This designation is given to solutions that meet IRAS standards for accurate record-keeping and reporting.
By using IRAS-approved software, businesses in Singapore can trust it to manage accounting processes while meeting tax obligations. These solutions help companies maintain proper books and generate accurate financial statements, which are essential for compliance.
To obtain IRAS approval, providers of the best accounting software for tax preparation must submit their systems for IRAS evaluation. This process reviews the software’s ability to handle tax-related transactions, generate tax invoices, maintain proper records, and produce the required reports in compliance with IRAS regulations.
In Singapore, the Inland Revenue Authority of Singapore (IRAS) plays a key role by providing clear tax guidelines and approving trusted accounting solutions that meet regulatory standards.
Read more: 8 Best Accounting Software for Transport Companies in 2026
When Should Your Business Upgrade to an IRAS-Compliant Accounting System?
Not every business needs sophisticated accounting software from day one. However, there are clear signs that indicate when it’s time to move beyond spreadsheets or basic bookkeeping tools.
- Your transaction volume is increasing rapidly
If your business processes more than 50-100 transactions per month, manual recording becomes error-prone and time-consuming. At this stage, automated systems help maintain accuracy without adding headcount. - You’re approaching the GST registration threshold
In Singapore, businesses must register for GST once their taxable turnover exceeds S$1 million annually. Before hitting this threshold, having IRAS-compliant software in place ensures you’re ready to file GST returns correctly from the start, rather than scrambling to set up systems under pressure. - Audit preparation takes too long
If your finance team spends days or weeks compiling documents for annual audits or tax submissions, it’s a sign that your current system lacks proper record-keeping and audit-trail capabilities. - You’re expanding into multi-currency transactions
Businesses dealing with overseas suppliers or customers need software that handles currency conversion and maintains accurate records for IRAS reporting purposes. - Your accountant keeps requesting better documentation
When your external accountant or bookkeeper frequently asks for clarification or flags inconsistencies, it usually means your current system doesn’t capture data in a standardised format. - You want to apply for government grants like PSG
The Productivity Solutions Grant covers up to 50% of qualifying costs for IRAS-approved software. If you’re planning to upgrade anyway, timing your purchase with a PSG application makes financial sense.
5 IRAS-Approved Accounting Software Recommendations
When it comes to managing financial records and meeting tax compliance requirements, accounting software in Singapore can be a great help to businesses. These IRAS-approved accounting software have been evaluated and recognized by IRAS for their compliance with tax regulations.
With their comprehensive features and functionalities, these software solutions offer businesses a range of benefits. It includes accurate tax reporting, streamlined processes, and enhanced efficiency.
1. Kingdee
Kingdee is a renowned provider of IRAS-approved accounting software. It offers businesses in Singapore an efficient solution for their accounting and tax compliance needs. Kingdee’s software offers automation capabilities that streamline routine tasks, improving efficiency and reducing manual workload. The software automates data entry, report generation, and reconciliation processes, saving businesses valuable time and resources.
Here are some features of Kingdee:
- Automated accounting and tax compliance workflows to reduce manual data entry and errors.
- Preparation of IRAS Audit File (IAF) and support for GST and income tax reporting.
- Multi-currency transaction support for global business operations.
- Comprehensive financial and operational management beyond basic ledger functions.
2. HashMicro
HashMicro is a reputable software provider that offers IRAS-approved accounting software for businesses in Singapore. As an approved provider, HashMicro’s accounting software meets IRAS’s stringent requirements. It ensures compliance with tax regulations and offers a reliable solution for businesses’ accounting needs.
HashMicro’s software features a range of tools designed to simplify financial record-keeping, improve accuracy, and streamline tax reporting. The software provides a user-friendly interface, making it easy to navigate and perform accounting tasks efficiently.
Here are some notable features of HashMicro accounting software:
- E-facture: This feature simplifies and streamlines the invoicing process for businesses of all sizes.
- Multi-currency: This feature is designed to meet the needs of businesses operating in a global marketplace.
- Tax report: HashMicro’s accounting software simplifies tax reporting with its comprehensive Tax Report feature.
- Vendor bills and accrued payables: You can easily enter and track vendor bills, ensuring accuracy and transparency in your payables.
- Petty cash tracking: This feature allows you to record and monitor petty cash transactions accurately and efficiently.
3. Bevootech
Bevootech ensures compliance with tax regulations and provides businesses with a robust accounting technology platform to manage their financial records. Bevootech’s software encompasses a range of features designed to streamline financial processes and enhance efficiency. There are user-friendly interfaces, comprehensive financial management features, integration capabilities, internal control mechanisms, and automation capabilities.
Here are some features of Bevootech:
- Real-time financial and inventory dashboard to monitor business performance.
- Supports multi-company and multi-currency accounting.
- GST computation and audit-ready reporting features.
- Audit trail and customizable access control for data integrity.
4. Ascend Edge
Ascend Edge is an IRAS-approved accounting software provider with feature-rich solutions for businesses’ accounting and tax compliance requirements. This software incorporates segregation of duties, validation checks, and audit trails to enhance data integrity. These internal control features give businesses confidence in the accuracy and reliability of their financial records.
Here are some features of Ascend Edge:
- Automatic generation of financial reports (e.g., balance sheet, cash flow) for management and regulatory use.
- Invoicing and billing modules are integrated with accounting entries.
- Reduced manual work and duplication with system automation.
- Tools to better manage receivables and improve cash flow visibility.
5. UBS Accounting
As an IRAS-approved accounting software provider, UBS Accounting’s software is able to generate accurate and compliant financial statements. Businesses can effortlessly generate balance sheets, income statements, and cash flow statements that meet IRAS requirements. This feature ensures businesses can produce reliable financial reports for tax reporting purposes.
Here are some features of UBS Accounting:
- Generation of GST F5 and other IRAS-compliant tax forms.
- Unified data consolidation across financial modules.
- AI-enabled insights for smarter analytics and decision support.
- Scalable accounting and billing capabilities suitable for evolving business needs.
Read more: Best Construction Software for Construction Companies 2026
Key Features of Accounting Software
When selecting accounting software, it’s essential to understand the key features that can make your financial management more efficient and transparent. Here’s a detailed look at some of the critical features to consider:
- General ledger management: The backbone of any accounting system, the general ledger is the central repository for all financial data. This feature allows you to track all transactions, record credits and debits, and maintain your financial records in impeccable order.
- Accounts payable and receivable: These features help you manage money owed to suppliers (payables) and to customers (receivables). Efficient management of these accounts ensures healthy cash flow and financial stability.
- Payroll processing: A crucial feature for any business with employees, it helps manage wage calculations, deductions, tax withholdings, and payroll tax forms. This automation can save time and reduce errors in employee compensation.
- Bank reconciliation: This feature automates the comparison of internal financial records with bank statements, enabling quick detection and correction of discrepancies. It’s vital for maintaining accuracy in financial reports.
- Tax preparation and filing: Good accounting software simplifies the process by tracking all taxable income and deductible expenses. It should also update automatically to reflect the latest tax regulations.
- Financial reporting and analysis: Robust reporting tools are a must-have in accounting software, enabling businesses to generate detailed reports on financial health, profitability, and cash flow. These reports are essential for strategic planning and decision-making.
Each of these features plays a vital role in streamlining financial operations, ensuring compliance, and providing valuable insights into a business’s financial health.
The Benefits of an Accounting System that IRAS Approved
Efficient and accurate financial record-keeping is crucial for businesses to comply with tax regulations and fulfill their reporting obligations. The concept of IRAS-approved accounting software must be considered to simplify this process.
Besides, IRAS-approved accounting software offers a host of benefits, including accurate tax reporting, increased productivity, and reduced errors. Let’s delve deeper into why this designation holds significant value for businesses operating.
1. Easily prepare GST F5 return & IRAS Audit File (IAF)
With an IRAS-approved accounting software solution, businesses can generate the GST F5 return effortlessly. The software automates GST computation, ensuring accurate calculations based on the relevant tax codes and rates.
Furthermore, IRAS-approved accounting software allows businesses to generate the IRAS Audit File (IAF) seamlessly. The IAF is a standardized electronic file format prescribed by IRAS, which contains detailed financial and accounting information.
The convenience of preparing the GST F5 return, and the IAF’s use of IRAS-approved accounting software offer businesses several advantages. Firstly, it saves time and effort by automating the process.
2. Easily generate financial statements for tax reporting
One of the key benefits of using IRAS-approved accounting software is its ability to create financial statements for tax reporting easily. These software solutions are designed to streamline the preparation of accurate, comprehensive financial statements that comply with IRAS requirements.
Moreover, businesses can automate the generation of financial statements, reducing the manual effort and time required to compile data and prepare reports. The software pulls information from various accounting entries and transactions to ensure the financial statements are accurate.
Then, accounting software often includes tools to customize and format financial statements for clearer reporting. When paired with a carbon accounting app, businesses can align financial and emissions reporting in a consistent structure that’s easier to review and share.
3. Comprehensive software usage documentation
The software usage documentation is a valuable resource for businesses, especially for those new to the software or unfamiliar with its features and functionalities. It typically includes user manuals, step-by-step guides, video tutorials, and frequently asked questions (FAQs).
The documentation provides clear instructions on various aspects of the software, including setting up company profiles, entering financial data, generating reports, and performing tax-related tasks. It helps users understand the software’s interface, functions, and workflows.
With comprehensive software usage documentation, businesses can ensure their staff have access to the resources they need to use the software efficiently. This promotes better software adoption within the organization and reduces the learning curve.
4. Built-in internal controls
These features are designed to enhance the integrity and reliability of financial data, providing businesses with robust internal control mechanisms to safeguard their financial processes. IRAS-approved accounting software often helps prevent and detect errors, fraud, and other irregularities.
One common internal control feature in approved software is the segregation of duties. The software enables businesses to assign different user roles and permissions, ensuring that no single individual has complete control over all financial processes.
Additionally, IRAS-approved accounting software often includes validation and verification mechanisms. These mechanisms automatically check data entered into the system, ensuring it is accurate, complete, and compliant with relevant rules and regulations.
5. Audit trail features
An IRAS accounting software package includes audit-trail functionality that captures and retains a detailed record of all financial activities and system changes. This includes information such as the transaction date and time, as well as its nature.
The audit trail feature serves multiple purposes. Firstly, it facilitates effective financial management and control. By maintaining detailed records of financial transactions, businesses can easily review and analyze their financial activities.
Secondly, the audit trail enhances accountability and fraud detection. This enables businesses to identify who initiated or modified each transaction by associating every financial transaction with a specific user.
This creates a sense of responsibility among users and deters fraudulent activities. In case of any irregularities or suspicions, the audit trail can be reviewed to trace the origin and identify potential issues.
Conclusion
IRAS is a crucial governmental agency responsible for tax administration and enforcement in Singapore. The IRAS guides tax policies, regulations, and compliance requirements for businesses and individuals.
If you plan to implement IRAS-approved accounting software for your business in Singapore, you can try the options listed above. Don’t hesitate to consult our expert on your business concerns if you want to adopt a software solution that complies with IRAS requirements.
Frequently Asked Questions
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What is IRAS-approved accounting software?
IRAS-approved accounting software is a system recognized by the Inland Revenue Authority of Singapore that complies with local tax regulations and reporting requirements, ensuring accurate and compliant financial records.
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Why should businesses use IRAS-approved accounting software?
Using IRAS-approved software helps businesses reduce compliance risks, simplify tax reporting, and ensure their financial data meets Singapore’s regulatory standards.
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Does IRAS-approved software guarantee tax compliance?
While IRAS-approved software supports compliance by automating calculations and reports, businesses are still responsible for entering accurate data and following IRAS guidelines.
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Who needs IRAS-approved accounting software?
Any business in Singapore that files taxes, manages GST, or maintains financial records, especially SMEs and growing companies, can benefit from using IRAS-approved accounting software.
