Every Singaporean has the opportunity to learn accounting at the upper secondary level. The subject, known as Principles of Accounting (POA), is offered as an elective for students in the Express or Normal (Academic) streams. It provides a solid foundation in understanding financial matters.
At the A-levels, students can continue studying accounting through the Principles of Accounting subject. Learning accounting is useful for everyday life and helps develop important financial skills. It also gives insights into financial analysis and investment decisions.
You may be unsure whether to choose accounting as an elective in secondary school or as a major in tertiary education. Singapore has many reputable institutions for studying accounting. In this article, we will briefly explore accounting and cover key principles and rules to help you succeed.
What is Accounting?
Accounting is the process of recording financial transactions for a business or entity. It includes gathering, recording, categorising, analysing and documenting financial transactions. This data is known and presented in a company’s financial statements.
For you to understand accounting, you first need to understand who uses accounting data and why they need it.
Three main categories of people are the primary users of accounting data and records. The first is internal users, who are the people within the business. They need and use this information to keep track of how the company is doing financially and to help them make decisions for the future.
The second users are external users. These are people outside the company, such as lenders, banks, investors, etc. These groups of people need a company’s accounting data for decision-making. For example, prior to granting a loan, a bank or lender carefully scrutinises a company’s financial statements. This is to ensure that the company has the ability to service its loans without issues. Similarly, investors will use the accounting information available in a company’s financial statements to decide whether to invest in it.
Government bodies are the third users of a business’s accounting information. They will need the company’s financial statements for tax purposes as well as financing and investing.
A company usually produces a financial statement yearly, but certain companies prepare them quarterly, semi-annually, or even monthly. The preparation of the financial statements is based not only on the rules and regulations of the country but also on the requirements and needs of the users.
Brief Overview of Accounting
The key to every business is accounting. Each company has an accountant. They tend to vary in size depending on the nature and size of the company, but each company needs and has accountants. There are many types of accounting, such as cost accounting, management accounting, tax accounting, auditing and many more.
The end product of accounting is financial statements, which detail a company’s financial activities and general financial health. These financial statements must be prepared according to the accounting rules and regulations set by the country and accounting bodies. They must also be true and fair to avoid misleading the users of the financial statements.
At the very centre of accounting is the term ‘double entry’. Every financial transaction in double-entry accounting is recorded as both a debit and a credit in the accounting books. Further to this, there is a term called the three golden rules of accounting. Let us look at these a little bit closely.
The golden rule of accounting can be divided into three groups: nominal account, personal account, and real account.
The National University of Singapore (NUS) is ranked 14th globally in Accounting and Finance by the 2024 QS World University Rankings, making it the top institution in Southeast Asia for this field.
Nominal Account
Nominal accounts are temporary accounts used to track revenues and expenses. They are presented in the current financial year but are transferred to the real accounts by year-end to be carried over to the next financial year.
The golden rule for this account is simple: all expenses are debited, while all profits and revenues are credited. For example, if a company sells its product, it will be recorded as a credit in the nominal account. If they spend money on printing and stationery, it will be recorded as a debit entry in the nominal account.
Personal Account
Simply put, personal accounts belong to an individual or organisation with whom financial transactions are carried out. For example, if Company A purchases stock from Company B, Company B will be presented as a personal account in its accounts. Personal accounts in accounting keep track of individual assets, liabilities, expenses, and revenue.
The golden rule for this account is to debit the receiver and credit the giver. For example, Company B’s account will be a credit entry if Company A purchases stocks from Company B. Similarly, if Company A sells stock on credit to Company C, Company C’s account will be a debit entry.
Real Account
A real account is also referred to as a permanent account. Once this account is opened in a company’s accounting books, it will always be a part of the company’s accounting. These accounts will always have a balance and will be carried forward from one financial year to the next. Assets, liabilities, and owner’s equity are the three main categories they fall into. In a real account, the golden rule is to debit incoming transactions and credit outgoing transactions. For example, when a property is bought for company use, the property account is debited in the accounting records.
Once you truly understand these three rules, you will know and understand the very foundation of what accounting is and its double-entry. Without understanding this, it will be hard to understand and progress further in accounting, as all other principles, rules and accounting standards are based on these three simple rules mentioned above.
Does Accounting Have Good Career Prospects?
Accounting is a popular course and major not only in Singapore but around the world. It is considered a valuable skill globally and a highly sought-after profession. For example, studying accounting in Singapore gives you knowledge and skills that are also relevant in countries like Australia and the United Kingdom.
With such global relevance, the career prospects for accounting students are extensive. You could work as a tax agent, financial accountant, management accountant, auditor, or consultant. For those curious about the different roles and pathways available in Singapore, exploring accounting jobs in the city shows just how varied and rewarding the field can be.
These opportunities allow graduates to gain experience in both local and international companies, from established corporate firms to fast-growing businesses. Learning about the available positions helps you understand which path fits your skills and interests best, giving a clearer picture of how an accounting degree can shape your professional future.
How Does Technology Affect the Accounting Field?
Accounting can be traced all the way back to ancient Mesopotamia, and it has changed over the years to what it is today. In this day and age of rapid technological advancement, is it safe to learn accounting, or is this field going to be taken over by computers? This is one of the questions that has been around for quite a while. Every year or so, there will be news that accountants are going to be made redundant as their jobs will be taken over by computers.
Over the years, technological advancement has greatly benefited the accounting field. Many tasks can be automated, which results in higher efficiency. The majority of automated duties involved laborious accounting work that was primarily manual. The truth is that technology or even AI cannot replace many accounting aspects. Just like how the role of accountants has evolved from the time it first began, it will continue to change and adapt with the advancement of technology. Accounting will always be there, and there will always be a need for accountants in an organisation.
If you would like to learn more about accounting and master it, you should hire a tutor. An accounting tutor will not only be able to guide you but also help you understand the golden rules of accounting as well as the principles and rules of accounting. Once you understand it and have it in your hands, you will be able to start your journey. Not having a solid foundation in this can make it extremely difficult for you in the future.
Superprof is an online platform that connects students with tutors from all over the world on a variety of topics, subjects, and hobbies, including accounting. Our tutors cater to students at all levels, including those in school and college and those pursuing accounting certifications such as CA, CPA, or ACCA. You will be able to find qualified and experienced accounting tutors on Superprof who will guide you and keep the subject fun and interesting.
The interface and layout of the Superprof website are user-friendly and easy to navigate, which makes it super easy for you to browse tutor profiles and pick a tutor who suits you the best. Rest assured, all our tutors are verified, so you will only get the best from our list of tutors.
Superprof also provides flexibility that is highly sought after by students. In Superprof, you get to pick your tutor and choose the kind of classes you would like: virtual or face-to-face. This makes it easier for students to arrange their time and not feel overwhelmed.
Overview of the Big 4 Accounting Firms in Singapore
The Big 4 accounting firms—Deloitte, PwC, EY, and KPMG—are at the heart of Singapore’s financial and business world. They provide trusted services to companies of every size, from small start-ups to large multinational corporations. Their influence extends into auditing, tax, corporate reporting, and management consulting, shaping Singapore’s place as a global financial hub.
For students considering a career in accounting or finance, the Big 4 represent the highest professional level to aspire towards. Many graduates from university courses, including BSc accounting and finance degrees, see them as the ultimate placement opportunity. The firms also work closely with academic institutions, offering internships and entry routes that provide real-world knowledge and skills. Those looking to study accounting in Singapore often explore the best universities offering accounting degrees to ensure they gain the knowledge and academic foundation needed for a successful career.
Below is a closer look at the four firms and their role in Singapore:
Deloitte
- Deloitte is recognised internationally for its wide range of services, from auditing to tax and corporate management.
- In Singapore, it plays a leading role in financial reporting, data analysis, and corporate advisory.
- Many students apply for internships and graduate placements with Deloitte each year, often gaining credits towards professional qualifications.
- Its culture emphasises research, innovation, and continuous learning, giving accountants strong academic and practical experience.
PwC (PricewaterhouseCoopers)
- PwC is highly respected for its focus on corporate reporting, tax services, and international business support.
- Singapore’s campus-style offices attract students and young professionals from a wide range of study backgrounds.
- Their entry programmes help graduates meet requirements for chartered qualifications while improving English communication and reporting skills.
- PwC also offers learning modules in areas such as tax, corporate finance, and business management.
EY (Ernst & Young)
- EY has a strong reputation for helping companies with financial reporting, corporate tax, and international transactions.
- In Singapore, EY supports businesses in managing risk, applying financial data, and improving corporate knowledge.
- The firm provides structured training courses where students study specific modules and gain the required credits for professional recognition.
- EY values diversity, academic achievement, and skills development, making it a sought-after workplace for university graduates.
KPMG
- KPMG is known for its strength in audit, corporate finance, and management consultancy.
- In Singapore, it plays a critical role in financial research and reporting for both local and international companies.
- KPMG’s graduate schemes are popular with students looking for placement opportunities that blend study and real work experience.
- The firm’s training modules include learning in tax, corporate knowledge, and chartered qualifications.
The Big 4 accounting firms in Singapore are more than just employers; they are key players in shaping the financial world. Their presence offers students, graduates, and professionals the chance to apply their academic learning in a corporate setting. With a wide range of services, structured courses, and international exposure, Deloitte, PwC, EY, and KPMG remain central to the growth of accounting and business in Singapore.
| Firm | Global Presence | Special Focus in Singapore | Learning & Development | Career Entry Routes |
|---|---|---|---|---|
| Deloitte | Operates in 150+ countries | Strong in digital transformation, tax, and corporate advisory | Junior Associate Programme, Amplify Graduate Internship | Graduate and internship programmes for penultimate-year students |
| PwC | Over 150 countries, 295,000+ employees | Focus on ESG reporting, corporate governance, and business management | Mentorship and training via Polytechnic Graduate Pathway | Internships, graduate programmes, and polytechnic entry routes |
| EY | Clients in 150+ jurisdictions | Expertise in cross-border tax, risk management, and financial advisory | EY SCALE graduate programme, Audit Academy | Entry-level programmes, internships, graduate tracks |
| KPMG | Offices in 140+ countries | Known for governance, audit, and corporate risk advisory | Explore Programme (2-year graduate scheme) | Explore Graduate Programme, Career Catalyst for polytechnic students |
Types of Accounting Services Singapore Businesses Commonly Use
In Singapore, businesses of all sizes rely on accounting services to keep their operations organised and compliant. These services help firms manage records, meet reporting standards, and plan for growth. With a strong regulatory framework in place, accounting support is essential for building trust with stakeholders and ensuring smooth daily operations.
Companies often turn to external providers because professional services bring efficiency and accuracy. From handling payroll to preparing corporate documents, these services save time and reduce errors. Outsourcing also gives businesses the flexibility to focus on their main activities while ensuring financial matters are properly handled.
Below are some of the common accounting services used by Singapore businesses:
Bookkeeping
- Bookkeeping ensures that all daily transactions are recorded in an organised way.
- This helps companies keep track of income, expenses, and cash flow.
- Accurate records form the foundation for further reporting and decision-making.
Payroll Management
- Payroll services handle salaries, allowances, deductions, and contributions.
- They ensure that employees are paid correctly and on time each month.
- This service also helps businesses comply with local employment rules.
Tax Preparation and Filing
- Tax services support companies in meeting their annual obligations.
- Specialists prepare returns in line with Singapore’s tax regulations.
- These services help reduce mistakes and avoid penalties.
Audit Support
- Audit services provide checks to ensure financial statements are correct.
- Businesses often use external support to prepare for mandatory audits.
- This builds credibility with investors and regulatory bodies.
Corporate Secretarial Services
- These services include preparing annual reports and maintaining statutory registers.
- Secretarial support ensures businesses meet filing deadlines and stay compliant.
- It is especially important for companies with complex structures.
Budgeting and Forecasting
- This service helps businesses plan for the future using reliable data.
- Accountants prepare budgets that guide financial decisions over the year.
- Forecasting supports better risk management and growth strategies.
Singapore businesses make use of a wide range of accounting services to stay efficient, compliant, and competitive. From routine bookkeeping to strategic forecasting, these services cover both daily needs and long-term planning. By using trusted providers, companies gain peace of mind and more time to concentrate on their core business goals.
Skills Required to Succeed in Accounting Jobs Singapore Employers Seek
Starting a career in accounting in Singapore requires more than just technical knowledge. Employers look for professionals who can balance precision with problem-solving skills, while adapting to Singapore’s fast-paced financial environment. In a city recognised as a global financial hub, possessing the right mix of skills helps candidates stand out and progress quickly in their careers.
Key skills employers seek include:
Strong Analytical Abilities
Accountants must be able to interpret financial data, identify trends, and present meaningful insights. Analytical skills allow professionals to go beyond numbers, helping businesses make strategic decisions that enhance efficiency and growth.
Attention to Detail
Precision is a non-negotiable aspect of accounting. Employers value individuals who can detect small errors, as even minor mistakes can have significant financial or compliance consequences. Attention to detail builds credibility and trust with clients and stakeholders.
Proficiency in Accounting Software
Digital tools such as SAP, QuickBooks, and cloud-based platforms are now integral to everyday accounting work. Employers prefer candidates who are comfortable using such software, as it increases efficiency and reduces the likelihood of human error in reporting.
Knowledge of Singapore Financial Regulations
Accounting in Singapore is governed by frameworks like the Singapore Financial Reporting Standards (SFRS) and oversight by ACRA. A solid understanding of these regulations ensures compliance and demonstrates professionalism, which is essential for both local and multinational firms.
Communication and Interpersonal Skills
Accounting professionals often work in teams and interact with non-finance colleagues. The ability to explain financial information clearly and confidently helps foster collaboration and ensures decisions are understood across departments.
Problem-Solving and Critical Thinking
Beyond reporting, accountants are often tasked with finding solutions to inefficiencies and financial challenges. Employers seek individuals who can approach problems logically, assess risks, and recommend practical strategies that add value to the organisation.
Adaptability and Continuous Learning
The accounting profession in Singapore is constantly evolving due to technological advancements and global financial changes. Employers appreciate candidates who embrace lifelong learning, stay updated with new standards, and remain flexible in handling change.
Ethical Integrity
Trust is at the heart of the accounting profession. Employers require individuals with a strong sense of ethics and responsibility, as financial reports influence major business and investment decisions. Integrity assures stakeholders that financial statements can be relied upon.
In conclusion, accounting employers in Singapore seek professionals who combine technical expertise with soft skills, adaptability, and ethical values. Having the right balance of these qualities not only makes candidates employable but also prepares them for long-term growth in a competitive financial market. For those aspiring to build successful careers, investing in these skills is as crucial as formal qualifications.
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