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How to roll out an ERP solution in Singapore

How to roll out an ERP solution in Singapore

September 8, 2017

An ERP rollout in Singapore is not as demanding as in some other Asian countries. With an experienced partner and their sound advice, the respective project will go smoothly.

Let me tell you the good news first: An ERP rollout in Singapore is not as demanding as is the case for some other Asian countries. With some experience, the required adjustments are quite easy to handle – whether you rely on a Microsoft Dynamics 365 for Finance and Operations or a SAP ERP solution. Thus, you can execute an ERP rollout in Singapore within a quite manageable project and at a reasonable cost, assuming you do not have any extraordinary requirements for your rollout. Most topics that need to be considered belong to the finance area and are pretty straightforward.

ERP solution rollout in Singapore

These topics include: 

  • The chart of accounts (GL accounts) is used to define the list of accounts required for statutory reporting to the government authorities - pretty much the same as in any other project. With regards to the Singaporean GL accounts, you have to examine how to set up a chart of accounts adapted to the company type and standard accounting best practice.
  • The cash management module (bank accounts) needs to be set-up and created as per the number of banks that are used in Singapore.
  • The payment methods need to be adjusted according to the processing of both incoming and outgoing payments.
  • The financial accounting components, accounts receivable, accounts payable and the general ledger provide comprehensive functionality which don't require many adjustments either.
  • Just like in other countries, you have to set up fixed assets depreciation.


However, some things are a bit more “Singapore specific”:

GST (goods and services tax return in Singapore):

In Singapore companies are asked to submit a goods and services tax return to the tax authorities. This needs to be done each quarter. The GST form (GST F5 form) is predefined and has to be customized in the system. It needs to display the name and address of the company as well as the GST registration number. The Goods and Services Tax computation covers the most important laws and business practices specific to Singapore.

Reporting:

As in any other country you want to rollout your ERP system in, there are a number of reports that need to be adjusted. These are some of the reports that might be affected:

HR Payroll calculation

The calculation of the Singapore public & private payroll with CPF (central provident fund) rates calculation, which is in the calculation of employer and employee contribution for social security, on top of their salary, is applicable to Singaporeans and Singapore permanent residents. 
Some examples are:

  • Percentage of contribution for Singaporeans
  • Percentage of contribution for Singapore permanent president
  • Statutory donations (CDAC/MBMF/SINDA/ECF)
  • Skills development levy (SDL)
  • Calculation of medisave subsidized outpatient (MSO) contributions for public sector employee
  • Calculation of the following leave types in payroll computation:
    Child care leave, Child care sick leave, Unpaid infant care leave, Adoption leave, Maternity leave, Paternity leave, Shared paternity leave

HR Reports

  • Tax reporting IR8A / IR8S for tax reporting
  • Form formats and e-submission file changes
  • Director fee reporting
  • Shared accommodation / value of place of residence
  • Foreign worker’s levy (FWL)
  • Tax clearance for non-Singaporean leaving Singapore (IR21)

Finance Reports

  • Statutory reporting for profit/loss statement and balance sheet statement
  • Account statements and open item list
  • Capital allowance report according the legal standard
  • Balancing adjustment report

Whether you are solely planning a rollout in Singapore or whether this country is on the list among many others in a large rollout project, Sycor has the experience and local presence to guide you.

Have questions?

Get in touch! We'd be happy to help.

John Bertolino

Sales & Marketing Director
+1 412 788 9494

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