Singapore has launched its Accountancy Industry Digital Plan (IDP) which is expected to help small and medium-sized practices (SMPs) — which make up 98% of the accountancy industry — adopt technology for greater productivity and competitiveness.
The Accountancy IDP was developed by the Singapore Accountancy Commission, the Institute of Singapore Chartered Accountants and the Infocomm Media Development Authority (IMDA). It is part of IMDA’s SMEs Go Digital Programme to help SMPs to embark on their digital transformation journey.
The IDP will focus on three strategies — enhancing digital skills and knowledge; promoting the adoption of technology; and developing accounting technology and innovations.
The plan comprises a Digital Roadmap to provide guidance to SMPs on the digital solutions to adopt, and employee training to undergo, at each stage of their digital development.
To support the digital development of SMPs, new initiatives launched today include the SMP Centre, a one-stop portal with information to support SMPs on their digitalisation journey; and the Accounting Technology & Innovation Centre which will be set up to develop new accountancy technologies and business models.
“We recognise that SMPs are often faced with limited resources to scale up. Leveraging on technology will help them offer value-added services to their clients and improve productivity,” said Evan Law, chief executive of the Singapore Accountancy Commission.
“The digital transformation of the accountancy sector and the development of accountancy talent for the future will provide the competitive edge we need to develop Singapore into a leading global accountancy hub,” Law said.