Trends in Singapore’s Accounting Sector

As SAC continue to deepens the skills of the accountancy talent pool; develops the industry to capture growth opportunities; and creates a hub and exchange to develop Singapore into a leading global accountancy hub, we Applied Chartered Accountants (ACA) position ourselves as part of this exciting journey. We foresee that in the upcoming 2 years, the local accounting workforce – who have seen the rise and decline of shared services in Singapore are consciously shifting out of operational accounting functions such as AP/AR, GL, Fixed Asset, Inventory and Costing. Singapore is now one of the preferred countries for reporting and analysis functional support, which brings us to the next level contributing to the growth of our Accountancy Hub presence particularly in South East Asia.

Over and above, the World’s ability to acquire data has exploded exponentially in the last 5 to 6 years. Businesses around the World are still playing catch-up to identify and analyse which data points are relevant and important to gain competitive edge.

For firms that do not have the luxury of setting up functional departments to handle data analysis, we observed that more accounting professionals like us will take up these data analytics roles for our local and overseas clients. Importantly, we coupled with our proficiency of Excel modelling, has enabled us to transit into this new function quite easily. End state outcome will allow organisations to finally bridge the relationship gap between business data and revenue trends!

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