5 Savvy Trends That Rules The Singapore’s Accounting Sector For 2017
We are living in a dynamic world. The digital technology is transforming almost everything around us. The way people think and do things is changing. The world has become more interlinked, and people miles apart are learning from each other. In addition, economic issues in one country are rapidly spilling over into other countries. In Singapore, business operations are also changing, and enterprises are fighting to adapt and survive. The accounting sector is an example of industries in Singapore that is rapidly experiencing change. Below is a rundown of the accounting trends that are causing massive disruption in the Singapore’s accounting sector.
1. New Entrants
The government of Singapore has done well in its agenda to transform Singapore into a Smart Nation. It has managed to persuade startups and tech giants such as Facebook, Google, Amazon, Uber, and Alibaba to open regional headquarters in the country. These companies are bringing changes in almost all industries including the accounting sector.
Startup companies are entering the Singapore’s accounting sector and are controlling a significant market share. They are changing the way accounting services are provided in the country. They are introducing business models that are unprecedented. For instance, industry observers have indicated that “Uberization” is causing what has popularly been termed as the “Fourth Industrial Revolution.”
These new entrants are also transforming talent acquisition in the accounting sector. Since they are making use of technology intensively and the business environment is evolving rapidly, they are hiring accounting professionals with high creativity and sound knowledge of modern information technology. In a nutshell, it is clear those new players in the Singapore’s economy are introducing new ways of doing business and significantly affecting service delivery and hiring processes in the accounting sector.
2. Mobile Computing
Most adults in Singapore now own Smart Phones. Despite the ubiquitous nature of mobile phones, their platforms differ, and this has been a huge challenge. Accounting service providers have been left with no choice but to deliberately take action to evaluate and understand the kind of mobile devices that their clients use. This to enable them to provide high-quality applications that can be used on client’s mobile phone platforms. In other words, as businesses and individuals needs for using mobile phones to access the Internet and data increase, players in the accounting sector are adapting to this new demand.
Another visible trend in the Singapore’s accounting sector has to do with software vendors who deal with accounting software building online portals and applications specifically for use with mobile devices. They are also providing high-quality security encryption among other features to enhance their value to users. Accounting service providers are also staying in touch with the clients to ensure that the mobile apps are regularly updated for maximum efficiency. An example of accounting software provider that is keep on developing mobile-friendly accounting software is the MOYB Accounting Software Services.
3. Connection Convergence
High-speed internet and broadband services providers have been making massive investments in Singapore. Consequently, accounting professionals such as CPAs, controllers, and bookkeepers in the country have access to high-speed communication with their clients. For instance, the idea of video streaming is now more realistic. Broadband and TV services seem to be converging, and this trend is accelerating the process of internalizing the industry.
That means that accounting and bookkeeping service providers are now able to serve clients from different parts of the world in an efficient and more effective way. The changes are, therefore, bringing more competition in the industry, and consequently, pushing players in the accounting sector to evaluate the value they can possibly add to their clients’ accounting processes. In other words, the accounting sector in Singapore is becoming more competitive in response to the convergence of TV and broadband services.
4. Client Relationships are becoming more important
Traditionally, the relationships between accounting services providers and clients were transactional in nature. These relationships were mainly based on what documents would be needed. This accounting trend is changing, and now, the relationships between accounting professionals and their clients in Singapore have become value-driven interactions. This has mainly been informed by the changed nature of the new generation’s clients. Modern clients want products and services that have been customized to address their unique needs.
The same is happening among business and managers who are also looking for personalized buying experience from service providers. Players in the Singapore’s accounting sector are accommodating this apparent need by ensuring that although services and products are standardized; the processes are customized for individual clients. Thus, accounting services providers are enhancing the value of their services and products by ensuring deeper insight, thoroughly detailed analysis, and closer client relationships.
5. Impacts of Global Economic and Political Crises
The average global economic growth has remained considerably low in the last couple of years. This economic situation has further been aggravated by oil prices that plummeted in the year 2015, and have remained low ever since. The global political environment also remains uncertain. The election of Donald Trump and the Brexit vote have made the future of international business debatable. The political dispute in the Korean Peninsula has also been dampening the global economic environment. The result of the political and economic problems is that it has become more difficult for businesses to predict future trading relationships between different countries.
These economic and political realities have informed a number of accounting trends that have been observed in the Singapore’s accounting sectors. For instance, for some companies to survive or to achieve some growth, they have been forced to situations where they have to evaluate the possibilities of joint ventures and other integration deals. Thus, the demand for mergers and acquisition experts, including accountants, has significantly gone up.
The Takeaway
Overall, it is apparent that the Singapore’s accounting sector has been experiencing major changes in the recent past. These changes are mainly being informed by issues that are either internal or external to the accounting industry. For accounting services providers to remain relevant, they have to be aware of the trends in the sector and adapt their services to meet the new clients’ expectations. There are many courses are also introduced like part-time LCCI course in Singapore to maintain your records easily. Businesses that are looking for accounting software service provider that is up-to-date with the most recent accounting trends can count on LCCI Accounting Software Services for the highest quality of accounting products and services.