Start Digital Accounting For Singapore Companies

 Accountancy is still a necessary service – but its delivery has changed, thanks to digital disruptions and innovative solutions from tech-savvy firms, and predictable revenue may no longer be guaranteed. Cloud-based accounting operations have the power to outdo traditional and more manual accounting methods in terms of efficiency, accuracy and speed. As automated start digital accounting services becomes more mainstream, accountants need to look for important ways to future-proof their profession and stay relevant.


This is why more and more accounting firms are digitising their offer in response to market demands. However, embracing digital transformation is not just about adopting new technologies – it’s about developing a new mindset too. The real opportunity here is for accountants to use technology to offer more than number-crunching solutions and instead become business advisors to their clients.

Harnessing the digital mindset  

The millennial generation is increasingly present in the workforce as employees, clients and bosses. This group is very switched on technologically – and expects a certain level of digital services and interaction in the workplace. Adoption of digital solutions is crucial for staff retention as well as business efficiency. Making Tax Digital (MTD), for example, is around the corner and will pose a real challenge to a large number of firms that aren’t prepared for it.  Businesses that fail to make the necessary plans and investment to ensure they will be compliant by 1st April 2019 risk facing penalties – not to mention falling behind the curve.

However, the successful digital mindset is not solely focused on new technologies. It also values human engagement and emphasises the importance of strategy and culture. To get the most from technology, accountants need to strike a balance. Think about it: if you just use technology to automate compliance, what are your clients really paying for? You need to demonstrate value-added services and ascribe them the same level of importance as digitally delivered efficiencies. 

Packaging your offer

How accountants revise their business models and fee structures in line with these developments is crucial. With administrative tasks and data entry streamlined thanks to automation, firms can consider offering, for example, more advanced advisory and reporting services. This is particularly valuable for firms with smaller clients; helping them compete with bigger firms that could afford to diversify their offer some time ago.

In a nutshell, becoming a business advisor means reviewing your client company’s financial data, identifying any problems, and coming up with solutions. Machine learning may eventually do some of this analysis – but it will never 100% guarantee the right answer. The need for human oversight and experience remains key.

When putting together a new fee structure that reflects these value-add services, you need to figure out what you’re actually charging clients for – and whether they are getting their perceived value for money. It’s also worth thinking about investing more time into content marketing to boost your market expertise and trustworthiness.

Building a digital culture

Becoming a digitally transformed accountancy practice requires hiring staff that are digitally savvy – or at the very least, demonstrate an enthusiasm for upskilling.  To attract these employees, you need to tap into the millennial generation’s workplace goals and create a fun, appreciative working environment that offers clear career progression. You need to identify the gaps in your business and then look for the right skills to fill the open positions. If you battle to find the skills you need immediately, look at training opportunities to help your existing employees widen their abilities. Training is also a great way to retain good people.

Being a digital firm is all about long-term planning. You need to put together a strategy that plots where your firm will be in say one, three and 10 years. If you want to be able to grow your practice and increase your number of clients, you have to be able to scale all of your systems and processes. This level of planning will guide your business as it grows and help you achieve your objectives.

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