Changing Forces of Accountancy
Rapid technological advancements, such as the introduction of 5G networks and Wi-Fi 6 in the new decade, coupled with the Covid-19 pandemic that sparked the switch towards remote working, has forced the business to digitise their operations to a larger extent in order to stay relevant. While it is a prominent force changing the accountancy landscape, it is not the only one. Changing expectations of employees, shifting societal norms, values and demographics contribute to the direction that the Accountancy industry will be moving towards.
New Career Zones of Accountancy
It is foreseeable that the changing forces will subdivide the Accountancy industry into various exciting career zones in the 2020s in order for Accountants to stay relevant. Each requires both hard and soft skillsets across different Accountancy disciplines and will contribute to the building of a sustainable business. The 5 main careers in the coming decade revolve around assurance, strategic advisory, data analytics, sustainability management and technology adoption.
3E Accounting’s Progression Into New Accountancy Career Zones
As a robotic-enabled corporate service provider, 3E Accounting focuses on technology adoption at its current stage of development. Management established the Digital Research and Development (DR&D) team to spearhead the integration of emerging technologies into the company’s business operations. A Digital Master Plan was also formulated to outline a roadmap for addressing potential technological changes and the future of the accountancy sector.
To date, the DR&D team, comprising skilled and forward-thinking digital professionals, has helped 3E Accounting achieve 100% digitisation and develop robots to automate high-volume, repetitive tasks, including the Robotic Process Automation Robot and Financial Report Robot. These initiatives have significantly improved productivity and efficiency, accelerating certain processes by up to 90%. Employees can redirect the time saved towards activities that enhance client service and support their professional development as they transition into new areas of accountancy. Beyond technology adoption, 3E Accounting aims to develop well-rounded professionals with expertise across the accountancy spectrum, reinforcing its position as a one-stop professional corporate services provider.
