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 accounting firm, 3E Accounting focuses on technology adoption in this current stage. As a technology evangelist, Founder Lawrence Chai formed the Digital Research and Development (DR&D) team to spearhead development in integrating emerging technologies into its business operations. A Digital Master Plan is formulated to chart out a roadmap for actions to address potential changes that technology will bring about and the future of accounting.
To date, the DR&D team, comprising a group of competent and insightful digital playmakers, have helped 3E Accounting achieve 100% digitisation, as well as developed robots to automate voluminous, repetitive tasks, such as the Robotic Process Automation Robot and Financial Report Robot. Firm productivity and efficiency are significantly enhanced by up to 90% of the acceleration of processes. 3E Accounting staff are able to redirect the freed-up time to engage in other activities to better serve clients, as well as to grow holistically as they transition into the various aforementioned career zones of Accountancy in the new age. Progressing beyond technology adoption in the future, 3E Accounting will be a firm consisting of all-rounded staff with expertise across the whole Accountancy spectrum, reinforcing its position as a one-stop solution of professional services.