Dear Valued Customers,
Welcome to our E-Newsletter October 2019
We hope this finds you well!
Digital Research and Development – An Industry First
At 3E Accounting, we believe innovation is about discovering the next Eureka! moment. Research takes us beyond “re-doing” what others have done and helps us discover innovative solutions to current business dilemmas and problems. Amidst an uncertain global climate, 3E Accounting believes in the potential for growth and development in Singapore and the region. This is why we set up our Digital Research and Development (“DR&D”) team, the first among the local Small and Medium-sized Accounting Practices (SMPs). We formed the team in response to the Government’s call to champion Smart Nation initiatives. The Digital R&D team will draw up the Digital Masterplan to drive the digital transformation of our business. Leveraging on advanced technology, our team will tap new growth areas in robotic business automation (RPA), Machine Learning (ML) and Artificial Intelligence (AI).
The first R&D project milestone is the 3E Accounting mobile app, the very first same-day appointment making app by an Accounting Entity (AE). 3E Accounting’s recent partnership with the Singapore Institute of Technology (SIT) to develop an Accounting Report Automation software prototype is another innovative leap for us. The project was presented at the launch of the Accountancy Industry Digital Plan jointly organised by the Singapore Accountancy Commission (SAC) and the Institute of Singapore Chartered Accountants (ISCA). We have a slew of projects in the pipeline where the team will develop robotic process automation (RPA) to integrate data between software at Graphic User Interface (GUI) level with RPA, and without the need for human input, Optical Character Recognition (OCR) to convert scanned documents to editable and searchable data, Facial Recognition technology for customer authentication for letter collection, and a chatbot with Natural Language Processing and Artificial Intelligence (AI) technology whose answers to enquiries are indistinguishable from a human’s.
Digital Landscape of Singapore
Singapore’s digital landscape witnessed much excitement over the past month. The Accountancy Industry Digital Plan showed the Government’s commitment to helping Small and Medium-sized Accounting Practices (SMPs) beef up their digital capabilities to do business in the age of the Digital Economy. The launch of application for new digital bank licences by the Monetary Authority of Singapore (MAS) heralded a new chapter for the banking industry in Singapore. MAS will award five digital bank licences by mid-2020 and the successful applicants are expected to start their operations by mid-2021.
News on the Business Front
Singapore’s businesses can expect more support to commercialise their brands, patents, and trademarks with the launch of new intellectual property initiatives. This move comes as Singapore aspires to be a leading global trusted intellectual property (IP) hub. Meanwhile, Singapore has issued new guidelines for data sharing among businesses. The comprehensive Trusted Data Sharing Framework was set up to facilitate responsible data sharing between organisations, enabling businesses to access the information they need, while creating better products and services, and minimise business costs. To further warrant the quality and standards of products and services in the market, Enterprise Singapore and the Singapore Accreditation Council have developed new accreditation programmes in food, infrastructure, information and communications technology, and sustainability practices.
Corporate Income Tax Submission Deadline
Kindly remind that the deadline for submission of your Company’s Form C / Form C-S for the Year of Assessment 2019 is on 15 December 2019.
At 3E Accounting, we endeavour to innovate and support our clients with useful and relevant business solutions in the Digital Economy. We thank you for your support!
Founder, 3E Accounting Group
Read More in our E-Newsletter October 2019.