3E Accounting’s Management Invited to Speak at Accounting and Finance Show Asia
3E Accounting’s management spoke at Asia’s largest virtual event, the Accounting and Finance Show 2020, on how businesses could use technology applications to support continuity in their operations. Management also shared key strategies and digital transformation initiatives that corporate services providers could adopt to strengthen their Business Continuity Plans (BCPs) during the COVID-19 pandemic.
Importance of a Business Continuity Plan
A BCP is a set of processes on prevention and recovery from potential threats, such as a pandemic, cyber-attacks, and fire. The purpose of the BCP is to enable operations to carry on prior to and during the execution of crisis recovery. Therefore, it is necessary to ensure that the firm’s employees and assets are well protected and able to function in the event of a crisis. The lack of a BCP can result in costly consequences for the business like tarnished reputation, financial loss, business failure, loss of productivity and data, injury and death.
Supply Chain Diversification for Business Continuity
Management shared that, for business operations to continue uninterrupted during a crisis, business leaders must strengthen the diversity of their supply chains by prioritising key suppliers and diversifying or expanding their supplier networks. While there is a need to act quickly, companies must also conduct proper supplier due diligence and maintain sound anti-fraud and vendor management practices.
Succession Planning for Business Sustainability
The main objective of succession planning is to ensure the continuity of the business and identify the next generation of leaders to create a future-ready talent pool and workforce. Succession planning not only enables the firm to sustain itself but to continue leading in the market while planning for the future. To ensure a successful succession planning, 3E Accounting introduced a Management Trainee Programme, designed to groom future managers and leaders. This enhanced management development programme will provide the candidates with the best hands-on-training experience and knowledge. Recognising the importance of technology competency in this digital age, 3E Accounting is the first SMP to introduce a technology track for our Management Trainee Programme.
Ensuring Business Continuity With Digital Transformation
Digital transformation is crucial to ensuring business continuity. A digital Business Continuity Plan (BCP) gives employees the information and tools needed to proactively manage and mitigate risks. Management stated that digital transformation creates a framework that helps the company’s stakeholders prepare for cyber threats and crises. It also enables businesses to better protect their operations, financial performance and employees.
One digital transformation practice adopted by 3E Accounting is the use of a Virtual Private Network (VPN), which provides secure remote access through a private connection. This helps strengthen the company’s business continuity capabilities.
Technology Applications for Businesses
Businesses can adopt technology applications to achieve business-wide benefits while enabling digital transformation, initial business growth and ultimately leading to business continuity.
Companies can consider adopting the following technology applications:
- Cloud Accounting Technology Software.
- Optical Character Recognition (OCR)
- Data Backup Software.
- Offsite Backup Software such as a Network-Attached Storage (NAS), FTP server, Google Drive or Dropbox.
In conclusion, there is a need for every business to have a BCP to facilitate business continuity and future-readiness.
