ACCA Accounting and Business Magazine Features 3E Accounting’s Management
3E Accounting’s management was featured in the Association of Chartered Certified Accountants’ (ACCA) Accounting and Business (AB) Magazine. Management shared 3E Accounting’s decision to expand into Hong Kong and highlighted the importance of investing in technology and talent to support business continuity in the new business environment shaped by COVID-19.
Increasing Competitive Advantage With Technology
Technology implementation in 3E Accounting was initially a way to support working mothers within the firm, but it has consequently transformed 3E Accounting’s employees into adept remote workers. Adopting cloud solutions, and virtual communication tools have enabled the firm to liaise with clients and employees in Hong Kong, despite the current global travel restrictions. By integrating technology into our expansion plans, we were able to virtually oversee office renovations, set up IT infrastructure and conduct a virtual opening for our Hong Kong Office, 3E Accounting Limited in the midst of the COVID-19 pandemic. Therefore, adopting technology has proven to be a strategic competitive advantage for the firm during these unprecedented times.
Technology adoption, supported by progressive human resource policies and effective manager-employee communication, was central to 3E Accounting’s expansion plans. Management highlighted the importance of appraisal systems, standardised HR policies and effective two-way communication to maintain consistency in engagement with employees in Hong Kong. 3E Accounting’s Singapore headquarters gathers monthly feedback from the Hong Kong office and provides remote support. The company also conducts e-town hall sessions to keep employees regularly informed about internal and external developments.
3E Accounting’s In-House Technology
Management’s focus on technology has driven 3E Accounting’s ongoing efforts to stay ahead of the technology curve. From the outset, the company believed that investing in technology, procuring its own servers and customising its CRM software would deliver business-wide benefits. These investments have enabled 3E Accounting to scale more efficiently, while employees have reported improvements in both productivity and accuracy.
In 2019, management established an in-house Digital R&D team to spearhead development in robotic process automation, machine learning and artificial intelligence. The formation of the team, together with the company’s continued investment in technology, led to the successful development of financial reporting software capable of reducing the time needed to prepare financial statements from eight hours to 60 seconds. This breakthrough has allowed accounting professionals to devote more time to higher-value work, including business advisory and supporting clients’ growth.
With a strong belief that technology adoption is essential for the future, 3E Accounting planned to establish its own data centre to house the company’s internal software development and support clients in developing their own software. The data centre was scheduled to open in 2021 in conjunction with 3E Accounting’s 10th anniversary.
Growing and Retaining Talent Pool
Another key strategic advantage for 3E Accounting is its people. The company’s current human resource practices were shaped by the recognition that long working hours are not sustainable and that better work-life harmony is essential. As a home-grown SME, 3E Accounting may find it challenging to compete with larger companies on salary alone. Flexible work arrangements therefore became an important incentive for attracting talent who share the company’s commitment to work-life harmony.
3E Accounting’s strong emphasis on work-life harmony has attracted many working mothers, who make up approximately 30% to 40% of the company’s workforce. Management shared that working mothers have consistently demonstrated a strong sense of responsibility and loyalty. The company encourages industry peers to consider the broader benefits of hiring working mothers rather than focusing only on short-term considerations such as maternity leave. Flexible work arrangements and an Employees First culture have contributed to low employee turnover, enabling management to focus more effectively on business expansion.
Before the pandemic, there was little distinction between companies following conventional or digital approaches. However, COVID-19 became a game-changer for businesses and helped validate 3E Accounting’s digital transformation efforts. Management emphasised that technology adoption would accelerate after the pandemic and that businesses must act quickly, remain responsive and adapt to the new reality to avoid being left behind.
