As we know it, both technology and globalization are rapidly changing the world. With some of these changes affecting the accounting world, firms are currently full of creative and dynamic professionals who capitalize and recognize these continuously emerging trends. As firms identify and take advantage of these trends, accounting is getting a new face. Here are the four major trends to watch in Singapore accounting industry.
Mobile first
A new generation of business owners is emerging. These new owners are not only digital natives but have also never done any business in a world that does not include smartphones and the internet. This new generation is looking for quick insights delivered to their smart devices, whether that’s a smartphone, tablet, or mobile device. Consumers are, therefore, expecting that their accounting in Singapore professionals can offer this instant access to them.
Forensic accounting
Although forensic accounting in Singapore is not new, tighter scrutiny business practices have now put high profile business scandals on the map. Forensic accountants are now helping their clients set up fraud prevention programs, provide litigation assistance, and also delve behind the numbers to detect any sophisticated crimes such as securities fraud, embezzlements, money laundering, and bribery. According to the Bureau of Labor Statistics, as the success rates of investigations conducted by the forensic accountants continue to grow, so will be the demand for the business.
IT and computer science competence
The increasing number of malicious hacking and data breaches scandals means that accountants who can ensure that their clients’ data is safe are in high demand. In fact, according to a 2015 survey, close to 2,200 American CFOs found that the greatest pressure facing the finance and the accounting teams currently are staying up to date with technology. Those who can master the intrigues of technology and accounting will, therefore, have no shortage of jobs in the future.
Increasing dependence on social media
Staying abreast of the clients’ information means paying attention to the different ways they are passing their information to the world. For instance, the accountant should know whether the client is opening a branch or expanding. The best way to follow the company’s activities is through Facebook, LinkedIn, and Twitter and other social media platforms. With these platforms, accountants can find out details that are critical to their client’s work
Parting Thoughts
With these trends currently shaping up the Singapore accounting industry, clients expect that their accounting professionals will continue to guide them. In fact, earlier adopters of technology are already being rewarded by the marketplace dynamics.
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