Although new technologies like robotic process automation and blockchain have transformed business models, accounting methods are still relatively traditional and not catching up to the new ways of conducting businesses.
There is also a need to rethink some of the accounting methodologies, especially in valuation.
These were some of the findings by NTUC’s Future Jobs, Skills and Training department in a report released on 30 July 2018.
Named “Managing Disruption in the Singapore Accountancy Industry”, the report was based on a roundtable session jointly organised with the Singapore Accountancy Commission (SAC) on 25 April 2018.
Over 40 chief financial officers, chief human resources officers and management partners attended the roundtable session.
Technology and Changing Jobs
Accountants who are unable to take on more strategic roles in management accounting or business partnering, and who do not have an appreciation of technology such as blockchain, will be at risk of displacement.
Non-degree holder accounting and finance (A&F) technicians, such as bookkeepers, will be at risk of displacement as well. There is also a need for technology exposure and mindset change.
Participants also discussed that internal audit may not be relevant in Singapore as companies are looking for skills in forensic audit and data analytics skills to carry out compliance-related and internal audit work. Traditional internal audit sampling is also outdated.
Skills Gap
Participants felt that, besides accounting skills, graduates need a wider range of assessment and communication skills. Critical thinking and analysing data are skills that are lacking.
Participants agreed that the soft skills most companies have difficulty identifying in the candidates are communication and influencing, risk-taking, desire to learn and develop, continuous learning and connectivity.
In addition to soft skills, the participants also felt that workers should possess specialised accountancy skills such as peripheral skills in accountancy, data analytics, risk management, business partnering skills and a global mindset.
Good to Know
For the full report on Managing Disruption in the Singapore Accountancy Industry, click here.
NTUC Assistant Secretary-General and FJST department Director Patrick Tay also penned a blog post on the report and the accountancy industry. Click here to read it.
