SAC conducts the national census on the accountancy sector to glean insights that will help the sector in its strategies to innovate, grow and regionalise. The AEcensus was launched in 2015 to gather data on revenue, productivity, job creation, employment outlook, the professionally qualified workforce, diversity of services and volume of work performed overseas.
Singapore’s accountancy sector shrank 3.7% in 2020, with total revenue declining to $2.49 billion. This was against the backdrop of a 5.4% contraction in the Singapore’s economy and 9.7% contraction in Singapore’s professional services sector in 2020. The accountancy sector has displayed strong resilience in the face of the Covid-19 challenge. As Singapore emerges stronger from the pandemic, the majority of AEs are equally optimistic of their growth prospects and have indicated growth in their annual revenue and headcount for 2022, particularly in business advisory and tax.
Against the backdrop of Singapore’s slower than expected growth in the business environment in recent years, the AE segment saw healthy growth in revenue, productivity, job creation, employment outlook, professionally qualified workforce, diversity of services and volume of work performed overseas.
This survey was conducted as a follow-up to AEcensus2015 which found that over a quarter (28%) of AEs expected positive revenue growth from work performed outside Singapore. The AE Regionalisation Survey 2016 found that AEs with multi-disciplinary practices and which are on accounting networks perform better in regionalisation efforts.