The Accountancy Industry Digital Plan (IDP) helps Small and Medium-sized Practices (SMPs) adopt technology for greater productivity and competitiveness.
It focuses on three strategies: enhancing digital skills and knowledge; promoting the adoption of technology; and developing accounting technology and innovations.
The IDP comprises a Digital Roadmap which guides SMPs on the digital solutions to adopt and the employee training to undergo at each stage of their digital development.
SMPs could also visit the SMP Centre, a one-stop portal that provides information to support their digital development. For SMPs which are keen to develop new accountancy technologies and business models, the Accounting Technology & Innovation Centre is a good resource.
The Accountancy IDP was jointly developed by SAC, the Institute of Singapore Chartered Accountants (ISCA) and the Infocomm Media Development Authority (IMDA); and it is part of IMDA’s SMEs Go Digital programme that aims to make going digital simple for SMPs.
The Digital Roadmap is an easy-to-use, step-by-step guide on the digital solutions that SMPs can adopt, and the training programmes to undergo, at each stage of their digital development.
The three stages of an SMP’s digital development are:
Stage 1: Getting Digital Economy Ready
At this initial stage, SMPs need to streamline their operations and optimise their resources by using technology.
Stage 2: Growing in the Digital Economy
At this stage, SMPs need to be connected with the ecosystem and integrate digital solutions to be able to consolidate data to generate deeper insights.
Stage 3: Leaping Ahead
The third stage identifies advanced digital technologies that SMPs can implement to provide more innovative services and develop more intelligent businesses.
Download the Accountancy Industry Digital Plan which will help you assess an SMP’s digital readiness and opportunities to go digital. Alternatively, use the online self-assessment tool in the SMP Centre.
The SMP Centre is a one-stop platform that provides information to help SMPs to adopt technology.
SMPs can visit the SMP Centre for a comprehensive business diagnosis; advice on adopting digital solutions and training programmes to undergo at each stage of an SMP’s digital development; and access the following resources:
For more information, please visit www.SMPcentre.org.sg.
SAC and the Singapore Institute of Technology (SIT) set up the Accounting Technology & Innovation (AccTech) Centre to help SMPs to develop business innovations, and adopt advanced accounting technology. At the Centre, SMPs will work with academics, technology partners and government agencies to innovate new business processes, business models, service delivery, and products.
Visit the AccTech Centre for the following:
SMPs and software developing companies can work with SIT faculty to develop advanced technological solutions or redesign business processes. They can also tap on SIT’s database of innovation projects by SIT Accountancy students to spark new ideas for collaboration with SIT.
Focus Group Sessions
Focus group sessions between SIT, SMPs and ICT companies will deepen the understanding of the SMPs’ needs for advanced technology such as Data Analytics and Artificial Intelligence.
Workshops and Symposia
Workshops and symposia will be conducted to discover current trends in areas such as advanced accounting technology and accounting performance management systems.
Training and Certifications
Courses will be offered by SIT to upskill accounting professionals, such as training on design thinking and data analytics.
The Centre is located at SIT.
For more information, please email AccTechCentre@SingaporeTech.edu.sg