21 May 2016
Technology is changing the face of business, and the accountancy sector is no exception. In the age of Uber and Airbnb, what changes will we see in the accountancy profession?
We ask ISCA Member Mr Henry Tan, Managing Director at Nexia TS Public Accounting Corporation and Chairman of Nexia China, to share with us his vision of the future of accountancy.
1. How will the uberisation of everything impact the accountancy sector?
Uberisation solve one major issue in the marketplace. The inefficient allocation of resources! Legal and accountancy sector cannot escape this as well.
2. What is the state of play in Singapore and what are the changes you expect to take place in the next 5 years?
Currently, there are no major movement in this area other than some cloud based service provider of bookkeeping services.
However, in 5 to 10 years, it is possible we may see the likes of Robo Accountants or Lawyers much like Robo Advisors in the Investment industry.
There would be apps that will connect companies to individual accountants who have spare capacity to help in legal, accounting and tax matters either as part time or full time basis at a cheaper rate.
There would be apps that will also match companies that wish to invest in each other, a concept that is similar to crowd funding, but one that matches buyer and seller of business.
There would apps that cater to compliance services, like making sure filing deadlines are met whereby, depending on what you prescribe, the necessary suite of services can be packaged and delivered to you. There is also the possibility of centralisation and automation of receipts and payments, whereby there is no need for interface by accountants and everything is settled electronically upon activation by the sales personnel. The list is endless.
3. How can accounting professionals prepare themselves for the “uberisation of accountancy”?
By always being on the lookout for what’s on the horizon, being the first to innovate and making strategic investments in people and businesses so we stay ahead of the curve.
Mr Henry Tan is speaking at the “Uberisation of Professional Services” event organised by Business Times. To register, click here. For ISCA Members, check the ISCA Weekly on 19 May in your mailbox for waiver code to get complimentary access.
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