SINGAPORE - Media OutReach - 8 October 2018 - Singapore's national accountancy census(AEcensus 2016/17) conducted by the Singapore Accountancy Commission (SAC)revealed that Accounting Entities (AEs) which adopted technology showedsignificant improvements with time savings of around 28 per cent, cost savingsof 14 per cent and 8 per cent increase in revenue. The survey also showed that technologyadoption amongst Medium, Small and Micro (MSM) AEs lagged significantly behindthat of leading firms and larger AEs in the marketaccording to the survey. Theannual survey of AEs comprises accounting firms, accounting partnerships andaccounting corporations.
The main reasons fornot adopting new technology were perceived high costs, seeing no need to changecurrent processes, and lacking knowledge to choose appropriate software.Although MSM AEs provide audit and accounting services, only 50% use on-premiseaccounting software, 15% use cloud-based accounting software and 34% use auditsoftware.
The Accounting andFinance Show Asia will bring the latest accountancy practices, technology andsolutions, presented by experts, advisors and consultants to MSMs andSmall-Medium Enterprises (SMEs). Technology has made accounting processes morestreamlined and efficient, and these world-class solutions are also low-cost,scalable and mobile. They are available not only to large enterprises or AEswith big budgets, but MSMs and SMEs as well. The Show is organised with supportfrom the SAC, Infocomm Media Development Authority (IMDA) and WorkforceSingapore (WSG).
Ms Sharon Roessen,Managing Director of Terrapinn, the event organiser, said: "Accountancy is akey sub-sector of the Professional Services Industry Transformation Map (ITM)launched by the Singapore Government in January 2018 to develop Singapore intoa globally-leading Professional Services Industry driven by innovation andpartnerships. Therefore, this Show ismost appropriate for the people in the accountancy sector and also for thosewho are interested to enter the profession. There will be over 150 seminars and 70 exhibitors showcasing the latesttechnology solutions for accountants in business and in practice at this freeto attend conference and exhibition."
One of the highlightsduring the Show is Maybank's showcase of its PayNow-ready invoices for SMEbusiness owners. Maybank and Financio, a cloud-based automated accountingsoftware by Asian Business Software Solutions (ABSS), partnered to offer Maybankcustomers a one-of-a-kind PayNow-ready invoice that has a unique and dynamicPayNow QR Code which embeds the company's UEN, payer name, invoice number andpayment amount in each invoice. Such invoices can be easily tracked inMaybank's Business Internet Banking. Paymentsreceived are immediately reflected in the company's bank account which meansbusiness owners spend less time depositing cheques and cash, and free up theirtime to develop their business.
The two-day Show will have the SAC giving akeynote address. There will also be other topics covered targeting both AEs andSMEs such as "the Financial Web and its impact on small businesses","Accounting Software: going beyond general ledger" and "Cheque-out: A new dawnin digital payments". Theconference programme will also feature speakers from Title sponsor Xero, andother sponsors such as Maybank,Oracle Netsuite, Zoho Corporation, Sage, Xriba and more.
In addition, more than 2,000 attendees from AEs and SMEs are expectedto attend the Show. Buyers will be able to watch live demonstrations of software and solutions,and fully assess solutions from over70 local and international exhibitors. The conference programmeconsists of six theatres and 150 presentations from local finance expertsacross two days on:
- Digital Innovation
- Money in Money out
- Accounting for Business and Bookkeeping
- Practice Management
- Business in the Cloud
- Future Finance
ShowDetails are as follows:
Accounting & Finance Show SG 2018
16 - 17 October2018
Suntec Convention Centre, Singapore
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