Digital blueprint launched to accelerate accounting sectors' digital transformation
The Accountancy Industry Digital Plan (IDP) was launced on 22 Aug 2019 to accelerate the digital transformation of small and medium-sized practices (SMP).
The Accountancy IDP was developed by the Singapore Accountancy Commission (SAC), the Institute of Singapore Chartered Accountants (ISCA) and the Infocomm Media Development Authority (IMDA).
The IDP will focus on enhancing digital skills and knowledge, promoting the adoption of technology, and developing accounting technology and innovations. It also comprises a digital roadmap to provide guidance to SMPs on the digital solutions to adopt, and employee training to undergo, at each stage of their digital development.
Furthermore, initiatives to support SMPs’ digitalisation efforts were also launched, such as the SMP Centre, a one-stop portal with information to support SMPs on their digitalisation journey; and the Accounting Technology & Innovation Centre, which will be set up to develop new accounting technologies and business models.
The Accountancy IDP was developed to support the goals of the Accountancy Roadmap which was launched in June 2018 to develop Singapore into a leading global accountancy hub through four focus areas: developing and enhancing skills; boosting productivity; fostering innovation; and promoting internationalisation. The Accountancy roadmap is aligned with the Industry Transformation Map (ITM) for Professional Services.
SMPs make up 98% of the accountancy industry. The plan is also a part of IMDA’s SMEs Go Digital Programme to help SMPs to embark on their digital transformation journey.