The Future of Singapore Audit & Accounting Industry in the Covid-19 Era

The Future of Singapore Audit & Accounting Industry in the Covid-19 Era

With the Covid-19 pandemic spreading both in scale and duration, it is most likely that the world will undergo a major shift in every facet of human life, including business and financial accounting practices. As the Singapore government tries to mitigate the further spread of the virus, the businesses are trying to restart their operations, with the reopening of the global markets to save the national economy. The government will play a major role by introducing policies to support the small and medium-sized businesses, as well as the giant corporations, survive the crisis.

Since these regulatory changes might be frequent, it could be difficult for the businesses to focus on enhancing their daily operations; thus, Singapore audit and accounting professionals will have a crucial role to play as well. However, hiring in-house accountants could be less profitable due to the uneven frequency of accounting work as well as the new additional cost of implementing the protocols for the safety of the employees. Thus, to reduce the cost to the company, accounting services are more likely to be availed from outsourced accounting firms. With outsourced accounting services, Singapore’s businesses can pay for only the company accounting services that they use rather than paying a fixed amount as salary every month. 

While it will be beneficial to provide outsourced accounting services, Singapore’s outsourced accounting firms are going to face a significant challenge of ensuring the safety of their professionals. For any company, accounting services and audit services are usually offered by visiting its facility, accessing its financial documents, and interacting with the employees, which poses a great risk of Covid-19 transmission for Singapore audit and accounting professionals. 

Thus, for offering outsourced accounting services, Singapore’s outsourced accounting firms and the Singapore audit industry could work towards digitizing their operations and encourage their clients to do the same.

 


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