Changes in accounting systems driving skill shift for the industry
Non traditional accounting roles likely in demand
Technology’s impact on accounting professionals will touch on automation and integration of accounting systems, which will create more demand for candidates with the skills to meet data management and analytical needs.
Singapore | Accounting professionals can expect a shift towards more strategic and analytical roles, as technology becomes increasingly sophisticated and present in all aspect of businesses.
According to recruitment firm, Randstad Singapore, roles such as General Ledger, Accounts Receivable and Accounts Payable may potentially be phased out over time, with the automation and integration of processes and systems.
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Safeguarded from automation are roles such as Financial Planning and Analysis as well as Business Controlling which still require input from internal stakeholders as well as a deep understanding of overall market conditions, the industry segment and the business as a whole.
In the long term, it is anticipated that non-traditional accounting roles will increasingly be in demand.
Non traditional accounting roles
In the long term, it is anticipated that non-traditional accounting roles will increasingly be in demand. The onset of technology will call for accountants who have extensive computer software skills to meet data management and analytical needs.
In addition, the accounting and finance functions are likely to see a growing need for candidates with business partnering skills and regional exposure.
Lim Chai Leng, Director – Accounting, Banking & Finance Services, Randstad Singapore noted, “Technology can often be seen as a threat as certain roles would be rendered obsolete. However, with the automation of systems, new roles become more prevalent. These roles are often more sophisticated and strategic which tend to have a greater impact to the bottom line of the business.”
“Candidates should constantly be looking to improve their skills, especially by learning new software and technology platforms which are fast becoming industry standards. Additionally, employees can hold discussions with their managers to analyse areas of day-to-day processes which can be streamlined or automated. This will allow candidates to focus more on strategic and planning work in areas where technology can’t replace,” said Ms Lim.
Increase in salaries
Across the industry, the average salary increase is expected to be 5 – 8 percent, consistent with previous years, but depending on the specific industry of operation.
Certain industries, such as oil & gas and manufacturing, are not performing as well, and therefore salary increases are expected to be lower than those seen in the services industries. Finance managers, accountants as well as financial planning and analysis professionals can expect to see the largest growth in salary.
Companies should also actively examine work flows that can be automated to reduce manual work and enable employees to do more strategic or analytical work.
The average bonus is expected to range between 1 – 3 months, with sectors such as FMCG, retail, information technology, telecommunications and services industries expected to lead with higher bonuses.
Focus on training and development
Employers looking to retain and grow their talent should look at training and development programmes to upgrade their staff’s computing skills to capitalise on available technology platforms.
Companies should also actively examine work flows that can be automated to reduce manual work and enable employees to do more strategic or analytical work. Job rotations are also an attractive option to retain talent. Employees can be cross-trained to take on different portfolios and roles, allowing for greater mobility in talent management.
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