The Evolving Role of Accountants in Singapore
Not so long ago, accountants are seen as ‘counting machines’ - hired to take care of balancing your books, managing (or reducing) your taxes, overseeing cash flow, and the like. Many traditional business owners see them as professionals who are technically interchangeable as their tasks are process-based, nothing more and nothing less.
But while some of those are still true, a lot has really changed and evolved when we’re talking about the real role of Singapore accountants today. Because the truth of the matter is, they’re now treated as business advisors that play many vital roles and carry on responsibilities in a company, regardless of what industry they’re in.
And as one of the best financial and accounting firms in Singapore, Enterprise Assurance PAC is here to give you a clearer and better understanding of what we’re really talking about.
More than just computing, recording, analyzing, and reporting, here are some of the essential roles that today’s accountants play or better yet, carry upon their shoulders:
Your Financial Advisors
Your accountants know ALL the financial information about your company - how much money goes in and out. So apart from making sure all your finances are in order, accountants also act as your advisors when it comes to handling your company’s money. Besides computing and reviewing the financial data, they also analyze, contemplate, and advise you so that you’ll take advantage of the best ways to earn more profit and reach your long-term goals. And more than just troubleshooting money problems, they are there to provide ways so you could prevent such financial troubles, thus they help your business grow.
Your Co-managers & Strategists
Don’t get us wrong here - we’re not saying that you would have to promote your accountants to key managerial positions in your company. What we mean here is that, your accountants are also key contributors of your management team. Accountants who have strong interpersonal skills, possess high EQ levels, and impressive critical thinking skills could very well be of help when it comes to making sound decisions in the management of your business. With their knowledge and experience on the key factors that spark changes in your company they could also give you the best recommendations - let’s say, on your improving employees’ compensation, on setting sales targets, and the like.
Your IT Supervisors
At this day and age when cloud accounting technology is used in almost every industry, accountants also need to keep up with such advancements. That instead of thinking that automation (or programs and softwares) are taking over their profession, they see this an opportunity to grow and take on other roles for the company or client they’re working for. Instead of manually recording, editing, and keeping every transaction and financial activity, they’re now more of analyzing, supervising, and double-checking all the activities that reflect on the accounting software. Your accountants come in to make sure that the online or cloud accounting software you use for your company is used to its highest potential and not jeopardizing anything. At the basic level, they should be able to recommend the best financial and/or accounting software that’s best suited for your company’s needs and goals.
In a research done by the famous Xero cloud accounting software company, results show that most small and medium sized enterprises agree that the role of accountants today has truly evolved. Some 65% of SME owners see their accountants as business consultants. And as a matter of fact, 56% of them also turn to their accountants for advice on non-financial matters. Hence, the professional accounting services Singapore and even other countries provide now are so much more than what we have thought years ago.
Apart from the technical skills that accountants must possess, they are now more valued for their interpersonal, problem-solving, analytical, and strategic qualities. Simply put, instead of treating your accountant as an employee that you hire and pay, think of him or her as a business partner and adviser that could help you reach your goals and take your business to the next level.
Don’t know where to find such professional accountants that could actually live up to all these roles? Look no further than Enterprise Assurance PAC. We’re committed to providing you all these and more. Speak to us today so we could discuss how we can partner to growing your business in Singapore.