At the same time, new jobs will be created to replace the old ones.Īccountancy will survive as a profession but not all accountancy jobs will survive. If you read articles by accounting institutions out there, they’ll confidently say that accountants will never be obsolete instead automation and shared services will make their lives easier. You can potentially have savings of 20% – 65% in terms of cost with shared services.įor example, a team of five account assistants paid $2.5k each will cost you $12,500 a month and can be replaced by a centre charging between $3,000 – $4,000 monthly. The main goal here is economies of scale.
This is a euphemism for businesses moving their accounting capabilities (as well as IT and HR) out of the entire company sometimes in back offices located in less developed countries with cheaper labour. Of course, not all companies are ready to embrace automation – in the meantime, they’re pursuing something called ‘Shared Services.’ (PS: You can scan documents on your iPhone with the notes app) Outsourcing The jobs that involve scanning receipts and meddling with glue and printers? They’re gone too.
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Similarly, tech like optical character recognition (OCR) means staff can use software like D eem to automatically digitise hard copy receipts. The bookkeeper’s job has been cut up and ‘outsourced’ within the company. These days, the staff making the claim spends a few minutes making the claim instead. Take filing claims via Xero for example: It used to be that bookkeepers had to sit down with all the petty cash claims, key them manually in to microsoft excel, then print out a report. These software effectively replace the need for entry level accounting staff. Bigger corporations would use something like SAP, Oracle or SAGE. You may have noticed most lean startups would be using some form of cloud account software like Xero. This might seem far-fetched, but it’s closer than you think. The result would be fewer workers, and the possible displacement of job roles. Accounts Assistant = $1,800 a month.Īccording to one study, a third of job roles in Singapore’s finance industry will be impacted by automation in the next three – five years. Bookkeeping jobs are at threat from two things: automation and ‘shared services’. Unfortunately, that isn’t the reality today. My mom was an accounts assistant for 40 years, armed with just a couple of PSLE passes. In the past, it would have been possible for someone to work decades with just a diploma as an accounts executive.
In Singapore, bookkeeping roles are done by Accounts Assistants/Executives typically earning $1,800 – $2,200 a month. Many people think that accounting is just bookkeeping, which is the recording and organising of financial transactions – collecting receipts, invoices, petty cash reimbursements, data entry etc. Short answer: Accounting rice bowls will still exist, but in shorter supplyĪccounting is actually a pretty broad field spanning disciplines such as bookkeeping, audit, taxation, financial reporting and compliance. We spoke to several accountants and industry experts, and dug through several nerdy white papers to see how the average millennial and Gen Z person will be affected. And is about to change even further in the next 5-10 years. “Even if the company closes down, you’ll be the last to go!”īut the truth is accounting has rapidly evolved since our parent’s era. “ If you don’t know what to do, just go and do accountancy. Some even go as far as to propose accountancy as a fall-back career if you have zero interest in anything. Or as they’ll put it in English, a job for life. The term r efers to job security, as well as steady income and benefits. Of all the careers in Singapore, accounting is arguably one of the most recommended by our baby-boomer parents and some of our older Gen X siblings.Īh yes, the proverbial iron rice bowl. Disclaimer: This article was commissioned by CPA Australia.
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