ISCA unveils strategy to help Singapore’s small accounting firms thrive

It recommends a 5-step plan for the future of SMPs.

The Institute of Singapore Chartered Accountants (ISCA) lays out a landmark strategy paper aimed at helping Small and Medium-Sized Accounting Practices (SMPs) thrive in the future.

Whilst SMPs are the backbone of Singapore’s business community, supporting thousands of Small and Medium-sized Enterprises, they currently face mounting pressure from different challenges.

Of the 761 Accounting Entities in Singapore, nearly all (98%) are SMPs with 100 or fewer staff, and most (70%) are micro practices with 10 staff or fewer.

According to the paper, operating in isolation, facing tough competition, struggling to find talent, and keeping up with fast-changing technology dictate that SMPs need to change to stay relevant.

The paper sets out five practical recommendations to help SMPs grow, innovate and compete globally, which are to work together, not alone; build trust and visibility, embrace technology, go global, and grow new talent.

“The SMP sector is a vital pillar of our business ecosystem. Yet many firms continue to operate in isolation amid mounting pressures on margins, talent, and technology," Koh Wee Kwang, Co-Chair of the Strengthening SMP Taskforce and ISCA Council Member, said in a release.

According to ISCA, if these are put into action, SMPs will be better equipped to weather financial challenges, adopt new technologies, attract and keep talented people, and boost Singapore’s reputation as a hub for professional services.

The paper also calls for a fresh look at firm ownership rules and new ways for SMPs to team up, including leveraging shared services for manpower and digital tools, without
compromising quality or standards.

It also advocates the creation of a digital badge system to recognise firm credibility and raise the visibility of SMPs within Singapore’s professional services landscape.

According to ISCA, the strategy paper sets ambitious targets for the next decade, aiming for more high-quality jobs, deeper expertise, and a stronger pipeline of talent.

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