The Jobs Transformation Maps (JTMs) for the In-House Finance and Accounting (F&A) functions, and Accounting Practices, were developed by the Singapore Economic Development Board (EDB) and the Singapore Accountancy Commission (SAC), respectively, in collaboration with Workforce Singapore (WSG) and SkillsFuture Singapore (SSG). The JTMs identify key technologies that are driving change; the impact on individual job roles; and the pathways for employers to transform jobs and for workers to acquire requisite skills as existing job roles evolve and new job roles emerge.

The JTMs indicate the need to embrace technology and acquire new skills at all levels to remain competitive and relevant in today’s increasingly complex business and regulatory environment. Leveraging the relevant technology will help the Accounting Professionals benefit from automating some tasks to enhance their ability to focus on higher value-adding tasks requiring judgment, deep technical knowledge and business acumen. Job roles that focus on process-oriented tasks will benefit from greater automation for improved efficiency and accuracy; job redesign to allow employees to add greater value to the business; and training in skills in demand.

In support of the JTMs, the Accountancy Job Redesign Initiative is targeted at enterprises which include organisations with In-House F&A functions, and Accounting Practices. The initiative helps enterprises that seek to enhance the roles of F&A professionals and tap on technology to improve the function's productivity, ultimately helping to increase the value and attractiveness of F&A job roles.

To find out more about the Accountancy JR Initiative, refer to the Factsheet and FAQs.

All participating enterprises must fulfil the following criteria:

• Registered or incorporated and operating in Singapore; and
• Must have at least three local employees¹ at the point of application;

In addition to the criteria above, at the point of application, the applicant must not have:

• Made any payment to a pre-approved Job Redesign (JR) consultant or third party in relation to the engagement of JR-related consultancy service,
• Signed or confirmed any contract or purchase order with a pre-approved JR consultant or third party in relation to the engagement of JR-related consultancy service

All applications will be evaluated on a case-by-case basis.

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_{¹Local employees can be Singapore Citizens and Singapore Permanent Residents. For enterprises related to the same parent enterprise, these affiliates will have to prove that their employees are not double counted in the enterprises applying for PSG-JR.}

Under the programme, the pre-approved JR consultant for Accountancy JR Initiative will support the enterprises on job redesign taking reference to the broader sectoral transformation detailed in the Accountancy Industry Transformation Map and the Jobs Transformation Maps for In-House F&A functions and Accounting Practices, and deliver the following programme outcomes where applicable, i.e.:

1. Review accounting work processes to streamline administrative or transactional tasks and improve productivity;
2. Increase job value and attractiveness through job enrichment or enlargement; and/or
3. Implement accounting technology solution(s).

There are four phases in the Accountancy JR Initiative. Upon receiving project approval (Phase A), enterprises will complete Phase B and C with support from JR consultants for the various JR service, which may include technology implementation if relevant to the project. At Phase D, enterprises will submit a project report that is required for funding claims.

Enterprises will be supported through following milestones and services:

1. For enterprises who have selected Ernst & Young Advisory Pte Ltd:
   
   
   Details of Components in Phase B and C:
   1. Digital Maturity and Readiness Diagnostics – Assess enterprise’s current digital state and identify priority areas for improvement using automation
   2. Consultancy for Business Progress Redesign (BPR) and technology solutions (if relevant) – Review and redesign work processes to improve efficiency and productivity. Curate and recommend technology solutions to be embedded, if relevant to project.
   3. Procurement of Technology Solution (optional) – Enterprises to procure technology solution(s) independently. (Please refer to FAQ #13 for available funding options)
   4. Implement BPR and technology adoption – Implement BPR plan and implement technology solution(s) procured by enterprise, if relevant.
   5. Consultancy for Job Redesign – Following BPR and technology adoption (if relevant), recommend how accounting and finance job roles can be enriched or enlarged to enable business objectives.
2. For enterprises who have selected EON Consulting & Training Pte. Ltd.:
   
   
   Details of Components in Phase B and C:
   1. Consultancy for Business Progress Redesign (BPR) and technology solutions (if relevant) – Review and redesign work processes to improve efficiency and productivity. Curate and recommend technology solutions to be embedded, if relevant to project.
   2. Procurement of Technology Solution (optional) – Enterprises to procure technology solution(s) independently. (Please refer to FAQ #13 for available funding options)
   3. Implement BPR and technology adoption – Implement BPR plan and implement technology solution(s) procured by enterprise, if relevant.
   4. Consultancy for Job Redesign – Following BPR and technology adoption (if relevant), recommend how accounting and finance job roles can be enriched or enlarged to enable business objectives.
   5. Consultancy for HR Interventions – Recommend how HR practices can be aligned to support the redesigned job roles.

Enterprises will receive funding support  through PSG-JR for JR related consultancy costs incurred in their projects.  

• Enhanced funding for PSG-JR at up to 80% of JR consultancy cost, capped at $30,000 per enterprise till 31 March 2022. Thereafter, the PSG-JR funding rate will revert to up to 70% of the JR consultancy cost, capped at $30,000 per enterprise.

Participating enterprises have up to one year to complete their job redesign project.

On top of the above funding support for PSG-JR, eligible enterprises can also tap on the SkillsFuture Enterprise Credit (SFEC) to defray out-of-pocket (OOP) expenses for supportable programmes and components. Eligible enterprises will receive a one-off $10,000 credit per firm to cover up to 90% of OOP expenses. More details can be found on https://www.enterprisesg.gov.sg/financial-assistance/grants/for-local-companies/skillsfuture-enterprise-credit 

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_{²Excluding Goods and Services Tax (GST).}

Enterprises interested in the Accountancy Job Redesign Initiative can fill up this form. Alternatively, enterprises may contact SNEF at psgjr@snef.org.sg.

For more information on the PSG-JR grant, you may visit https://snef.org.sg/incentives/psgjr or contact SNEF at psgjr@snef.org.sg.