Singapore's Finance and Accounting (F&A) functions is evolving as organisations seek to remain competitive globally. With the increasing volatility in the macroeconomic environment and major advances in digital technology, the F&A functions must adapt to changing requirements, leading to job redesign, new F&A roles and the transformation of the F&A functions.

Significantly, Singapore has the potential to act as a regional hub for finance and accounting services that provide immense value in Asia's rapidly growing markets. To capitalise on these opportunities, F&A professionals must be proactive about their development - expanding expertise beyond traditional roles via upskilling programmes and adopting region-focused initiatives with open mindsets.

Dynamic business requirements are increasing demand for data driven F&A work

The evolving business landscape, characterised by increasing volatility and rapid changes in global markets, is driving a growing demand for data-driven Finance and Accounting (F&A) work. In response to this dynamic environment, organisations are facing challenges such as global trade volatility, digital disruption, and the need to adapt to new market realities. A Deloitte study in Southeast Asia reveals that CFOs are increasingly seeking predictive insights through scenario modelling to anticipate the impacts of these changes. F&A functions are transforming from their traditional cost and control focus to become active partners in strategic decision-making.

To meet these evolving demands, F&A professionals must develop skills in Data Governance, Data Analytics, Risk Assessment, and Finance Business Partnering. By harnessing technology and predictive analytics, they can analyse large volumes of data and provide accurate insights, enabling organisations to adapt and thrive in an ever-changing business landscape. As businesses continue to expand in Asia, professionals equipped with these skills will find ample opportunities to contribute to organisational success.

Digital Disruption

As digitalisation accelerates, F&A functions must embrace technology, artificial intelligence (AI) and transformative digital skills to improve capacities and keep up with the pace of change. Technology is set to elevate the F&A sector by automating repetitive tasks to create a more streamlined and insight-focused function. These changes accompany the proliferation of sophisticated software applications capable of solving F&A-specific issues like digitising or deciphering documents and analysing data.

Such modern software often has scalable cloud-based software as service (SaaS) delivery models, thus enabling fast and easy implementation without costly commitments. However, the increasing reliance on this huge array of applications means that F&A professionals must strengthen their digital analytics competencies to harness F&A software applications better and stay competitive.

Greater Regulatory Oversight and Focus on Sustainability

The increasing complexity of business transaction data and greater stakeholder scrutiny have heightened regulatory pressure on F&A functions. Accounting standards have become more complicated, particularly in business acquisitions, asset valuation, and revenue recognition. While changes in accounting standards aim to provide transparency, they also increase the work of F&A functions, which must translate complex business activities into compliant financial statements.

Furthermore, investors, regulators and the public are placing greater emphasis on environmental, social, and governance (ESG) reporting, demanding more from organisations. As F&A functions are well-suited to balance the added value of F&A and ESG measures, F&A management and professionals need to upskill their knowledge of accounting standards and business acumen and acquire new skills in ESG and sustainability to meet industry requirements.

Optimising Resource Allocation and Service Delivery

Increasingly, F&A functions are transforming their operating models to create Centres of Excellence (CoEs). These CoEs will focus on delivering niche capabilities of higher value and more specialised F&A activities, like Advanced Analytics, Internal Audit, Automation or ESG reporting.

Singapore's digital infrastructure, skilled workforce and regional connections make it a prime location for F&A CoEs, contributing to its reputation as a hub for MNCs and LLEs. As CoEs create new job opportunities for F&A professionals, F&A functions must invest in infrastructure such as communication or data management tools. On an individual scale, professionals should commit to developing new skills and a broader job outlook while embodying an open mindset.

As digitalisation redefines the finance sector, varied roles including Financial Accounting (FA), Management Accounting (MA), Specialised Finance - Tax, Treasury, Internal Audit (IA) and other medium-impact jobs face different degrees of disruption.

High Impact on Financial and Accounting Jobs

Junior roles in Financial Accounting (FA), including Accountants, Tax Associates, and Accounts Executives/Accounts Assistants, are expected to be highly impacted due to their main tasks being transactional, high-volume, repetitive, and rule-based, making them easily automated. It's crucial for these professionals to enhance their competencies in areas like cyber security, fraud risk management, and data storytelling and visualisation.

Concurrently, junior roles in Management Accounting (MA), such as Management Accountants, Financial Planning and Analysis Analysts and Accounting Executives, are also at risk due to automation and digital transformation in the F&A function. Their repetitive tasks, such as data reconciliation and report preparation, are prone to replacement. Hence, individuals in these roles should focus on evolving their skills in areas like systems thinking, stakeholder management, and valuation research and analysis to adapt to the changing landscape.

High-impact Financial and Accounting jobs

• Tax Associate/Tax Executive

• Senior Treasury Executive/Treasury Executive

High-impact financial and accounting job roles facing displacement

• Accountant/Senior Accounts Executive

• Accounts Executive/Accounts Assistant

• Management Accountant/Financial Planning and Analysis Analyst/Business Analyst

• Accounting Executive

Medium Impact on Financial and Accounting Jobs

Financial Accounting (FA)

Automation is increasing, impacting senior FA roles like Financial Controllers, Finance Managers. Upskilling opportunities lie in improving strategic decision-making, compliance navigation, accounting procedure enhancement and knowledge in data governance, digital problem solving, and macroeconomic analysis.

Management Accounting (MA)

Changes in business and data growth impact Business Controllers and Financial Planning and Analysis Analyst (FP&A) Managers. Roles and responsibilities will require transformation, embracing technology like Business Intelligence (BI), data science, machine learning, advanced analytics tools, and ensuring data governance.

Specialised Finance - Tax

Digitalisation impacts Tax Senior Executives and Associates moderately. Upskilling options includes mastering accounting systems for tax compliance, improving technical knowledge, and analytics tools combined with business knowledge for better stakeholder recommendations.

Specialised Finance - Treasury

Treasury Managers and Senior Treasury Executives are moderately to highly impacted. Roles shift to proactive value drivers based on analysis due to Treasury Management Systems. Future skills include data analytics, digital problem solving, regulatory risk management, user centric approach & testing, and vendor relationship management.

Specialised Finance - Internal Audit (IA)

Technology's impact on IA roles varies with job tasks and seniority. Upskilling includes utilising Data Science, Machine Learning, Advanced Analytics Tools for risk assessments, understanding the business environment, using Audit Management Systems for efficiency and closer business interaction. Future skills required include digital problem solving, scenario planning, and data storytelling and visualisation.

Medium-impact Financial and Accounting Jobs

• Financial Controller

• Finance Manager

• Business Controller/Finance Director

• Financial Planning and Analysis Manager

• Tax Senior/Tax Senior Executive

• Treasury Manager

• Internal Audit Assistant Manager

• Senior Internal Auditor/Internal Auditor

With F&A functions becoming more sophisticated, in the next 2 to 5 years, F&A professionals will find opportunities in the following emerging roles that emphasise digital technology, cognitive and interpersonal skills.

Experts Dealing with Data Management and Analysis:

• Finance Data Steward

• Citizen Data Scientist

Specialisation in Policies, Controls and Governance Procedures:

• Environmental, Social and Governance (ESG) Lead

• Governance, Risk and Compliance (GRC) Lead

• Regional Controller

Transformation Roles Who Require Project Management and Collaboration Skills:

• Finance Transformation Lead

• Finance Automation Lead

• Vendor Relationship Manager

The successful integration of skills in digital problem solving, data analytics, data governance, risk assessment and finance business partnering has become critical in all F&A functions, from Finance Accounting to Tax Controversy & Advisory and even highly influential roles like Chief Financial Officers.

Tax roles increasingly require tax risk management expertise alongside proficiency in data storytelling and visualisation strategies. Treasury functions, on the other hand, will rely more heavily on analysis, management and business planning abilities. With the increased use of big data sets, internal audit personnel must have internal controls competency, enterprise risk management knowledge, and scenario planning prowess to remain at the cutting edge of industry trends.

The Skills Framework

The Skills Framework (SFw) is a SkillsFuture initiative, designed to promote skills mastery and lifelong learning for the Singapore workforce.

For more information on each job role (complete list of skills, critical work functions and key tasks), please refer to Skills Framework for Accountancy