Cloud adopting accounting practices in Singapore earn more per client, said Xero recently when releasing its latest industry survey results.
According to the Xero Singapore Accounting Industry based on a survey of more than 300 accounting and bookkeeping practices, the majority of respondents reported stable earnings, with 44% having increased their year-on-year revenue in the last 12 months, and a quarter (26%) reporting decreases.
- While the average earning was S$7,389 (US$5,464) per client, cloud adopters earned S$7,852 (US$5,806) per client and cloud delayers earned S$6,039 (US$4,465), survey results indicated.
- Cloud adopting accounting practices in Singapore were also twice as likely to report an increase in revenue over the previous 12-month period compared to cloud delayers — 51% vs 25%, the firm added.
- In addition, accountants have substantial influence over cloud technology adoption, with 71% saying that clients always or almost always adopt the accounting software they recommend.
“Digital innovation and analysis skills are becoming increasingly important to organisations of all sizes,” said Daniel Leung FCCA, Country Manager, ACCA Singapore. “There’s a growing need for real-time data and integrated, Cloud-based applications can make this more accessible, supporting the vital role professional accountants play in navigating businesses towards their strategic goals.”
Another key trend among accounting practices in Singapore is their advisory role.
Accountants progressively take on advisory roles as advisory services yield greater revenues — contributing S$75,681 (US$55,964) on average — compared to compliance services that contribute S$63,842 (US$47209) on average, Xero noted.
Top priorities for Singapore’s accounting practices in 2023
For next year, top priorities for Singapore’s accounting practices include strengthening client relationships as well as increasing operational efficiency and revenues, according to survey results.
Xero also took a look at workforce trends in this year’s survey beside the top priorities for Singapore’s accounting practice.
According to the company, 53% of practices now offer flexible working arrangements, while the top three HR priorities for the upcoming year are maintaining staff performance (46%), retaining staff (46%) and developing and promoting staff (34%).