Accounting Entities (AEs), which adopted technology, have made significant improvements in savings of time, cost and rising of revenue, according to a Singapore survey.
Those improvements were seen with around 28 per cent of time savings, 14 per cent of cost savings and 8 per cent increase in revenue, said Accounting and Finance Show Asia in a statement forwarded by Media Outreach on Monday.
The study - Singapore's national accountancy census (AEcensus 2016/17) – was conducted by the Singapore Accountancy Commission (SAC).
It also showed that technology adoption amongst Medium, Small and Micro (MSM) AEs lagged significantly behind that of leading firms and larger AEs in the market.
The annual survey of AEs comprises accounting firms, accounting partnerships and accounting corporations.