To gain a competitive edge over rivals, accounting service providers can no longer be satisfied with being mere "bean counters" for their clients.
These firms must provide multidisciplinary offerings of bespoke consulting services and generate just-in-time accounting data packs, because of the unique position that they are in by virtue of their deep knowledge of accounting and of their clients' businesses.
Mr Chan Chun Sing, Minister in the Prime Minister's Office, hit the nail on the head in his speech at the annual conference of the Association of Chartered Certified Accountants (Disruption-hit accounting industry 'must up its game'; July 20).
Accounting service firms must also up their game by serving as change-agents to help clients embrace the wave of disruption and digitisation sweeping through the business world.
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It behoves accounting service providers to step up their game and constantly innovate to give clients unique customer-centric solutions in a business world that is no longer immune to disruption and digitisation.
Woon Wee Min