FACTSHEET ON ACCOUNTANCY JOB REDESIGN INITIATIVE Programme Objective 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 processoriented tasks will benefit from greater automation for improved efficiency and accuracy. The job redesign will allow employees to add greater value to the business developing and training indemand skillset. In support of the JTMs, the Accountancy Job Redesign Initiative is targeted at enterprises that 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. How the Accountancy Job Redesign Initiative Supports Enterprises Through the Accountancy Job Redesign Initiative, enterprises can focus on these key priorities: a. Review accounting work processes to streamline transactional or repetitive tasks and improve productivity; b. Increase job value and attractiveness through job enrichment or enlargement; and / or c. Implement accounting technology solution(s). There are four phases in the Accountancy Job Redesign Initiative. Upon receiving project approval (Phase A), enterprises will complete Phase B and C with support from appointed Job Redesign consultants for various job redesign services, 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. Updated in January 2022 Enterprises will be supported through following milestones and services: (i) For enterprises who have selected Ernst & Young Advisory Pte Ltd: Details of Components in Phase B and C: a. Digital Maturity and Readiness Diagnostics– Assess enterprise’s current digital state and identify priority areas for improvement using automation. b. 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. c. Procurement of Technology Solution (optional) – Enterprises to procure technology solution(s) independently. (Please refer to FAQ #13 for available funding options) d. Implement BPR and technology adoption – Implement BPR plan and implement technology solution(s) procured by enterprise, if relevant. e. 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. Updated in January 2022 (ii) For enterprises who have selected EON Consulting & Training Pte. Ltd.: Details of Components in Phase B and C: a. 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. b. Procurement of Technology Solution (optional) – Enterprises to procure technology solution(s) independently. (Please refer to FAQ #13 for available funding options) c. Implement BPR and technology adoption – Implement BPR plan and implement technology solution(s) procured by enterprise, if relevant. d. 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 busi