What is it?

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 Accounting and Corporate Regulatory Authority (ACRA), 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 process-oriented tasks will benefit from greater automation for improved efficiency and accuracy; job redesign to allow employees to add greater value to the business; and training in skills in demand.

In support of the JTMs, the Accountancy Job Redesign Initiative targets enterprises which include organisations with In-House F&A functions, and Accounting Practices. The initiative helps enterprises to enhance the roles of F&A professionals, and adopt technology to improve the function's productivity, increasing the value and attractiveness of F&A job roles.

To find out more about the Accountancy JR Initiative, refer to the Factsheet and FAQs.

Under the programme, the pre-approved JR consultant for Accountancy JR Initiative will support the enterprises on job redesign taking reference to the broader sectoral transformation detailed in the Accountancy Industry Transformation Map and the Jobs Transformation Maps for Finance and Accounting Functions and Accounting Practices, and deliver the following programme outcomes where applicable, i.e.:

a. Improve productivity through the review accounting work processes to streamline administrative or transactional tasks;

b. Increase job value and better job satisfaction through job enrichment or enlargement; and/or

c. Greater business agility to meet market demands and better customer satisfaction by implementing accounting technology solution(s).

There are four phases in the Accountancy JR Initiative. Upon receiving project approval (Phase A), enterprises will complete Phase B and C with support from JR consultants for the various JR service, 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.

Enterprises may select any of the pre-approved JR consultants under PSG-JR. Enterprises will be supported through following milestones and services:

Details of Components in Phase B and C:

• Consultancy for Business Process 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.
  

• Procurement of Technology Solution (optional) – Enterprises to procure technology solution(s) independently. (Please refer to FAQ #12 for available funding options)
  

• Implement BPR and technology adoption – Implement BPR plan and implement technology solution(s) procured by enterprise, if relevant.
  

• 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. 
  

Support for Job Redesign under Productivity Solutions Grant (PSG-JR)

From 1 April 2024, eligible enterprises will receive the following for approved projects:

• Up to 50% (for SMEs) and 30% (for non-SMEs) funding for consultancy services, capped at $30,000 per enterprise.

Funding is on a reimbursement basis upon completion of the PSG-JR project.

Participating enterprises have up to one year to complete their job redesign project.

On top of the above funding support for PSG-JR, eligible enterprises can also tap on the SkillsFuture Enterprise Credit (SFEC) to defray out-of-pocket (OOP) expenses for supportable programmes and components. Eligible enterprises will receive a one-off $10,000 credit per firm to cover up to 90% of OOP expenses. More details can be found on https://www.enterprisesg.gov.sg/financial-support/skillsfuture-enterprise-credit