Embracing digital transformation in accounting and finance

Content Summary

Digital transformation involves the integration of digital technologies and business processes. Recent developments in digital technologies have provided organisations with the tools to embark on digital transformation of a wide range of business processes and activities.

"Digital transformation in the finance and accounting industry has been accelerated by the onset of the COVID-19 pandemic that reshaped business models and organisations globally. For many organisations, the impetus was clear - digital adoption and transformation were major enablers for businesses to survive and thrive."
— Max Loh FCPA (Aust.), Singapore Divisional President, CPA Australia and Prof Cheng Qiang FCPA (Aust.), Dean, School of Accountancy, Singapore Management University

Organisations that can leverage on technology to digitally transform themselves stand to put themselves at a significant competitive advantage relative to their competitors.

This raises the following questions. How does this affect CFOs and finance leaders? What are the ways that organisations have adopted technology in the last year? How can organisations ensure sustainable digital transformation?

This publication, Embracing Digital Transformation in Accounting and Finance was created in partnership with the Singapore Management University. It brings together industry knowledge from experts in accounting, business and academia.

It shares practical applications of digitalisation on the different aspects of accounting and finance, and how organisations can develop a digital transformation strategy.

Key takeaways for finance executives

  • Digital innovation: a catalyst and enabler of achieving business sustainability
  • Data analytics in audit
  • Artificial intelligence (AI) and machine learning in digital finance
  • Cybersecurity: a catalyst for business growth in the digital age
  • How blockchain can enable digital transformation in financial services
  • Redesigning finance functions with robotic process automation (RPA)
  • ERP and cloud technology: powering finance for the next era of growth
  • Tax implications of digital transformation: a Singapore perspective
  • Digital forensics investigations
  • Creating a digital strategy with the human touch