industry collaboration: our journey together · industry collaboration: our journey together daryl...

Industry Collaboration: Our Journey TogetherDaryl Aw

Lecturer, Singapore Polytechnic School of Business, Diploma in Accountancy

Meet the SP Accountancy team

Key members in our collaboration

• Yeo Li Juen

• Lee Lai Mun

• Ronnie Hoh

• Tang Kah Heong

• Daryl Aw

Common challenges in the accountancy sector

• Voluminous work

• Manual and repetitive processes

• Hardcopy documentation

• Error prone

• Lack of time and motivation

• High manpower costs

The bot: Threat or enabler?

Is there any hope?

Bank confirmation process

No of times process is repeated = 480 clients x 4 bank accounts = 1920 times

Time taken for a typical SMP = 480 clients* on average for a 30-staff SMP x 4 bank accounts x 8mins / 60 mins = 256 hours

The dream

How much does the robot cost?

*

SP Caseware Working Papers and Robotic Process Automation project

One united people

SP

ISCA

Software

Audit firm

Project 1: Caseware Working Papers

Step 1

Students to convert the hardcopy files into caseware software

Step 2

Measure efficiency + Internship support

- Review - Presentation- Roll forward for new YE

- Import TB- Mapping- Referencing- Tickmarks- Creation of caseware work papers- ISCA standard forms - Compilation- Consolidation - AJE

Project 2: Robotic Process Automation

Step 1

Understanding of the audit processes

Step 2

Identification of manual and repetitive processes

Step 3

Produce the RPA scripts

Step 4

Measure efficiency + Internship support

- Corporate secretarial work - Bank confirmations- AR confirmations- AP confirmations

Benefits– Caseware Working Papers

Benefits to Audit firm

• Reduce teething issues

• Faster implementation

• Standardisation of conversion

• Opportunity cost for auditors to work on other engagements.

• Proof of concept

• Talent recruitment

Productivity gains – RPA For each Audit

processManual

method by audit firm

Auditprocess

using RPA

Time saved per audit process

% increase in productivity

Estimated Savings ($) per audit firm= number of times to repeat x time saved per process x cost of A1 per minute x 480 clients* = number of times to repeat x time saved x $90.91

Bank confirmation

8 mins 3.5 mins 4.5 mins 56% For 4 bank accounts = 4 x 4.5min x $90.91= $1,636

AR / AP confirmation (sorting + confirmation)

20 mins + 7mins (for

subsequent confirmation)

2.4 min 17.6 mins 88% For 6 debtors and 6 creditors = [(20min +7min x5) - (2.4min x6)] x 2 x $90.91= $7,381

Corporate secretarial work

90 mins 13 mins 77 mins 86% Once per company = 1 x 77min x $90.91= $7,000

Total 118 mins 18.9 mins 99.1 mins $16,017

Cost of A1 per minute = $2000 average A1 pay / 22 days / 8hours a day / 60mins = $0.19 / minute

16

Audit processes

StartManually do work.

Copy from something

Before RPA

After RPA

Paste into something

Repeat many times depending on the

situation

StartAuditor

presses ‘start’ button

Have a nice lunch

End

EndRobot does

everything for you

Daryl

Is RPA easy?

How to get started

1. Applied RPA course for Auditors • 3 days practical workshop

• Certification of RPA jointly awarded by ISCA and SP

• Learn RPA skills which can be applied across different processes

• RPA solutions to implement at your audit firm

How to get started

2. Student projects with SP• Final year projects

• 1 class + lecturer

• Follow up with internship

Other SP Accountancy Final Year Project capabilities

Accounting, auditing, taxation and analytics projects with SP students

21

Can SP help the SMPs even more?

Accounting and finance

Marketing

HR

Logistics

Fintech

Regionalisation

Business analytics

Service excellence / Design thinking

Business productivity and supply chain management

Others:

• Short courses

• Specialist diplomas

• Staff consultancy projects

Contact SP Business Innovation Centre or ISCA

bic@sp.edu.sg

https://bic.sp.edu.sg

sp-business-innovation-centre

Daryl Aw (SP)

6772 1843

daryl_aw@sp.edu.sg

Ariana Tan (ISCA)

6597 5509

Ariana_tan@isca.org.sg

Conclusion

Together, we the accounting industry in Singapore can move towards

digitalisation and increased productivity as a sector.