Finance and accounting are two important things for businesses. It’s the number you need to check your revenues, investments, and debts and see whether your business is growing. Modern-day accounting tools and software help companies elevate their financial and operational processes to ensure data accuracy and timeliness regarding tax compliance and other regulatory and governmental requirements. Today, as businesses shift toward new ways of efficiency and cost-effective business, investing in reliable accounting software is necessary to support your long-term business plans and goals.

Last year, President of the Philippines Ferdinand R. Marcos Jr. signed an executive order (EO) directing all government offices to adopt and implement an integrated financial management information system (IFMIS) for processing their transactions. Under the new order,  it will embrace “full digitalization of public financial management (PFM) processes through the IFMIS ”. “The Administration is committed to improve bureaucratic efficiency by capitalizing on digitization efforts to ensure fast and efficient delivery of services to the public,” the EO said.    

On the other ASEAN neighbors like Indonesia. They slowly but surely ensure digital success in their country. Hilman Palaon from The Interpreter shared that Indonesia “deserves more attention for their digital success. “The adoption of e-payments in 2017 revolutionized cash transfer programs, resulting in more than 12 million of the poorest Indonesians gaining access to savings accounts within two years,” he said. “Indonesia has also used digitalization to accelerate inclusive development, reaching the poor with better-targeted social assistance, national identification programs, and financial services.”

Meanwhile, Malaysia will start its mandatory electronic invoice system this coming August 2024. This is part of the long-term plan of the Malaysian government to help businesses comply and be equipped with modern-day accounting software and the overall use of technology as part of their business. During the pandemic, Malaysia proactively invested in digitalization to support small and medium enterprises (SMEs) and proved that digitalization, especially accounting processes, is not only for big companies, as the government recognized SMEs as the “backbone of Malaysia’s business environment.”  

On the other hand, Singapore, one of the advanced ASEAN countries, is taking new steps to ensure its success in the accounting landscape. Gillian Woo of The Business Times revealed that while technology is already available and widely used in the country, people should keep up with it as it demands skills. “Employers are now challenged to build career paths for existing accounting professionals in their organizations to acquire these enhanced skills and capabilities to thrive. The accounting industry continues to evolve, driven by emerging trends and technologies like cloud accounting, artificial intelligence (AI), blockchain, and data analytics that will reshape the profession. Accountants will need to adapt and embrace these technologies to stay competitive,” he said.