3E Accounting Revolutionizes Professional Services Industry with Robotics Accounting
3E Accounting is the first SME accounting firm in Singapore and the region to adopt robotics technology and revolutionize the Accounting and Professional Services Industry as the pioneer robotics accounting firm and robotics accountant.
Marking his first foray into the digital space in 2012, Founder Lawrence Chai set up IT Solution, a technology company under 3E Accounting Group, which provides a comprehensive range of IT solutions and digital marketing to complement the professional services offered to its clients. The introduction of the innovative Double Robotics technology in 2016 took the firm one step closer towards reinventing itself as the first robotics accounting firm and robotics accountant, planting the seeds for the current development of automated robotics for financial reporting, tax and bookkeeping services.
The COVID-19 pandemic has been a game-changer for businesses. It has validated 3E Accounting’s digital transformation efforts in an unprecedented environment, where there was previously little difference between firms who went by the conventional or digital routes. The investment in technology that has enabled 3E Accounting to achieve business-wide benefits such as flexible work arrangements has proven its value to the company. It allows 3E Accounting to transcend geographical barriers in its overseas expansion and is the foundation and cornerstone for business continuity planning and uninterrupted business operations during the COVID-19 pandemic. Furthermore, the new intelligent automation technology, which has increased employee productivity, enhanced innovation and surpassed the competition, allowed 3E Accounting to remain ahead of major competitors in the Accounting and Professional Services Industry.
3E Accounting’s Digital Master Plan
In response to the launch of the Accountancy Industry Digital Plan on 22 August 2019, which was the sectoral enabler for the Professional Services Industry Transformation Map (ITM), 3E Accounting Founder and Chief Technology Officer (CTO) Lawrence Chai formed the firm’s Digital Research and Development (R&D) team to spearhead development in new technological growth areas like Robotics Process Automation (RPA), Machine Learning (ML) and Artificial Intelligence (AI).
The R&D team’s prerogative was to formulate the Digital Master Plan to map out the digital transformation of the business in response to the Government’s call to champion Smart Nation Initiatives.
The Digital Master Plan identified key challenges, primarily how robots and automation will replace accounting jobs, mapped out future industry trends and charted a roadmap for action. It sets out 3E Accounting’s ambition to become the first global SME robotics accounting firm and robotics accountant.
Going Fully Digital
Within 15 months of its formation, the R&D team has completed the Digital Transformation of the business. 3E Accounting is fully equipped to digitally process company incorporation, accounting, tax, human resource and secretarial services for its clients. A company incorporation process that would typically require two days to complete in terms of due diligence and paperwork has been significantly shortened to within 1 hour as a result of technology adoption.
With the support of automated robots, 3E Accounting’s employees are able to redirect their time and effort from basic routine work to better focus on creating higher value for clients. Furthermore, with digitization, 3E Accounting can go 100% digital and paperless through the deployment of cloud and automation solutions, resulting in a 50% increase in firm productivity. The implementation of digital tools and robotics technology has generated significant time and manpower savings, allowing 3E Accounting to support a much bigger client base and providing 4x advantage over industry peers.