However, many SMPs today face mounting pressures: operating in isolation, facing tough competition, struggling to find talent, and keeping up with fast-changing technology. To stay relevant, SMPs need to change.

The Institute of Singapore Chartered Accountants (ISCA) unveiled a landmark strategy paper today, laying out a practical roadmap to help Singapore's SMPs thrive in the future. Developed by ISCA's Strengthening SMP Taskforce, the paper highlights how the sector is growing, but also how the rise of tiny firms is making competition fiercer and attracting talent harder. Many young professionals see limited career prospects in smaller firms.

Mr Koh Wee Kwang, Co-Chair of the Strengthening SMP Taskforce and ISCA Council Member, said: "The SMP sector is a vital pillar of our business ecosystem. Yet many firms continue to operate in isolation amid mounting pressures on margins, talent, and technology. This roadmap is about helping SMPs move from survival to strength, through scale, collaboration, and a shared vision for the future."

5 key moves to help SMPs succeed

The paper sets out five practical recommendations to help SMPs grow, innovate and compete globally:

• Work together, not alone: Encourage firms to join forces, share resources, and tackle staff shortages and boost efficiency through shared services.

• Build trust and visibility: Introduce a digital badge system so firms can show off their strengths and achievements, making it easier for businesses and talent to spot quality providers.

• Embrace technology: Pilot new tech solutions to make work faster and smarter, and attract the next generation of accountants.

• Go global: Help SMPs reach overseas markets through Professional Services Centres, opening doors for cross-border business, creating demand for Singapore professional services sector.

• Grow new talent: Launch programmes with universities and partners to attract graduates, offering clear career paths and development opportunities.

If these are put into action, SMPs will be better equipped to weather financial challenges, adopt new technologies, attract and keep talented people, and boost Singapore's reputation as a hub for professional services.

Mr Helmi Bin Ali Bin Talib, Co-Chair of the Taskforce and ISCA Council Member, added: "Transformation starts with a change in mindset. Consolidation and collaboration are no longer threats to independence, but pathways to relevance. We must move away from the idea of doing it alone and embrace new ways to working together that allow firms to scale up, invest in innovation, and attract the next generation of professionals."

The paper also calls for a fresh look at firm ownership rules and new ways for SMPs to team up, including leveraging shared services for manpower and digital tools, without compromising quality or standards. It also advocates the creation of a digital badge system to recognise firm credibility and raise the visibility of SMPs within Singapore's professional services landscape.

Ms Tan Fang Yi, Divisional Director, Accountancy and Professional Development Division, Accounting and Corporate Regulatory Authority said: "ACRA thanks ISCA for initiating discussions on SMPs to address the challenges they face. We will continue to work closely with ISCA and relevant government agencies to strengthen Singapore's accountancy sector, and collaborate with ISCA and the profession through the Implementation Committee for Accountancy Workforce Development (ICAWD) to build a sustainable pipeline for the accountancy profession. Our shared goal is a sector that is underpinned by good audit quality and a skilled and adaptable workforce."

ISCA's overseas Professional Services Centres will help SMPs connect with international markets and grow beyond Singapore.

"ISCA's overseas Professional Services Centres serve as vital bridges for Singapore-based firms to expand their presence regionally. They also enable global companies to leverage Singapore as a trusted regional business hub, providing easy access to quality professional services that support their business expansion in the region," said Ms Junie Fo, Vice President and Head, Professional Services, Singapore Economic Development Board.

Looking ahead

The strategy paper sets ambitious targets for the next decade, aiming for more high-quality jobs, deeper expertise, and a stronger pipeline of talent. With two strategic thrusts and five key recommendations, ISCA hopes to spark real change and keep SMPs at the heart of Singapore's professional services sector.

The full paper can be downloaded here.
Hashtag: #ISCA #DifferenceMakers #Accounting #Accountancy #CharteredAccountants #SMPs

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Institute of Singapore Chartered Accountants (ISCA)

The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore with around 43,000 ISCA members making their stride in businesses across industries in Singapore and around the world. ISCA members can be found in over 40 countries and members based out of Singapore are supported through 12 overseas chapters in 10 countries.

Established in 1963, ISCA is an advocate of the interests of the profession. Complementing its global mindset with Asian insights, ISCA leverages its regional expertise, knowledge, and networks with diverse stakeholders to contribute towards the advancement of the accountancy profession.

ISCA administers the Singapore Chartered Accountant Qualification programme and is the Designated Entity to confer the Chartered Accountant of Singapore – CA (Singapore) – designation.

ISCA is a member of Chartered Accountants Worldwide, a global family that brings together the members of leading institutes to create a community of over 1.8 million Chartered Accountants and students in more than 190 countries.

For more information, visit www.isca.org.sg.

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