{"id":56441,"date":"2021-01-12T18:42:02","date_gmt":"2021-01-12T10:42:02","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/?p=56441"},"modified":"2026-10-05T05:38:13","modified_gmt":"2026-10-04T21:38:13","slug":"3e-accounting-is-first-smp-to-launch-financial-report-robot","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/press\/3e-accounting-is-first-smp-to-launch-financial-report-robot\/","title":{"rendered":"3E Accounting Is First SMP to Launch Financial Report Robot"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text css=””]<\/p>\n

3E Accounting Is First SMP to Launch Financial Report Robot<\/h2>\n

\"3E 3E Accounting is the first SMP (Small and Medium-Sized Accounting Practice) in the region to adopt robotics technology and launch its inaugural Financial Report Robot, leapfrogging the competition to usher in the age of the robot accountant<\/a>.<\/p>\n

3E Accounting\u2019s transformation into the region\u2019s first robotics-enabled corporate services provider began with management\u2019s pioneering adoption of Double Robotics<\/a> technology in 2016. This initiative has since propelled the company towards its vision of deploying a robotic accountant<\/a> user interface (UI) to deliver services beyond<\/p>\n

 <\/p>\n

Digital Research and Development to Support Accountancy Industry Digital Plan<\/h3>\n

In response to the launch of the 2019 Accountancy Industry Digital Plan (IDP), 3E Accounting\u2019s management established the company\u2019s Digital Research and Development<\/a> team to spearhead development in emerging technological areas such as robotic process automation (RPA), machine learning (ML) and artificial intelligence (AI). Within 15 months of its formation, the team completed the digital transformation of all business processes across company incorporation<\/a>, accounting, tax, human resources and secretarial services<\/a>.<\/p>\n

In 4Q2020, 3E Accounting engineered a major robotic accountant UI break-through with in-house development of the Financial Report Robot. This success can be attributed to the close working experience and skills transfer during the Accounting Report Automation<\/a> prototype development with Singapore Institute of Technology (SIT) interns as part of SIT\u2019s Industry Induction 16-week Integrative Team Project (ITP) in 2018. 3E Accounting has continued working with SIT through the Accounting Technology and Innovation Centre (AccTech Centre), a joint initiative between SIT and Singapore Accountancy Commission that facilitates collaboration and catalyses technology and business innovations in the accounting sector.<\/p>\n

“I am very encouraged by progressive corporate service providers such as 3E Accounting who has pivoted to technology to improve productivity in challenging times through the adoption of emergent tech – Robotic Process Automation and Machine Learning, and I hope more Small and Medium-Sized Accounting Practices can follow suit.”<\/em><\/p>\n

Professor Kevin Ow Yong<\/em>
\nHead, AccTech Centre<\/em><\/p>\n

 <\/p>\n

Boost in Productivity With Financial Report Robot<\/h3>\n

The Financial Report Robot requires minimal human inputs to produce financial reports that are in accordance with the Singapore Financial Reporting Standards (SFRS) presentation and disclosure. This robotics technology was developed by in-house through AI technology, programmed Machine Learning and integrating of Natural Language Processing (NPL) in a financial statement generator software to pick up data in different formats. With human inputs comprising only a trial balance and Profit and Loss Statement, the software will automatically analyze, learn and verify the data before translating it into financial reporting statements.<\/p>\n

This powerful technology solution reduces the average time spent on each financial statement from between 5 to 8 hours to within 30 seconds to 5 minutes. By saving 90% of time spent on tasks, employees can redirect their time and effort from basic routine work to create higher value for clients. The significant time and manpower savings allow 3E Accounting to support a much bigger client base. This creates a magnitude of advantages in terms of improved productivity by 90%, higher operational efficiencies and enhanced value creation for internal and external stakeholders, and a 4X advantage over industry peers. This is why despite the pandemic\u2019s impact on the business environment, 3E Accounting saw a remarkable 37% increase in the firm\u2019s productivity Month-On-Month (2020 vs 2019) since the launch of the robot in November. With the same number of employees, the firm is able to expand its business with the support of automated robots.<\/p>\n

Aligning With Research, Innovation and Enterprise 2025<\/h3>\n

3E Accounting\u2019s development of robotics technology strongly aligns with the Research, Innovation and Enterprise (RIE) 2025 plan that advocates the adoption, innovation and commercialization of robotics in Singapore. The RIE 2025 plan, announced on 11 December 2020, is a continuing effort to tap on science and technology to emerge stronger in a COVID world by building a more resilient, sustainable and digital Singapore.<\/p>\n

\u201cCOVID-19 is a game-changer for businesses. It has validated 3E Accounting\u2019s business transformation efforts, and gives greater impetus to adopting robotic technology and our ambition to become an Artificial Intelligence (AI) corporate service provider.\u201d<\/em><\/p>\n

The Management
\n3E Accounting Group<\/p>\n

 <\/p>\n

Building a Smart Future With Robotics<\/h3>\n

Having invested S$2 million in technology growth, 3E Accounting is responding to Industry 4.0 and the global shift to Smart Nation and digital economy with greater emphasis and urgency in the development of robotics technology to create Tax and Bookkeeping Robots by 2022 and implement Artificial Intelligence (AI) in all business processes by 2025.<\/p>\n

For media queries, email media@3ecpa.com.sg<\/a>
\n3E Accounting website: www.3ecpa.com.sg<\/a>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column][vc_column_text css=””] 3E Accounting Is First SMP to Launch Financial Report Robot 3E Accounting is the first SMP (Small and Medium-Sized Accounting Practice) in the region to adopt robotics technology and launch its inaugural Financial Report Robot, leapfrogging the competition to usher in the age of the robot accountant. 3E Accounting\u2019s transformation into the region\u2019s…<\/p>\n","protected":false},"author":57,"featured_media":56444,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-56441","post","type-post","status-publish","format-standard","has-post-thumbnail","category-press","category-23","description-off"],"_links":{"self":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts\/56441","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/comments?post=56441"}],"version-history":[{"count":7,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts\/56441\/revisions"}],"predecessor-version":[{"id":108951,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts\/56441\/revisions\/108951"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media\/56444"}],"wp:attachment":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media?parent=56441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/categories?post=56441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/tags?post=56441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}