SINGAPORE, July 1, 2026 /PRNewswire/ -- CPA Australia has signed a Memorandum of Understanding (MoU) with the Institute for Human Resource Professionals (IHRP) to strengthen collaboration between the finance and HR professions in Singapore, creating new learning opportunities that bring business, people and financial capability closer together.

As organisations navigate economic uncertainty, workforce transformation and rising expectations for business performance, finance and HR leaders are increasingly being called on to work more closely together. Decisions about growth, productivity, capability and transformation now sit at the intersection of financial discipline and people leadership.

Under the agreement, CPA Australia and IHRP will collaborate to establish People Manager learning programmes for senior finance leaders and Financial Acumen learning programmes for HR professionals.

The MoU was signed at CPA Australia's Singapore office by Dr Asheley Jones, Chief Learning and Innovation Officer at CPA Australia, and Karina Kuok, Director, Head of Assessments & Insights at IHRP.

CPA Australia Board Director Carmen Wee, who also holds the IHRP Master Professional credential, said the partnership reflects the growing need for finance and HR leaders to work more closely in shaping business outcomes.

"I'm absolutely delighted by this MoU between IHRP and CPA Australia. The opportunity in front of us is enormous — when two professions this influential decide to move together, the impact doesn't just add up, it multiplies.

"This is the kind of collaboration that changes careers, shapes organisations and raises the bar for what professional excellence looks like. The potential here is exponential, and I genuinely can't wait to see what unfolds. This is one of those moments where 1 + 1 equals so much more than 2."

Echoing this sentiment, Aslam Sardar, Chief Executive Officer of the Institute for Human Resource Professionals (IHRP), said the partnership reflects the growing convergence of people and business strategy.

"As the lines between people strategy and business strategy continue to converge, HR and finance professionals must develop a deeper appreciation of each other's disciplines to drive sustainable organisational success.

"Through this collaboration, we look forward to advancing professional development pathways that build financial acumen among HR practitioners, strengthen people leadership capabilities among finance leaders, and recognise critical competencies through robust skills and role badging frameworks.

"By bringing together IHRP's expertise in HR standards and professional accreditation with CPA Australia's global leadership in the accounting and finance profession, we aim to equip professionals with the interdisciplinary capabilities needed to make better talent, workforce and business decisions, ultimately contributing to more resilient, productive and future-ready workplaces."

Dr Asheley Jones said the partnership will help translate that shared vision into practical learning opportunities for finance professionals.

"Finance professionals today need more than technical expertise. They are increasingly expected to lead people, influence decisions and contribute across the business.

"This partnership will help CPA Australia support members in building those capabilities — combining strong financial expertise with people leadership and commercial understanding."

By bringing finance and people capability closer together, this partnership reinforces CPA Australia's role in preparing finance professionals to lead beyond the numbers, with the commercial, leadership and cross-functional capabilities needed to shape stronger organisations.

About CPA Australia

CPA Australia is Australia's leading professional accounting body and one of the largest in the world. We have more than 176,000 members in over 100 countries and regions. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. A CPA is a Certified Practising Accountant. More at cpaaustralia.com.au

About IHRP

The Institute for Human Resource Professionals (IHRP) is set up by the tripartite partners: the Ministry of Manpower (MOM), the National Trades Union Congress (NTUC) and Singapore National Employers Federation (SNEF) to professionalise and strengthen the HR practice in Singapore.

IHRP sets the benchmark standards of excellence for HR and human capital development in organisations. Through a range of national human capital programmes such as the IHRP Certification, Human Capital Diagnostic Tool and IHRP Knowledge Partner Programme and appointed as the Job Design Centre of Excellence, IHRP aims to develop HR as a strategic enabler of business and workforce transformation and foster a vibrant HR services eco-system to drive innovation and change.

For more information, please visit ihrp.sg

• Small businesses show strong growth momentum and optimism for 2026.
• Technology investments are paying off.
• Access to external funding remains a challenge.

SINGAPORE, April 13, 2026 /PRNewswire/ -- Small businesses in the Philippines are entering 2026 with strong momentum and optimism, according to the latest annual Asia-Pacific Small Business Survey by global professional accounting body CPA Australia.

The survey found that 79 per cent of Philippines' small businesses reported growth in 2025, the strongest result since 2019 and the fourth-highest among the 11 markets surveyed.

Looking ahead, confidence among small businesses in their own prospects remains exceptionally strong. 89 per cent expect their businesses to grow in 2026, the highest growth expectation across all surveyed markets.

This positive outlook reflects underlying strengths within Philippines' small business sector. This includes a strong focus on customers, innovation, export opportunities and the positive impact of younger entrepreneurs.

Nearly 47 per cent of small business owners are under the age of 40, above the survey average of 38 per cent. Survey data consistently shows that younger business owners are more likely to pursue high-growth strategies such as adopting digital tools, investing in innovation, engaging with overseas markets and improving customer satisfaction.

Rufus Pinto, CPA member and Group Head of Enterprise Services at BDO UniBank said: "Small business owners in the Philippines continue to demonstrate remarkable resilience and optimism. Their willingness to innovate, embrace new technologies and focus on customer experiences is helping drive business growth despite a challenging global environment."

Although small businesses in the Philippines lag some developing economies in overall technology adoption, those that invested are seeing clear benefits.

The survey found that 68 per cent of small businesses reported that technology investments improved profitability in 2025, surpassing the survey average of 56 per cent.

Digital payment adoption remains lower than most developing economies, with 73 per cent of small businesses receiving at least 10 per cent of sales through digital payment platforms. Cash transactions continue to play a significant role, with 77 per cent of businesses receiving at least half of their sales in cash, the highest percentage among the surveyed markets.

Despite these gaps in digital adoption, the strong profitability outcomes suggest that technology investments remain an important driver for enhanced efficiency and competitiveness among small businesses.

Access to finance continues to be a key challenge for small businesses in the Philippines.

About 64 per cent of small businesses required external funding in 2025, broadly in line with the survey average of 61 per cent. However, the Philippines was ranked as the least easy market for small businesses to access finance among those surveyed, a challenge that is expected to persist in 2026.

This may limit the ability of some small businesses to invest in technology or upskill their workforce. The findings also highlighted that business owners are more likely to seek advice from trusted personal networks rather than professional advisers. This may partly reflect the challenges associated with accessing external financial support.  

Erwin Vincent G. Alcala, CPA member and Trustee of Saint Paul School of Professional Studies – Leyte and St. Peter's College – Ormoc City emphasized: "Small businesses remain the lifeblood of the Philippine economy – driving innovation, creating jobs, and sustaining communities. By ensuring access to adequate capital and professional advisory support, we empower these enterprises not only to grow, but to transform – embracing technology and expanding their reach to compete more effectively in both local and global markets."

Overall, the survey findings suggest that while small businesses in Philippines are navigating global headwinds, their strong growth outlook, optimism, entrepreneurial mindset and willingness to innovate position them well for the year ahead.

About the survey

CPA Australia's 17th annual Asia-Pacific Small Business Survey was conducted among small business owners/senior managers during November and December 2025 to identify the characteristics of successful small businesses across the region. The findings for the survey come from 4,166 small businesses in 11 markets. From the commencement of the survey in 2009, we have surveyed over 50,000 small businesses across the region. These include Australia, Mainland China, Hong Kong SAR, India, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Taiwan region and Vietnam.

About CPA Australia

CPA Australia is Australia's leading professional accounting body and one of the largest in the world. We have more than 176,000 members in over 100 countries and regions. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. A CPA is a Certified Practising Accountant. More at cpaaustralia.com.au

• Strong adoption of AI tools among Singapore businesses
• Current cybersecurity readiness can be enhanced
• High AI adoption boosts productivity, but human oversight is essential

SINGAPORE, Dec. 1, 2025 /PRNewswire/ -- Singapore businesses are rapidly embracing digital transformation, with strong uptake of artificial intelligence (AI) and data analytics tools, but continue to lag in cybersecurity maturity, according to the latest survey by global professional accounting body CPA Australia.

The annual Business Technology Survey found that 95 per cent of businesses in Singapore use data analytics and visualisation software such as Python, Power BI and Excel, slightly above the survey average of 93 per cent.

Artificial Intelligence (AI) adoption follows closely at 92 per cent, also ahead of the survey average of 89 per cent. Nearly one in five organisations in Singapore have deeply embedded AI across their business operations, positioning Singapore as a front-runner in strategic AI use.

However, the most common form of AI use remains ad-hoc and occasional adoption, reported by 44 per cent of organisations. This typically involves deploying readily available AI tools such as ChatGPT, Microsoft Copilot and Google Gemini, and using AI assistants embedded in productivity platforms such as Microsoft 365 and Google Workspace. 

CPA Australia Singapore Divisional President, and Digital Business and Risk Services Leader at PwC Singapore, Greg Unsworth, said: "Singapore's strong foothold in AI reflects the nation's continued push towards digital transformation and operational excellence. However, businesses must move beyond experimentation and strategically integrate AI across functions to unlock its full value."

Despite the strong digital adoption, Singapore's cybersecurity maturity remains a key vulnerability. Only 23 per cent of businesses have fully integrated cybersecurity into their business strategy and operations, below the survey average of 28 per cent.

Further, 69 per cent of businesses report using cybersecurity software, trailing the survey average of 81 per cent. This presents a deep concern as organisations may be exposed to increased risk as they expand their digital footprints.

The survey revealed that 17 per cent of organisations take a reactive approach to cyber threats, only responding to threats as they arise rather than through structured prevention. Additionally, 11 per cent are unsure how cybersecurity is managed internally, pointing to gaps in governance and communication.

"Cybersecurity must be a strategic priority as digital adoption accelerates," Mr Unsworth said. "The rise of AI-enabled threats, from sophisticated phishing to deepfake impersonation, makes it critical for businesses to strengthen their cyber resilience. Trust must be earned and reinforced through every digital interaction."

Respondents highlighted the notable benefits from AI adoption. Over the past year, Singapore businesses have leveraged technology to streamline workflows, automate repetitive tasks, and enabled greater speed and precision in decision-making. These gains have translated into better employee experiences, with staff spending less time on mundane tasks and more time on higher-value tasks. At the same time, customer experience has improved as organisations use AI to deliver more personalised, responsive and data-informed services.

However, these benefits are accompanied by challenges. Growing reliance on AI raises concerns around human oversight and accountability, especially in decisions requiring judgement or ethical considerations. Some organisations are experiencing job displacement in routine or entry-level roles, and many continue to struggle with integrating AI into legacy systems.

Cultural and organisational barriers, such as resistance to change and limited staff buy-in and lack of understanding and trust in AI technologies, also hinder adoption. These issues are compounded by high implementation costs, uncertain returns on investment, limited digital literacy among senior leaders, a shortage of technology talent, and intensifying data privacy and security concerns.

Despite these hurdles, AI remains essential for businesses looking to stay competitive.

CPA Australia member and Director & Head of OCISO, APJ for Google Cloud, Daryl Pereira said: "AI's potential is transformative, yet it remains a powerful co-worker, not a replacement for human ingenuity. As businesses accelerate AI adoption, they must be deliberate in preserving and elevating valuable human skills. The shift requires organisational leadership to proactively rethink roles, redesign workflows, and invest heavily in continuous learning. By prioritising upskilling and fostering cross-functional collaboration, companies can maintain a competitive edge and empower their teams to innovate responsibly."

As Singapore continues to lead in digital adoption, investing in cybersecurity maturity and fostering a culture of responsible innovation, businesses can unlock the full potential of AI and data to drive sustainable growth and global competitiveness.

About the survey

CPA Australia's 5th annual Business Technology Survey was conducted between July and September 2025. It explores business technology trends across various sectors, business sizes and markets. The survey received responses from 1,117 accounting and finance professionals working in different markets, including Australia, Mainland China, Hong Kong SAR, Malaysia and Singapore. 44 per cent of respondents worked in companies with 500 or more employees, 29 per cent in companies with 50 to 499 employees and 28 per cent in companies with fewer than 50 employees.

About CPA Australia

CPA Australia is one of the largest professional accounting bodies in the world, with more than 175,000 members in over 100 countries and regions, including more than 8,600 members in Singapore. CPA Australia has been operating in Singapore since 1954 and opened our Singapore office in 1989. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on issues affecting the accounting profession and public interest Find out more at cpaaustralia.com.au

• Business sentiment among small businesses in Singapore reached a five-year high in 2024, with a positive outlook expected to continue into 2025.
• Cybersecurity health improved.
• Sharp decline in businesses planning to innovate in 2025.

SINGAPORE, March 24, 2025 /PRNewswire/ -- Business sentiment among small businesses in Singapore last year surged to its highest level since 2019, and this positive trend is expected to continue into 2025, according to the latest survey by global professional accounting body CPA Australia.

The annual Asia-Pacific Small Business Survey found that 62 per cent of small businesses in Singapore expect growth this year, marking the highest level of confidence recorded since 2018. Additionally, 63 per cent of respondents expressed confidence in the country's economic growth, up from 60 per cent in 2024. These figures underscore the strengthening business environment in Singapore.

CPA Australia Singapore Divisional President, and Digital Business and Risk Services Leader at PwC Singapore, Greg Unsworth, said: "The strong confidence among small businesses in Singapore reflects a growing sense of optimism, not only in business prospects but in the overall economic environment. The key to continued success is for businesses to stay agile and forward-thinking and seize new opportunities."

The survey highlighted continued strong uptake of technology, with a notable increase in online and digital payment adoption. In 2024, 63 per cent of Singapore's small businesses reported generating more than 10 per cent of their revenue from online sales, up from 36 per cent in 2019. Furthermore, 76 per cent of small businesses generated more than 10 per cent of their sales from digital and online payment technologies such as PayPal, Apple Pay and GrabPay. This result is well above the 51 per cent reported in 2019.

On the cybersecurity front, Singapore's small businesses saw fewer cybersecurity incidents. The percentage of businesses reporting losses or disruptions due to cyberattacks dropped sharply from 54 per cent in 2023 to 39 per cent in 2024. Small businesses expect this downward trend will continue, with only 33 per cent of businesses anticipating a cyberattack this year, down from 45 per cent last year. "This improvement suggests that small businesses are enhancing their cybersecurity measures and are becoming more resilient and better equipped to safeguard their operations from cyber threats." Unsworth added.  

The survey also found a continued positive trend towards the adoption of Environmental, Social, and Governance (ESG) initiatives. While 29 per cent of businesses did not allocate time or resources for ESG-related activities in 2024, many are still focusing on key ESG areas such as staff health and safety policies, supply chain sustainability, and diversity and inclusion efforts. These initiatives reflect the ongoing commitment of Singapore's small businesses to sustainable and responsible practices.

CPA Australia Singapore Divisional Deputy President, and Managing Partner at Baker Tilly, Joshua Ong, said it is encouraging to see small businesses in Singapore are increasingly recognising the importance of ESG.

"Embracing these practices serves as a strategic approach to future-proofing the business. By adopting responsible environmental practices, strengthening governance and fostering social impact, small businesses can gain a competitive edge over their peers and strengthen their brand reputation with customers and investors," Ong said.

Despite the optimistic outlook, the survey findings observed a declining trend in innovation. Only 23 per cent of small businesses plan to introduce a new product, process or service that is unique to Singapore or the world this year, a sharp decrease from 37 per cent in 2024. While this figure remains slightly above historical averages, it signals a potential slowdown in business innovation.

The demographics in the survey indicate that the age profile of Singapore's small business owners is ageing. While this trend is less pronounced than in Australia and New Zealand, the survey indicates a strong correlation between business owners under 40 and higher levels of business growth, digital adoption, innovation and job creation. As the proportion of older business owners rises, it could pose long-term challenges for the dynamism and sustainability of some small businesses.

Small businesses in Singapore have also lowered their expectations for strong revenue growth from exports. The percentage of businesses anticipating strong revenue growth from exports has dropped from 27 per cent in 2024 to 18 per cent in 2025. "Geopolitical tensions and the possibility of trade tariffs are most likely the cause of concerns about export growth," Ong said.

Despite the challenges, the overall outlook for small businesses in Singapore remains positive. Growing business sentiment, technology adoption, and cybersecurity resilience are expected to maintain their momentum into the year ahead.

CPA Australia's Asia-Pacific Small Business Survey, including a detailed summary of the results for Singapore and an infographic

About the survey

CPA Australia's 16th annual Asia-Pacific Small Business Survey was conducted among small business owners/senior managers during November and December 2024 to identify the characteristics of successful small businesses across the region. The findings for the survey come from 4,236 small businesses in 11 markets. From the commencement of the survey in 2009, we have surveyed over 46,000 small businesses across the region. These include Australia, Mainland China, Hong Kong, India, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Vietnam.

About CPA Australia

CPA Australia is one of the largest professional accounting bodies in the world, with more than 173,000 members in over 100 countries and regions, including more than 8,600 members in Singapore. CPA Australia has been operating in Singapore since 1954 and opened our Singapore office in 1989. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au

• More than half of Singapore's small businesses anticipate growth this year.
• Innovation remains a key driver of business growth in 2024.
• Almost half anticipate being cyber attacked.

SINGAPORE, March 27, 2024 /PRNewswire/ -- Small businesses in Singapore are gearing up for a promising year of growth and innovation, according to a new survey by global professional accounting body CPA Australia.

The annual Asia-Pacific Small Business Survey found that 58 per cent of small businesses in Singapore foresee growth this year, marking the highest level of optimism since 2018. Notably, a quarter of these businesses anticipate robust growth in 2024, a result not seen since the aftermath of the global financial crisis in 2011.

Major contributors to this positive sentiment include growing small business confidence in the local economy, and the strong focus many small businesses in Singapore have on innovation and technology, improved customer satisfaction, and venturing into new markets.

The survey of business owners and senior managers across 11 markets also highlighted the prominent role of younger small business owners in driving growth. Nearly half (48 per cent) of respondents who were business owners or CEOs were aged under 40, compared with the survey average of 43 per cent. Younger business owners are more likely to use technology such as e-commerce and social media, innovate, and are less risk adverse than older owners, the survey found.

Recent data from the Singapore Commercial Credit Bureau (SCCB) reinforces this positive outlook, with local business sentiment hitting a one-year high in the second quarter of 2024. The Business Optimism Index rose for the third consecutive quarter in Q2 to +4.82 percentage points, up from +4.48 percentage points in Q1 2024.

CPA Australia Singapore Divisional President and Reputation and Risk Leader at Deloitte Southeast Asia, Cheung Pui Yuen, echoed this sentiment.  

"The upbeat outlook is a testament to the resilience of Singapore's small businesses to innovate, persevere and think out-of-the-box. As we navigate through a gloomy global economy plagued with many uncertainties, this positive mindset will serve as a catalyst for unprecedented growth and success," Cheung said.

Singapore's small businesses are poised to embrace innovation in 2024, with 37 per cent of survey respondents intending to introduce new products, processes or services unique to the market or the world. This is the third highest result of the 11 markets surveyed, and up from 21 per cent last year. This commitment to innovation is reflected in the survey results, which show a positive correlation between innovation and business growth.

CPA Australia Divisional Deputy President and Digital Business and Risk Services Leader at PwC Singapore, Greg Unsworth, said, "Innovation is the lifeline of small businesses and is a necessity to thrive in today's dynamic landscape. By fostering a culture of innovation, businesses can unlock new opportunities and drive sustainable growth."

The survey found that small businesses that experienced growth last year also hired more staff. More than a third (38 per cent) added to their headcount, up from 25 per cent in 2022. Nearly half (47 per cent) of small businesses in Singapore expect to grow their workforce in 2024 to meet the increasing demands on their business.

The survey results showed a growing trend towards the adoption of ESG with 80 per cent of small businesses in Singapore engaging in ESG-related activities. Many local small businesses are focused on the adoption of environmental management system (EMS), ensuring supply chain sustainability, and investing in renewable energy.

Despite the optimistic outlook, cybersecurity remains a concern for small businesses in Singapore. More than half (54 per cent) reported losses due to cybersecurity incidents in 2023, surpassing the survey average of 41 per cent. About 45 per cent anticipate cyber attacks this year. Despite this, only 43 per cent reviewed their cybersecurity measures in the past six months, highlighting the urgent need for enhanced cybersecurity measures to safeguard their operations and data.

CPA Australia's Asia-Pacific Small Business Survey, including a detailed summary of the results for Singapore and an infographic

About the survey

CPA Australia's 15^th annual Asia-Pacific Small Business Survey was conducted among small business owners/senior managers during November and December 2023 to identify the characteristics of successful small businesses across the region. More than 4,000 small businesses with fewer than 20 employees from Australia, Mainland China, Hong Kong, India, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Taiwan, and Vietnam were surveyed.

About CPA Australia

CPA Australia is one of the largest professional accounting bodies in the world, with more than 172,000 members in over 100 countries and regions, including more than 8,600 members in Singapore. CPA Australia has been operating in Singapore since 1954 and opened our Singapore office in 1989. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au

• Nearly half of Singapore's small businesses believe a cyberattack is possible this year.
• Small businesses can capitalise on growth opportunities through digital tools, e-commerce, and new payment technologies.
• Innovation remains an important ingredient to business growth in 2023.

SINGAPORE, March 27, 2023 /PRNewswire/ -- Fears of cyberattacks have risen sharply in Singapore as small businesses ramp up their use of technology. That's one of several important findings from a survey by global professional accounting body CPA Australia.

The annual Asia-Pacific Small Business Survey found nearly half (45.2 per cent) of all small businesses in Singapore believe a cyberattack on their business is possible this year. This figure compares to 29 per cent in the previous year.

In response to the threat, more than 50 per cent of small businesses reviewed their cybersecurity in the past six months. That figure rose from just over a third in 2021. It's also the third highest result of the 11 Asia-Pacific markets surveyed by CPA Australia.

CPA Australia Digital Committee Chair and PwC Singapore Digital Business and Risk Services Leader Greg Unsworth said there are significant opportunities for longer-term growth if small businesses focus on technology.

"Small businesses must keep up with new technology to succeed in today's digital economy. However, this investment in digital tools comes with increased cybersecurity risk."

Cybercrime in Singapore hit an all-time high of 33,669 reported cases in 2022. This represents a 25.2 per cent jump from the previous year, the latest Singapore Police Force data shows.

"Small businesses need to be alert to cyberattacks but it shouldn't stop them from embracing digital opportunities.

"Investing in relevant digital tools, embracing new payment technologies and expanding their online presence can help them to streamline operations, tap into new markets, improve customer experience and build brand loyalty. These strategies open up ways to grow their business that have previously been unimaginable," Unsworth said.

Funding and incentives to boost Singapore's cyber defences may have encouraged small businesses to increase their cybersecurity in 2022.

The survey found that small businesses in Singapore used more technology in 2022 compared with the year before.

There was a leap in e-commerce activity. Some 68 per cent of small businesses made at least 10 per cent of their sales online last year, up from 42 per cent in 2021.

More than 70 per cent of small businesses generated at least 10 per cent of their sales through digital payment technologies, such as PayPal, Apple Pay and GrabPay. This was an increase of more than 13 percentage points from 2021.

Singapore's small businesses are increasingly embracing social media. Last year, 13 per cent said they did not use social media, a big improvement from 27 per cent the year before.

The survey results show a strong connection between innovation and small business growth. 21 per cent of local businesses said they intend to introduce a new product, process or service in 2023.

CPA Australia Singapore Divisional President Cheung Pui Yuen and CEO of Deloitte Singapore said innovation is necessary for small businesses to stay ahead of the curve.

"Innovation is crucial for all businesses, and it is especially important for small businesses. By innovating and finding new ways to bridge the gaps and meet customers' needs, small businesses will be more equipped to thrive in today's competitive marketplace," Cheung said.

CPA Australia's Asia-Pacific Small Business Survey

About CPA Australia

CPA Australia is one of the largest professional accounting bodies in the world, with more than 170,000 members in over 100 countries and regions, including more than 8,600 members in Singapore. CPA Australia has been operating in Singapore since 1954 and opened our Singapore office in 1989. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au

• One in three companies will digitally transform in the next 12 months.
• Businesses reporting growth say technology is vital to their success.

SINGAPORE, Aug. 29, 2022 /PRNewswire/ -- Companies in Singapore are the most likely in the Asia Pacific to use data analytics and visualisation, cybersecurity and robotic process automation (RPA) in the next 12 months, according to a survey by global professional accounting body CPA Australia.

Singapore-based businesses are already the top users of RPA in the region, with 57 per cent of local respondents saying their company deployed RPA as a business tool.

The Business Technology Report 2022 surveyed 820 professionals across various industries in Singapore, Australia, New Zealand, mainland China, Hong Kong, Malaysia and Vietnam. Respondents were asked about technology adoption in their workplaces and the impact it had on business performance.

CPA Australia Singapore Divisional President Max Loh said the take-up of technology by businesses in Singapore would pay dividends.

"New technologies enhance organisational efficiencies by automating many mundane as well as high volume tasks. This allows employees to focus on work that needs strategic thinking, such as customer engagement or creating more value for organisations and stakeholders," Loh said.

More than 80 per cent of respondents in Singapore said their company has a digital transformation strategy, higher than the survey average at 77 per cent. About one-third of respondents said their organisation will start or continue implementing a digital transformation or technology strategy in the next 12 months.

According to Loh, "Technology will play a pivotal role in an evolving future workplace. It's critical for companies to invest in and fully embrace advanced technologies to maintain their advantage in a globally competitive marketplace."  

However, the survey reveals many companies need external support to overcome barriers to digital transformation. High financial costs and a low return on investment were a challenge for 37 per cent of respondents while 35 per cent pointed to a shortage of technology talent.

About two-thirds of Singapore respondents said their business worked with technology companies or vendors in the past year to supplement their technology needs.

To address the talent shortage, respondents from larger-sized companies were more likely to report they had outsourced their technology needs. Respondents from smaller-sized companies upskilled or reskilled existing employees.

CPA Australia Digital Committee chair and PwC Singapore Digital Business and Risk Services Leader Greg Unsworth said tech talent would be in high demand as companies become more digital.

"Data scientists and engineers, cybersecurity specialists, and developers of all sorts will be highly sought after. Considering the ongoing talent challenges, including the shortage of talent faced by many, it is not only pragmatic but it's also becoming increasingly vital for businesses to upskill or reskill their current workforce and harness the capability of driving human-led and technology-enabled productivity, innovation and growth," Unsworth said.   

Read the Business Technology Report 2022

About CPA Australia

CPA Australia is one of the largest professional accounting bodies in the world, with more than 170,000 members in over 100 countries and regions, including more than 8,600 members in Singapore. CPA Australia has been operating in Singapore since 1954 and opened our Singapore office in 1989. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au

• Around one-third of Singapore's small businesses grew in 2021.
• Technology adoption was associated with small business growth.
• Just over half of surveyed small businesses expect to grow in 2022.

SINGAPORE, April 7, 2022 /PRNewswire/ -- Singaporean small businesses which leverage technology are more likely to experience business growth, according to global professional accounting body CPA Australia.

Around one-third (36.4 per cent) of Singapore's small businesses grew in 2021, a slight increase from 35.5 per cent in 2020. This result was affected by COVID-19, increasing costs and challenging economic landscape.

Among businesses that grew, 58 per cent found their investment in technology last year made their business more profitable.

These are among the new findings from CPA Australia's annual survey of small business issues and sentiment across 11 Asia-Pacific markets, including Singapore.

Over four in ten of Singapore small businesses surveyed reported that more than 10 per cent of their revenue came from online sales. It was also found that 58.1 per cent received more than 10 per cent of their sales through new payment technologies.

However, the survey found that one in five of Singapore's small businesses are still not using new digital payment options, while around a third did not earn any revenue from online sales.

According to the survey, the top four factors that had a positive influence on growing small businesses in Singapore were:

• Customer loyalty
• Improved business strategy
• Technology
• Cost control

Max Loh, CPA Australia's Divisional President for Singapore, said: "In an uncertain business environment, it's important for small businesses to focus on the fundamentals of a business – increasing value and satisfaction for the customer, while managing costs."

"An increased focus on technology is one way that small businesses can achieve long term growth. The Government has a number of grants available which businesses can access to assist with the costs of adopting technology, such as the SME Go Digital programme."

"Small businesses should continue to invest in technology to improve their ability to reach customers, improve customer satisfaction, and increase efficiency. This will drive their profitability higher."

As businesses invest more in technology, cybersecurity is an area that small businesses will be susceptible to. In the last six months, 34 per cent reviewed their business cybersecurity protection, while nearly three in ten expect to be cyber-attacked this year.

"Small businesses will not be spared from costly cyber-attacks and have to manage cyber risks to protect their operations and maintain their reputation," said Mr Loh.

The growth outlook for small businesses in Singapore remains cautious due to global political tensions, supply chain disruptions and rising costs. Just over half of businesses surveyed (53 per cent) expect their business to grow in the next 12 months.

CPA Australia recommends that Singapore's small businesses consider the following measures:

• Focus on investing in technology to meet changing consumer behaviour
• Utilise social media to learn more about potential customers
• Tap into the generous relief measures and grants made available by the government
• Invest in staff development that is focused on improving customer satisfaction and loyalty
• Seek professional advice.

Click here for more findings from the CPA Australia Asia-Pacific Small Business Survey 2021-2022

About the survey

CPA Australia's annual Asia-Pacific Small Business Survey provides insights into the views of small businesses across the region and forms part of a longitudinal study that began in 2009. This survey sought views from a random sample of small business owners and managers from organisations with fewer than 20 employees. In total, we surveyed 4,252 small businesses in 11 markets, including Singapore, Malaysia, Australia, Hong Kong, India, Indonesia, Mainland China, New Zealand, Philippines, Taiwan and Vietnam. The survey was conducted between 22 November and 17 December 2021.

About CPA Australia

CPA Australia is one of the largest professional accounting bodies in the world, with more than 170,000 members in over 100 countries and regions, including more than 8,600 members in Singapore. CPA Australia has been operating in Singapore since 1954 and opened our Singapore office in 1989. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au.

SINGAPORE, Oct. 6, 2021 /PRNewswire/ -- Sustainability reports should be subject to external assurance to preserve their integrity and independence, according to global professional accounting body CPA Australia.

Reporting on internal assurance alone may create an expectation gap and confuse users, decreasing the trust and confidence they place in a sustainability report.

"External assurance by an external auditor requires the expertise and collaboration of financial and accounting professionals and other independent ESG experts. Listed companies should be required to publicly disclose if external assurance has been obtained on their sustainability reports," said Melvin Yong, Singapore Country Head, CPA Australia.

In Singapore, the assurance of sustainability reports has been a key discussion point recently. A consultation paper on climate and diversity, issued by market regulator Singapore Exchange Regulation (SGX Regco), closed for submissions last week.

SGX RegCo had proposed that public-listed companies must subject their sustainability reports to assurance by their internal auditors. However, companies may also choose to have their reports externally assured through external auditors or an independent assurance services provider.

In 2017, the Task Force on Climate-Related Financial Disclosures (TCFD), set up by the international Financial Stability Board, recommended four elements of climate-related disclosures of financial information that could be adopted by organisations across sectors and jurisdictions; governance, strategy, risk management, and metrics and targets.

CPA Australia considers that a staged approach to external assurance is necessary to enable capacity building and readiness within reporting entities. It recommends starting with external assurance on metrics that have clear measurement criteria, such as greenhouse gas emissions. In this context, the making of corporate net-zero emissions commitments is highly significant.  

Further, CPA Australia recommends that assurance be required against suitable criteria that comprises the sustainability framework and standards applied, or at a minimum the reported basis of preparation, rather than just selected assertions.

Aiming for net-zero emissions

Acknowledging the urgency of taking action, CPA Australia has pledged to achieve net zero greenhouse gas emissions within its organisation and to provide sound advice to governments for a just transition to a net zero economy.

The professional accounting body, which represents more than 168,000 members around the world, has also committed to providing training and guidance to its members to support them in reducing emissions in their own organisations and businesses.

These commitments are part of a global commitment, launched today, by 12 accounting bodies to commit to net zero greenhouse gas emissions. This is an initiative of The Prince of Wales' Accounting for Sustainability (A4S) Project Accounting Bodies Network (ABN), of which CPA Australia is a member. This network represents over 2.5 million professional accountants and students across 179 countries.

CPA Australia Chief Executive Andrew Hunter said, "The accounting profession occupies a privileged position in the global economy. As trusted advisers, we're privy to deep business insights about sustainability risks and opportunities. This knowledge creates an obligation to use our skills to protect our environmental heritage. CPA Australia is a global organisation in a global profession and we're proud to be part of the global response to climate change." 

CPA Australia is one of the only accounting bodies in the world to produce an Annual Integrated Report that has received Limited Assurance under the entire <IR> framework. It will report progress against the net zero commitment in its Integrated Report.

Executive Chairman of A4S Jessica Fries said, "The accounting bodies making this commitment are showing leadership in the fight against climate change. Accountants who work for the good of their businesses, and serve the public interest, have always been the backbone of stable economies. This commitment brings us closer to building a sustainable world." 

Read the Net Zero Commitment here.

About CPA Australia

CPA Australia is one of the largest professional accounting bodies in the world, with more than 168,000 members in over 100 countries and regions, including more than 8,500 members in Singapore. CPA Australia has been operating in Singapore since 1954 and opened our Singapore office in 1989. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au