Singapore businesses are under growing pressure as global trade rules shift, and economic uncertainty deepens. Four out of five companies expect these changes to hit their operations in the next six months. On top of that, many are bracing for lower revenue and higher running costs.
It’s not just global forces weighing on companies. There’s also a shortage of finance talent. According to the Singapore Business Federation (SBF), Singapore has around 120,000 accountancy professionals, but only about 20% work in accounting firms. At the same time, fewer young people are entering the field. Enrolment in accountancy courses at local universities has dropped by more than 10% since 2018, according to the Accounting and Corporate Regulatory Authority (ACRA).
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Put together, the talent crunch and economic shifts are creating real strain for finance teams. One in two businesses says delayed orders and unpredictable payments are hurting their cash flow. This makes it difficult to keep track of day-to-day operations, let alone plan ahead. Teams need better visibility into their finances and the ability to respond quickly when things change.
Business costs climb while revenue drops
Many companies are expecting a dip in revenue — three in four say so — while about half are planning for increased costs. They’re also worried about factors such as currency shifts, supply chain changes, and the chance of trade retaliation. These concerns are leading some to rethink how they price products, adjust operations, or invest for the future.
But many finance departments are stuck using old systems. Outdated tools and manual tasks are still common. Month-end closes tend to take too long, and reconciliations are time-consuming and tedious. By the time reports are completed, market conditions may have already moved on. The gap between insight and action is a significant challenge.
On top of that, changes in global policies, rising shipping costs, and shifting supplier contracts make it difficult to plan ahead. Finance teams are often left scrambling just to manage the basics, which leaves little time for strategy.
Why more teams are turning to automation
This pressure is pushing more CFOs to look at automation. By moving away from manual work and adopting digital tools, they can speed up essential finance processes like account reconciliation and financial close. This helps them stay current and make faster decisions.
Some are shifting toward what is known as a continuous close, which involves updating financial data on a regular basis instead of waiting until the end of the month. It gives teams a clearer picture of where things stand at any time, which is useful when conditions are changing fast.
Around the world, finance teams using automation have reported shortening their close cycles and cutting down on manual journal entries. That means spending less time checking spreadsheets and more time on big-picture tasks, like managing currency risk or reviewing supplier contracts.
Why this shift matters for Singapore
This shift to real-time financial data is critical for companies in Singapore. As businesses grow across borders and face tougher compliance rules, accurate and timely reporting becomes even more critical.
The trend also fits with Singapore’s broader plans for digital growth. Under the National AI Strategy 2.0, the country is encouraging businesses to use AI to work smarter. In finance, that includes using automation to manage shrinking teams and rising workloads.
With fewer new accountants joining the sector, there is a need to do more with fewer hands. Automation helps fill that gap. It allows finance teams to focus on insights instead of data entry, support faster decisions, and operate more efficiently.
In this new role, finance teams are more than just bookkeepers; they are key business partners. They help other departments understand financial impacts and adjust course when needed. The right tools can help them shift into that role seamlessly.
Getting the basics right for long-term stability
At the core of it all is accuracy. Finance teams are responsible for ensuring that business leaders and investors can trust the numbers. In a global financial centre like Singapore, this matters even more. A trusted accountancy sector helps maintain investor confidence and keeps the business environment steady.
When teams have access to the right data at the right time, they can plan better, spot problems earlier, and work more effectively across departments and locations. They can also help leaders make smarter calls — not just in response to today’s issues, but to prepare for what’s next. Having reliable systems in place is beneficial for more than just reporting. It also supports compliance, protects profits, and allows organisations to grow with confidence, even when the outlook is uncertain.
In short, automation helps finance teams keep up with a fast-moving world. For Singapore businesses which facing global shifts, tightening talent pools, and higher costs, such support is becoming a critical driver of financial resilience and agility.
The article titled “Strengthening Singapore’s finance teams amid Economic uncertainty” was authored by Mac Weaver, SVP and GM APAC, Blackline
About the author
Mac Weaver serves as the APAC’s Senior Vice President and General Manager at BlackLine, where he provides strategic leadership and vision for the region.
Since joining BlackLine in 2016, Mac has been instrumental in guiding organizations through complex finance transformation initiatives, helping them achieve significant strategic impact. Before his move to Australia, he held the role of Vice President of Global Strategic Accounts, where he focused on fostering key partnerships and driving innovation with BlackLine’s Fortune 500 customers. Prior to his tenure at BlackLine, Mac cultivated extensive expertise through senior leadership roles at Workiva and S&P Global Market Intelligence, consistently contributing to advancements in financial insights and operational excellence.