Malaysian Institute of Accountants (MIA) recently on 25th May 2021 has published guidance and database to support the digital transformation of its members
This is to support principle #3 in MIA’s Digital Technology Blueprint as released in 2018. Principle #3: Harness Digital Technology calls for MIA members to capitalise on the use of appropriate digital technology. MIA supports this principle by promoting digital technology adoption and explore collaboration with relevant stakeholders, including the issuance of relevant guidance and publications.
For those who probably are not aware or as a refresher, MIA digital technology blueprint was released in 2018 and sets out five principles to guide accountants in developing action plans to respond appropriately to digital technology. These five principles are:
- Assess digital technology trends
- Identify capabilities
- Harness digital technology
MIA in this announcementhas issued 2 publications to aid members in their organisation’s digital transformation efforts, these are:
1. Guidance on Software & Software Vendor Selection
This guidance aims to assist Small and Medium Practitioners (SMPs) and Small and Medium Entities (SMEs) in terms of selecting software needed (total 15 pointers) as well as selecting the right vendor for the implementation (total 6 pointers). Watch this space as we cover these pointers in detail in near future.
Earlier in 2017 and 2019, MIA conducted surveys on technology adoption by the accounting profession and members in public practice indicated that high business costs are the top barrier to adopting technology. A survey was also conducted by the IFAC Global SMP which indicated that the second biggest challenge faced by SMPs were technology developments.
As Malaysia along with the world approaches the post-pandemic era, it is timely for MIA to publish guidance to assist both SMPs and SMEs in selecting software and software vendors by setting out the factors to be considered in the selection.
The Guidance also includes a How to Use this Guide section which outlines 5 key steps towards successful software implementation.
2. Software Vendor Database
Through working group discussions and regular feedback, it was established that SMPs and SMEs may not necessarily have the time or resources to perform extensive research in looking for a vendor to supply their technology needs
This database is built to provide a list of 69 vendors that provide software to address five areas, namely, Accounting (41 vendors), Tax (3 vendors), Audit (4 vendors), Practice Management (2 vendors), and System Integration (19 vendors).
Users should use both the Guide on Software Selection for SMPs together with the Guide on Software Vendor Selection for SMPs and SMEs, as well as the MIA Vendor Database where applicable.
We will cover more on these topics in detail in our upcoming articles, meanwhile, you can read more on accounting-related topics in Accounting Section or ask your queries by Joining us on Community. It is free and open to join for all, now.