Half a century might be a long time for a person but not for a company. Many of Malaysia’s accounting firms are either sole practitioners or family-based accounting businesses. Assuming a person starts his/her firm in their mid-twenties back in the late 1950s, he or she will likely be around the 70 or 80 year old bracket now.
Some practitioners might not have successors for various reasons, among them being their children choosing to pursue other careers or business opportunities. These practitioners will eventually to face succession issues when retirement comes, with their client relations and employees’ future up in the air.
The there practitioner that struggle to keep up to date with changes in acts, accounting standards, technology, etc.. In the industry 4.0 era, everything is changing fast – from the way customers do business down to how the accounting industry functions today and in future. The older practitioners may still be relying on the old ways of doing bookkeeping using actual books and documents.
But this is the era of accounting software to prepare and manage accounts and block chain where everything is in the Cloud. How do we continue serving our clients effectively in this era is always a question we ask ourselves and also our member firms. The answer is that we strive to continuously adopt and embrace new technologies and new methods to keep up with changing times.
The Member Firm Platform is here to guide our Member Firms through the tough processes and give them the option to merge with us to continue growing their business. Every year, Cheng & Co Group conducts mergers with accounting firms from around the country. We are ready to help them understand and illustrate the value of Cheng & Co’s culture, business methodologies and career path for their firm and staff.
The programme is here to help small, medium and new practitioners overcome business barriers and grow together towards a better future. We wish to create a healthy growing environment for accountants and those who wish to become accountants. From start-ups to the developing and succession stage, we cover all their needs and drive them to become more competitive in the market. We wish to grow hand in hand with those that are willing to change and enhance their services to clients.
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