Company Profile of SMP
Our team's inspiration comes from analysing the accounting firm landscape and realising that most of the professional services revenue actually goes to the big 4 even though there are 684 other accounting firms in Singapore. We then did a bit of research and found out that clients do not hear of the other accounting firms besides the big 4 or are unsure of their capabilities. Therefore, we would like to change that perception of clients and show them just how capable these firms are in their professional services and help these SMPs (Small medium practitioners) gain traction in revenue both domestically in Singapore as well as venturing into the international markets.
What it does
Our platform, A-Match, is built with highly comprehensive algorithm aimed at matching the needs of the clients (domestic and international) to the internal capabilities of the SMPs listed on A-Match. When clients key in specific qualities of the professional services they require using metrics given, our specialized algorithm will find the best fit SMPs and their estimated prices so that the clients is able to express interest in the SMPs. Thereafter, communication and negotiation between the two parties are executed till the deal is formed.
Apart from its main core functionality of matching clients to SMPs, A-Match also has two sub components aimed to solve the pertinent sub issues SMPs face, namely EduMatch and EmployMatch. Edumatch allows SMPs to tap on accredited courses online on services such as business valuation, internal audit and risk management to further improve on their capabilities in offering existing and new services. EmployMatch also allows SMPs to tap on global talents and resources to further improve on their existing talent capabilities. We believe these three components work hand in hand together to build up the internal capabilities of the SMPs and establish them into capturing the market for domestic and international clients.
Apart from these services, there will also be an alliance network built into the system that will showcase much needed advice such as regulatory advice when venturing into certain international markets, starting with ASEAN. This will allow the SMPs to tap on such resources and understand the regulations and rules when expanding their businesses overseas.
How we built it
In a short span of time, we managed to build a skeleton of our website and host it online powered by Google's firebase API .
The main purpose of this website is to let you have a feel of the process flow as it would be easier for judges to understand our application with a working website to interact with.
Do note that the current website is at its infancy. Hence, many of the features are not implemented yet. Some of the features that are not yet created in the website includes: E.g. connecting our website to a database, account management system, matching algorithm, business logic and etc.
Therefore, stay tuned for more services and hacking in order to create the ultimate web for SMPs to grow global!
Challenges we ran into
We put in a tremendous amount of effort in doing a website within 48 hours. This includes the programming, debugging and testing the website, all within the 48 hour limit. Moreover, we have to confirm the design and functionalities of our platform only a day before the submission.
Accomplishments that we're proud of
- Creating the synergy between the applications we have in mind into forming an integrated platform that best serves the needs for the SMPs
- Coming up with a credible website that illustrates how our envisioned service is going to look like
- Collaborated excellently as a team in identifying problems and coming up with a solution that best solves the problem
What we learned
The real world problems that firms face got us thinking. We tried our best to provide a solution but we understand that it is going to be a long process. However, we have faith that the hardest step is taking the first step, such as entering into this case challenge in re-innovating accountancy. By being willing to take the first step and venture forward, we will be brave enough to overcome the challenges we might face and this puts us in better stead in tomorrow's accounting landscape. We have also learned that we have to be prepared for many changes in today's rapidly changing economy. We will have to work together, identify pertinent issues and work towards solving them, either through continuous innovation or through recruiting global talents.
What's next for empowering SMPs to go international
Firstly, to develop the platform prototype and their specific functions Second, to convince SMPs to pledge their use of the platform and pitch the idea to clients Third, rapid prototyping to create a minimum viable product A-Match and test it out for 3 months Fourth, innovate and improve on the current business service, and venture into connecting with vendors for EduMatch and EmployMatch Fifth, Continuous innovation and learning from doing
SMPs will have to be willing to acknowledge that growth through overseas expansion is essential for long term sustainability Furthermore, SMPs will have to acknowledge their limitations and areas for improvement, and implement the strategies we have suggested