A Sneak Peek into the Success Story of 3E Accounting
3E Accounting Pte. Ltd. stands out as one of the leading service providers, especially in Singapore Companies Registration and Corporate Secretarial Services, with its one-stop solution that covers all of its client’s accounting and regulatory requirements. We spoke to Managing Director, Lawrence Chai, to gain an insight into the firm’s impressive success.
Throughout Singapore, many people are looking for a reliable services provider who can fulfil their accounting, taxation, secretarial, immigration, human resources, payroll, legal, marketing and other compliance need. Located in Novena, 3E Accounting makes the cut as one of the leaders in these cost-effective professional solutions for startups and small- to medium-sized firms with their principle: efficiency, effectiveness and economy.
The professional team at 3E Accounting, which comprises highly experienced and expert professionals in Singapore’s financial, tax, corporate and regulatory milieu, is one of the important reasons that factorised the success of the company.
The husband and wife team, who are also the founders of 3E Accounting, Lawrence Chai and Stephanie Chua are the driving force behind the continuous success that 3E Accounting achieves. Before starting up 3E Accounting, the pair worked for an audit firm where work-life balance was not an important part of the workplace culture. When they were expecting their first child in 2011, the thought of having more family time prompted them to start their accounting firm.
Another key factor was that they both noticed the discrepancy in services at some other firms in Singapore. Many accounting companies are offering overpriced financial services which not many people can afford. Drawing on their combined years of experience in the industry, both Lawrence and Stephanie were confident that they could start an accounting firm that offers financial services at affordable price.
“We started everything from scratch. I assumed the role of Managing Director, while Stephanie assumed the role of Director. It might sound incredible that a small firm started in 2011with two staff and limited clients would have penetrated the market (high, medium and low segment) at such an incredibly fast rate. Yet, we did it!”
“As of now, we are proud to say that 3E Accounting is currently one of the leading service providers in Singapore that supports entrepreneurs to start their business with our one-stop solutions.” said Lawrence. Having built the company from scratch, Lawrence clearly has a goal in mind and he outlines the vision of the firm, detailing what techniques will be used in order for staff to hit their targets and achieve the overall mission, something he is clearly excited about. 3E Accounting is not just a normal accounting firm, but a one-stop solution provider that offers all the services under one roof. The diversity in services shows that 3E Accounting is truly the one-stop solution services provider in Singapore.
In addition to this, expanding the geographic footprint of the business to the whole world has always been one of its core goal. 3E Accounting expanded into Malaysia in 2014, and it is currently the leading services provider in Malaysia. In 2016, 3E Accounting started its own international accounting network: 3E Accounting International network, which is managed by 3E Accounting International. It’s expanding and growing fast with 54 countries, 86 offices and 1,300 staff worldwide today. The “Best Home-grown Global Accounting Network” award was the important milestone as it endorsed the reputation of the international network.
Lawrence goes into a bit more detail about the accounting network.
“We are the Accounting Alliance that consists of top international accounting firms across the globe. 3E Accounting International accounting network only recognises accountancy companies or global corporate service providers with strong professional backgrounds and product knowledge. Our Accounting Alliance members will embrace a service culture that emphasises efficiency and effectiveness through personal touch, swift response times, reliability and innovative thinking. We work together within the global framework provided by the international alliance of global accounting firms, where most of our member firms can provide integrated one-stop solution services and international accounting services to our clients.”
Capitalising on its global success, 3E Accounting has also garnered a reputation for being a tech savvy accounting firm. It has also recently become the first accounting firm to implement the revolutionary double robotic technology. The adaptation of the emerging robotics technology in the workplace provides a flexible working environment for staff. Besides, this technology also enables the firm’s valuable workers to contribute and communicate with other team members, regardless of the geographical barriers.
Moreover, 3E Accounting is well aware of the urgency of employing software or online tools in today’s business world, and Lawrence and Stephanie understand how this can benefit all companies in the long run. Therefore, specialists in 3E Accounting will take the initiative to introduce suitable software or tool that suits their customer’s business. In relation to this, 3E Accounting is now a Xero Certified Advisor, providing Xero Cloud Accounting Software in Singapore on valuable business and tax advice that assists our client’s in setting up Xero software. Furthermore, 3E Accounting is also a QuickBooks ProAdvisors that provides QuickBooks Online Services in Singapore to our clients, as well as deep product knowledge and a stellar client service.
On top of that, 3E Accounting value talents more than anyone else does. They believe that solving the hardest problems requires the best people. “We think that the best people will be drawn to
the opportunity to work on the hardest problems and that’s where we build our firm around that belief.” The large pool of professionals in 3E Accounting is one of the notable reasons that the firm outperforms its peers. There is a right mix and number of accredited and experienced professionals in the team, such as a registered qualified accountant, qualified secretaries, a qualified tax agent and a qualified GST agent, along with a qualified HR personnel, and lastly a qualified immigration consultant. Besides, they have a strong network with professionals and specialists from different fields, who they can refer their client to for help, that consists of good lawyers, bankers, fintech companies, auditors, software vendors, property agents, insurance agents and many more. The strong network and resources are a kind of assurance to clients that they can get any required assistance when they come to 3E Accounting.
3E Accounting put client interests ahead of the firm’s. To ensure that clients are able to have an input into the firm’s operations, 3E Accounting uses its complaints system as a customer whistleblowing charter, because the firm believes that customers’ views count and should be acted upon. Their almost 100% customer satisfaction score vouches their reputation. Every complaint is personally handled by Lawrence and is taken with incredibly seriousness, and dealt with the utmost urgency. The team are committed to responding to clients within 24 hours, and the management are always monitoring the system to ensure all staff adhere to the principle.
As a leading player in the finance industry, Lawrence gives us his views on the state of the industry at present, and explains what major challenges the company and the industry face. He then goes on to describe how 3E Accounting stays ahead of emerging developments within the industry.
“Fundamentally, the major challenge that we are facing now is the adaptation of technology by accounting firms and how to transform the business to be future-ready. For 3E Accounting, we incorporate technology into our workplace and stay updated on all new developments. We adopt technology and get ourselves ready for the future, as we have migrated most of our services to the cloud as well as a hybrid IT environment with physical servers and cloud based servers.
“We have strong banking relationships with our banking counterpart – OCBC Bank. 3E Accounting has been recognised as an OCBC Platinum Partner in 2017 in Malaysia. This is not an ordinary recognition and we are one of the few companies to get it,” Internally, it is vital that all of Lawrence’s employees are working towards the same mission and heading the same direction.
He explains how he cultivates the good internal culture within the firm, ensuring that staff can provide the very best service to its clients. “Honestly, I am proud to say that we have a family-oriented working environment at 3E Accounting. We started 3E Accounting when we were expecting our first child, and that is the
main reason that we were inspired to be the best employers in a leading firm that promotes a good work-life balance in accounting industry. The company offers employees a flexible working arrangement, allowing employees to take leave at any time to take care of their family. With our family-oriented culture, we are able to attract majority of the staff force of more than 90% female for the past five years. At 3E Accounting, we wanted to make a difference.”
“Another thing worth mentioning is we have a low staff turnover rate and high staff retention rate. We do not find it difficult to get talent and we can attract talent to join us easily. Furthermore, we focus on staff professional growth. We provide opportunities and chances to our staff to grow and learn. For example, we trained our administration staff to become immigration consultant, human resource personnel as well as compliance officers. We focus on the capability and experiences rather than just certificate itself.” On 28 November 2016, the team was honoured to have the Senior Minister of State, Mrs Josephine Teo, to visit its headquarter office in Singapore. During the visit, Mrs Teo got to know the good employment practices that have been adopted by 3E Accounting, as well as the technology that the firm has used to enhance work productivity. This aspired the firm to continue to cultivate the work life balance culture.
3E Accounting’s efforts pay off with awards and recognitions. On 1 November 2017, 3E Accounting PLT and 3E Accounting Pte. Ltd were both honoured to be awarded separately, the Best Company Registration Specialist of the Year 2017/2018 in Malaysia and Singapore respectively. 3E Accounting was also listed as the Top 30 Accounting Firms in Singapore, as well as being featured in Singapore Business Review’s Magazine for January 2016 issue. This global growth, together with awards and recognition from some of the world’s leading industry experts, highlights 3E Accounting’s ongoing prosperity.
Ultimately, the current management and organisation of 3E Accounting demonstrates the future of accounting firm. The team always work hard to retain its position as the leading services provider. “Our mission is to help our clients make distinctive, lasting, and substantial improvements in their businesses. We believe we will be successful if our clients are successful. Also, we aim to be the world’s leading corporate service provider, offering services beyond excellence. Lastly, we strive to help SMEs, not because we want to make profits, but because we want to see the SMEs to grow with us”
Contact: Lawrence Chai
Address: 51 Goldhill Plaza #07-10/11 Singapore, 308900
Phone: +65 66909262