‘Accountancy must leave spreadsheet comfort zone’ – ACCA report reveals challenges and opportunities for digital accountants
· 85% of Pakistani accountants believe digital
skills are necessary in their industry
· Only 53% of accountants surveyed believe they
have the right level of digital skills
· Accountants urged to invest three
minutes-a-day identifying continuous learning opportunities
Continuous learning and reacting to digital transformation investment
could help accountants define their digital skills and ensure they are
future-ready, a report has revealed.
The Digital
Accountant,
produced by the Association of Chartered Certified Accountants (ACCA), surveyed
top professional accountants advising businesses across Pakistan.
The report explores
the digital challenges accountants face and how they can maximise opportunities
by becoming a digital citizen.
In the report’s survey,
more than 4,200 global respondents recorded a higher level of ability in the
more traditional areas of spreadsheeting - 81% indicated an expert ability
level. When asked about their understanding of enterprise resource planning
solutions, 72% identified as experts.
However just 20% of
accountants believed they had expertise in emerging technologies such as
blockchain and artificial intelligence and machine learning.
Clive Webb, Senior
Subject Manager- Business Management at ACCA and the report’s author, believes
greater ambition with technology can help accountants be future-ready for
digital challenges.
He said: ‘A gradual
comfort zone has developed in accountancy in relation to technology. It is
important to recognise the days of spreadsheets being the new technology for
accountants are over.
‘The profession is
comfortable with older digital technology such as spreadsheets, enterprise
resource planning. Digital transformation is one of the key conversations
across businesses at present. The amounts invested by organisations are
significant; the benefits substantial.
‘Accountants must now
have the capability to respond to digital challenges presented by the
profession. This can be achieved by showing purpose, ambition and understanding
technology such as blockchain and the use of coding.
‘Speaking the
language of technology and appreciating how it can drive business models can benefit
accountants significantly. This could be from spending just three minutes-a-day
invested in continuous learning and identifying future opportunities on how to
improve their understanding of technology.’
Mr Webb called on the
accountancy profession to not rest on its laurels by ensuring it keeps pace
with new and emerging technologies in the near-future.
He continued: ‘The
evolution of technology and the digital landscape will continue. The pace of
change that we have seen in recent years may well be eclipsed by the
operationalisation of technologies such as 5G and hyperautomation.
‘The business model
of today is likely to be far from the business models of five to ten years’
time. The integrated workplace of smart systems, smart cities, smart workplaces
and flexible working lives is becoming a reality.
‘Whatever role practitioners
carry out in the accounting and finance profession, they can make a difference
in this technological world. While digital skills are important, their trust
and ethics are the crucial and unique lens of the accountancy professional.’
Full report can be
accessed online:
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