‘Accountancy must leave spreadsheet comfort zone’ – ACCA report reveals challenges and opportunities for digital accountants
- Only 53% of
accountants surveyed believe they have the right level of digital skills
- 85% of Pakistani
accountants believe digital skills are necessary in their industry
- 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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