Given the advent of artificial intelligence and machine learning, the accounting profession faces challenges in talent as it continues to navigate its way around digitisation and shifts in the market.
It is why the accounting profession needs to keep up with the technological trends and not be caught off guard by the hurdles on the way, fully understanding the weight and importance of upskilling and reskilling.
In connection with this, the Association of Chartered Certified Accountants is urging businesses to take steps to maximise the opportunities of AI and lay foundations for the responsible use of new technologies.
The finance team can make this possible through the management of associated risks with AI, as it plays a greater role in the accounting and financial reporting of businesses.
The global accounting body also calls for finance professionals to ensure that AI governance and AI risk management are in place, beginning with investing in AI literacy and skills development.
When planned and executed properly, the challenges surrounding technology can undoubtedly become great opportunities for business development and it is up to accounting professionals to seize these for their benefit.
The accounting profession today
Pulkit Abrol, managing director at ACCA Asia Pacific, says the accounting profession today is experiencing remarkable changes, full of opportunities fueled by sustainability, technology and international trade, and is transforming.
"This transformation is an intertwined act of two complementary forces: Sustainability and Technology," Abrol explains. "Sustainability is playing a crucial role in bringing purpose, planet and people to smack centre stage of the profession's capabilities and capacity challenges and technology is acting as a complementary force aiding the role of data, analytical and integrative skills needed to enhance an organisation or the economies competitive advantage in financial information."
While the core principles of accounting remain essential – accuracy, transparency, and strong financial stewardship, Abrol says there are increasingly greater roles in managing uncertainty, and risk and preparing for the future.
It is also still vital for accountants to trust financial information and capital markets, as according to Abrol, businesses and economies rely heavily on the trust that high-quality accounting generates.
He adds that technologies such as AI are playing a huge role in augmenting the profession renewal to building circular and often sustainable business models.
"AI allows room for improvement like focusing on higher-level tasks and upskilling," he notes. "Now, beyond interpreting financial
data, we’re now also embracing sustainability reporting and assurance – a rapidly growing field."
All of these new emerging powerful shifts and opportunities for existing and new professionals in leveraging data, along with the power of the cloud and reinventing their business practices mould them to be sustainable businesses.
A talent crunch
Abrol concedes that there is an existing 'talent crunch' in the profession when it comes to technological advancements.
"Attracting and retaining qualified professionals with the right skillsets remains a challenge," he says. "While we need accountants with a strong foundation in accounting principles, data analysis skills, business acumen, we also need them to have a willingness to adapt to constant change."
Abrol also thinks that there is a need to adapt existing processes to integrate new technologies seamlessly. "We are still seeing across business sectors ongoing business transformation aided by digital tools and technologies and all this requires careful planning to ensure a smooth transition without compromising internal controls or data security and ensuring sustainability readiness."
On top of these, the ACCA managing director says there are also challenges in keeping pace with advancements like AI, while ensuring ethical implementation to avoid bias and maintain trust in financial reporting.
"Technology has long been a game-changer for accounting. However, it is not without its challenges, hype and shiny new things to do."
Abrol believes that beyond the technical skills required to operate the technology, talent mastery necessitates understanding the ethical dilemmas and limitations of using AI.
"Accountants are at the forefront of making business pivoting to value creation, from CFOs to CVOs--from looking into the past to supporting and leading CEOs to gaze ardently into the future."
He adds that rising uncertainty and geopolitical challenges all lend to better and sound financial planning, risk management and ensuring financial health, business growth and transparency.
Dependence on technology
Abrol says safe, privacy-protected, and ethically configured AI deployments and machine learning are revolutionising financial teams in the Asia Pacific region as repetitive tasks like data entry, reconciliations, and bookkeeping are becoming automated, allowing accountants to dive deeper into more strategic analysis and problem-solving.
"AI can also uncover hidden trends and potential risks in vast datasets, enhancing decision-making and financial controls," Abrol notes.
However, he believes that the human touch remains vital, and accountants will need strong critical thinking skills to interpret AI's insights and ensure the ethical implementation of these powerful technologies.
To work on the increasing dependence on technology within the finance teams, Abrol advises that the function must first build trust and transparency, saying it is a cornerstone for a successful organisation.
"When employees feel valued and trusted, they take greater ownership of their work and hold themselves accountable," he says.
Abrol explains that finance leaders must foster a culture of continuous learning to ensure the department remains agile and adapts to technological advancements.
Finally, to truly motivate employees, he says acknowledging and appreciating their contributions is essential.
"When employees feel valued for their contributions and achievements, it reinforces positive behaviours and fosters a strong sense of appreciation and belonging. This, in turn, leads to a more engaged and productive workforce."
Advice
It is undeniable that the shifts and changes in the finance function make the way to success a more challenging one. For this matter, Abrol advises aspiring accountants to think through the numbers, seize opportunities, and realise the inherent reward of engaging in a dynamic profession.
"Today, accountants are strategic partners and widely regarded as the leaders of the future. Accountants are needed in every industry and with ongoing regulatory reforms globally making financial information, reliable and transparent the ACCA qualification and membership acts as a global credential of limitless opportunities."
Abrol adds that the profession is constantly evolving, so one needs to have a growth mindset, stay curious, and embrace lifelong learning to keep pace with technological advancements and trends.
