THE world as we know it is constantly changing with technological advancements, a global pandemic and changes in the financial ecosystem playing major roles in shaping how we rethink the world…and the accounting profession.
These disruptions have forced finance functions to evolve, in some ways drastically especially in the last two years where we have seen accountants stepping up to fill more varied roles in order to help organisations survive and thrive.
The question is, what’s next for finance teams? Particularly in Malaysia, how do accountants capitalise on the changing economical and global landscape to gain a competitive edge in the decade to come?
At ACCA (Association of Chartered Certified Accountants), our role as a professional body includes a responsibility to ensure our members and fellow accountants are prepared for a complex, uncertain and continually evolving future.
We have identified three key areas of opportunities, and also solutions for the development of the profession.
They lie in expanding the digital transformation thrusts; heightening focus on sustainability imperatives; and enhancing skillsets and mindsets for the role of ‘super-connectors’ within the organisation.
Technology today
In much of today’s corporate landscape, technology continues to be a disruptive force that impacts and restructures industries around the world.
Our research indicates that those who were already on their digital transformation journey were better able to adapt to new ways of working.
This points the way forward for us as a profession whereby as a core business function, the accounting sector needs to embrace and adopt new technologies to enable them to better navigate and lead organisations towards achieving financial sustainability and success in the long run.
ACCA’s extensive Qualification and Continuous Professional Development courses (CPDs) are designed to help accountants develop their understanding of data analytical techniques, enhance their knowledge on the integration of FinTech technologies such as AI, machine learning and intelligent automation to support their organisation’s decision-making process, while addressing cybersecurity.
We also introduce accountants to the fundamentals as well as real-world scenarios of cryptocurrencies and blockchain technology with their exponential growth for the accounting industry today.
Sustainability in accounting
Accountants also have a bigger role in sustainability awareness such as climate emergency and social inequality.
To better plan and report on wider climate risks, diversity and inclusivity practices and drive corporate governance in the organisation finance professionals need to expand their views on sustainability beyond the financials and look at the long-term impacts of business operations beyond the typical three to five years.
Honing in on the growing need for expertise in sustainability, ACCA has recently formalised an agreement with the UN Global Compact Network Malaysia & Brunei (UNGCMYB), among other sustainability-driven collaborations, to drive education, upskilling and environmental advocacy among finance professionals.
ACCA also maintains a collection of research and other resources on a consolidated Sustainability Hub where members are able to access the full extent of our existing CPD educational efforts.
These include the Certificate in Sustainability for Finance course aimed at enhancing finance professionals’ know-how in evaluating business value chains and operating models related to sustainability issues.
Collaboration and innovation
Finally, our research found that finance teams have now become central to the decision-making process across organisations.
Moving forward, they will have the opportunity to play the role of ‘super-connectors’ within the organisation, translating strategic concepts into effective business operations and bringing the different business units together to achieve a common goal.
The expanding role, facilitated by workplace developments such as remote working structures and the emergence of computerised accounting systems, reinforce the importance of adopting and refining strategic and creative thinking skills among finance professionals.
To this end, we continue to enhance our competency framework to nurture the core capabilities of successful and sustainable finance professionals.
We have also recently introduced the ACCA Careers Navigator online tool designed to further support accountants in identifying their desired career paths and the specific trainings or CPDs needed to grow in the profession.
At the cusp of a new era in accounting, we urge accountants to think ahead and maximise the roles that they play in driving positive changes to the world, while at the same time having the ability to capitalise on new opportunities that arise from these changes so that they will inevitably become sustainable business and finance professionals of the present and of the future. – Mach 14, 2022
Sharath Martin is a senior policy consultant at ACCA ASEAN ANZ.
The views expressed are solely of the author and do not necessarily reflect those of Focus Malaysia.
