By Nor Kartini Mohd Rodzi, Senior Lecturer of Faculty of Accountancy, Universiti Teknologi MARA Cawangan Perlis
In today's rapidly evolving digital landscape, the role of accountants has been reshaped by technological advancements. The emergence of the technology accountant, armed with a blend of accounting expertise and technological prowess, has brought about significant transformations in the accounting profession. This article explores the intersection of technology and accounting, highlighting the skills and capabilities required for success as a technology accountant. “Tech-Accountant – Prowess and Profession” is the title of the presentation, delivered by Mr Fadrullah Sapian, Business Analyst at Macquarie Group Ltd, Australia during Accounting Global Week 2023 organised by the Faculty of Accountancy, Universiti Teknologi MARA Perlis Branch in May 2023.
The
evolution of accounting software begins with challenges faced by early
accounting methods. These included handling simple transactions, managing a
limited amount of data, and relying on manual data entry and record keeping. As
time passes, accounting practices undergo changes, necessitating more complex
transactions involving larger volumes of data, often utilizing spreadsheets. Today,
technology is employed to streamline accounting processes which have
become even more complex due to the large volume of data, often utilizing
on-premises enterprise resource planning (ERP) systems. The latest advancements
in accounting software development require cloud-based ERP solutions that can
manage increasingly complex transactions involving large amounts of data
(Singh, 2020).
According to Mr Fadrullah, the technology accountant is a professional accountant who embraces and incorporates technological skills as a crucial aspect of his work. In today's context, technology is no longer considered a luxury but rather a fundamental requirement. Accountants have a profound understanding of accounting principles and regulations, and they leverage technological tools to enhance efficiency, analyse complex data sets, and offer valuable insights to stakeholders. Implementing and updating accounting systems necessitates the involvement of various professionals such as project managers, business analysts, change management specialists and test specialists. These professionals collaborate with accountants to successfully implement and enhance accounting solutions.
The skills and capabilities required for a project manager in the finance field include financial acumen, project management skills, communication skills, leadership skills and analytical and problem-solving skills. Financial acument requires an understanding of financial principles, analysis, budgeting, risk assessment, and reporting is essential for making informed decisions. Project management skills necessitate planning, organizing, and executing projects effectively. Communication skills are the ability to communicate clearly and concisely with stakeholders, team members, and executives. Leadership skills are the ability to motivate and lead teams, resolve conflicts, foster collaboration, and delegate tasks to achieve project success. Analytical and problem-solving skills is the capacity to evaluate financial data, identify problems, develop solutions, and make informed decisions to overcome challenges is vital in the finance project management. These skills collectively provide a strong foundation for effective financial project management (Pticar, 2020).
Data analysis and modelling, agile methodology, User experience (UX) design, business process modelling, and communication and collaboration are the set of skills and capabilities required for a business analyst. Data analysis and modelling require proficiency skills in analysing and large datasets to extract insights and identify trends using tools such as SQL, Excel, and statistical software. Agile methodology is the ability to understand and work effectively in an agile environment, including facilitating sprint planning, daily stand-ups, and retrospectives. User experience (UX) design necessitates a basic understanding of UX design principles, conducting user research, creating user personas, and collaborating with UX designers to create wireframes and prototypes. Business process modelling involves modelling business processes to identify inefficiencies and develop streamlined processes that improve operations and reduce costs. Furthermore, communication and collaboration are skills that enable effective collaboration with stakeholders, developers, and project managers, including articulating requirements and negotiating solutions. These skills enable business analysts to adapt to the evolving business landscape and contribute to successful projects.
A change management specialist in a finance project skills and capabilities encompass change management expertise, stakeholder management, financial acumen, project management skills and analytical and problem-solving skills. Change management expertise require a deep understanding of change management principles, methodologies, and frameworks, as well as the ability to develop strategies, conduct impact assessments, and create communication plans. Stakeholder management is an effective interpersonal and communication skills to engage with stakeholders, build relationships, manage expectations, and address concerns throughout the project. These skills enable a change management specialist to lead successful change initiatives within financial projects by navigating complexities, engaging stakeholders, and aligning with financial objectives.
A test specialist required an accounting professional to have a range of skills and capabilities in various accounting fields including financial accounting and reporting, auditing and assurance, taxation, business advisory, financial management, corporate finance, and forensic accounting. The role of the accountant is changing rapidly due to emerging technologies and new accounting software programs, which have automated tasks. These technologies encompass data analytics and visualisation, accounting software, ERP Systems, cloud computing, automation, and robotic process automation (RPA), and cybersecurity awareness. These technologies empower accountants to improve their analytics, streamline processes, and ensure data security, thereby increasing their value in the accounting profession (Education, 2023).
Although these technological skills are not mandatory for all accountants, acquiring them can enhance their professional profile, increase their efficiency, and enable them to add value in an increasingly digital and data-driven environment (Kroon et al., 2021). The technology accountant represents the convergence of accounting expertise and technological prowess, embodies the future of the accounting profession. By leveraging technology to streamline processes, analyse data, and provide valuable insights, technology accountants are well-positioned to drive financial innovation, elevate the profession, and navigate the complex challenges of the digital age. As technology continues to evolve, the role of the technology accountant will continue to expand, shape the future of accounting and finance.
References
Kroon, N., Do Céu Alves, M., & Martins, I. (2021). The impacts of emerging technologies on accountants’ role and skills: Connecting to open innovation-a systematic literature review. Journal of Open Innovation: Technology, Market, and Complexity, 7(3). https://doi.org/10.3390/joitmc7030163
Pticar L. K. (July 19, 2020). Finance and business acumen skills - their importance and development https://www.linkedin.com/pulse/finance-business-acumen-skills-importance-katarina-lasic
Singh S. (November 2, 2020). The Evolution of Accounting Software: Past, Present and Future https://technologycounter.com/blog/evolution-of-accounting-software
Education S. (June 14, 2023) The Evolving Role of Technology in the CPA Profession https://www.linkedin.com/pulse/evolving-role-technology-cpa-profession-simandhar-education?trk=article-ssr-frontend-pulse_more-articles_related-content-card
No comments:
Post a Comment