Loading

Connecting Linkedin...

W1siziisimnvbxbpbgvkx3rozw1lx2fzc2v0cy9jyxn0awxszs9qcgcvymfubmvyx2rlzmf1bhquanbnil1d

Accountancy - Staying Competitive in 2019

3 months ago by Luigi Muscat Filletti
accountancy malta

With so much being said about the disruption of the Banking and Financial sectors through the introduction of emerging and evolving technologies, the digital age is set to continue bringing about new and innovative methods of operation for companies to adopt. As tasks at the workplace encounter a digital shift through automation, technologies of Cloud Computing and Big Data carry on promising greater results. Thus, as technology proceeds in influencing ways of working, companies must focus equally on their Finance talent as much as their Tech talent.

‘As technology proceeds in influencing ways of working, companies must focus equally on their Finance talent as much as their Tech talent.’

As technology continues to evolve so do the companies who embrace that technology, and in return, so do its employees. This means that job responsibilities develop in correlation with the digitisation of the workplace. What first starts out as a trending topic in tech might end up a mainstay of the industry. A prime example would be the rise of Blockchain technology which has progressed immensely over the last couple of years alone, now being embraced vigorously by Maltese companies who plan to implement such technology in the near future.

‘It is now prime time for accountants and finance professionals to leverage themselves by developing their skillsets to become company direction influencers and strong decision-makers.’

This chain of evolution therefore brings into question the roles of professionals in Finance who are now being faced with greater opportunities to widen their industry knowledge and apply it in a more direct way within their company. It is now prime time for accountants and finance professionals to leverage themselves by developing their skillsets to become company direction influencers and strong decision-makers.

Gaining Knowledge in Evolving Technologies

Being able to stay in the know is easier said than done. By analysing the digital landscapes affecting industries, one can forecast upcoming trends and better prepare themselves for digital disruption in their field. Going back to the earlier example, as of present, Blockchain technology is undergoing various applications before its adoption - this means that professionals in finance are being given more time to learn and adapt to forthcoming changes in their profession. Broadening one’s knowledge is key here, as one should strive to strengthen their skillsets to become more astute in their analysis and implementation of technology, which in turn, will allow them to make better, more informed decisions.

‘Professionals in finance are being given more time to learn and adapt to forthcoming changes in their profession.’

Thus, this period of technology adoption should be taken as a chance to grasp learning opportunities. Companies should assist their talent in finance by equipping them with the right tools for continuous learning. Such methods of up-skilling could be done by bringing on experienced professionals in specialised areas of Tech such as Blockchain, A.I. and IoT, who can act as mentors to the company’s financial workforce to teach them about how such evolving technologies are being used across industries to aggregate and present data sets which need to be implemented and made use of. Similarly, organising recurrent workshops on such areas is another way of keeping the financial workforce up-to-date with present and up-coming technology for financial solutions which consist of Cloud and Risk Management as well as data governance.

Restructuring the Role of the Accountant

Traditional methods of bookkeeping and manual entry continue to fade away and disassociate themselves from today’s emerging accountants. Although the basics of any profession are always necessary, the role of the accountant is shifting towards a more strategic route which demands a higher level of data analysis and decision-making. Ultimately, the accountant of today is one who can successfully act as a direct point of reference for the company when it comes to planning and projecting growth. Thus, the sense of financial advisory is becoming a growing central component of the modern day accountant.

‘Ultimately, the accountant of today is one who can successfully act as a direct point of reference for the company when it comes to planning and projecting growth.’

As technology evolves, the accountant’s role will emerge as a critical element of an organisation. Thus, this also directs attention towards CFOs who are continuously being recognised as a core of company value generation through providing knowledge on how to comprehend opportunities and risks facing the company.

‘The sense of financial advisory is becoming a growing central component of the modern day accountant.

Moreover, organisations will continue to take advantage of innovative technologies to develop their digital transformation for various areas which do not only concern accountancy. Companies in the digital age want to ensure that they can successfully organise and bolster their cybersecurity efforts, strengthen their Risk Management, keep up to date with Compliance regulations and be on the ball when analysing customer behaviour and trends to optimise user experience.

All in all, data is driving the consumer, thus driving the product which drives the company. Accountants and Finance professionals must work to understand the technologies of our time to intelligently make use of acquired data to strengthen, influence and develop company growth.