POWERING UP THE PROFESSION

The impact of technology on the accounting professional

It has become common to see headlines that suggest technology will bring an end to traditional professions – and accounting is not spared.

Intelligent technology is shaping the future of accounting by impacting the types of jobs that will become available. As advanced systems handle repetitive work, humans will deal with more of the analysis, becoming the crucial link between data and clients. Technology will continue to impact the role of the accountant and the demand for accountants in the future.

According to the South African Institute of Professional Accountants (SAIPA), the use of technology across industries is changing the nature of work. In a discussion with senior members of SAIPA on the impact of technology in the accountancy field, it was highlighted that technology should be viewed differently – as an enabler and a tool to make better decisions.

According to Faith Ngwenya, SAIPA Executive Technical & Standards, technology will become an important enabler in the accountancy profession if it is used as a complementary tool. This means that technology should be viewed as an information provider, with the professional playing the roles of analyst and decision-maker.

In addition to giving the professional the ability to “look into the past and future”, in some instances, technology also provides for information and data storage functionality. While there are many benefits to this, it comes with a multitude of cybercrime risks. Mitigating against these risks and ensuring that information is secure are now also important considerations for the professional accountant.

All of these changes mean that professionals need to be better prepared for a rapidly-changing landscape. This is where SAIPA comes in, by ensuring that training institutions are equipping professionals for this evolving world. Part of this process includes ensuring that technological systems are part and parcel of the tools used in training programmes, instead of just textbooks.

According to Professor Small, who heads up SAIPA’s Centre of Future Excellence, “instead of just teaching (from the) textbook, we are teaching what the textbook says in the digital environment”. This will empower professionals to use and maximise the tech tools now at their disposal – and in the process, will create future-ready accountants with competence. In addition to this, SAIPA is working towards upskilling experienced professionals with new skills so that they can remain relevant and proficient.

All of these efforts are likely to see professionals playing changing yet increasingly critical roles with the support of technology. Accountants have every reason to embrace technology – both for the betterment of themselves as professionals and to ensure that their skills can better serve society.