The future of accounting
swaps figures for value THE valuE of professional accountants will soon be determined by their ability to interpret corporate data produced and processed by Artificial Intelligence tools. “We might even see the position of Chief Financial Officer be replaced by Chief Value Officer – as the ultimate career goal of a Professional Accountant (SA),” says Prof Rashied Small, the Executive of the Centre of Future Excellence at South African Institute of Professional Accountants (SAIPA). “Traditionally responsible for the majority of accounting functions throughout the lifecycle of any business, a Professional Accountant (SA) needs to continuously add to their already extensive set of skills.” According to Prof Small, the latest skills that a Professional Accountant (SA) needs to learn revolve around infonomics and sustainability. “Infonomics refers to the economic value businesses can achieve by turning raw corporate data into a rich platform for strategic decision-making that allows for sustainability,” explains Prof Small. “Infonomics allows accountants to advise business leaders on producing profits while simultaneously benefiting society, the environment and the greater economy.”
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