Accountancy Bodies Stress Need for Higher-Value Work
Given the rapid pace of technological change, professional accountants noted the need to move from transactional work to a business partnering role to retain relevance and avoid lagging behind other business functions, but challenges remain.
Digital transformation is enabling professional accounts opportunities to extract more insight from data and to increase their value to business but the biggest challenges they face are maintaining sustained investment in new technologies and a lack of standard processes, said CEOs, CFOs and professionals closely involved with digital transformation initiatives in finance, who were interviewed for the report «Digital Transformation in Finance Functions: ASEAN and U.K. Perspectives.»
The joint research report published on Tuesday by the Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Singapore Chartered Accountants (ISCA) presented diverse perspectives from professional accountants and other experts on finance functions at different stages of their digital transformation journeys across Southeast Asia and the U.K.
Urgency of Transition
«These are especially insightful in a time of rapid technological changes, where professional accountants must recognize the urgency of making this transition to remain trusted business advisors and shift their focus to higher-value work that will contribute to the success of their organizations,» Kirstin Gillon, ICAEW global research tech lead, said about the report.
For finance functions in particular, there must be strong data governance processes in place to ensure data used by accountants is high-quality, standardized and accessible, which would provide a strong foundation on which to build digital transformation efforts, the report noted.
Soft Skills Essential
The report noted the importance of focusing on people as the automation of finance processes mean that jobs require regular and substantial reskilling, and significant change in behavior and culture.
In particular, soft skills such as communication, empathy and problem-solving are just important as strong technological skills to deliver transformation, the report said, adding that businesses need the right people who have strong leadership and a clear vision to drive change on the ground.
