As artificial intelligence and hybrid working reshape roles, accountants must begin to embrace IT, analytics and real-time data. Mark Lam explains why
Bean counters, excel spreadsheets, sums and calculators – just some of the stereotypes and imagery that are associated with accountants.
In 1955, General Electric began to use computers to perform accounting functions, and in 1978, VisiCalc, the first spreadsheet software allowing financial modelling, was developed. Since then, technology has continued to evolve and become more complex and central to the role of the accountant.
A worker is only as good as the tools they are given to complete the tasks at hand and accountants are no different.
Spreadsheet software itself revolutionised the profession, turning a “20-hour per week bookkeeping chore into a few minutes of data entry”.
We have been seeing a more recent new shift in the profession in the past decade and this has been exacerbated in the years since the COVID-19 pandemic with the rise of hybrid working and artificial intelligence (AI).
Technology has clearly advanced since the introduction of that first spreadsheet, with developments in computer systems and software connecting each function of the business to a single Enterprise Resource Planning (ERP) system. Just like in the 1970s, accountants are going to need more IT skills in order to stay competitive in the current market.
New roles for accountants have emerged, such as the project accountant, financial system accountant, system accountant or data accountant.
All are technically the same role, requiring high levels of IT systems and process knowledge and functioning as the intermediary between the IT and financial functions of businesses.
Future skill requirements
As digital transformation is becoming more of a hot topic, companies are seeking continued improvements in efficiency combined with the need for real-time data causing businesses to increase data collection and connectivity between business processes.
ERP systems providing the solutions to these needs offer just one part of the answer.
Business leaders increasingly want accurate real-time data and information to aid decision-making. Accountants are required, not only to understand how the systems work, but also produce meaningful reports for bosses.
Employees who understand how these systems work can build processes around them and extract and present the relevant information to help management leverage ERP systems to best effect.
To stay ahead of the curve, businesses need to consider the future skill requirements of their financial teams, just as accountancy bodies will have to consider the curriculum provided to trainees to meet those needs.
Businesses that take on trainees may start to consider taking on those who come from an IT background instead of accountancy, for example. Accountancy firms should be able to train accountants but can’t train computer programmers, after all. It may be more important to have new skills at the organisation’s disposal rather than more traditional accountancy functions.
Accountants have always been more than just bean counters, but now this stereotype is becoming a distant memory.
Mark Lam is H&W Group Financial Reporting Manager at Vhi and Chartered Accountants Ireland Technology Committee Member
The Chartered Accountants Ireland Technology Conference will aim to inform members about this change, to allow us to bravely step into the world of digital transformation having learned from our peers and industry experts. Industry leaders such as Microsoft and Sage will present on the best practice around digital transformation at the conference and there will be case studies from fellow accountants detailing their digital transformation journey and lessons learned. Sign up now.
LOADING...