Contemporary corporate structures which bank on automation and fair applications on robotic technologies have challenged the traditional ledger system today. When the industry is busy tidying up its space with digitized tools and gadgets, how are accountants going to respond to the demands?
Of the entire accounting community, the senior accountants are most reluctant to adopt technology in tax-audit operations. Until last year when the Covid-hit, market demanded to force-forward remote operations in the accounting domain. Finally, the proposals were looked at, even the biggest denials were transformed to the nod of assertion in adopting applied fintech.
Looking at the need for transformations, CFOs have taken the lead to get their accountant’s tech education right. In order to drive the financial growth for the organizations, CFOs are on the lookout to affix innovation in the domain of accounting. As per reports, fintech acquisitions by finance firms had their prominence more than ever. As they cannot risk their plans to suffer from technology challenges, hence they have onboarded strategic goals aided by technology and fueled by wisdom, that is sharp accounting knowledge.
In this need of the hour, the industry is readily hiring tech-savvy veterans in accounting who can balance the technology needs with the accounting domain expertise. It calls the accountants to have new skills that can refurbish the accounting service today with speed, accuracy, careful about compliances, and leaders to make data-driven decisions. As per AICPA, the skill on demand are-
Accountant with the wisdom of transformative technology
The board strongly believes to reinforce the accounting curriculum with a technology aid. They are planning to make an impactful curriculum for the integration of robotic process automation, blockchain, and data analytics applications knowledge for a more effective transition to the future of accounting.
Comfort with analyzing and presenting data
Today technology being critical in accounting, professionals need to be more comfortable with data handling and analytics. In the age of digital finance transformations, the face of management and digital transformation needs to change. A new curriculum is to keep the professionals alert that they need to change in terms of data generation and the ability to present data with new visualization skills.
Striking effective communication
Strong communication is critical for leaders to be and is assessed by their ability to make better decisions over time. The future curriculum of CPA would not only prepare folks for a good guide to make an easy transition to corporates or making it easy for professionals to communicate better. A good communicating CPA would be able to showcase their skills and better and relay the decisions across the organization seamlessly.
Knowledge over granular concepts
Focusing on technology in no way implies that the concepts are no more important, as CPAs are the representatives of the F&A professionals and accounting is their identity that cannot fade off. The new curriculum would make sure to stress the core understanding where the accounting acumen would be the true fruit to the enterprise, be it fintech or traditional firms.
Agility to learn what’s new
The organization would transform dramatically in the coming years and we need to be industry-first in this demand-driven market. Here, a CPA needs to gain that flexibility to be at the forefront and make an opportunity wherever, the slightest help for finance is required. The board understood the importance to blend in multiple functions and operations in the organization to ensure financial health.
It’s definitely big news for the aspirants, who are planning to do their CPAs in the coming year.
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