COVID-19 has affected our lives in such a way that we are experiencing several changes in our lifestyles. With the rise of Corona, most of the employees were forced to work from home. And several other changes also took place.
CPA Australia performed research on the pre-COVID-19 situation of the accounting industry. This research was completely focused on studying the skills that would be suitable for even changing situations. This research will help the accountants in making them able to continue their work progress in changing situations. So, the loss that one has suffered due to COVID-19 will be minimized from the next time.
In this article, we will consider the opinions of some of the experts in this field. Let us take a look at it.
David Cawley is the Regional Director of Hays Accountancy and Finance. He has the following things to say when we asked about this situation.
In this time of crisis, Accountants are the ones who have helped a lot of people, like employers and clients. People around the world have come to know about the value of good advice only because of this tremendously harsh situation. The relationship between accountants and the clients has improved to a vast extent. As the accountants have helped the firms in getting back on track. So, we can expect the same behavior of clients in the coming future. Even when the world gets out of this situation, the clients will know about the value of expert advice from accountants.
As a result of it, we can expect that the accountants who are good at providing insights to the clients and have better-consulting skills will have more opportunities in the future. So, those accountants will be demanded more who have adapted to the situation of the pandemic. As businessmen are focusing more on return for every investment they make.
Based on these trends, you will see that the demand for management accountants will increase in the future. Clients are now looking for the accountants who can not only perform data analysis but they are also able to make a strategic decision in the hard times.
But it doesn’t mean that accountants with conventional skills will no longer be demanded. As the situation gets back to normal, the working environment will also shift to the normal state. As a consequence of it, the demands for such accountants will also increase.
Alan Boey is the Chief Transformation Officer at Media Prima Berhad. He also has something to say about this situation. He provided some valuable information about this extraordinary situation.
We never knew that technology will become such an important thing in professional life as now. This change in the mindset and working environment took place due to Coronavirus COVID-19. The work culture in the field of accounting has changed in such a way that an accountant is supposed to have knowledge about the technology in order to be called a complete accountant.
Softwares are used widely in the field of accounting for specific purposes. As technology is advancing at a high pace, this is very important In this ever-shifting world of technology, an accountant needs to be compatible with the changing technology. Now there is some other big stuff coming in the market like Blockchain and Big Data. Accountants need to be aware of the effects that these things will have on the market.
Accountants need to be treated as partners in business rather than someone who works with the numbers in the background.
You need to have some precise skills to deal with the numbers using the machines. Because the machines have their own way to work and the numbers are interpreted using the machines in a quite different way.
But what makes the accountants more important than the machines and software is the fact that machines can’t make strategic decisions as an accountant can do.
About the experts
He has experience of 17 years in accounting with Hays. Along with his work in accounting, he has also worked at various other positions in Australia and the United Kingdom. In this company, he has worked in making some of the very important permanent recruitments.
Though he is an accountant by profession, he is more passionate about the use of technology in this sector. He is also a member of CPA Australia’s Disciplinary Panel. Along with these positions, he is also a member of the Digital Technology Working Group for Professional Accountant in Business of the Malaysian Institute of Accountants.